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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Crestwood Equity Partners LP New | NYSE:CEQP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 28.26 | 0 | 01:00:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from to .
|
(Exact name of registrant as specified in its charter) | Commission file number | State or other jurisdiction of incorporation or organization | (I.R.S. Employer Identification No.) | ||||||||
Crestwood Equity Partners LP | 001-34664 | Delaware | 43-1918951 | ||||||||
Crestwood Midstream Partners LP | 001-35377 | Delaware | 20-1647837 |
811 Main Street | Suite 3400 | Houston | Texas | 77002 | ||||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | |||||||||
Crestwood Equity Partners LP | Common Units representing limited partnership interests | CEQP | New York Stock Exchange | ||||||||
Crestwood Equity Partners LP | Preferred Units representing limited partnership interests | CEQP-P | New York Stock Exchange | ||||||||
Crestwood Midstream Partners LP | None | None | None |
Crestwood Equity Partners LP |
Yes
|
☒ |
No
|
☐ | ||||||||||||||||
Crestwood Midstream Partners LP |
Yes
|
☒ |
No
|
☐ |
Crestwood Equity Partners LP |
Yes
|
☒ |
No
|
☐
|
||||||||||||||||
Crestwood Midstream Partners LP |
Yes
|
☒ |
No
|
☐ |
Crestwood Equity Partners LP | Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ | ||||||||||||||||||||||
Crestwood Midstream Partners LP | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
Crestwood Equity Partners LP | ☐ | |||||||
Crestwood Midstream Partners LP | ☐ |
Crestwood Equity Partners LP | Yes | ☐ | No | ☒ | ||||||||||||||||
Crestwood Midstream Partners LP | Yes | ☐ | No | ☒ |
Crestwood Equity Partners LP | 62,901,947 | |||||||
Crestwood Midstream Partners LP | None |
Page | |||||
June 30,
2021 |
December 31,
2020 |
||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash | $ | 16.6 | $ | 14.0 | |||||||
Accounts receivable, less allowance for doubtful accounts of $2.0 million and
$0.9 million at June 30, 2021 and December 31, 2020
|
329.1 | 262.2 | |||||||||
Inventory | 148.1 | 89.1 | |||||||||
Assets from price risk management activities | 27.6 | 27.2 | |||||||||
Prepaid expenses and other current assets | 8.4 | 13.4 | |||||||||
Total current assets | 529.8 | 405.9 | |||||||||
Property, plant and equipment | 3,805.2 | 3,759.6 | |||||||||
Less: accumulated depreciation | 927.1 | 842.5 | |||||||||
Property, plant and equipment, net | 2,878.1 | 2,917.1 | |||||||||
Intangible assets | 1,126.1 | 1,126.1 | |||||||||
Less: accumulated amortization | 362.5 | 331.8 | |||||||||
Intangible assets, net | 763.6 | 794.3 | |||||||||
Goodwill | 138.6 | 138.6 | |||||||||
Operating lease right-of-use assets, net | 29.6 | 36.8 | |||||||||
Investments in unconsolidated affiliates | 782.9 | 943.7 | |||||||||
Other non-current assets | 7.6 | 7.3 | |||||||||
Total assets | $ | 5,130.2 | $ | 5,243.7 | |||||||
Liabilities and capital | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 302.4 | $ | 160.3 | |||||||
Accrued expenses and other liabilities | 154.8 | 122.0 | |||||||||
Liabilities from price risk management activities | 150.1 | 76.3 | |||||||||
Contingent consideration, current portion | 19.0 | 19.0 | |||||||||
Current portion of long-term debt | 0.2 | 0.2 | |||||||||
Total current liabilities | 626.5 | 377.8 | |||||||||
Long-term debt, less current portion | 2,621.6 | 2,483.8 | |||||||||
Contingent consideration | 19.0 | 38.0 | |||||||||
Other long-term liabilities | 254.9 | 253.3 | |||||||||
Deferred income taxes | 2.6 | 2.7 | |||||||||
Total liabilities | 3,524.6 | 3,155.6 | |||||||||
Commitments and contingencies (Note 9)
|
|||||||||||
Interest of non-controlling partner in subsidiary (Note 11)
|
433.5 | 432.7 | |||||||||
Crestwood Equity Partners LP partners’ capital (62,805,156 common units issued and outstanding at June 30, 2021 and 73,970,208 common and subordinated units issued and outstanding at December 31, 2020)
|
560.1 | 1,043.4 | |||||||||
Preferred units (71,257,445 units issued and outstanding at both June 30, 2021 and December 31, 2020)
|
612.0 | 612.0 | |||||||||
Total partners’ capital | 1,172.1 | 1,655.4 | |||||||||
Total liabilities and capital | $ | 5,130.2 | $ | 5,243.7 |
CRESTWOOD EQUITY PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per unit data)
(unaudited)
|
|||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product revenues: | |||||||||||||||||||||||
Gathering and processing
|
$ | 87.3 | $ | 30.5 | $ | 155.2 | $ | 133.2 | |||||||||||||||
Marketing, supply and logistics
|
733.4 | 220.5 | 1,596.1 | 717.0 | |||||||||||||||||||
Related party (Note 15)
|
12.8 | 7.4 | 17.7 | 14.7 | |||||||||||||||||||
833.5 | 258.4 | 1,769.0 | 864.9 | ||||||||||||||||||||
Services revenues: | |||||||||||||||||||||||
Gathering and processing
|
85.8 | 84.0 | 172.3 | 196.2 | |||||||||||||||||||
Storage and transportation
|
2.0 | 3.1 | 4.0 | 6.6 | |||||||||||||||||||
Marketing, supply and logistics
|
7.9 | 7.1 | 16.6 | 12.6 | |||||||||||||||||||
Related party (Note 15)
|
0.4 | 0.1 | 0.4 | 0.3 | |||||||||||||||||||
96.1 | 94.3 | 193.3 | 215.7 | ||||||||||||||||||||
Total revenues | 929.6 | 352.7 | 1,962.3 | 1,080.6 | |||||||||||||||||||
Costs of product/services sold (exclusive of items shown separately below):
|
|||||||||||||||||||||||
Product costs
|
768.0 | 217.4 | 1,535.6 | 742.0 | |||||||||||||||||||
Product costs - related party (Note 15)
|
25.4 | 3.6 | 66.5 | 6.8 | |||||||||||||||||||
Service costs | 3.8 | 4.7 | 8.9 | 11.3 | |||||||||||||||||||
Total costs of products/services sold | 797.2 | 225.7 | 1,611.0 | 760.1 | |||||||||||||||||||
Operating expenses and other: | |||||||||||||||||||||||
Operations and maintenance | 25.8 | 31.6 | 58.6 | 69.2 | |||||||||||||||||||
General and administrative | 22.8 | 29.5 | 41.5 | 44.4 | |||||||||||||||||||
Depreciation, amortization and accretion | 58.8 | 61.0 | 118.0 | 117.1 | |||||||||||||||||||
(Gain) loss on long-lived assets, net | (0.3) | 3.8 | 1.1 | 4.8 | |||||||||||||||||||
Goodwill impairment | — | — | — | 80.3 | |||||||||||||||||||
107.1 | 125.9 | 219.2 | 315.8 | ||||||||||||||||||||
Operating income | 25.3 | 1.1 | 132.1 | 4.7 |
CRESTWOOD EQUITY PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per unit data)
(unaudited)
|
|||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net | (27.1) | 8.4 | (130.8) | 13.9 | |||||||||||||||||||
Interest and debt expense, net | (35.1) | (34.0) | (71.1) | (66.6) | |||||||||||||||||||
Loss on modification/extinguishment of debt | (1.2) | — | (6.7) | — | |||||||||||||||||||
Other income, net | 0.1 | 0.1 | 0.1 | 0.2 | |||||||||||||||||||
Loss before income taxes | (38.0) | (24.4) | (76.4) | (47.8) | |||||||||||||||||||
(Provision) benefit for income taxes | (0.1) | 0.1 | — | 0.1 | |||||||||||||||||||
Net loss | (38.1) | (24.3) | (76.4) | (47.7) | |||||||||||||||||||
Net income attributable to non-controlling partner | 10.3 | 10.2 | 20.4 | 20.1 | |||||||||||||||||||
Net loss attributable to Crestwood Equity Partners LP | (48.4) | (34.5) | (96.8) | (67.8) | |||||||||||||||||||
Net income attributable to preferred units
|
15.0 | 15.0 | 30.0 | 30.0 | |||||||||||||||||||
Net loss attributable to partners | $ | (63.4) | $ | (49.5) | $ | (126.8) | $ | (97.8) | |||||||||||||||
Net loss per limited partner unit: (Note 12)
|
|||||||||||||||||||||||
Basic and Diluted | $ | (1.00) | $ | (0.68) | $ | (1.85) | $ | (1.34) | |||||||||||||||
Weighted-average limited partners’ units outstanding:
|
|||||||||||||||||||||||
Basic and Diluted | 63.5 | 73.2 | 68.4 | 73.0 | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net loss | $ | (38.1) | $ | (24.3) | $ | (76.4) | $ | (47.7) | |||||||||||||||
Change in fair value of Suburban Propane Partners, L.P. units
|
— | — | — | (1.1) | |||||||||||||||||||
Comprehensive loss | (38.1) | (24.3) | (76.4) | (48.8) | |||||||||||||||||||
Comprehensive income attributable to non-controlling partner | 10.3 | 10.2 | 20.4 | 20.1 | |||||||||||||||||||
Comprehensive loss attributable to Crestwood Equity Partners LP | $ | (48.4) | $ | (34.5) | $ | (96.8) | $ | (68.9) |
Preferred | Partners | ||||||||||||||||||||||||||||||||||||||||
Units | Capital | Common Units | Subordinated Units | Capital |
Total Partners’
Capital |
||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 71.3 | $ | 612.0 | 73.6 | 0.4 | $ | 1,043.4 | $ | 1,655.4 | ||||||||||||||||||||||||||||||||
Crestwood Holdings Transactions (Note 11)
|
— | — | — | — | (273.2) | (273.2) | |||||||||||||||||||||||||||||||||||
Retirement of units (Note 11)
|
— | — | (11.5) | (0.4) | — | — | |||||||||||||||||||||||||||||||||||
Distributions to partners
|
— | (15.0) | — | — | (46.4) | (61.4) | |||||||||||||||||||||||||||||||||||
Unit-based compensation charges
|
— | — | 1.1 | — | 3.7 | 3.7 | |||||||||||||||||||||||||||||||||||
Taxes paid for unit-based compensation vesting
|
— | — | (0.4) | — | (8.1) | (8.1) | |||||||||||||||||||||||||||||||||||
Other
|
— | — | — | — | (0.4) | (0.4) | |||||||||||||||||||||||||||||||||||
Net income (loss)
|
— | 15.0 | — | — | (63.4) | (48.4) | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 71.3 | 612.0 | 62.8 | — | 655.6 | 1,267.6 | |||||||||||||||||||||||||||||||||||
Distributions to partners
|
— | (15.0) | — | — | (39.3) | (54.3) | |||||||||||||||||||||||||||||||||||
Unit-based compensation charges
|
— | — | — | — | 7.6 | 7.6 | |||||||||||||||||||||||||||||||||||
Taxes paid for unit-based compensation vesting
|
— | — | — | — | (0.1) | (0.1) | |||||||||||||||||||||||||||||||||||
Other
|
— | — | — | — | (0.3) | (0.3) | |||||||||||||||||||||||||||||||||||
Net income (loss)
|
— | 15.0 | — | — | (63.4) | (48.4) | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 71.3 | $ | 612.0 | 62.8 | — | $ | 560.1 | $ | 1,172.1 | ||||||||||||||||||||||||||||||||
Preferred | Partners | ||||||||||||||||||||||||||||||||||
Units | Capital | Common Units | Subordinated Units | Capital |
Total Partners’
Capital |
||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 71.3 | $ | 612.0 | 71.9 | 0.4 | $ | 1,320.8 | $ | 1,932.8 | ||||||||||||||||||||||||||
Distributions to partners
|
— | (15.0) | — | — | (45.3) | (60.3) | |||||||||||||||||||||||||||||
Unit-based compensation charges
|
— | — | 1.7 | — | 0.2 | 0.2 | |||||||||||||||||||||||||||||
Taxes paid for unit-based compensation vesting
|
— | — | (0.5) | — | (15.1) | (15.1) | |||||||||||||||||||||||||||||
Change in fair value of Suburban Propane Partners, L.P. units
|
— | — | — | — | (1.1) | (1.1) | |||||||||||||||||||||||||||||
Other
|
— | — | 0.2 | — | 3.5 | 3.5 | |||||||||||||||||||||||||||||
Net income (loss)
|
— | 15.0 | — | — | (48.3) | (33.3) | |||||||||||||||||||||||||||||
Balance at March 31, 2020 | 71.3 | 612.0 | 73.3 | 0.4 | 1,214.7 | 1,826.7 | |||||||||||||||||||||||||||||
Distributions to partners
|
— | (15.0) | — | — | (45.7) | (60.7) | |||||||||||||||||||||||||||||
Unit-based compensation charges
|
— | — | — | — | 13.6 | 13.6 | |||||||||||||||||||||||||||||
Taxes paid for unit-based compensation vesting
|
— | — | (0.1) | — | (0.4) | (0.4) | |||||||||||||||||||||||||||||
Other
|
— | — | — | — | (0.1) | (0.1) | |||||||||||||||||||||||||||||
Net income (loss)
|
— | 15.0 | — | — | (49.5) | (34.5) | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 71.3 | $ | 612.0 | 73.2 | 0.4 | $ | 1,132.6 | $ | 1,744.6 | ||||||||||||||||||||||||||
Six Months Ended | |||||||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | (76.4) | $ | (47.7) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | 118.0 | 117.1 | |||||||||
Amortization of debt-related deferred costs | 3.4 | 3.2 | |||||||||
Unit-based compensation charges | 9.9 | 9.2 | |||||||||
Loss on long-lived assets, net | 1.1 | 4.8 | |||||||||
Goodwill impairment | — | 80.3 | |||||||||
Loss on modification/extinguishment of debt | 6.7 | — | |||||||||
(Earnings) loss from unconsolidated affiliates, net, adjusted for cash distributions received | 141.1 | 5.4 | |||||||||
Deferred income taxes | (0.1) | (0.3) | |||||||||
Other | 0.1 | — | |||||||||
Changes in operating assets and liabilities | 89.7 | 11.4 | |||||||||
Net cash provided by operating activities | 293.5 | 183.4 | |||||||||
Investing activities | |||||||||||
Acquisitions, net of cash acquired (Note 3)
|
— | (162.3) | |||||||||
Purchases of property, plant and equipment | (21.3) | (143.2) | |||||||||
Investments in unconsolidated affiliates | (10.2) | (6.0) | |||||||||
Capital distributions from unconsolidated affiliates | 32.9 | 18.9 | |||||||||
Other | 0.5 | (0.3) | |||||||||
Net cash provided by (used in) investing activities | 1.9 | (292.9) | |||||||||
Financing activities | |||||||||||
Proceeds from the issuance of long-term debt | 2,005.6 | 742.5 | |||||||||
Payments on long-term debt | (1,866.8) | (498.2) | |||||||||
Payments on finance leases | (1.4) | (1.6) | |||||||||
Payments for deferred financing costs | (11.1) | — | |||||||||
Net proceeds from issuance of non-controlling interest | — | 2.8 | |||||||||
Payments for Crestwood Holdings Transactions | (275.6) | — | |||||||||
Distributions to partners | (85.7) | (91.0) | |||||||||
Distributions to non-controlling partner | (19.6) | (18.5) | |||||||||
Distributions to preferred unitholders | (30.0) | (30.0) | |||||||||
Taxes paid for unit-based compensation vesting | (8.2) | (15.5) | |||||||||
Net cash provided by (used in) financing activities | (292.8) | 90.5 | |||||||||
Net change in cash | 2.6 | (19.0) | |||||||||
Cash at beginning of period | 14.0 | 25.7 | |||||||||
Cash at end of period | $ | 16.6 | $ | 6.7 | |||||||
Supplemental schedule of noncash investing activities | |||||||||||
Net change to property, plant and equipment through accounts payable and accrued expenses | $ | (29.2) | $ | 35.9 | |||||||
June 30,
2021 |
December 31,
2020 |
||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash | $ | 15.9 | $ | 13.7 | |||||||
Accounts receivable, less allowance for doubtful accounts of $2.0 million and
$0.9 million at June 30, 2021 and December 31, 2020
|
329.0 | 262.2 | |||||||||
Inventory | 148.1 | 89.1 | |||||||||
Assets from price risk management activities | 27.6 | 27.2 | |||||||||
Prepaid expenses and other current assets | 8.4 | 13.4 | |||||||||
Total current assets | 529.0 | 405.6 | |||||||||
Property, plant and equipment | 4,135.3 | 4,089.6 | |||||||||
Less: accumulated depreciation | 1,120.0 | 1,028.3 | |||||||||
Property, plant and equipment, net | 3,015.3 | 3,061.3 | |||||||||
Intangible assets | 1,126.1 | 1,126.1 | |||||||||
Less: accumulated amortization | 362.5 | 331.8 | |||||||||
Intangible assets, net | 763.6 | 794.3 | |||||||||
Goodwill | 138.6 | 138.6 | |||||||||
Operating lease right-of-use assets, net | 29.6 | 36.8 | |||||||||
Investments in unconsolidated affiliates | 782.9 | 943.7 | |||||||||
Other non-current assets | 5.4 | 5.2 | |||||||||
Total assets | $ | 5,264.4 | $ | 5,385.5 | |||||||
Liabilities and capital | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 302.4 | $ | 157.8 | |||||||
Accrued expenses and other liabilities | 153.3 | 120.1 | |||||||||
Liabilities from price risk management activities | 150.1 | 76.3 | |||||||||
Contingent consideration, current portion | 19.0 | 19.0 | |||||||||
Current portion of long-term debt | 0.2 | 0.2 | |||||||||
Total current liabilities | 625.0 | 373.4 | |||||||||
Long-term debt, less current portion | 2,621.6 | 2,483.8 | |||||||||
Contingent consideration | 19.0 | 38.0 | |||||||||
Other long-term liabilities | 252.6 | 251.8 | |||||||||
Deferred income taxes | 0.7 | 0.7 | |||||||||
Total liabilities | 3,518.9 | 3,147.7 | |||||||||
Commitments and contingencies (Note 9)
|
|||||||||||
Interest of non-controlling partner in subsidiary (Note 11)
|
433.5 | 432.7 | |||||||||
Partners’ capital
|
1,312.0 | 1,805.1 | |||||||||
Total liabilities and capital | $ | 5,264.4 | $ | 5,385.5 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product revenues: | |||||||||||||||||||||||
Gathering and processing | $ | 87.3 | $ | 30.5 | $ | 155.2 | $ | 133.2 | |||||||||||||||
Marketing, supply and logistics | 733.4 | 220.5 | 1,596.1 | 717.0 | |||||||||||||||||||
Related party (Note 15)
|
12.8 | 7.4 | 17.7 | 14.7 | |||||||||||||||||||
833.5 | 258.4 | 1,769.0 | 864.9 | ||||||||||||||||||||
Service revenues: | |||||||||||||||||||||||
Gathering and processing | 85.8 | 84.0 | 172.3 | 196.2 | |||||||||||||||||||
Storage and transportation | 2.0 | 3.1 | 4.0 | 6.6 | |||||||||||||||||||
Marketing, supply and logistics | 7.9 | 7.1 | 16.6 | 12.6 | |||||||||||||||||||
Related party (Note 15)
|
0.4 | 0.1 | 0.4 | 0.3 | |||||||||||||||||||
96.1 | 94.3 | 193.3 | 215.7 | ||||||||||||||||||||
Total revenues | 929.6 | 352.7 | 1,962.3 | 1,080.6 | |||||||||||||||||||
Costs of product/services sold (exclusive of items shown separately below):
|
|||||||||||||||||||||||
Product costs | 768.0 | 217.4 | 1,535.6 | 742.0 | |||||||||||||||||||
Product costs - related party (Note 15)
|
25.4 | 3.6 | 66.5 | 6.8 | |||||||||||||||||||
Service costs | 3.8 | 4.7 | 8.9 | 11.3 | |||||||||||||||||||
Total costs of product/services sold | 797.2 | 225.7 | 1,611.0 | 760.1 | |||||||||||||||||||
Operating expenses and other: | |||||||||||||||||||||||
Operations and maintenance | 25.8 | 31.6 | 58.6 | 69.2 | |||||||||||||||||||
General and administrative | 19.7 | 28.4 | 36.9 | 41.9 | |||||||||||||||||||
Depreciation, amortization and accretion | 62.2 | 64.6 | 125.0 | 124.2 | |||||||||||||||||||
(Gain) loss on long-lived assets, net | (0.3) | 3.8 | 1.1 | 4.8 | |||||||||||||||||||
Goodwill impairment | — | — | — | 80.3 | |||||||||||||||||||
107.4 | 128.4 | 221.6 | 320.4 | ||||||||||||||||||||
Operating income (loss) | 25.0 | (1.4) | 129.7 | 0.1 | |||||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net | (27.1) | 8.4 | (130.8) | 13.9 | |||||||||||||||||||
Interest and debt expense, net | (35.1) | (34.0) | (71.1) | (66.6) | |||||||||||||||||||
Loss on modification/extinguishment of debt | (1.2) | — | (6.7) | — | |||||||||||||||||||
Loss before income taxes | (38.4) | (27.0) | (78.9) | (52.6) | |||||||||||||||||||
(Provision) benefit for income taxes | (0.1) | 0.2 | — | 0.2 | |||||||||||||||||||
Net loss | (38.5) | (26.8) | (78.9) | (52.4) | |||||||||||||||||||
Net income attributable to non-controlling partner | 10.3 | 10.2 | 20.4 | 20.1 | |||||||||||||||||||
Net loss attributable to Crestwood Midstream Partners LP | $ | (48.8) | $ | (37.0) | $ | (99.3) | $ | (72.5) | |||||||||||||||
Total Partners’
Capital |
|||||||||||||||||
Balance at December 31, 2020 | $ | 1,805.1 | |||||||||||||||
Distributions to partners | (334.0) | ||||||||||||||||
Unit-based compensation charges | 2.3 | ||||||||||||||||
Taxes paid for unit-based compensation vesting | (8.1) | ||||||||||||||||
Other | (0.1) | ||||||||||||||||
Net loss | (50.5) | ||||||||||||||||
Balance at March 31, 2021 | 1,414.7 | ||||||||||||||||
Distributions to partners | (61.4) | ||||||||||||||||
Unit-based compensation charges | 7.6 | ||||||||||||||||
Taxes paid for unit-based compensation vesting | (0.1) | ||||||||||||||||
Net loss | (48.8) | ||||||||||||||||
Balance at June 30, 2021 | $ | 1,312.0 | |||||||||||||||
Total Partners’
Capital |
||||||||||||||||||||
Balance at December 31, 2019 | $ | 2,099.3 | ||||||||||||||||||
Distributions to partners | (57.0) | |||||||||||||||||||
Unit-based compensation charges | (4.4) | |||||||||||||||||||
Taxes paid for unit-based compensation vesting | (15.1) | |||||||||||||||||||
Other | (1.1) | |||||||||||||||||||
Net loss | (35.5) | |||||||||||||||||||
Balance at March 31, 2020 | 1,986.2 | |||||||||||||||||||
Distributions to partners | (62.0) | |||||||||||||||||||
Unit-based compensation charges | 13.6 | |||||||||||||||||||
Taxes paid for unit-based compensation vesting | (0.4) | |||||||||||||||||||
Other | 0.1 | |||||||||||||||||||
Net loss | (37.0) | |||||||||||||||||||
Balance at June 30, 2020 | $ | 1,900.5 | ||||||||||||||||||
Six Months Ended | |||||||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | (78.9) | $ | (52.4) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | 125.0 | 124.2 | |||||||||
Amortization of debt-related deferred costs | 3.4 | 3.2 | |||||||||
Unit-based compensation charges | 9.9 | 9.2 | |||||||||
Loss on long-lived assets, net | 1.1 | 4.8 | |||||||||
Goodwill impairment | — | 80.3 | |||||||||
Loss on modification/extinguishment of debt | 6.7 | — | |||||||||
(Earnings) loss from unconsolidated affiliates, net, adjusted for cash distributions received | 141.1 | 5.4 | |||||||||
Deferred income taxes | — | (0.1) | |||||||||
Other | 0.1 | — | |||||||||
Changes in operating assets and liabilities
|
88.8 | 6.5 | |||||||||
Net cash provided by operating activities | 297.2 | 181.1 | |||||||||
Investing activities | |||||||||||
Acquisitions, net of cash acquired (Note 3)
|
— | (162.3) | |||||||||
Purchases of property, plant and equipment | (21.3) | (143.2) | |||||||||
Investments in unconsolidated affiliates | (10.2) | (6.0) | |||||||||
Capital distributions from unconsolidated affiliates | 32.9 | 18.9 | |||||||||
Other | 0.5 | (0.3) | |||||||||
Net cash provided by (used in) investing activities | 1.9 | (292.9) | |||||||||
Financing activities | |||||||||||
Proceeds from the issuance of long-term debt
|
2,005.6 | 742.5 | |||||||||
Payments on long-term debt | (1,866.8) | (498.2) | |||||||||
Payments on finance leases | (1.4) | (1.6) | |||||||||
Payments for deferred financing costs | (11.1) | — | |||||||||
Net proceeds from issuance of non-controlling interest | — | 2.8 | |||||||||
Distributions to partners | (395.4) | (119.0) | |||||||||
Distributions to non-controlling partner | (19.6) | (18.5) | |||||||||
Taxes paid for unit-based compensation vesting | (8.2) | (15.5) | |||||||||
Net cash provided by (used in) financing activities | (296.9) | 92.5 | |||||||||
Net change in cash | 2.2 | (19.3) | |||||||||
Cash at beginning of period | 13.7 | 25.4 | |||||||||
Cash at end of period | $ | 15.9 | $ | 6.1 | |||||||
Supplemental schedule of noncash investing activities
|
|||||||||||
Net change to property, plant and equipment through accounts payable and accrued expenses
|
$ | (29.2) | $ | 35.9 | |||||||
CEQP | CMLP | ||||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | ||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Accrued expenses | $ | 50.9 | $ | 48.3 | $ | 49.4 | $ | 46.4 | |||||||||||||||
Accrued property taxes | 6.3 | 8.4 | 6.3 | 8.4 | |||||||||||||||||||
Income tax payable | 0.2 | 0.2 | 0.2 | 0.2 | |||||||||||||||||||
Interest payable | 32.4 | 24.9 | 32.4 | 24.9 | |||||||||||||||||||
Accrued additions to property, plant and equipment | 39.8 | 12.3 | 39.8 | 12.3 | |||||||||||||||||||
Operating leases | 12.0 | 14.7 | 12.0 | 14.7 | |||||||||||||||||||
Finance leases | 2.7 | 2.9 | 2.7 | 2.9 | |||||||||||||||||||
Deferred revenue | 10.5 | 10.3 | 10.5 | 10.3 | |||||||||||||||||||
Total accrued expenses and other liabilities | $ | 154.8 | $ | 122.0 | $ | 153.3 | $ | 120.1 |
CEQP | CMLP | ||||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | ||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Contract liabilities | $ | 179.2 | $ | 172.2 | $ | 179.2 | $ | 172.2 | |||||||||||||||
Operating leases | 23.3 | 28.5 | 23.3 | 28.5 | |||||||||||||||||||
Asset retirement obligations | 35.1 | 34.1 | 35.1 | 34.1 | |||||||||||||||||||
Other | 17.3 | 18.5 | 15.0 | 17.0 | |||||||||||||||||||
Total other long-term liabilities | $ | 254.9 | $ | 253.3 | $ | 252.6 | $ | 251.8 |
Investment |
Earnings (Loss) from
Unconsolidated Affiliates |
Earnings (Loss) from
Unconsolidated Affiliates |
|||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, | December 31, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Stagecoach Gas Services LLC(1)
|
$ | 628.2 | $ | 792.5 | $ | (28.0) | $ | 9.2 | $ | (140.3) | $ | 18.4 | |||||||||||||||||||||||||||||
Tres Palacios Holdings LLC(2)
|
41.0 | 35.5 | (0.1) | 0.1 | 9.2 | 0.1 | |||||||||||||||||||||||||||||||||||
Powder River Basin Industrial Complex, LLC(3)
|
3.6 | 3.6 | — | 0.1 | 0.1 | (4.4) | |||||||||||||||||||||||||||||||||||
Crestwood Permian Basin Holdings LLC(4)
|
110.1 | 112.1 | 1.0 | (1.0) | 0.2 | (0.2) | |||||||||||||||||||||||||||||||||||
Total | $ | 782.9 | $ | 943.7 | $ | (27.1) | $ | 8.4 | $ | (130.8) | $ | 13.9 |
Six Months Ended | |||||||||||||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Operating Revenues | Operating Expenses | Net Income (Loss) | Operating Revenues | Operating Expenses | Net Income (Loss) | ||||||||||||||||||||||||||||||
Stagecoach Gas | $ | 77.5 | $ | 454.9 | $ | (377.4) | $ | 75.6 | $ | 38.9 | $ | 36.8 | |||||||||||||||||||||||
Other(1)
|
135.1 | 118.0 | 17.6 | 53.5 | 76.1 | (21.6) | |||||||||||||||||||||||||||||
Total | $ | 212.6 | $ | 572.9 | $ | (359.8) | $ | 129.1 | $ | 115.0 | $ | 15.2 |
Distributions(1)
|
Contributions | |||||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Stagecoach Gas | $ | 27.0 | $ | 30.0 | $ | — | $ | — | ||||||||||||||||||||||||||||||
Tres Holdings | 10.6 | 1.4 | 6.9 | 6.0 | ||||||||||||||||||||||||||||||||||
PRBIC | 0.1 | 0.1 | — | — | ||||||||||||||||||||||||||||||||||
Crestwood Permian | 5.5 | 6.7 | 3.3 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 43.2 | $ | 38.2 | $ | 10.2 | $ | 6.0 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Product revenues | $ | 52.7 | $ | 18.0 | $ | 167.5 | $ | 93.0 | ||||||||||||||||||
Gain (loss) reflected in product costs | $ | (33.3) | $ | (6.8) | $ | (41.4) | $ | 15.2 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Fixed Price
Payor |
Fixed Price
Receiver |
Fixed Price
Payor |
Fixed Price
Receiver |
||||||||||||||||||||
Propane, ethane, butane, heating oil and crude oil (MMBbls) | 66.3 | 70.6 | 72.7 | 76.5 | |||||||||||||||||||
Natural gas (Bcf) | 26.1 | 33.6 | 22.6 | 28.6 |
June 30, 2021 | December 31, 2020 | ||||||||||
Aggregate fair value liability of derivative instruments with credit-risk-related contingent features(1)
|
$ | 83.7 | $ | 38.5 | |||||||
Variation margin-related net derivative asset position | $ | 124.7 | $ | 35.9 | |||||||
Variation margin-related cash collateral received | $ | 99.5 | $ | 18.3 | |||||||
Cash collateral received, net | $ | 8.5 | $ | 12.4 |
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Gross Fair Value |
Contract Netting(1)
|
Collateral/Margin Received or Paid | Fair Value | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Assets from price risk management | $ | 52.4 | $ | 948.3 | $ | — | $ | 1,000.7 | $ | (873.3) | $ | (99.8) | $ | 27.6 | |||||||||||||||||||||||||||
Suburban Propane Partners, L.P. units(2)
|
2.2 | — | — | 2.2 | — | — | 2.2 | ||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 54.6 | $ | 948.3 | $ | — | $ | 1,002.9 | $ | (873.3) | $ | (99.8) | $ | 29.8 | |||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Liabilities from price risk management | $ | 41.2 | $ | 974.0 | $ | — | $ | 1,015.2 | $ | (873.3) | $ | 8.2 | $ | 150.1 | |||||||||||||||||||||||||||
Total liabilities at fair value | $ | 41.2 | $ | 974.0 | $ | — | $ | 1,015.2 | $ | (873.3) | $ | 8.2 | $ | 150.1 | |||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Gross Fair Value |
Contract Netting(1)
|
Collateral/Margin Received or Paid | Fair Value | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Assets from price risk management | $ | 20.2 | $ | 480.5 | $ | — | $ | 500.7 | $ | (455.0) | $ | (18.5) | $ | 27.2 | |||||||||||||||||||||||||||
Suburban Propane Partners, L.P. units(2)
|
2.1 | — | — | 2.1 | — | — | 2.1 | ||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 22.3 | $ | 480.5 | $ | — | $ | 502.8 | $ | (455.0) | $ | (18.5) | $ | 29.3 | |||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Liabilities from price risk management | $ | 25.1 | $ | 494.0 | $ | — | $ | 519.1 | $ | (455.0) | $ | 12.2 | $ | 76.3 | |||||||||||||||||||||||||||
Total liabilities at fair value | $ | 25.1 | $ | 494.0 | $ | — | $ | 519.1 | $ | (455.0) | $ | 12.2 | $ | 76.3 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying
Amount |
Fair
Value |
Carrying
Amount |
Fair
Value |
||||||||||||||||||||
2023 Senior Notes | $ | — | $ | — | $ | 683.8 | $ | 691.5 | |||||||||||||||
2025 Senior Notes | $ | 496.0 | $ | 514.7 | $ | 495.5 | $ | 509.9 | |||||||||||||||
2027 Senior Notes | $ | 593.7 | $ | 617.7 | $ | 593.2 | $ | 594.1 | |||||||||||||||
2029 Senior Notes | $ | 690.2 | $ | 733.6 | $ | — | $ | — |
June 30,
2021 |
December 31,
2020 |
||||||||||
Credit Facility | $ | 848.6 | $ | 719.0 | |||||||
2023 Senior Notes | — | 687.2 | |||||||||
2025 Senior Notes | 500.0 | 500.0 | |||||||||
2027 Senior Notes | 600.0 | 600.0 | |||||||||
2029 Senior Notes | 700.0 | — | |||||||||
Other(1)
|
0.4 | 0.4 | |||||||||
Less: deferred financing costs, net | 27.2 | 22.6 | |||||||||
Total debt | 2,621.8 | 2,484.0 | |||||||||
Less: current portion | 0.2 | 0.2 | |||||||||
Total long-term debt, less current portion | $ | 2,621.6 | $ | 2,483.8 |
CEQP | CMLP | ||||||||||||||||||||||
June 30,
2021 |
December 31, 2020 |
June 30,
2021 |
December 31, 2020 | ||||||||||||||||||||
Self-insurance reserves(1)
|
$ | 6.6 | $ | 7.7 | $ | 5.7 | $ | 6.7 |
June 30,
2021 |
December 31, 2020 | ||||||||||
Operating Leases | |||||||||||
Operating lease right-of-use assets, net | $ | 29.6 | $ | 36.8 | |||||||
Accrued expenses and other liabilities | $ | 12.0 | $ | 14.7 | |||||||
Other long-term liabilities | 23.3 | 28.5 | |||||||||
Total operating lease liabilities | $ | 35.3 | $ | 43.2 | |||||||
Finance Leases | |||||||||||
Property, plant and equipment | $ | 12.8 | $ | 13.3 | |||||||
Less: accumulated depreciation | 9.0 | 7.9 | |||||||||
Property, plant and equipment, net | $ | 3.8 | $ | 5.4 | |||||||
Accrued expenses and other liabilities | $ | 2.7 | $ | 2.9 | |||||||
Other long-term liabilities | 0.7 | 1.9 | |||||||||
Total finance lease liabilities | $ | 3.4 | $ | 4.8 |
Record Date | Payment Date | Per Unit Rate |
Cash Distributions
(in millions)
|
|||||||||||||||||
2021 | ||||||||||||||||||||
February 5, 2021 | February 12, 2021 | $ | 0.625 | $ | 46.4 | |||||||||||||||
May 7, 2021 | May 14, 2021 | $ | 0.625 | 39.3 | ||||||||||||||||
$ | 85.7 | |||||||||||||||||||
2020 | ||||||||||||||||||||
February 7, 2020 | February 14, 2020 | $ | 0.625 | $ | 45.3 | |||||||||||||||
May 8, 2020 | May 15, 2020 | $ | 0.625 | 45.7 | ||||||||||||||||
$ | 91.0 |
Balance at December 31, 2020
|
$ | 432.7 | ||||||
Distributions to non-controlling partner | (19.6) | |||||||
Net income attributable to non-controlling partner | 20.4 | |||||||
Balance at June 30, 2021
|
$ | 433.5 |
Balance at December 31, 2019 | $ | 426.2 | ||||||
Contributions from non-controlling partner | 2.8 | |||||||
Distributions to non-controlling partner | (18.5) | |||||||
Net income attributable to non-controlling partner | 20.1 | |||||||
Balance at June 30, 2020
|
$ | 430.6 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Preferred units (1)
|
7.1 | 7.1 | 7.1 | 7.1 | |||||||||||||||||||
Crestwood Niobrara’s preferred units(1)
|
3.6 | 8.2 | 3.6 | 8.2 | |||||||||||||||||||
Unit-based compensation performance units(1)
|
0.1 | 0.2 | 0.1 | 0.3 | |||||||||||||||||||
Subordinated units(1)(2)
|
— | 0.4 | 0.2 | 0.4 |
CEQP | CMLP | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (38.1) | $ | (24.3) | $ | (76.4) | $ | (47.7) | $ | (38.5) | $ | (26.8) | $ | (78.9) | $ | (52.4) | |||||||||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest and debt expense, net | 35.1 | 34.0 | 71.1 | 66.6 | 35.1 | 34.0 | 71.1 | 66.6 | |||||||||||||||||||||||||||||||||||||||
Loss on modification/extinguishment of debt | 1.2 | — | 6.7 | — | 1.2 | — | 6.7 | — | |||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 0.1 | (0.1) | — | (0.1) | 0.1 | (0.2) | — | (0.2) | |||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 58.8 | 61.0 | 118.0 | 117.1 | 62.2 | 64.6 | 125.0 | 124.2 | |||||||||||||||||||||||||||||||||||||||
EBITDA | $ | 57.1 | $ | 70.6 | $ | 119.4 | $ | 135.9 | $ | 60.1 | $ | 71.6 | $ | 123.9 | $ | 138.2 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||||||||||||
Crestwood Midstream | |||||||||||||||||||||||||||||
Revenues
|
$ | 173.3 | $ | 2.0 | $ | 754.3 | $ | — | $ | 929.6 | |||||||||||||||||||
Intersegment revenues
|
84.2 | 3.1 | (87.3) | — | — | ||||||||||||||||||||||||
Costs of product/services sold
|
120.6 | (0.4) | 677.0 | — | 797.2 | ||||||||||||||||||||||||
Operations and maintenance expense
|
14.7 | 1.0 | 10.1 | — | 25.8 | ||||||||||||||||||||||||
General and administrative expense
|
— | — | — | 19.7 | 19.7 | ||||||||||||||||||||||||
Gain on long-lived assets, net | 0.3 | — | — | — | 0.3 | ||||||||||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net | 1.0 | (28.1) | — | — | (27.1) | ||||||||||||||||||||||||
Crestwood Midstream EBITDA | $ | 123.5 | $ | (23.6) | $ | (20.1) | $ | (19.7) | $ | 60.1 | |||||||||||||||||||
Crestwood Equity | |||||||||||||||||||||||||||||
General and administrative expense | — | — | — | 3.1 | 3.1 | ||||||||||||||||||||||||
Other income, net | — | — | — | 0.1 | 0.1 | ||||||||||||||||||||||||
Crestwood Equity EBITDA | $ | 123.5 | $ | (23.6) | $ | (20.1) | $ | (22.7) | $ | 57.1 |
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||||||||||||
Crestwood Midstream | |||||||||||||||||||||||||||||
Revenues
|
$ | 114.5 | $ | 3.1 | $ | 235.1 | $ | — | $ | 352.7 | |||||||||||||||||||
Intersegment revenues
|
14.3 | 2.4 | (16.7) | — | — | ||||||||||||||||||||||||
Costs of product/services sold
|
21.3 | 0.1 | 204.3 | — | 225.7 | ||||||||||||||||||||||||
Operations and maintenance expense
|
19.3 | 0.7 | 11.6 | — | 31.6 | ||||||||||||||||||||||||
General and administrative expense
|
— | — | — | 28.4 | 28.4 | ||||||||||||||||||||||||
Loss on long-lived assets, net | (3.6) | — | (0.2) | — | (3.8) | ||||||||||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net | (1.0) | 9.4 | — | — | 8.4 | ||||||||||||||||||||||||
Crestwood Midstream EBITDA | $ | 83.6 | $ | 14.1 | $ | 2.3 | $ | (28.4) | $ | 71.6 | |||||||||||||||||||
Crestwood Equity | |||||||||||||||||||||||||||||
General and administrative expense | — | — | — | 1.1 | 1.1 | ||||||||||||||||||||||||
Other income, net | — | — | — | 0.1 | 0.1 | ||||||||||||||||||||||||
Crestwood Equity EBITDA | $ | 83.6 | $ | 14.1 | $ | 2.3 | $ | (29.4) | $ | 70.6 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||||||||||||
Crestwood Midstream | |||||||||||||||||||||||||||||
Revenues
|
$ | 327.7 | $ | 4.0 | $ | 1,630.6 | $ | — | $ | 1,962.3 | |||||||||||||||||||
Intersegment revenues
|
189.5 | 5.5 | (195.0) | — | — | ||||||||||||||||||||||||
Costs of product/services sold
|
237.1 | — | 1,373.9 | — | 1,611.0 | ||||||||||||||||||||||||
Operations and maintenance expense
|
36.1 | 1.6 | 20.9 | — | 58.6 | ||||||||||||||||||||||||
General and administrative expense
|
— | — | — | 36.9 | 36.9 | ||||||||||||||||||||||||
Gain (loss) on long-lived assets, net | (1.2) | — | 0.1 | — | (1.1) | ||||||||||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net | 0.2 | (131.0) | — | — | (130.8) | ||||||||||||||||||||||||
Crestwood Midstream EBITDA | $ | 243.0 | $ | (123.1) | $ | 40.9 | $ | (36.9) | $ | 123.9 | |||||||||||||||||||
Crestwood Equity | |||||||||||||||||||||||||||||
General and administrative expense | — | — | — | 4.6 | 4.6 | ||||||||||||||||||||||||
Other income, net | — | — | — | 0.1 | 0.1 | ||||||||||||||||||||||||
Crestwood Equity EBITDA | $ | 243.0 | $ | (123.1) | $ | 40.9 | $ | (41.4) | $ | 119.4 |
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||||||||||||
Crestwood Midstream | |||||||||||||||||||||||||||||
Revenues
|
$ | 329.4 | $ | 6.6 | $ | 744.6 | $ | — | $ | 1,080.6 | |||||||||||||||||||
Intersegment revenues
|
54.3 | 5.0 | (59.3) | — | — | ||||||||||||||||||||||||
Costs of product/services sold
|
129.6 | 0.3 | 630.2 | — | 760.1 | ||||||||||||||||||||||||
Operations and maintenance expense
|
46.3 | 2.1 | 20.8 | — | 69.2 | ||||||||||||||||||||||||
General and administrative expense
|
— | — | — | 41.9 | 41.9 | ||||||||||||||||||||||||
Loss on long-lived assets, net | (4.6) | — | (0.2) | — | (4.8) | ||||||||||||||||||||||||
Goodwill impairment
|
(80.3) | — | — | — | (80.3) | ||||||||||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net | (0.2) | 14.1 | — | — | 13.9 | ||||||||||||||||||||||||
Crestwood Midstream EBITDA | $ | 122.7 | $ | 23.3 | $ | 34.1 | $ | (41.9) | $ | 138.2 | |||||||||||||||||||
Crestwood Equity | |||||||||||||||||||||||||||||
General and administrative expense | — | — | — | 2.5 | 2.5 | ||||||||||||||||||||||||
Other income, net | — | — | — | 0.2 | 0.2 | ||||||||||||||||||||||||
Crestwood Equity EBITDA | $ | 122.7 | $ | 23.3 | $ | 34.1 | $ | (44.2) | $ | 135.9 |
CEQP | CMLP | ||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||
Total Assets | |||||||||||||||||||||||
Gathering and Processing | $ | 3,402.2 | $ | 3,464.6 | $ | 3,540.2 | $ | 3,609.7 | |||||||||||||||
Storage and Transportation | 781.4 | 944.6 | 781.4 | 944.6 | |||||||||||||||||||
Marketing, Supply and Logistics | 918.2 | 805.0 | 918.2 | 805.0 | |||||||||||||||||||
Corporate | 28.4 | 29.5 | 24.6 | 26.2 | |||||||||||||||||||
Total Assets | $ | 5,130.2 | $ | 5,243.7 | $ | 5,264.4 | $ | 5,385.5 |
|
June 30, 2021 | December 31, 2020 | ||||||||||||
Contract assets (non-current)
|
$ | 1.5 | $ | 1.0 | ||||||||||
Contract liabilities (current)(1)
|
$ | 10.5 | $ | 10.3 | ||||||||||
Contract liabilities (non-current)(1)
|
$ | 179.2 | $ | 172.2 |
Remainder of 2021 | $ | 46.5 | |||
2022 | 76.0 | ||||
2023 | 52.6 | ||||
2024 | 31.7 | ||||
Total | $ | 206.8 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Gathering and Processing
|
Storage and Transportation
|
Marketing, Supply and Logistics
|
Intersegment Elimination
|
Total
|
|||||||||||||||||||||||||
Topic 606 revenues
|
|||||||||||||||||||||||||||||
Gathering
|
|||||||||||||||||||||||||||||
Natural gas
|
$ | 33.3 | $ | — | $ | — | $ | — | $ | 33.3 | |||||||||||||||||||
Crude oil
|
18.4 | — | — | — | 18.4 | ||||||||||||||||||||||||
Water
|
22.7 | — | — | — | 22.7 | ||||||||||||||||||||||||
Processing
|
|||||||||||||||||||||||||||||
Natural gas
|
7.3 | — | — | — | 7.3 | ||||||||||||||||||||||||
Compression
|
|||||||||||||||||||||||||||||
Natural gas
|
3.7 | — | — | — | 3.7 | ||||||||||||||||||||||||
Storage
|
|||||||||||||||||||||||||||||
Crude oil
|
0.1 | 0.9 | — | (0.9) | 0.1 | ||||||||||||||||||||||||
NGLs
|
— | — | 2.4 | — | 2.4 | ||||||||||||||||||||||||
Pipeline
|
|||||||||||||||||||||||||||||
Crude oil
|
— | 1.7 | — | (1.1) | 0.6 | ||||||||||||||||||||||||
NGLs
|
— | — | 0.1 | — | 0.1 | ||||||||||||||||||||||||
Transportation
|
|||||||||||||||||||||||||||||
Crude oil
|
0.4 | — | — | — | 0.4 | ||||||||||||||||||||||||
NGLs
|
— | — | 4.2 | — | 4.2 | ||||||||||||||||||||||||
Rail Loading
|
|||||||||||||||||||||||||||||
Crude oil
|
— | 2.3 | — | (1.1) | 1.2 | ||||||||||||||||||||||||
Product Sales
|
|||||||||||||||||||||||||||||
Natural gas
|
26.8 | — | 44.3 | (26.8) | 44.3 | ||||||||||||||||||||||||
Crude oil
|
101.7 | — | 344.4 | (14.7) | 431.4 | ||||||||||||||||||||||||
NGLs
|
42.9 | — | 304.8 | (42.6) | 305.1 | ||||||||||||||||||||||||
Other
|
— | 0.2 | 0.6 | (0.1) | 0.7 | ||||||||||||||||||||||||
Total Topic 606 revenues
|
257.3 | 5.1 | 700.8 | (87.3) | 875.9 | ||||||||||||||||||||||||
Non-Topic 606 revenues
|
0.2 | — | 53.5 | — | 53.7 | ||||||||||||||||||||||||
Total revenues
|
$ | 257.5 | $ | 5.1 | $ | 754.3 | $ | (87.3) | $ | 929.6 |
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Gathering and Processing
|
Storage and Transportation
|
Marketing, Supply and Logistics
|
Intersegment Elimination
|
Total
|
|||||||||||||||||||||||||
Topic 606 revenues
|
|||||||||||||||||||||||||||||
Gathering
|
|||||||||||||||||||||||||||||
Natural gas
|
$ | 33.2 | $ | — | $ | — | $ | — | $ | 33.2 | |||||||||||||||||||
Crude oil
|
17.9 | — | — | — | 17.9 | ||||||||||||||||||||||||
Water
|
18.3 | — | — | — | 18.3 | ||||||||||||||||||||||||
Processing
|
|||||||||||||||||||||||||||||
Natural gas
|
7.1 | — | — | — | 7.1 | ||||||||||||||||||||||||
Compression
|
|||||||||||||||||||||||||||||
Natural gas
|
5.7 | — | — | — | 5.7 | ||||||||||||||||||||||||
Storage
|
|||||||||||||||||||||||||||||
Crude oil
|
0.4 | 1.1 | — | (0.8) | 0.7 | ||||||||||||||||||||||||
NGLs
|
— | — | 3.6 | — | 3.6 | ||||||||||||||||||||||||
Pipeline
|
|||||||||||||||||||||||||||||
Crude oil
|
— | 1.3 | — | (0.4) | 0.9 | ||||||||||||||||||||||||
NGLs
|
— | — | 0.2 | — | 0.2 | ||||||||||||||||||||||||
Transportation
|
|||||||||||||||||||||||||||||
Crude oil
|
1.5 | — | 0.3 | — | 1.8 | ||||||||||||||||||||||||
NGLs
|
— | — | 2.6 | — | 2.6 | ||||||||||||||||||||||||
Rail Loading
|
|||||||||||||||||||||||||||||
Crude oil
|
— | 2.9 | — | (1.2) | 1.7 | ||||||||||||||||||||||||
Product Sales
|
|||||||||||||||||||||||||||||
Natural gas
|
6.9 | — | 15.5 | (6.8) | 15.6 | ||||||||||||||||||||||||
Crude oil
|
34.8 | — | 102.0 | (7.1) | 129.7 | ||||||||||||||||||||||||
NGLs
|
3.0 | — | 92.4 | (0.3) | 95.1 | ||||||||||||||||||||||||
Other
|
— | 0.2 | 0.2 | (0.1) | 0.3 | ||||||||||||||||||||||||
Total Topic 606 revenues
|
128.8 | 5.5 | 216.8 | (16.7) | 334.4 | ||||||||||||||||||||||||
Non-Topic 606 revenues
|
— | — | 18.3 | — | 18.3 | ||||||||||||||||||||||||
Total revenues
|
$ | 128.8 | $ | 5.5 | $ | 235.1 | $ | (16.7) | $ | 352.7 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Gathering and Processing
|
Storage and Transportation
|
Marketing, Supply and Logistics
|
Intersegment Elimination
|
Total
|
|||||||||||||||||||||||||
Topic 606 revenues
|
|||||||||||||||||||||||||||||
Gathering
|
|||||||||||||||||||||||||||||
Natural gas
|
$ | 64.7 | $ | — | $ | — | $ | — | $ | 64.7 | |||||||||||||||||||
Crude oil
|
39.1 | — | — | — | 39.1 | ||||||||||||||||||||||||
Water
|
44.7 | — | — | — | 44.7 | ||||||||||||||||||||||||
Processing
|
|||||||||||||||||||||||||||||
Natural gas
|
14.3 | — | — | — | 14.3 | ||||||||||||||||||||||||
Compression
|
|||||||||||||||||||||||||||||
Natural gas
|
8.4 | — | — | — | 8.4 | ||||||||||||||||||||||||
Storage
|
|||||||||||||||||||||||||||||
Crude oil
|
0.2 | 1.5 | — | (1.4) | 0.3 | ||||||||||||||||||||||||
NGLs
|
— | — | 6.1 | — | 6.1 | ||||||||||||||||||||||||
Pipeline
|
|||||||||||||||||||||||||||||
Crude oil
|
— | 3.0 | — | (1.6) | 1.4 | ||||||||||||||||||||||||
NGLs
|
— | — | 0.1 | — | 0.1 | ||||||||||||||||||||||||
Transportation
|
|||||||||||||||||||||||||||||
Crude oil
|
1.1 | — | — | — | 1.1 | ||||||||||||||||||||||||
NGLs
|
— | — | 8.4 | — | 8.4 | ||||||||||||||||||||||||
Rail Loading
|
|||||||||||||||||||||||||||||
Crude oil
|
— | 4.6 | — | (2.4) | 2.2 | ||||||||||||||||||||||||
Product Sales
|
|||||||||||||||||||||||||||||
Natural gas
|
69.6 | — | 139.9 | (69.0) | 140.5 | ||||||||||||||||||||||||
Crude oil
|
191.7 | — | 595.6 | (37.4) | 749.9 | ||||||||||||||||||||||||
NGLs
|
83.2 | — | 710.8 | (82.9) | 711.1 | ||||||||||||||||||||||||
Other
|
— | 0.4 | 0.8 | (0.3) | 0.9 | ||||||||||||||||||||||||
Total Topic 606 revenues
|
517.0 | 9.5 | 1,461.7 | (195.0) | 1,793.2 | ||||||||||||||||||||||||
Non-Topic 606 revenues
|
0.2 | — | 168.9 | — | 169.1 | ||||||||||||||||||||||||
Total revenues
|
$ | 517.2 | $ | 9.5 | $ | 1,630.6 | $ | (195.0) | $ | 1,962.3 |
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Gathering and Processing
|
Storage and Transportation
|
Marketing, Supply and Logistics
|
Intersegment Elimination
|
Total
|
|||||||||||||||||||||||||
Topic 606 revenues
|
|||||||||||||||||||||||||||||
Gathering
|
|||||||||||||||||||||||||||||
Natural gas
|
$ | 77.0 | $ | — | $ | — | $ | — | $ | 77.0 | |||||||||||||||||||
Crude oil
|
44.4 | — | — | — | 44.4 | ||||||||||||||||||||||||
Water
|
41.3 | — | — | — | 41.3 | ||||||||||||||||||||||||
Processing
|
|||||||||||||||||||||||||||||
Natural gas
|
17.3 | — | — | — | 17.3 | ||||||||||||||||||||||||
Compression
|
|||||||||||||||||||||||||||||
Natural gas
|
12.0 | — | — | — | 12.0 | ||||||||||||||||||||||||
Storage
|
|||||||||||||||||||||||||||||
Crude oil
|
0.9 | 1.7 | — | (1.2) | 1.4 | ||||||||||||||||||||||||
NGLs
|
— | — | 5.2 | — | 5.2 | ||||||||||||||||||||||||
Pipeline
|
|||||||||||||||||||||||||||||
Crude oil
|
— | 2.9 | — | (0.9) | 2.0 | ||||||||||||||||||||||||
NGLs
|
— | — | 0.2 | — | 0.2 | ||||||||||||||||||||||||
Transportation
|
|||||||||||||||||||||||||||||
Crude oil
|
3.5 | — | 1.9 | — | 5.4 | ||||||||||||||||||||||||
NGLs
|
— | — | 4.3 | — | 4.3 | ||||||||||||||||||||||||
Rail Loading
|
|||||||||||||||||||||||||||||
Crude oil
|
— | 6.3 | — | (2.6) | 3.7 | ||||||||||||||||||||||||
Product Sales
|
|||||||||||||||||||||||||||||
Natural gas
|
18.9 | — | 33.8 | (18.5) | 34.2 | ||||||||||||||||||||||||
Crude oil
|
155.9 | — | 352.2 | (23.4) | 484.7 | ||||||||||||||||||||||||
NGLs
|
12.5 | — | 252.7 | (12.2) | 253.0 | ||||||||||||||||||||||||
Other
|
— | 0.7 | 0.7 | (0.5) | 0.9 | ||||||||||||||||||||||||
Total Topic 606 revenues
|
383.7 | 11.6 | 651.0 | (59.3) | 987.0 | ||||||||||||||||||||||||
Non-Topic 606 revenues
|
— | — | 93.6 | — | 93.6 | ||||||||||||||||||||||||
Total revenues
|
$ | 383.7 | $ | 11.6 | $ | 744.6 | $ | (59.3) | $ | 1,080.6 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues at CEQP and CMLP(1)
|
$ | 13.2 | $ | 7.5 | $ | 18.1 | $ | 15.0 | |||||||||||||||
Costs of product/services sold at CEQP and CMLP(2)
|
$ | 25.4 | $ | 3.6 | $ | 66.5 | $ | 6.8 | |||||||||||||||
Operations and maintenance expenses charged by CEQP and CMLP(3)
|
$ | 6.0 | $ | 5.5 | $ | 11.7 | $ | 11.7 | |||||||||||||||
General and administrative expenses charged by CEQP to CMLP, net(4)
|
$ | 6.6 | $ | 10.9 | $ | 12.5 | $ | 18.0 | |||||||||||||||
General and administrative expenses at CEQP charged to (from) Crestwood Holdings, net(5)
|
$ | — | $ | (1.5) | $ | 4.8 | $ | 11.3 |
June 30,
2021 |
December 31,
2020 |
||||||||||
Accounts receivable at CEQP and CMLP | $ | 7.0 | $ | 2.5 | |||||||
Accounts payable at CEQP(1)
|
$ | 11.3 | $ | 7.5 | |||||||
Accounts payable at CMLP | $ | 11.3 | $ | 5.0 |
Crestwood Equity | Crestwood Midstream | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 929.6 | $ | 352.7 | $ | 1,962.3 | $ | 1,080.6 | $ | 929.6 | $ | 352.7 | $ | 1,962.3 | $ | 1,080.6 | |||||||||||||||||||||||||||||||
Costs of product/services sold
|
797.2 | 225.7 | 1,611.0 | 760.1 | 797.2 | 225.7 | 1,611.0 | 760.1 | |||||||||||||||||||||||||||||||||||||||
Operations and maintenance expense | 25.8 | 31.6 | 58.6 | 69.2 | 25.8 | 31.6 | 58.6 | 69.2 | |||||||||||||||||||||||||||||||||||||||
General and administrative expense | 22.8 | 29.5 | 41.5 | 44.4 | 19.7 | 28.4 | 36.9 | 41.9 | |||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 58.8 | 61.0 | 118.0 | 117.1 | 62.2 | 64.6 | 125.0 | 124.2 | |||||||||||||||||||||||||||||||||||||||
(Gain) loss on long-lived assets, net | (0.3) | 3.8 | 1.1 | 4.8 | (0.3) | 3.8 | 1.1 | 4.8 | |||||||||||||||||||||||||||||||||||||||
Goodwill impairment | — | — | — | 80.3 | — | — | — | 80.3 | |||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 25.3 | 1.1 | 132.1 | 4.7 | 25.0 | (1.4) | 129.7 | 0.1 | |||||||||||||||||||||||||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net | (27.1) | 8.4 | (130.8) | 13.9 | (27.1) | 8.4 | (130.8) | 13.9 | |||||||||||||||||||||||||||||||||||||||
Interest and debt expense, net | (35.1) | (34.0) | (71.1) | (66.6) | (35.1) | (34.0) | (71.1) | (66.6) | |||||||||||||||||||||||||||||||||||||||
Loss on modification/extinguishment of debt
|
(1.2) | — | (6.7) | — | (1.2) | — | (6.7) | — | |||||||||||||||||||||||||||||||||||||||
Other income, net | 0.1 | 0.1 | 0.1 | 0.2 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
(Provision) benefit for income taxes | (0.1) | 0.1 | — | 0.1 | (0.1) | 0.2 | — | 0.2 | |||||||||||||||||||||||||||||||||||||||
Net loss | (38.1) | (24.3) | (76.4) | (47.7) | (38.5) | (26.8) | (78.9) | (52.4) | |||||||||||||||||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest and debt expense, net | 35.1 | 34.0 | 71.1 | 66.6 | 35.1 | 34.0 | 71.1 | 66.6 | |||||||||||||||||||||||||||||||||||||||
Loss on modification/extinguishment of debt
|
1.2 | — | 6.7 | — | 1.2 | — | 6.7 | — | |||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 0.1 | (0.1) | — | (0.1) | 0.1 | (0.2) | — | (0.2) | |||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 58.8 | 61.0 | 118.0 | 117.1 | 62.2 | 64.6 | 125.0 | 124.2 | |||||||||||||||||||||||||||||||||||||||
EBITDA
|
57.1 | 70.6 | 119.4 | 135.9 | 60.1 | 71.6 | 123.9 | 138.2 | |||||||||||||||||||||||||||||||||||||||
Unit-based compensation charges | 7.6 | 13.6 | 9.9 | 9.2 | 7.6 | 13.6 | 9.9 | 9.2 | |||||||||||||||||||||||||||||||||||||||
(Gain) loss on long-lived assets, net | (0.3) | 3.8 | 1.1 | 4.8 | (0.3) | 3.8 | 1.1 | 4.8 | |||||||||||||||||||||||||||||||||||||||
Goodwill impairment | — | — | — | 80.3 | — | — | — | 80.3 | |||||||||||||||||||||||||||||||||||||||
(Earnings) loss from unconsolidated affiliates, net | 27.1 | (8.4) | 130.8 | (13.9) | 27.1 | (8.4) | 130.8 | (13.9) | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA from unconsolidated affiliates, net
|
21.0 | 17.9 | 46.7 | 37.2 | 21.0 | 17.9 | 46.7 | 37.2 | |||||||||||||||||||||||||||||||||||||||
Change in fair value of commodity inventory-related derivative contracts
|
32.6 | 21.5 | 2.1 | 15.7 | 32.6 | 21.5 | 2.1 | 15.7 | |||||||||||||||||||||||||||||||||||||||
Significant transaction and environmental related costs and other items
|
0.6 | 8.8 | 1.1 | 10.0 | (1.4) | 8.8 | (1.1) | 10.0 | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA
|
$ | 145.7 | $ | 127.8 | $ | 311.1 | $ | 279.2 | $ | 146.7 | $ | 128.8 | $ | 313.4 | $ | 281.5 |
Crestwood Equity | Crestwood Midstream | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 35.0 | $ | 64.2 | $ | 293.5 | $ | 183.4 | $ | 38.0 | $ | 65.3 | $ | 297.2 | $ | 181.1 | |||||||||||||||||||||||||||||||
Net changes in operating assets and liabilities
|
33.1 | (7.7) | (89.7) | (11.4) | 33.2 | (7.7) | (88.8) | (6.5) | |||||||||||||||||||||||||||||||||||||||
Amortization of debt-related deferred costs
|
(1.7) | (1.6) | (3.4) | (3.2) | (1.7) | (1.6) | (3.4) | (3.2) | |||||||||||||||||||||||||||||||||||||||
Interest and debt expense, net | 35.1 | 34.0 | 71.1 | 66.6 | 35.1 | 34.0 | 71.1 | 66.6 | |||||||||||||||||||||||||||||||||||||||
Unit-based compensation charges | (7.6) | (13.6) | (9.9) | (9.2) | (7.6) | (13.6) | (9.9) | (9.2) | |||||||||||||||||||||||||||||||||||||||
Gain (loss) on long-lived assets, net | 0.3 | (3.8) | (1.1) | (4.8) | 0.3 | (3.8) | (1.1) | (4.8) | |||||||||||||||||||||||||||||||||||||||
Goodwill impairment | — | — | — | (80.3) | — | — | — | (80.3) | |||||||||||||||||||||||||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net, adjusted for cash distributions received | (37.3) | (0.9) | (141.1) | (5.4) | (37.3) | (0.9) | (141.1) | (5.4) | |||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 0.1 | 0.1 | 0.1 | 0.3 | — | 0.1 | — | 0.1 | |||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 0.1 | (0.1) | — | (0.1) | 0.1 | (0.2) | — | (0.2) | |||||||||||||||||||||||||||||||||||||||
Other non-cash income | — | — | (0.1) | — | — | — | (0.1) | — | |||||||||||||||||||||||||||||||||||||||
EBITDA
|
57.1 | 70.6 | 119.4 | 135.9 | 60.1 | 71.6 | 123.9 | 138.2 | |||||||||||||||||||||||||||||||||||||||
Unit-based compensation charges | 7.6 | 13.6 | 9.9 | 9.2 | 7.6 | 13.6 | 9.9 | 9.2 | |||||||||||||||||||||||||||||||||||||||
(Gain) loss on long-lived assets, net | (0.3) | 3.8 | 1.1 | 4.8 | (0.3) | 3.8 | 1.1 | 4.8 | |||||||||||||||||||||||||||||||||||||||
Goodwill impairment | — | — | — | 80.3 | — | — | — | 80.3 | |||||||||||||||||||||||||||||||||||||||
(Earnings) loss from unconsolidated affiliates, net | 27.1 | (8.4) | 130.8 | (13.9) | 27.1 | (8.4) | 130.8 | (13.9) | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA from unconsolidated affiliates, net
|
21.0 | 17.9 | 46.7 | 37.2 | 21.0 | 17.9 | 46.7 | 37.2 | |||||||||||||||||||||||||||||||||||||||
Change in fair value of commodity inventory-related derivative contracts
|
32.6 | 21.5 | 2.1 | 15.7 | 32.6 | 21.5 | 2.1 | 15.7 | |||||||||||||||||||||||||||||||||||||||
Significant transaction and environmental related costs and other items
|
0.6 | 8.8 | 1.1 | 10.0 | (1.4) | 8.8 | (1.1) | 10.0 | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA
|
$ | 145.7 | $ | 127.8 | $ | 311.1 | $ | 279.2 | $ | 146.7 | $ | 128.8 | $ | 313.4 | $ | 281.5 |
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | ||||||||||||||||||||||||||||||
Revenues | $ | 173.3 | $ | 2.0 | $ | 754.3 | $ | 114.5 | $ | 3.1 | $ | 235.1 | |||||||||||||||||||||||
Intersegment revenues
|
84.2 | 3.1 | (87.3) | 14.3 | 2.4 | (16.7) | |||||||||||||||||||||||||||||
Costs of product/services sold
|
120.6 | (0.4) | 677.0 | 21.3 | 0.1 | 204.3 | |||||||||||||||||||||||||||||
Operations and maintenance expenses
|
14.7 | 1.0 | 10.1 | 19.3 | 0.7 | 11.6 | |||||||||||||||||||||||||||||
Gain (loss) on long-lived assets, net | 0.3 | — | — | (3.6) | — | (0.2) | |||||||||||||||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net
|
1.0 | (28.1) | — | (1.0) | 9.4 | — | |||||||||||||||||||||||||||||
EBITDA
|
$ | 123.5 | $ | (23.6) | $ | (20.1) | $ | 83.6 | $ | 14.1 | $ | 2.3 |
Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | ||||||||||||||||||||||||||||||
Revenues | $ | 327.7 | $ | 4.0 | $ | 1,630.6 | $ | 329.4 | $ | 6.6 | $ | 744.6 | |||||||||||||||||||||||
Intersegment revenues
|
189.5 | 5.5 | (195.0) | 54.3 | 5.0 | (59.3) | |||||||||||||||||||||||||||||
Costs of product/services sold
|
237.1 | — | 1,373.9 | 129.6 | 0.3 | 630.2 | |||||||||||||||||||||||||||||
Operations and maintenance expenses
|
36.1 | 1.6 | 20.9 | 46.3 | 2.1 | 20.8 | |||||||||||||||||||||||||||||
Gain (loss) on long-lived assets, net | (1.2) | — | 0.1 | (4.6) | — | (0.2) | |||||||||||||||||||||||||||||
Goodwill impairment
|
— | — | — | (80.3) | — | — | |||||||||||||||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net
|
0.2 | (131.0) | — | (0.2) | 14.1 | — | |||||||||||||||||||||||||||||
EBITDA
|
$ | 243.0 | $ | (123.1) | $ | 40.9 | $ | 122.7 | $ | 23.3 | $ | 34.1 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Credit facility | $ | 5.4 | $ | 6.1 | $ | 8.9 | $ | 12.5 | |||||||||||||||||||||||||||||||||||||||
Senior notes | 27.0 | 26.5 | 56.8 | 53.1 | |||||||||||||||||||||||||||||||||||||||||||
Other | 2.7 | 1.8 | 5.6 | 3.6 | |||||||||||||||||||||||||||||||||||||||||||
Gross interest and debt expense
|
35.1 | 34.4 | 71.3 | 69.2 | |||||||||||||||||||||||||||||||||||||||||||
Less: capitalized interest | — | 0.4 | 0.2 | 2.6 | |||||||||||||||||||||||||||||||||||||||||||
Interest and debt expense, net
|
$ | 35.1 | $ | 34.0 | $ | 71.1 | $ | 66.6 |
Six Months Ended | |||||||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
Net cash provided by operating activities | $ | 293.5 | $ | 183.4 | |||||||
Net cash provided by (used in) investing activities | $ | 1.9 | $ | (292.9) | |||||||
Net cash provided by (used in) financing activities | $ | (292.8) | $ | 90.5 |
Growth capital | $ | 11.9 | |||
Maintenance capital | 8.3 | ||||
Other (1)
|
1.1 | ||||
Purchases of property, plant and equipment | $ | 21.3 | |||
June 30, 2021 | December 31, 2020 | ||||||||||
Current assets | $ | 488.2 | $ | 371.3 | |||||||
Current assets - affiliates | $ | 6.3 | $ | 1.1 | |||||||
Property, plant and equipment, net | $ | 2,266.3 | $ | 2,295.2 | |||||||
Non-current assets | $ | 667.2 | $ | 696.2 | |||||||
Current liabilities | $ | 584.0 | $ | 345.4 | |||||||
Current liabilities - affiliates | $ | 12.6 | $ | 5.0 | |||||||
Long-term debt, less current portion | $ | 2,621.6 | $ | 2,483.8 | |||||||
Non-current liabilities | $ | 146.1 | $ | 157.4 |
Six Months Ended June 30, 2021 | |||||
Revenues | $ | 1,905.3 | |||
Revenues - affiliates | $ | 21.3 | |||
Cost of products/services sold | $ | 1,543.2 | |||
Cost of products/services sold - affiliates | $ | 66.5 | |||
Operations and maintenance expenses(1)
|
$ | 49.8 | |||
General and administrative expenses, net(2)
|
$ | 36.9 | |||
Operating income | $ | 132.2 | |||
Net income | $ | 56.5 |
Total Number of Units Repurchased(1)
|
Weighted-Average Price Paid Per Unit | Units Purchased as Part of Publicly Announced Programs |
Maximum Dollar Value That May Yet Be Repurchased Under the Program(2)
|
||||||||||||||||||||
January 1, 2021 - January 31, 2021 | — | $ | — | — | $ | — | |||||||||||||||||
February 1, 2021 - February 28, 2021 | — | — | — | — | |||||||||||||||||||
March 1, 2021 - March 31, 2021 | 11,469,911 | 22.49 | — | 175,000,000 | |||||||||||||||||||
April 1, 2021 - April 30, 2021 | — | — | — | — | |||||||||||||||||||
May 1, 2021 - May 31, 2021 | — | — | — | — | |||||||||||||||||||
June 1, 2021 - June 30, 2021 | — | — | — | — | |||||||||||||||||||
Totals / Weighted Average | 11,469,911 | $ | 22.49 | — | $ | 175,000,000 |
*31.1 | ||||||||
*31.2 | ||||||||
*31.3 | ||||||||
*31.4 | ||||||||
*32.1 | ||||||||
*32.2 | ||||||||
*32.3 | ||||||||
*32.4 | ||||||||
**101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
**101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
**101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
**101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
**101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
**101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
104 | Cover Page Interactive Data File (contained in Exhibit 101) |
* | Filed herewith | ||||
** | Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. | ||||
CRESTWOOD EQUITY PARTNERS LP | |||||||||||||||||
By: | CRESTWOOD EQUITY GP LLC | ||||||||||||||||
(its general partner) | |||||||||||||||||
Date: | July 29, 2021 | By: | /s/ ROBERT T. HALPIN | ||||||||||||||
Robert T. Halpin | |||||||||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||||||||
(Duly Authorized Officer and Principal Financial Officer) | |||||||||||||||||
CRESTWOOD MIDSTREAM PARTNERS LP | |||||||||||||||||
By: | CRESTWOOD MIDSTREAM GP LLC | ||||||||||||||||
(its general partner) | |||||||||||||||||
Date: | July 29, 2021 | By: | /s/ ROBERT T. HALPIN | ||||||||||||||
Robert T. Halpin | |||||||||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||||||||
(Duly Authorized Officer and Principal Financial Officer) |
1 Year Crestwood Equity Partners Chart |
1 Month Crestwood Equity Partners Chart |
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