Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 21, 2021 | |
Document Information [Line Items] | ||
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Address, Address Line One | 811 Main Street | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Crestwood Equity Partners LP | |
Entity File Number | 001-34664 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 43-1918951 | |
Entity Central Index Key | 0001136352 | |
Current Fiscal Year End Date | --12-31 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 62,899,539 | |
Entity Address, Address Line Two | Suite 3400 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 832 | |
Local Phone Number | 519-2200 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2021 | |
Crestwood Midstream Partners LP | ||
Document Information [Line Items] | ||
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Crestwood Midstream Partners LP | |
Entity File Number | 001-35377 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-1647837 | |
Entity Central Index Key | 0001304464 | |
Current Fiscal Year End Date | --12-31 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2021 | |
Common Units | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Units representing limited partnership interests | |
Trading Symbol | CEQP | |
Security Exchange Name | NYSE | |
Preferred Units | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Preferred Units representing limited partnership interests | |
Trading Symbol | CEQP-P | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash | $ 14.3 | $ 14 |
Accounts receivable, less allowance for doubtful accounts of $1.4 million and $0.9 million at September 30, 2021 and December 31, 2020 | 420 | 262.2 |
Inventory | 175 | 89.1 |
Assets from price risk management activities | 39.1 | 27.2 |
Prepaid expenses and other current assets | 7.1 | 13.4 |
Total current assets | 655.5 | 405.9 |
Property, plant and equipment | 3,788.5 | 3,759.6 |
Less: accumulated depreciation | 962.7 | 842.5 |
Property, plant and equipment, net | 2,825.8 | 2,917.1 |
Intangible assets | 1,126.1 | 1,126.1 |
Less: accumulated amortization | 377.9 | 331.8 |
Intangible assets, net | 748.2 | 794.3 |
Goodwill | 138.6 | 138.6 |
Operating lease right-of-use assets, net | 31.1 | 36.8 |
Investments in unconsolidated affiliates | 168 | 943.7 |
Other non-current assets | 7.3 | 7.3 |
Total assets | 4,574.5 | 5,243.7 |
Current liabilities: | ||
Accounts payable | 358.7 | 160.3 |
Accrued expenses and other liabilities | 140.5 | 122 |
Liabilities from price risk management activities | 277.3 | 76.3 |
Contingent consideration, current portion | 0 | 19 |
Current portion of long-term debt | 0.2 | 0.2 |
Total current liabilities | 776.7 | 377.8 |
Long-term debt, less current portion | 2,024.9 | 2,483.8 |
Contingent consideration | 0 | 38 |
Other long-term liabilities | 259.8 | 253.3 |
Deferred income taxes | 2.3 | 2.7 |
Total liabilities | 3,063.7 | 3,155.6 |
Commitments and contingencies (Note 9) | ||
Interest of non-controlling partner in subsidiary | 434.5 | 432.7 |
Partners’ capital: | ||
Crestwood Equity Partners LP partners’ capital (62,897,480 common units issued and outstanding at September 30, 2021 and 73,970,208 common and subordinated units issued and outstanding at December 31, 2020) | 464.3 | 1,043.4 |
Preferred units (71,257,445 units issued and outstanding at both September 30, 2021 and December 31, 2020) | 612 | 612 |
Total partners’ capital | 1,076.3 | 1,655.4 |
Total liabilities and capital | $ 4,574.5 | $ 5,243.7 |
Limited Partners' Capital Account, Units Issued | 62,897,480 | 73,970,208 |
Limited Partners' Capital Account, Units Outstanding | 62,897,480 | 73,970,208 |
Preferred Units, Issued | 71,257,445 | 71,257,445 |
Preferred Units, Outstanding | 71,257,445 | 71,257,445 |
Crestwood Midstream Partners LP | ||
Assets | ||
Cash | $ 13.9 | $ 13.7 |
Accounts receivable, less allowance for doubtful accounts of $1.4 million and $0.9 million at September 30, 2021 and December 31, 2020 | 420 | 262.2 |
Inventory | 175 | 89.1 |
Assets from price risk management activities | 39.1 | 27.2 |
Prepaid expenses and other current assets | 7.1 | 13.4 |
Total current assets | 655.1 | 405.6 |
Property, plant and equipment | 4,118.6 | 4,089.6 |
Less: accumulated depreciation | 1,159.1 | 1,028.3 |
Property, plant and equipment, net | 2,959.5 | 3,061.3 |
Intangible assets | 1,126.1 | 1,126.1 |
Less: accumulated amortization | 377.9 | 331.8 |
Intangible assets, net | 748.2 | 794.3 |
Goodwill | 138.6 | 138.6 |
Operating lease right-of-use assets, net | 31.1 | 36.8 |
Investments in unconsolidated affiliates | 168 | 943.7 |
Other non-current assets | 5.1 | 5.2 |
Total assets | 4,705.6 | 5,385.5 |
Current liabilities: | ||
Accounts payable | 358.6 | 157.8 |
Accrued expenses and other liabilities | 139.3 | 120.1 |
Liabilities from price risk management activities | 277.3 | 76.3 |
Contingent consideration, current portion | 0 | 19 |
Current portion of long-term debt | 0.2 | 0.2 |
Total current liabilities | 775.4 | 373.4 |
Long-term debt, less current portion | 2,024.9 | 2,483.8 |
Contingent consideration | 0 | 38 |
Other long-term liabilities | 256.6 | 251.8 |
Deferred income taxes | 0.7 | 0.7 |
Total liabilities | 3,057.6 | 3,147.7 |
Commitments and contingencies (Note 9) | ||
Interest of non-controlling partner in subsidiary | 434.5 | 432.7 |
Partners’ capital: | ||
Partners' capital | 1,213.5 | 1,805.1 |
Total liabilities and capital | $ 4,705.6 | $ 5,385.5 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts | $ 1.4 | $ 0.9 |
Limited Partners' Capital Account, Units Issued | 62,897,480 | 73,970,208 |
Limited Partners' Capital Account, Units Outstanding | 62,897,480 | 73,970,208 |
Preferred Units, Issued | 71,257,445 | 71,257,445 |
Preferred Units, Outstanding | 71,257,445 | 71,257,445 |
Crestwood Midstream Partners LP | ||
Allowance for doubtful accounts | $ 1.4 | $ 0.9 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Revenues | $ 1,226.3 | $ 519.2 | $ 3,188.6 | $ 1,599.8 |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Product costs - related party (Note 15) | 34.8 | 6.1 | 101.3 | 12.9 |
Total costs of product/services sold | 1,099.3 | 358.7 | 2,710.3 | 1,118.8 |
Operating expenses and other: | ||||
Operations and maintenance | 31.6 | 31 | 90.2 | 100.2 |
General and administrative | 25.9 | 19.6 | 67.4 | 64 |
Depreciation, amortization and accretion | 64.6 | 60.8 | 182.6 | 177.9 |
Loss on long-lived assets, net | 18.5 | 21.3 | 19.6 | 26.1 |
Goodwill impairment | 0 | 0 | 0 | 80.3 |
Total expenses | 140.6 | 132.7 | 359.8 | 448.5 |
Operating income (loss) | (13.6) | 27.8 | 118.5 | 32.5 |
Earnings (loss) from unconsolidated affiliates, net | 4.9 | 10.5 | (125.9) | 24.4 |
Interest and debt expense, net | (30.9) | (33.7) | (102) | (100.3) |
Gain (Loss) on Extinguishment of Debt | 0 | 0 | (6.7) | 0 |
Other income, net | 0.1 | 0 | 0.2 | 0.2 |
Income (loss) before income taxes | (39.5) | 4.6 | (115.9) | (43.2) |
(Provision) benefit for income taxes | (0.1) | 0 | (0.1) | 0.1 |
Net income (loss) | (39.6) | 4.6 | (116) | (43.1) |
Net income attributable to non-controlling partner | 10.3 | 10.3 | 30.7 | 30.4 |
Net income (loss) attributable to parent | (49.9) | (5.7) | (146.7) | (73.5) |
Net income attributable to preferred unit holders | 15 | 15 | 45 | 45 |
Net loss attributable to partners | $ (64.9) | $ (20.7) | $ (191.7) | $ (118.5) |
Net loss per limited partner unit: (Note 12) | ||||
Basic (in dollars per share) | $ (1.03) | $ (0.28) | $ (2.88) | $ (1.62) |
Diluted (in dollars per share) | $ (1.03) | $ (0.28) | $ (2.88) | $ (1.62) |
Weighted-average limited partners’ units outstanding: | ||||
Basic (units) | 62.9 | 73.4 | 66.6 | 73.1 |
Diluted (units) | 62.9 | 73.4 | 66.6 | 73.1 |
Affiliated Entity | ||||
Costs of product/services sold (exclusive of items shown separately below): | ||||
Product costs - related party (Note 15) | $ 34.8 | $ 6.1 | $ 101.3 | $ 12.9 |
Crestwood Midstream Partners LP | ||||
Revenues: | ||||
Revenues | 1,226.3 | 519.2 | 3,188.6 | 1,599.8 |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Product costs - related party (Note 15) | 34.8 | 6.1 | 101.3 | 12.9 |
Total costs of product/services sold | 1,099.3 | 358.7 | 2,710.3 | 1,118.8 |
Operating expenses and other: | ||||
Operations and maintenance | 31.6 | 31 | 90.2 | 100.2 |
General and administrative | 24.4 | 18.5 | 61.3 | 60.4 |
Depreciation, amortization and accretion | 68.2 | 64.2 | 193.2 | 188.4 |
Loss on long-lived assets, net | 18.5 | 21.3 | 19.6 | 26.1 |
Goodwill impairment | 0 | 0 | 0 | 80.3 |
Total expenses | 142.7 | 135 | 364.3 | 455.4 |
Operating income (loss) | (15.7) | 25.5 | 114 | 25.6 |
Earnings (loss) from unconsolidated affiliates, net | 4.9 | 10.5 | (125.9) | 24.4 |
Interest and debt expense, net | (30.9) | (33.7) | (102) | (100.3) |
Gain (Loss) on Extinguishment of Debt | 0 | 0 | (6.7) | 0 |
Income (loss) before income taxes | (41.7) | 2.3 | (120.6) | (50.3) |
(Provision) benefit for income taxes | (0.1) | 0 | (0.1) | 0.2 |
Net income (loss) | (41.8) | 2.3 | (120.7) | (50.1) |
Net income attributable to non-controlling partner | 10.3 | 10.3 | 30.7 | 30.4 |
Net income (loss) attributable to parent | (52.1) | (8) | (151.4) | (80.5) |
Product | ||||
Revenues: | ||||
Revenues | 1,127.3 | 417.2 | 2,896.3 | 1,282.1 |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Costs of product/services sold | 1,060.2 | 348.2 | 2,595.8 | 1,090.2 |
Product | Affiliated Entity | ||||
Revenues: | ||||
Revenues | 6.5 | 10.7 | 24.2 | 25.4 |
Product | Crestwood Midstream Partners LP | ||||
Revenues: | ||||
Revenues | 1,127.3 | 417.2 | 2,896.3 | 1,282.1 |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Costs of product/services sold | 1,060.2 | 348.2 | 2,595.8 | 1,090.2 |
Product | Crestwood Midstream Partners LP | Affiliated Entity | ||||
Revenues: | ||||
Revenues | 6.5 | 10.7 | 24.2 | 25.4 |
Service | ||||
Revenues: | ||||
Revenues | 99 | 102 | 292.3 | 317.7 |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Costs of product/services sold | 4.3 | 4.4 | 13.2 | 15.7 |
Service | Affiliated Entity | ||||
Revenues: | ||||
Revenues | 0.6 | 0.2 | 1 | 0.5 |
Service | Crestwood Midstream Partners LP | ||||
Revenues: | ||||
Revenues | 99 | 102 | 292.3 | 317.7 |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Costs of product/services sold | 4.3 | 4.4 | 13.2 | 15.7 |
Service | Crestwood Midstream Partners LP | Affiliated Entity | ||||
Revenues: | ||||
Revenues | 0.6 | 0.2 | 1 | 0.5 |
Gathering and Processing Segment | Product | ||||
Revenues: | ||||
Revenues | 82 | 54 | 237.2 | 187.2 |
Gathering and Processing Segment | Product | Crestwood Midstream Partners LP | ||||
Revenues: | ||||
Revenues | 82 | 54 | 237.2 | 187.2 |
Gathering and Processing Segment | Service | ||||
Revenues: | ||||
Revenues | 88.8 | 91.2 | 261.1 | 287.4 |
Gathering and Processing Segment | Service | Crestwood Midstream Partners LP | ||||
Revenues: | ||||
Revenues | 88.8 | 91.2 | 261.1 | 287.4 |
Marketing Supply and Logistics | Product | ||||
Revenues: | ||||
Revenues | 1,038.8 | 352.5 | 2,634.9 | 1,069.5 |
Marketing Supply and Logistics | Product | Crestwood Midstream Partners LP | ||||
Revenues: | ||||
Revenues | 1,038.8 | 352.5 | 2,634.9 | 1,069.5 |
Marketing Supply and Logistics | Service | ||||
Revenues: | ||||
Revenues | 7.6 | 7.1 | 24.2 | 19.7 |
Marketing Supply and Logistics | Service | Crestwood Midstream Partners LP | ||||
Revenues: | ||||
Revenues | 7.6 | 7.1 | 24.2 | 19.7 |
Storage and Transportation | Service | ||||
Revenues: | ||||
Revenues | 2 | 3.5 | 6 | 10.1 |
Storage and Transportation | Service | Crestwood Midstream Partners LP | ||||
Revenues: | ||||
Revenues | $ 2 | $ 3.5 | $ 6 | $ 10.1 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (39.6) | $ 4.6 | $ (116) | $ (43.1) |
Change in fair value of Suburban Propane Partners, L.P. units | 0 | 0.3 | 0 | (0.8) |
Comprehensive income (loss) | (39.6) | 4.9 | (116) | (43.9) |
Comprehensive income attributable to non-controlling partner | 10.3 | 10.3 | 30.7 | 30.4 |
Comprehensive loss attributable to Crestwood Equity Partners LP | $ (49.9) | $ (5.4) | $ (146.7) | $ (74.3) |
Consolidated Statement of Partn
Consolidated Statement of Partners' Capital - USD ($) $ in Millions | Total | Preferred Units | Common unit | Partners' Capital | Crestwood Midstream Partners LP | Crestwood Midstream Partners LPPartners' Capital | Preferred Units | Common Units | Subordinated Units |
Preferred units, beginning balance (in units) at Dec. 31, 2019 | 71,300,000 | ||||||||
Partner units, beginning balance (in units) at Dec. 31, 2019 | 71,900,000 | 400,000 | |||||||
Beginning balance at Dec. 31, 2019 | $ 612 | $ 1,320.8 | $ 1,932.8 | $ 2,099.3 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Distributions to partners | (15) | (45.3) | (60.3) | (57) | |||||
Unit-based compensation charges (in shares) | 1,700,000 | ||||||||
Unit-based compensation charges | 0.2 | 0.2 | (4.4) | ||||||
Taxes paid for unit-based compensation vesting (in shares) | (500,000) | ||||||||
Taxes paid for unit-based compensation vesting | (15.1) | (15.1) | (15.1) | ||||||
Change in fair value of Suburban Propane Partners, L.P. units | (1.1) | (1.1) | |||||||
Other | 3.5 | 3.5 | (1.1) | ||||||
Net income (loss) attributable to parent | 15 | (48.3) | (33.3) | (35.5) | |||||
Preferred units, ending balance (in units) at Mar. 31, 2020 | 71,300,000 | ||||||||
Partner units, ending balance (in units) at Mar. 31, 2020 | 73,300,000 | 400,000 | |||||||
Ending Balance at Mar. 31, 2020 | 612 | 1,214.7 | 1,826.7 | 1,986.2 | |||||
Preferred units, beginning balance (in units) at Dec. 31, 2019 | 71,300,000 | ||||||||
Partner units, beginning balance (in units) at Dec. 31, 2019 | 71,900,000 | 400,000 | |||||||
Beginning balance at Dec. 31, 2019 | 612 | 1,320.8 | 1,932.8 | 2,099.3 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Change in fair value of Suburban Propane Partners, L.P. units | $ (0.8) | ||||||||
Net income (loss) attributable to parent | (73.5) | $ (80.5) | |||||||
Preferred units, ending balance (in units) at Sep. 30, 2020 | 71,300,000 | ||||||||
Partner units, ending balance (in units) at Sep. 30, 2020 | 73,600,000 | 400,000 | |||||||
Ending Balance at Sep. 30, 2020 | 612 | 1,073.2 | 1,685.2 | 1,837.5 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Other (in shares) | 200,000 | ||||||||
Preferred units, beginning balance (in units) at Mar. 31, 2020 | 71,300,000 | ||||||||
Partner units, beginning balance (in units) at Mar. 31, 2020 | 73,300,000 | 400,000 | |||||||
Beginning balance at Mar. 31, 2020 | 612 | 1,214.7 | 1,826.7 | 1,986.2 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Distributions to partners | (15) | (45.7) | (60.7) | (62) | |||||
Unit-based compensation charges | 13.6 | 13.6 | 13.6 | ||||||
Taxes paid for unit-based compensation vesting (in shares) | (100,000) | ||||||||
Taxes paid for unit-based compensation vesting | (0.4) | (0.4) | (0.4) | ||||||
Other | (0.1) | (0.1) | 0.1 | ||||||
Net income (loss) attributable to parent | 15 | (49.5) | (34.5) | (37) | |||||
Preferred units, ending balance (in units) at Jun. 30, 2020 | 71,300,000 | ||||||||
Partner units, ending balance (in units) at Jun. 30, 2020 | 73,200,000 | 400,000 | |||||||
Ending Balance at Jun. 30, 2020 | 612 | 1,132.6 | 1,744.6 | 1,900.5 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Distributions to partners | (15) | (45.7) | (60.7) | (61.9) | |||||
Unit-based compensation charges (in shares) | 400,000 | ||||||||
Unit-based compensation charges | 7.1 | 7.1 | 7.1 | ||||||
Taxes paid for unit-based compensation vesting | (0.1) | (0.1) | (0.1) | ||||||
Change in fair value of Suburban Propane Partners, L.P. units | 0.3 | 0.3 | 0.3 | ||||||
Other | (0.3) | (0.3) | (0.1) | ||||||
Net income (loss) attributable to parent | $ (5.7) | 15 | (20.7) | (5.7) | (8) | (8) | |||
Preferred units, ending balance (in units) at Sep. 30, 2020 | 71,300,000 | ||||||||
Partner units, ending balance (in units) at Sep. 30, 2020 | 73,600,000 | 400,000 | |||||||
Ending Balance at Sep. 30, 2020 | 612 | 1,073.2 | 1,685.2 | 1,837.5 | |||||
Preferred units, beginning balance (in units) at Dec. 31, 2020 | 71,257,445 | 71,300,000 | |||||||
Partner units, beginning balance (in units) at Dec. 31, 2020 | 73,600,000 | 400,000 | |||||||
Beginning balance at Dec. 31, 2020 | 612 | 1,043.4 | 1,655.4 | 1,805.1 | 1,805.1 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Stock Repurchased and Retired During Period, Value | (273.2) | (273.2) | |||||||
Treasury Stock, Shares, Retired | (11,500,000) | (400,000) | |||||||
Distributions to partners | (15) | (46.4) | (61.4) | (334) | |||||
Unit-based compensation charges (in shares) | 1,100,000 | ||||||||
Unit-based compensation charges | 3.7 | 3.7 | 2.3 | ||||||
Taxes paid for unit-based compensation vesting (in shares) | (400,000) | ||||||||
Taxes paid for unit-based compensation vesting | (8.1) | (8.1) | (8.1) | ||||||
Other | (0.4) | (0.4) | (0.1) | ||||||
Net income (loss) attributable to parent | 15 | (63.4) | (48.4) | (50.5) | |||||
Preferred units, ending balance (in units) at Mar. 31, 2021 | 71,300,000 | ||||||||
Partner units, ending balance (in units) at Mar. 31, 2021 | 62,800,000 | 0 | |||||||
Ending Balance at Mar. 31, 2021 | 612 | 655.6 | 1,267.6 | 1,414.7 | |||||
Preferred units, beginning balance (in units) at Dec. 31, 2020 | 71,257,445 | 71,300,000 | |||||||
Partner units, beginning balance (in units) at Dec. 31, 2020 | 73,600,000 | 400,000 | |||||||
Beginning balance at Dec. 31, 2020 | 612 | 1,043.4 | 1,655.4 | 1,805.1 | 1,805.1 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Change in fair value of Suburban Propane Partners, L.P. units | $ 0 | ||||||||
Net income (loss) attributable to parent | $ (146.7) | (151.4) | |||||||
Preferred units, ending balance (in units) at Sep. 30, 2021 | 71,257,445 | 71,300,000 | |||||||
Partner units, ending balance (in units) at Sep. 30, 2021 | 62,900,000 | 0 | |||||||
Ending Balance at Sep. 30, 2021 | 612 | 464.3 | 1,076.3 | 1,213.5 | 1,213.5 | ||||
Preferred units, beginning balance (in units) at Mar. 31, 2021 | 71,300,000 | ||||||||
Partner units, beginning balance (in units) at Mar. 31, 2021 | 62,800,000 | 0 | |||||||
Beginning balance at Mar. 31, 2021 | 612 | 655.6 | 1,267.6 | 1,414.7 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Distributions to partners | (15) | (39.3) | (54.3) | (61.4) | |||||
Unit-based compensation charges (in shares) | 0 | ||||||||
Unit-based compensation charges | 7.6 | 7.6 | 7.6 | ||||||
Taxes paid for unit-based compensation vesting (in shares) | 0 | ||||||||
Taxes paid for unit-based compensation vesting | (0.1) | (0.1) | (0.1) | ||||||
Other | (0.3) | (0.3) | |||||||
Net income (loss) attributable to parent | 15 | (63.4) | (48.4) | (48.8) | |||||
Preferred units, ending balance (in units) at Jun. 30, 2021 | 71,300,000 | ||||||||
Partner units, ending balance (in units) at Jun. 30, 2021 | 62,800,000 | 0 | |||||||
Ending Balance at Jun. 30, 2021 | 612 | 560.1 | 1,172.1 | 1,312 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Distributions to partners | (15) | (39.3) | (54.3) | (55.9) | |||||
Unit-based compensation charges (in shares) | 100,000 | ||||||||
Unit-based compensation charges | 9.6 | 9.6 | 9.6 | ||||||
Taxes paid for unit-based compensation vesting (in shares) | 0 | ||||||||
Taxes paid for unit-based compensation vesting | (0.1) | (0.1) | (0.1) | ||||||
Change in fair value of Suburban Propane Partners, L.P. units | $ 0 | ||||||||
Other | (1.1) | (1.1) | |||||||
Net income (loss) attributable to parent | $ (49.9) | 15 | (64.9) | (49.9) | (52.1) | (52.1) | |||
Preferred units, ending balance (in units) at Sep. 30, 2021 | 71,257,445 | 71,300,000 | |||||||
Partner units, ending balance (in units) at Sep. 30, 2021 | 62,900,000 | 0 | |||||||
Ending Balance at Sep. 30, 2021 | $ 612 | $ 464.3 | $ 1,076.3 | $ 1,213.5 | $ 1,213.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Net income (loss) | $ (116) | $ (43.1) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 182.6 | 177.9 |
Amortization of debt-related deferred costs | 5.1 | 4.9 |
Unit-based compensation charges | 22.8 | 17.3 |
Loss on long-lived assets, net | 19.6 | 26.1 |
Goodwill impairment | 0 | 80.3 |
Loss on modification/extinguishment of debt | 6.7 | 0 |
(Earnings) loss from unconsolidated affiliates, net, adjusted for cash distributions received | 137.5 | 5.4 |
Deferred income taxes | (0.4) | (0.4) |
Other Operating Activities, Cash Flow Statement | 0.2 | 0 |
Changes in operating assets and liabilities | 114.8 | 26.9 |
Net cash provided by operating activities | 372.9 | 295.3 |
Investing activities | ||
Acquisition, net of cash acquired (Note 3) | 0 | (162.3) |
Purchases of property, plant and equipment | (55.8) | (158.8) |
Investments in unconsolidated affiliates | (10.2) | (6) |
Capital distributions from unconsolidated affiliates | 648.4 | 27.8 |
Other | 0.5 | 1.6 |
Net cash provided by (used in) investing activities | 582.9 | (297.7) |
Financing activities | ||
Proceeds from the issuance of long-term debt | 2,236.4 | 947 |
Payments on long-term debt | (2,695.9) | (731.1) |
Payments on finance leases | (2.1) | (2.4) |
Payments for deferred financing costs | (11.1) | 0 |
Net proceeds from issuance of non-controlling interest | 1 | 2.8 |
Payments for Crestwood Holdings Transactions | (275.6) | 0 |
Distributions to partners | (125) | (136.7) |
Distributions to non-controlling partner | (29.9) | (27.8) |
Distributions to preferred unitholders | (45) | (45) |
Taxes paid for unit-based compensation vesting | (8.3) | (15.6) |
Net cash used in financing activities | (955.5) | (8.8) |
Net change in cash | 0.3 | (11.2) |
Cash at beginning of period | 14 | 25.7 |
Cash at end of period | 14.3 | 14.5 |
Supplemental schedule of noncash investing activities | ||
Net change to property, plant and equipment through accounts payable and accrued expenses | (9.2) | 40 |
Crestwood Midstream Partners LP | ||
Operating activities | ||
Net income (loss) | (120.7) | (50.1) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 193.2 | 188.4 |
Amortization of debt-related deferred costs | 5.1 | 4.9 |
Unit-based compensation charges | 22.8 | 17.3 |
Loss on long-lived assets, net | 19.6 | 26.1 |
Goodwill impairment | 0 | 80.3 |
Loss on modification/extinguishment of debt | 6.7 | 0 |
(Earnings) loss from unconsolidated affiliates, net, adjusted for cash distributions received | 137.5 | 5.4 |
Deferred income taxes | 0 | (0.1) |
Other Operating Activities, Cash Flow Statement | 0.2 | 0 |
Changes in operating assets and liabilities | 114.1 | 21.8 |
Net cash provided by operating activities | 378.5 | 294 |
Investing activities | ||
Acquisition, net of cash acquired (Note 3) | 0 | (162.3) |
Purchases of property, plant and equipment | (55.8) | (158.8) |
Investments in unconsolidated affiliates | (10.2) | (6) |
Capital distributions from unconsolidated affiliates | 648.4 | 27.8 |
Other | 0.5 | 1.6 |
Net cash provided by (used in) investing activities | 582.9 | (297.7) |
Financing activities | ||
Proceeds from the issuance of long-term debt | 2,236.4 | 947 |
Payments on long-term debt | (2,695.9) | (731.1) |
Payments on finance leases | (2.1) | (2.4) |
Payments for deferred financing costs | (11.1) | 0 |
Net proceeds from issuance of non-controlling interest | 1 | 2.8 |
Distributions to partners | (451.3) | (180.9) |
Distributions to non-controlling partner | (29.9) | (27.8) |
Taxes paid for unit-based compensation vesting | (8.3) | (15.6) |
Net cash used in financing activities | (961.2) | (8) |
Net change in cash | 0.2 | (11.7) |
Cash at beginning of period | 13.7 | 25.4 |
Cash at end of period | 13.9 | 13.7 |
Supplemental schedule of noncash investing activities | ||
Net change to property, plant and equipment through accounts payable and accrued expenses | (9.2) | 40 |
Non-Controlling Partners | ||
Financing activities | ||
Net proceeds from issuance of non-controlling interest | $ 1 | $ 2.8 |
Organization and Business Descr
Organization and Business Description | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Partnership Organization And Basis Of Presentation Narrative [Abstract] | |
Organization and Business Description | Organization and Business Description The accompanying notes to the consolidated financial statements apply to Crestwood Equity Partners LP (Crestwood Equity or CEQP) and Crestwood Midstream Partners LP (Crestwood Midstream or CMLP), unless otherwise indicated. The accompanying consolidated financial statements and related notes should be read in conjunction with our 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 26, 2021. The financial information as of September 30, 2021, and for the three and nine months ended September 30, 2021 and 2020, is unaudited. The consolidated balance sheets as of December 31, 2020 were derived from the audited balance sheets filed in our 2020 Annual Report on Form 10-K. References in this report to “we,” “us,” “our,” “ours,” “our company,” the “partnership,” the “Company,” “Crestwood Equity,” “CEQP,” and similar terms refer to either Crestwood Equity Partners LP itself or Crestwood Equity Partners LP and its consolidated subsidiaries, as the context requires. Unless otherwise indicated, references to “Crestwood Midstream” and “CMLP” refer to either Crestwood Midstream Partners LP itself or Crestwood Midstream Partners LP and its consolidated subsidiaries. Organization Crestwood Equity Partners LP . CEQP is a publicly-traded (NYSE: CEQP) Delaware limited partnership formed in March 2001. Crestwood Equity GP LLC (Crestwood Equity GP) owns our non-economic general partnership interest. Prior to the Crestwood Holdings Transactions described below, Crestwood Equity was indirectly owned by Crestwood Holdings LLC (Crestwood Holdings), which is substantially owned and controlled by First Reserve Management, L.P. (First Reserve). Crestwood Midstream Partners LP . Crestwood Equity owns a 99.9% limited partnership interest in Crestwood Midstream and Crestwood Gas Services GP LLC (CGS GP), a wholly-owned subsidiary of Crestwood Equity, owns a 0.1% limited partnership interest in Crestwood Midstream. Crestwood Midstream GP LLC, a wholly-owned subsidiary of Crestwood Equity, owns the non-economic general partnership interest of Crestwood Midstream. Crestwood Holdings Transactions . In March 2021, CEQP paid Crestwood Holdings approximately $268 million to (i) acquire approximately 11.5 million CEQP common units, 0.4 million subordinated units of CEQP and 100% of the equity interests of Crestwood Marcellus Holdings LLC and Crestwood Gas Services Holdings LLC (whose assets consisted solely of CEQP common and subordinated units and 1% of the limited partner interests in Crestwood Holdings LP) in March 2021; and (ii) acquire the general partner and the remaining 99% limited partner interests of Crestwood Holdings LP (whose assets consist solely of its ownership interest in Crestwood Equity GP, which owns CEQP’s non-economic general partner interest) in August 2021 (collectively, the Crestwood Holdings Transactions). The purchase price was funded through borrowings under the Crestwood Midstream credit facility. CEQP retired the common and subordinated units acquired in the Crestwood Holdings Transactions. The diagram below reflects a simplified version our ownership structure as of September 30, 2021 following the Crestwood Holdings Transactions. Business Description Crestwood Equity develops, acquires, owns or controls, and operates primarily fee-based assets and operations within the energy midstream sector. We provide broad-ranging infrastructure solutions across the value chain to service premier liquids-rich natural gas and crude oil shale plays across the United States. We own and operate a diversified portfolio of natural gas liquids (NGLs), crude oil, natural gas and produced water gathering, processing, storage, disposal and transportation assets that connect fundamental energy supply with energy demand across the United States. Crestwood Equity is a holding company and all of its consolidated operating assets are owned by or through its wholly-owned subsidiary, Crestwood Midstream. Our financial statements reflect three operating and reporting segments described below. • Gathering and Processing . Our gathering and processing operations provide natural gas, crude oil and produced water gathering, compression, treating, processing and disposal services to producers in multiple unconventional resource plays in some of the largest shale plays in the United States in which we have established footprints in the “core of the core” areas. • Storage and Transportation. Our storage and transportation operations provide crude oil and natural gas storage and transportation services to producers, utilities and other customers. • Marketing, Supply and Logistics . Our marketing, supply and logistics operations provide NGLs, crude oil and natural gas marketing, storage, terminal and transportation services to producers, refiners, marketers and other customers. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation Our consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and include the accounts of all consolidated subsidiaries after the elimination of all intercompany accounts and transactions. Certain amounts and footnote disclosures in the prior periods have been reclassified to conform to the current year presentation, none of which impacted our previously reported net income, earnings per unit or partners’ capital. In management’s opinion, all necessary adjustments to fairly present our results of operations, financial position and cash flows for the periods presented have been made and all such adjustments are of a normal and recurring nature. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. Significant Accounting Policies There were no material changes in our significant accounting policies from those described in our 2020 Annual Report on Form 10-K. Below is an update of our accounting policies related to Property, Plant and Equipment and Goodwill. During the three months ended September 30, 2021, we recorded a loss on long-lived assets of approximately $19 million related to the abandonment and dismantlement of certain of our gathering and processing segment’s Marcellus West Union compressor station assets. Our West Union compressor station assets were located in West Virginia and provided compression and dehydration services to our customers. During the three months ended September 30, 2020, we recorded a $19.9 million loss on long-lived assets related to the sale of our Fayetteville assets in October 2020 and during the nine months ended September 30, 2020 we recorded an $80.3 million full impairment of the goodwill associated with our Powder River Basin reporting unit based on events that occurred during 2020 which resulted in a significant decrease in the forecasted cash flows and fair value of the reporting unit. For a further discussion of this goodwill impairment, see our 2020 Annual Report on Form 10-K. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | AcquisitionIn April 2020, we acquired several NGL storage and rail-to-truck terminals from Plains All American Pipeline, L.P. for approximately $162 million. The acquired assets include 7 MMBbls of NGL storage and seven terminals. These assets are included in our marketing, supply and logistics segment. The transaction costs related to this acquisition were not material during the three and nine months ended September 30, 2020. |
Certain Balance Sheet Informati
Certain Balance Sheet Information | 9 Months Ended |
Sep. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Certain Balance Sheet Information | Certain Balance Sheet Information Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following ( in millions ): CEQP CMLP September 30, December 31, September 30, December 31, 2021 2020 2021 2020 Accrued expenses $ 51.1 $ 48.3 $ 49.9 $ 46.4 Accrued property taxes 6.9 8.4 6.9 8.4 Income tax payable 0.3 0.2 0.3 0.2 Interest payable 36.7 24.9 36.7 24.9 Accrued additions to property, plant and equipment 18.1 12.3 18.1 12.3 Operating leases 14.5 14.7 14.5 14.7 Finance leases 2.1 2.9 2.1 2.9 Deferred revenue 10.8 10.3 10.8 10.3 Total accrued expenses and other liabilities $ 140.5 $ 122.0 $ 139.3 $ 120.1 Other Long-Term Liabilities Other long-term liabilities consisted of the following ( in millions ): CEQP CMLP September 30, December 31, September 30, December 31, 2021 2020 2021 2020 Contract liabilities $ 183.4 $ 172.2 $ 183.4 $ 172.2 Operating leases 22.0 28.5 22.0 28.5 Asset retirement obligations 35.6 34.1 35.6 34.1 Other 18.8 18.5 15.6 17.0 Total other long-term liabilities $ 259.8 $ 253.3 $ 256.6 $ 251.8 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates Stagecoach Gas Divestiture In July 2021, Stagecoach Gas sold certain of its wholly-owned subsidiaries to a subsidiary of Kinder Morgan, Inc. (Kinder Morgan) for approximately $1.195 billion plus certain purchase price adjustments (Initial Closing) pursuant to a purchase and sale agreement dated as of May 31, 2021 between our wholly-owned subsidiary, Crestwood Pipeline and Storage Northeast LLC (Crestwood Northeast), Con Edison Gas Pipeline and Storage Northeast, LLC (CEGP), a wholly-owned subsidiary of Consolidated Edison, Inc., Stagecoach Gas and Kinder Morgan. Following the Initial Closing and subject to certain customary closing conditions, Crestwood Northeast and CEGP will sell each of their equity interests in Stagecoach Gas and its wholly-owned subsidiary, Twin Tier Pipeline LLC, (Second Closing) to Kinder Morgan for approximately $30 million, subject to certain closing adjustments. In conjunction with the Initial Closing, we recorded our share of a loss on long-lived assets (including goodwill) recorded by our Stagecoach Gas equity investment associated with the sale. This eliminated our $51.3 million historical basis difference between our investment balance and the equity in the underlying net assets of Stagecoach Gas, and also resulted in a $155.4 million reduction in our earnings from unconsolidated affiliates during the nine months ended September 30, 2021. In addition, our earnings from unconsolidated affiliates during the nine months ended September 30, 2021 were also reduced by our proportionate share of transaction costs of approximately $3.0 million related to the Initial Closing, which were paid by us in July 2021 on behalf of Stagecoach Gas. Our Stagecoach Gas investment is included in our storage and transportation segment. Net Investments and Earnings (Loss) of Unconsolidated Affiliates Our net investments in and earnings (loss) from our unconsolidated affiliates are as follows ( in millions ): Investment Earnings (Loss) from Earnings (Loss) from Three Months Ended Nine Months Ended September 30, December 31, September 30, September 30, 2021 2020 2021 2020 2021 2020 Stagecoach Gas Services LLC (1) $ 15.2 $ 792.5 $ 0.9 $ 9.9 $ (139.4) $ 28.3 Tres Palacios Holdings LLC (2) 38.4 35.5 (0.1) 0.1 9.1 0.2 Powder River Basin Industrial Complex, LLC (3) 3.5 3.6 (0.1) — — (4.4) Crestwood Permian Basin Holdings LLC (4) 110.9 112.1 4.2 0.5 4.4 0.3 Total $ 168.0 $ 943.7 $ 4.9 $ 10.5 $ (125.9) $ 24.4 (1) As of September 30, 2021, our equity in the underlying net assets of Stagecoach Gas approximates the carrying value of our investment. (2) As of September 30, 2021, our equity in the underlying net assets of Tres Palacios Holdings LLC (Tres Holdings) exceeded the carrying value of our investment balance by approximately $21.8 million. During both the three and nine months ended September 30, 2021 and 2020, we recorded amortization of approximately $0.3 million and $0.9 million, respectively, related to this excess basis, which is reflected as an increase in our earnings from unconsolidated affiliates in our consolidated statements of operations. Our Tres Holdings investment is included in our storage and transportation segment. (3) As of September 30, 2021, our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC) approximates the carrying value of our investment balance. During the first quarter of 2020, we recorded our share of a long-lived asset impairment recorded by our PRBIC equity investment, which eliminated our $5.5 million historical basis difference between our investment balance and the equity in the underlying net assets of PRBIC, and also resulted in a $4.5 million reduction in our earnings from unconsolidated affiliates during the nine months ended September 30, 2020. Our PRBIC investment is included in our storage and transportation segment. (4) As of September 30, 2021, our equity in the underlying net assets of Crestwood Permian exceeded our investment balance by $7.5 million, and this excess amount is not subject to amortization. Our Crestwood Permian investment is included in our gathering and processing segment and is no longer considered a variable interest entity. Summarized Financial Information of Unconsolidated Affiliates Below is the summarized operating results for our significant unconsolidated affiliates ( in millions; amounts represent 100% of unconsolidated affiliate information ): Nine Months Ended September 30, 2021 2020 Operating Revenues Operating Expenses Net Income (Loss) Operating Revenues Operating Expenses Net Income (Loss) Stagecoach Gas $ 81.4 $ 456.9 $ (375.5) $ 115.3 $ 58.9 $ 56.5 Other (1) 232.4 208.2 24.9 91.2 113.0 (21.0) Total $ 313.8 $ 665.1 $ (350.6) $ 206.5 $ 171.9 $ 35.5 (1) Includes our Tres Holdings, PRBIC and Crestwood Permian equity investments. Distributions and Contributions The following table summarizes our distributions from and contributions to our unconsolidated affiliates (in millions) : Distributions (1) Contributions Nine Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Stagecoach Gas $ 640.9 $ 44.5 $ — $ — Tres Holdings 13.1 4.4 6.9 6.0 PRBIC 0.1 0.2 — — Crestwood Permian 8.9 8.5 3.3 — Total $ 663.0 $ 57.6 $ 10.2 $ 6.0 (1) In July 2021, Stagecoach Gas closed on the sale of certain of its wholly-owned subsidiaries to a subsidiary of Kinder Morgan and distributed to us approximately $613.9 million as our proportionate share of the gross proceeds received from the sale. We utilized approximately $3 million of these proceeds to pay transaction costs related to the sale described above, $40 million of these proceeds to pay our remaining contingent consideration obligation and related accrued interest described below, and the remaining proceeds to repay a portion of the amounts outstanding under the Crestwood Midstream credit facility. In October 2021, we received cash distributions from Tres Holdings and Crestwood Permian of approximately $2.4 million and $7.4 million, respectively. Other Contingent Consideration . Pursuant to the Stagecoach Gas limited liability company agreement, we were required to make payments to CEGP because certain performance targets on growth capital projects were not achieved by December 31, 2020. During the nine months ended September 30, 2021, we fully satisfied this obligation by paying $57 million plus accrued interest of $2.1 million to CEGP. |
Risk Management
Risk Management | 9 Months Ended |
Sep. 30, 2021 | |
Risk Management - Notional Amounts and Terms of Companys Derivative Financial Instruments [Abstract] | |
Risk Management | Risk Management We are exposed to certain market risks related to our ongoing business operations. These risks include exposure to changing commodity prices. We utilize derivative instruments to manage our exposure to fluctuations in commodity prices, which is discussed below. Additional information related to our derivatives is discussed in Note 7. Risk Management Activities We sell NGLs (such as propane, ethane, butane and heating oil), crude oil and natural gas to energy-related businesses and may use a variety of financial and other instruments including forward contracts involving physical delivery of NGLs, crude oil and natural gas. We periodically enter into offsetting positions to economically hedge against the exposure our customer contracts create. Certain of these contracts and positions are derivative instruments. We do not designate any of our commodity-based derivatives as hedging instruments for accounting purposes. Our commodity-based derivatives are reflected at fair value in our consolidated balance sheets, and changes in the fair value of these derivatives that impact the consolidated statements of operations are reflected in costs of product/services sold. Our commodity-based derivatives that are settled with physical commodities are reflected as an increase to product revenues, and the commodity inventory that is utilized to satisfy those physical obligations is reflected as an increase to product costs in our consolidated statements of operations. The following table summarizes the impact to our consolidated statements of operations related to our commodity-based derivatives during the three and nine months ended September 30, 2021 and 2020 ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Product revenues $ 129.4 $ 32.4 $ 296.9 $ 125.4 Gain (loss) reflected in product costs $ (53.4) $ (1.8) $ (94.8) $ 13.4 We attempt to balance our contractual portfolio in terms of notional amounts and timing of performance and delivery obligations. This balance in the contractual portfolio significantly reduces the volatility in product costs related to these instruments. Notional Amounts and Terms The notional amounts of our derivative financial instruments include the following: September 30, 2021 December 31, 2020 Fixed Price Fixed Price Fixed Price Fixed Price Propane, ethane, butane, heating oil and crude oil (MMBbls) 73.9 78.4 72.7 76.5 Natural gas (Bcf) 32.1 42.8 22.6 28.6 Notional amounts reflect the volume of transactions, but do not represent the amounts exchanged by the parties to the financial instruments. Accordingly, notional amounts do not reflect our monetary exposure to market or credit risks. All contracts subject to price risk had a maturity of 36 months or less; however, 86% of the contracted volumes will be delivered or settled within 12 months. Credit Risk Inherent in our contractual portfolio are certain credit risks. Credit risk is the risk of loss from nonperformance by suppliers, customers or financial counterparties to a contract. We take an active role in managing credit risk and have established control procedures, which are reviewed on an ongoing basis. We attempt to minimize credit risk exposure through credit policies and periodic monitoring procedures as well as through customer deposits, letters of credit and entering into netting agreements that allow for offsetting counterparty receivable and payable balances for certain financial transactions, as deemed appropriate. The counterparties associated with our price risk management activities are energy marketers and propane retailers, resellers and dealers. Certain of our derivative instruments have credit limits that require us to post collateral. The amount of collateral required to be posted is a function of the net liability position of the derivative as well as our established credit limit with the respective counterparty. If our credit rating were to change, the counterparties could require us to post additional collateral. The amount of additional collateral that would be required to be posted would vary depending on the extent of change in our credit rating as well as the requirements of the individual counterparty. In addition, we have margin requirements with a derivative clearing broker and a third party broker related to our net asset or liability position with each respective broker. All collateral amounts have been netted against the asset or liability with the respective counterparty and are reflected in our consolidated balance sheets as assets and liabilities from price risk management activities. The following table presents the fair value of our commodity derivative instruments with credit-risk related contingent features and their associated collateral ( in millions ): September 30, 2021 December 31, 2020 Aggregate fair value liability of derivative instruments with credit-risk-related contingent features (1) $ 157.6 $ 38.5 Broker-related net derivative asset position $ 199.6 $ 35.9 Broker-related cash collateral received $ 163.9 $ 18.3 Cash collateral received, net $ 14.3 $ 12.4 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The accounting standard for fair value measurement establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: • Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed equities and US government treasury securities. • Level 2—Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange-traded derivatives such as over the counter (OTC) forwards, options and physical exchanges. • Level 3—Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. Financial Assets and Liabilities As of September 30, 2021 and December 31, 2020, we held certain assets and liabilities that are required to be measured at fair value on a recurring basis, which include our derivative instruments related to crude oil, NGLs and natural gas. Our derivative instruments consist of forwards, swaps, futures, physical exchanges and options. Our derivative instruments that are traded on the New York Mercantile Exchange have been categorized as Level 1. Our derivative instruments also include OTC contracts, which are not traded on a public exchange. The fair values of these derivative instruments are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. These instruments have been categorized as Level 2. Our OTC options are valued based on the Black Scholes option pricing model that considers time value and volatility of the underlying commodity. The inputs utilized in the model are based on publicly available information as well as broker quotes. These options have been categorized as Level 2. Our financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following tables set forth by level within the fair value hierarchy, our financial instruments that were accounted for at fair value on a recurring basis at September 30, 2021 and December 31, 2020 ( in millions ): September 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 $ 74.2 $ 1,469.0 $ — $ 1,543.2 $ (1,339.6) $ (164.5) $ 39.1 Suburban Propane Partners, L.P. units (2) 2.2 — — 2.2 — — 2.2 Total assets at fair value $ 76.4 $ 1,469.0 $ — $ 1,545.4 $ (1,339.6) $ (164.5) $ 41.3 Liabilities Liabilities from price risk management $ 55.8 $ 1,547.4 $ — $ 1,603.2 $ (1,339.6) $ 13.7 $ 277.3 Total liabilities at fair value $ 55.8 $ 1,547.4 $ — $ 1,603.2 $ (1,339.6) $ 13.7 $ 277.3 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 (1) Amounts represent the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions. (2) Amount is reflected in other non-current assets on CEQP’s consolidated balance sheets. Cash, Accounts Receivable and Accounts Payable As of September 30, 2021 and December 31, 2020, the carrying amounts of cash, accounts receivable and accounts payable approximate fair value based on the short-term nature of these instruments. Credit Facility The fair value of the amounts outstanding under our Crestwood Midstream credit facility approximates the carrying amounts as of September 30, 2021 and December 31, 2020, due primarily to the variable nature of the interest rate of the instrument, which is considered a Level 2 fair value measurement. Senior Notes We estimate the fair value of our senior notes primarily based on quoted market prices for the same or similar issuances (representing a Level 2 fair value measurement). The following table represents the carrying amount (reduced for deferred financing costs associated with the respective notes) and fair value of our senior notes ( in millions ): September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair 2023 Senior Notes $ — $ — $ 683.8 $ 691.5 2025 Senior Notes $ 496.3 $ 511.9 $ 495.5 $ 509.9 2027 Senior Notes $ 594.0 $ 618.4 $ 593.2 $ 594.1 2029 Senior Notes $ 690.5 $ 734.0 $ — $ — |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following at September 30, 2021 and December 31, 2020 ( in millions ): September 30, December 31, Credit Facility $ 250.5 $ 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) 0.2 0.4 Less: deferred financing costs, net 25.6 22.6 Total debt 2,025.1 2,484.0 Less: current portion 0.2 0.2 Total long-term debt, less current portion $ 2,024.9 $ 2,483.8 (1) Represents non-interest bearing obligations related to certain companies acquired in 2014 with payments due through 2022. Credit Facility Crestwood Midstream’s five-year $1.25 billion revolving credit facility (the CMLP Credit Facility) is available to fund acquisitions, working capital and internal growth projects and for general partnership purposes. Contemporaneous with the Crestwood Holdings Transactions described in Note 1, Crestwood Midstream entered into the Third Amendment to its credit agreement in order to, among other things, permit the borrowings under the CMLP Credit Facility to fund the Crestwood Holdings Transactions and revise the definition of Change in Control in the CMLP Credit Agreement as it relates to the control of CEQP’s general partner). The other covenants and restrictive provisions under the amended credit agreement are materially consistent with the covenants that existed at December 31, 2020. Crestwood Midstream is required under its credit agreement to maintain a net debt to consolidated EBITDA ratio (as defined in its credit agreement) of not more than 5.50 to 1.0, a consolidated EBITDA to consolidated interest expense ratio (as defined in its credit agreement) of not less than 2.50 to 1.0, and a senior secured leverage ratio (as defined in its credit agreement) of not more than 3.75 to 1.0. At September 30, 2021, the net debt to consolidated EBITDA ratio was approximately 3.45 to 1.0, the consolidated EBITDA to consolidated interest expense ratio was approximately 4.98 to 1.0, and the senior secured leverage ratio was 0.42 to 1.0. At September 30, 2021, Crestwood Midstream had $985.3 million of available capacity under its credit facility considering the most restrictive debt covenants in its credit agreement. At September 30, 2021 and December 31, 2020, Crestwood Midstream’s outstanding standby letters of credit were $14.2 million and $23.9 million. Borrowings under the credit facility accrue interest at prime or Eurodollar based rates plus applicable spreads, which resulted in interest rates between 2.34% and 4.50% at September 30, 2021 and 2.40% and 4.50% at December 31, 2020. The weighted-average interest rate on outstanding borrowings as of September 30, 2021 and December 31, 2020 was 2.41% and 2.45%. Senior Notes 2029 Senior Notes. In January 2021, Crestwood Midstream issued $700 million of 6.00% unsecured senior notes due 2029 (the 2029 Senior Notes). The 2029 Senior Notes will mature on February 1, 2029, and interest is payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2021. The net proceeds from this offering of approximately $691.0 million were used to repay a portion of the 2023 Senior Notes and to repay indebtedness under the CMLP Credit Facility. 2023 Senior Note Repayments . During the nine months ended September 30, 2021, we redeemed $687.2 million of principal outstanding under our 2023 Senior Notes. In conjunction with the repayment of the notes, we recognized a loss on extinguishment of debt of approximately $6.7 million during the nine months ended September 30, 2021, and paid approximately $8.6 million of accrued interest on the 2023 Senior Notes on the dates they were repurchased. We funded the |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings Linde Lawsuit . On December 23, 2019, Linde Engineering North America Inc. (Linde) filed a lawsuit in the District Court of Harris County, Texas alleging that Arrow Field Services, LLC, our consolidated subsidiary, and Crestwood Midstream breached a contract entered into in March 2018 under which Linde was to provide engineering, procurement and construction services to us related to the completion of the construction of the Bear Den II cryogenic processing plant. During the three months ended September 30, 2021, we paid approximately $19.5 million to Linde related to this matter, and Linde claims remaining unpaid invoices of approximately $36 million, along with other damages. This matter is not an insurable event based on our insurance policies, and we are unable to predict the outcome for this matter. General . We are periodically involved in litigation proceedings. If we determine that a negative outcome is probable and the amount of loss is reasonably estimable, then we accrue the estimated amount. The results of litigation proceedings cannot be predicted with certainty. We could incur judgments, enter into settlements or revise our expectations regarding the outcome of certain matters, and such developments could have a material adverse effect on our results of operations or cash flows in the period in which the amounts are paid and/or accrued. As of September 30, 2021 and December 31, 2020, we had approximately $16.6 million and $10.4 million accrued for outstanding legal matters. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures for which we can estimate will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Any loss estimates are inherently subjective, based on currently available information, and are subject to management’s judgment and various assumptions. Due to the inherently subjective nature of these estimates and the uncertainty and unpredictability surrounding the outcome of legal proceedings, actual results may differ materially from any amounts that have been accrued. Regulatory Compliance In the ordinary course of our business, we are subject to various laws and regulations. In the opinion of our management, compliance with current laws and regulations will not have a material effect on our results of operations, cash flows or financial condition. Environmental Compliance Our operations are subject to stringent and complex laws and regulations pertaining to worker health, safety, and the environment. We are subject to laws and regulations at the federal, state, regional and local levels that relate to air and water quality, hazardous and solid waste management and disposal, and other environmental matters. The cost of planning, designing, constructing and operating our facilities must incorporate compliance with environmental laws and regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures. During 2019, we experienced produced water releases on our Arrow water gathering system located within the Fort Berthold Indian Reservation in North Dakota. In January 2021, we received a Notice of Violation and Opportunity to Confer from the Environmental Protection Agency (EPA) related to the water releases. In March 2021, we executed a Consent Agreement with the EPA and agreed to pay $0.1 million for penalties related to the water releases. The EPA provided the public a 30-day period to comment on the Consent Agreement and is currently reviewing the comments received. We expect to finalize and settle the Consent Agreement after the EPA completes its review and response, if necessary, to the comments received. We are also substantially complete with all remediation efforts related to the water releases and continue to monitor any remaining impacts. We will continue our remediation efforts to ensure that lands impacted by the produced water releases are fully remediated. In response to the water releases, we removed several miles of gathering pipeline from the system that remained in service and replaced those sections with a pipeline composed of higher capacity material that is more suitable to the environment and climate conditions in the Bakken. The replaced pipeline increased water gathering capacity on the Arrow system and furthers our commitment to sustainability and environmental stewardship in the areas where we live and operate. We believe these events are insurable under our policies. We have not recorded an insurance receivable as of September 30, 2021. At September 30, 2021 and December 31, 2020, our accrual of approximately $1.2 million and $1.3 million was based on our undiscounted estimate of amounts we will spend on compliance with environmental and other regulations, and any associated fines or penalties. We estimate that our potential liability for reasonably possible outcomes related to our environmental exposures could range from approximately $1.2 million to $1.9 million at September 30, 2021. Self-Insurance We utilize third-party insurance subject to varying retention levels of self-insurance, which management considers prudent. Such self-insurance relates to losses and liabilities primarily associated with medical claims, workers’ compensation claims and general, product, vehicle and environmental liability. Losses are accrued based upon management’s estimates of the aggregate liability for claims incurred using certain assumptions followed in the insurance industry and based on past experience. The primary assumption utilized is actuarially determined loss development factors. The loss development factors are based primarily on historical data. Our self insurance reserves could be affected if future claim developments differ from the historical trends. We believe changes in health care costs, trends in health care claims of our employee base, accident frequency and severity and other factors could materially affect the estimate for these liabilities. We continually monitor changes in employee demographics, incident and claim type and evaluate our insurance accruals and adjust our accruals based on our evaluation of these qualitative data points. We are liable for the development of claims for our previously disposed of retail propane operations, provided they were reported prior to August 1, 2012. The following table summarizes CEQP’s and CMLP’s self-insurance reserves at September 30, 2021 and December 31, 2020 ( in millions ): CEQP CMLP September 30, December 31, 2020 September 30, December 31, 2020 Self-insurance reserves (1) $ 6.7 $ 7.7 $ 5.8 $ 6.7 (1) At September 30, 2021, CEQP and CMLP classified approximately $4.8 million and $4.1 million, respectively, of these reserves as other long-term liabilities on their consolidated balance sheets. Guarantees and Indemnifications We are involved in various joint ventures that sometimes require financial and performance guarantees. In a financial guarantee, we are obligated to make payments if the guaranteed party fails to make payments under, or violates the terms of, the financial arrangement. In a performance guarantee, we provide assurance that the guaranteed party will execute on the terms of the contract. If they do not, we are required to perform on their behalf. We also periodically provide indemnification arrangements related to assets or businesses we have sold. For a further description of our guarantees associated with our joint ventures, see Note 5. Our potential exposure under guarantee and indemnification arrangements can range from a specified amount to an unlimited dollar amount, depending on the nature of the claim, specificity as to duration, and the particular transaction. As of September 30, 2021 and December 31, 2020, we have no amounts accrued for these guarantees. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases The following table summarizes the balance sheet information related to our operating and finance leases at September 30, 2021 and December 31, 2020 (in millions ): September 30, December 31, 2020 Operating Leases Operating lease right-of-use assets, net $ 31.1 $ 36.8 Accrued expenses and other liabilities $ 14.5 $ 14.7 Other long-term liabilities 22.0 28.5 Total operating lease liabilities $ 36.5 $ 43.2 Finance Leases Property, plant and equipment $ 12.1 $ 13.3 Less: accumulated depreciation 8.5 7.9 Property, plant and equipment, net $ 3.6 $ 5.4 Accrued expenses and other liabilities $ 2.1 $ 2.9 Other long-term liabilities 1.2 1.9 Total finance lease liabilities $ 3.3 $ 4.8 Lease expense. Our operating lease expense, net totaled $3.7 million and $5.8 million for the three months ended September 30, 2021 and 2020 and $12.8 million and $20.4 million for the nine months ended September 30, 2021 and 2020. Our finance lease expense totaled $0.8 million and $0.9 million for the three months ended September 30, 2021 and 2020 and $2.6 million and $3.1 million for the nine months ended September 30, 2021 and 2020. |
Lessee, Finance Leases | Leases The following table summarizes the balance sheet information related to our operating and finance leases at September 30, 2021 and December 31, 2020 (in millions ): September 30, December 31, 2020 Operating Leases Operating lease right-of-use assets, net $ 31.1 $ 36.8 Accrued expenses and other liabilities $ 14.5 $ 14.7 Other long-term liabilities 22.0 28.5 Total operating lease liabilities $ 36.5 $ 43.2 Finance Leases Property, plant and equipment $ 12.1 $ 13.3 Less: accumulated depreciation 8.5 7.9 Property, plant and equipment, net $ 3.6 $ 5.4 Accrued expenses and other liabilities $ 2.1 $ 2.9 Other long-term liabilities 1.2 1.9 Total finance lease liabilities $ 3.3 $ 4.8 Lease expense. Our operating lease expense, net totaled $3.7 million and $5.8 million for the three months ended September 30, 2021 and 2020 and $12.8 million and $20.4 million for the nine months ended September 30, 2021 and 2020. Our finance lease expense totaled $0.8 million and $0.9 million for the three months ended September 30, 2021 and 2020 and $2.6 million and $3.1 million for the nine months ended September 30, 2021 and 2020. |
Partners' Capital
Partners' Capital | 9 Months Ended |
Sep. 30, 2021 | |
Statement of Partners' Capital [Abstract] | |
Partners' Capital | Partners’ Capital and Non-Controlling Partner Common and Subordinated Units In conjunction with the Crestwood Holdings Transactions discussed in Note 1, in March 2021, CEQP acquired approximately 11.5 million CEQP common units and 0.4 million subordinated units of CEQP from Crestwood Holdings for approximately $268 million. CEQP reflected the purchase price as a reduction to its common unitholders’ partners’ capital in its consolidated statement of partners’ capital during the first quarter of 2021. The Crestwood Holdings Transactions resulted in CEQP retiring the common and subordinated units acquired from Crestwood Holdings. Transaction costs related to the Crestwood Holdings Transactions of approximately $7.6 million are reflected as a reduction of CEQP’s common unitholders’ partners’ capital in its consolidated statement of partners’ capital during the first quarter of 2021. Distributions Crestwood Equity Limited Partners. A summary of CEQP’s limited partner quarterly cash distributions for the nine months ended September 30, 2021 and 2020 is presented below: 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 August 6, 2021 August 13, 2021 $ 0.625 39.3 $ 125.0 2020 February 7, 2020 February 14, 2020 $ 0.625 $ 45.3 May 8, 2020 May 15, 2020 $ 0.625 45.7 August 7, 2020 August 14, 2020 $ 0.625 45.7 $ 136.7 On October 14, 2021, we declared a distribution of $0.625 per limited partner unit to be paid on November 12, 2021 to unitholders of record on November 5, 2021 with respect to the quarter ended September 30, 2021. Preferred Unitholders . During the nine months ended September 30, 2021 and 2020, we paid cash distributions to our preferred unitholders of approximately $45 million in both periods. On October 14, 2021, the board of directors of our general partner authorized a cash distribution to our preferred unitholders of approximately $15 million for the quarter ended September 30, 2021. Crestwood Midstream During the nine months ended September 30, 2021 and 2020, Crestwood Midstream paid cash distributions of $451.3 million and $180.9 million to its partners. Non-Controlling Partner Crestwood Niobrara issued preferred interests to CN Jackalope Holdings LLC (Jackalope Holdings), which are reflected as non-controlling interest in subsidiary apart from partners’ capital (i.e., temporary equity) on our consolidated balance sheets. We adjust the carrying amount of our non-controlling interest to its redemption value each period through net income attributable to non-controlling partner. The following table shows the change in our non-controlling interest in subsidiary at September 30, 2021 and 2020 (in millions) : Balance at December 31, 2020 $ 432.7 Contributions from non-controlling partner 1.0 Distributions to non-controlling partner (29.9) Net income attributable to non-controlling partner 30.7 Balance at September 30, 2021 $ 434.5 Balance at December 31, 2019 $ 426.2 Contributions from non-controlling partner 2.8 Distributions to non-controlling partner (27.8) Net income attributable to non-controlling partner 30.4 Balance at September 30, 2020 $ 431.6 In October 2021, Crestwood Niobrara paid cash distributions to Jackalope Holdings of approximately $10.3 million for the quarter ended September 30, 2021. Other In February 2021, Crestwood Equity issued 50,000 performance units under the Crestwood Equity Partners LP Long Term Incentive Plan (Crestwood LTIP). The performance units are designed to provide an incentive for continuous employment to certain key employees. The vesting of performance units is subject to the attainment of certain performance and market goals over a three-year period, and entitle a participant to receive common units of Crestwood Equity without payment of an exercise price upon vesting. As of September 30, 2021, we had total unamortized compensation expense of approximately $0.9 million related to these performance units. During the three and nine months ended September 30, 2021, we recognized compensation expense of $0.1 million and $0.2 million related to these performance units, which is included in general and administrative expenses on our consolidated statements of operations. |
Earnings Per Limited Partner Un
Earnings Per Limited Partner Unit | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Limited Partner Unit | Earnings Per Limited Partner Unit Prior to the Crestwood Holdings transactions, we calculated basic net income per limited partner unit using the two-class method. Our income (loss) was allocated to our common units and other participating securities (i.e., subordinated units) based on the amount of dividends paid in the current period plus an allocation of the undistributed earnings or excess distributions over earnings to the extent that each security participates in income (loss) or excess distributions over income (loss). The dilutive effect of the stock-based compensation performance units is calculated using the treasury stock method which considers the impact to net income or loss attributable to Crestwood Equity Partners and limited partner units from the potential issuance of limited partner units. The dilutive effect of the preferred units and Crestwood Niobrara preferred units are calculated using the if-converted method which assumes units are converted at the beginning of the period (beginning with their respective issuance date), and the resulting common units are included in the denominator of the diluted net income per common unit calculation for the period being presented. Distributions declared in the period and undeclared distributions that accumulated during the period are added back to the numerator for purposes of the if-converted calculation. We exclude potentially dilutive securities from the determination of diluted earnings per unit (as well as their related income statement impacts) when their impact is anti-dilutive. The following table summarizes information regarding the weighted-average of common units excluded during the three and nine months ended September 30, 2021 and 2020 (in millions) : Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Preferred units (1) 7.1 7.1 7.1 7.1 Crestwood Niobrara’s preferred units (1) 3.9 8.7 3.9 8.7 Unit-based compensation performance units (1) 0.2 0.2 0.1 0.3 Subordinated units (1)(2) — 0.4 0.1 0.4 (1) For additional information regarding the potential conversion/redemption of our preferred units and Crestwood Niobrara’s preferred units to CEQP common units, and of our performance units and subordinated units, see our 2020 Annual Report on Form 10-K. (2) In conjunction with the Crestwood Holdings Transactions, in March 2021, CEQP retired the subordinated units. For additional information regarding the retirement of the subordinated units, see Note 1 and Note 11. |
Segments
Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segments | Segments We have three operating and reportable segments: (i) gathering and processing; (ii) storage and transportation; and (iii) marketing, supply and logistics. Our corporate operations include all general and administrative expenses that are not allocated to our reportable segments. For a further description of our operating and reporting segments, see Note 1. We assess the performance of our operating segments based on EBITDA, which is defined as income before income taxes, plus debt-related costs (interest and debt expense, net and loss on modification/extinguishment of debt) and depreciation, amortization and accretion expense. Below is a reconciliation of CEQP’s and CMLP’s net loss to EBITDA ( in millions ): CEQP CMLP Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 2021 2020 2021 2020 Net income (loss) $ (39.6) $ 4.6 $ (116.0) $ (43.1) $ (41.8) $ 2.3 $ (120.7) $ (50.1) Add: Interest and debt expense, net 30.9 33.7 102.0 100.3 30.9 33.7 102.0 100.3 Loss on modification/extinguishment of debt — — 6.7 — — — 6.7 — Provision (benefit) for income taxes 0.1 — 0.1 (0.1) 0.1 — 0.1 (0.2) Depreciation, amortization and accretion 64.6 60.8 182.6 177.9 68.2 64.2 193.2 188.4 EBITDA $ 56.0 $ 99.1 $ 175.4 $ 235.0 $ 57.4 $ 100.2 $ 181.3 $ 238.4 The following tables summarize CEQP’s and CMLP’s reportable segment data for the three and nine months ended September 30, 2021 and 2020 ( in millions ). Intersegment revenues included in the following tables are accounted for as arms-length transactions that apply our revenue recognition policy described in our 2020 Annual Report on Form 10-K. Included in earnings (loss) from unconsolidated affiliates, net reflected in the tables below was approximately $4.9 million and $9.9 million of our proportionate share of interest expense, depreciation and amortization expense, goodwill impairments and gains (losses) on long-lived assets, net recorded by our equity investments for the three months ended September 30, 2021 and 2020 and $182.4 million and $33.2 million for the nine months ended September 30, 2021 and 2020. Segment EBITDA Information Three Months Ended September 30, 2021 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Crestwood Midstream Revenues $ 171.2 $ 2.0 $ 1,053.1 $ — $ 1,226.3 Intersegment revenues 125.6 2.3 (127.9) — — Costs of product/services sold 150.1 (0.2) 949.4 — 1,099.3 Operations and maintenance expense 19.5 1.5 10.6 — 31.6 General and administrative expense — — — 24.4 24.4 Loss on long-lived assets, net (18.5) — — — (18.5) Earnings from unconsolidated affiliates, net 4.2 0.7 — — 4.9 Crestwood Midstream EBITDA $ 112.9 $ 3.7 $ (34.8) $ (24.4) $ 57.4 Crestwood Equity General and administrative expense — — — 1.5 1.5 Other income, net — — — 0.1 0.1 Crestwood Equity EBITDA $ 112.9 $ 3.7 $ (34.8) $ (25.8) $ 56.0 Three Months Ended September 30, 2020 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Crestwood Midstream Revenues $ 145.2 $ 3.5 $ 370.5 $ — $ 519.2 Intersegment revenues 44.9 1.9 (46.8) — — Costs of product/services sold 63.2 — 295.5 — 358.7 Operations and maintenance expense 19.4 0.7 10.9 — 31.0 General and administrative expense — — — 18.5 18.5 Gain (loss) on long-lived assets, net (19.1) — (2.4) 0.2 (21.3) Earnings from unconsolidated affiliates, net 0.5 10.0 — — 10.5 Crestwood Midstream EBITDA $ 88.9 $ 14.7 $ 14.9 $ (18.3) $ 100.2 Crestwood Equity General and administrative expense — — — 1.1 1.1 Crestwood Equity EBITDA $ 88.9 $ 14.7 $ 14.9 $ (19.4) $ 99.1 Nine Months Ended September 30, 2021 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Crestwood Midstream Revenues $ 498.9 $ 6.0 $ 2,683.7 $ — $ 3,188.6 Intersegment revenues 315.1 7.8 (322.9) — — Costs of product/services sold 387.2 (0.2) 2,323.3 — 2,710.3 Operations and maintenance expense 55.6 3.1 31.5 — 90.2 General and administrative expense — — — 61.3 61.3 Gain (loss) on long-lived assets, net (19.7) — 0.1 — (19.6) Earnings (loss) from unconsolidated affiliates, net 4.4 (130.3) — — (125.9) Crestwood Midstream EBITDA $ 355.9 $ (119.4) $ 6.1 $ (61.3) $ 181.3 Crestwood Equity General and administrative expense — — — 6.1 6.1 Other income, net — — — 0.2 0.2 Crestwood Equity EBITDA $ 355.9 $ (119.4) $ 6.1 $ (67.2) $ 175.4 Nine Months Ended September 30, 2020 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Crestwood Midstream Revenues $ 474.6 $ 10.1 $ 1,115.1 $ — $ 1,599.8 Intersegment revenues 99.2 6.9 (106.1) — — Costs of product/services sold 192.8 0.3 925.7 — 1,118.8 Operations and maintenance expense 65.7 2.8 31.7 — 100.2 General and administrative expense — — — 60.4 60.4 Gain (loss) on long-lived assets, net (23.7) — (2.6) 0.2 (26.1) Goodwill impairment (80.3) — — — (80.3) Earnings from unconsolidated affiliates, net 0.3 24.1 — — 24.4 Crestwood Midstream EBITDA $ 211.6 $ 38.0 $ 49.0 $ (60.2) $ 238.4 Crestwood Equity General and administrative expense — — — 3.6 3.6 Other income, net — — — 0.2 0.2 Crestwood Equity EBITDA $ 211.6 $ 38.0 $ 49.0 $ (63.6) $ 235.0 Other Segment Information CEQP CMLP September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Total Assets Gathering and Processing $ 3,357.4 $ 3,464.6 $ 3,491.9 $ 3,609.7 Storage and Transportation 163.6 944.6 163.6 944.6 Marketing, Supply and Logistics 1,032.8 805.0 1,032.8 805.0 Corporate 20.7 29.5 17.3 26.2 Total Assets $ 4,574.5 $ 5,243.7 $ 4,705.6 $ 5,385.5 |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition [Abstract] | |
Revenues | Revenues Contract Assets and Contract Liabilities Our contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Our receivables related to our revenue contracts accounted for under Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) totaled $350.0 million and $219.9 million for both CEQP and CMLP at September 30, 2021 and December 31, 2020, and are included in accounts receivable on our consolidated balance sheets. Our contract assets are included in other non-current assets on our consolidated balance sheets. Our contract liabilities primarily consist of current and non-current deferred revenues. On our consolidated balance sheets, our current deferred revenues are included in accrued expenses and other liabilities and our non-current deferred revenues are included in other long-term liabilities. The majority of revenues associated with our deferred revenues is expected to be recognized as the performance obligations under the related contracts are satisfied over the next 16 years. The following table summarizes our contract assets and contract liabilities (in millions) : September 30, 2021 December 31, 2020 Contract assets (non-current) $ 1.4 $ 1.0 Contract liabilities (current) (1) $ 10.8 $ 10.3 Contract liabilities (non-current) (1) $ 183.4 $ 172.2 (1) During the three and nine months ended September 30, 2021, we recognized revenues of approximately $3.4 million and $9.8 million that were previously included in contract liabilities at December 31, 2020. The remaining change in our contract liabilities during the three and nine months ended September 30, 2021, related to capital reimbursements associated with our revenue contracts and revenue deferrals associated with our contracts with increasing (decreasing) rates. The following table summarizes the transaction price allocated to our remaining performance obligations under certain contracts that have not been recognized as of September 30, 2021 (in millions) : Remainder of 2021 $ 23.3 2022 75.4 2023 52.6 2024 31.7 Total $ 183.0 Our remaining performance obligations presented in the table above exclude estimates of variable rate escalation clauses in our contracts with customers, and is generally limited to fixed-fee and percentage-of-proceeds service contracts which have fixed pricing and minimum volume terms and conditions. Our remaining performance obligations generally exclude, based on the following practical expedients that we elected to apply, disclosures for (i) variable consideration allocated to a wholly-unsatisfied promise to transfer a distinct service that forms part of the identified single performance obligation; (ii) unsatisfied performance obligations where the contract term is one year or less; and (iii) contracts for which we recognize revenues as amounts are invoiced. Disaggregation of Revenues The following tables summarize our revenues from contracts with customers disaggregated by type of product/service sold and by commodity type for each of our segments for the three and nine months ended September 30, 2021 and 2020 ( in millions ). We believe this summary best depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. Our non- Topic 606 revenues presented in the tables below primarily represents revenues related to our commodity-based derivatives. Three Months Ended September 30, 2021 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 35.3 $ — $ — $ — $ 35.3 Crude oil 17.1 — — — 17.1 Water 24.8 — — — 24.8 Processing Natural gas 7.2 — — — 7.2 Compression Natural gas 3.7 — — — 3.7 Storage Crude oil 0.1 0.4 — (0.4) 0.1 NGLs — — 2.6 — 2.6 Pipeline Crude oil — 1.5 — (0.9) 0.6 Transportation Crude oil 0.8 — — (0.1) 0.7 NGLs — — 4.1 — 4.1 Rail Loading Crude oil — 2.2 — (1.0) 1.2 Product Sales Natural gas 42.9 — 84.5 (42.7) 84.7 Crude oil 105.4 — 331.3 (25.1) 411.6 NGLs 59.1 — 500.1 (57.6) 501.6 Other — 0.2 0.4 (0.1) 0.5 Total Topic 606 revenues 296.4 4.3 923.0 (127.9) 1,095.8 Non-Topic 606 revenues 0.4 — 130.1 — 130.5 Total revenues $ 296.8 $ 4.3 $ 1,053.1 $ (127.9) $ 1,226.3 Three Months Ended September 30, 2020 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 30.3 $ — $ — $ — $ 30.3 Crude oil 22.5 — — — 22.5 Water 25.1 — — — 25.1 Processing Natural gas 6.1 — — — 6.1 Compression Natural gas 6.0 — — — 6.0 Storage Crude oil 0.1 0.8 — (0.3) 0.6 NGLs — — 3.4 — 3.4 Pipeline Crude oil — 1.7 — (0.6) 1.1 Transportation Crude oil 1.2 — — — 1.2 NGLs — — 3.1 — 3.1 Rail Loading Crude oil — 2.7 — (0.9) 1.8 Product Sales Natural gas 13.0 — 22.3 (12.9) 22.4 Crude oil 69.4 — 162.9 (15.6) 216.7 NGLs 16.4 — 145.6 (16.4) 145.6 Other — 0.2 0.3 (0.1) 0.4 Total Topic 606 revenues 190.1 5.4 337.6 (46.8) 486.3 Non-Topic 606 revenues — — 32.9 — 32.9 Total revenues $ 190.1 $ 5.4 $ 370.5 $ (46.8) $ 519.2 Nine Months Ended September 30, 2021 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 100.0 $ — $ — $ — $ 100.0 Crude oil 56.2 — — — 56.2 Water 69.5 — — — 69.5 Processing Natural gas 21.5 — — — 21.5 Compression Natural gas 12.1 — — — 12.1 Storage Crude oil 0.3 1.9 — (1.8) 0.4 NGLs — — 8.7 — 8.7 Pipeline Crude oil — 4.5 — (2.5) 2.0 NGLs — — 0.1 — 0.1 Transportation Crude oil 1.9 — — (0.1) 1.8 NGLs — — 12.5 — 12.5 Rail Loading Crude oil — 6.8 — (3.4) 3.4 Product Sales Natural gas 112.5 — 224.4 (111.7) 225.2 Crude oil 297.1 — 926.9 (62.5) 1,161.5 NGLs 142.3 — 1,210.9 (140.5) 1,212.7 Other — 0.6 1.2 (0.4) 1.4 Total Topic 606 revenues 813.4 13.8 2,384.7 (322.9) 2,889.0 Non-Topic 606 revenues 0.6 — 299.0 — 299.6 Total revenues $ 814.0 $ 13.8 $ 2,683.7 $ (322.9) $ 3,188.6 Nine Months Ended September 30, 2020 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 107.3 $ — $ — $ — $ 107.3 Crude oil 66.9 — — — 66.9 Water 66.4 — — — 66.4 Processing Natural gas 23.4 — — — 23.4 Compression Natural gas 18.0 — — — 18.0 Storage Crude oil 1.0 2.5 — (1.5) 2.0 NGLs — — 8.6 — 8.6 Pipeline Crude oil — 4.6 — (1.5) 3.1 NGLs — — 0.2 — 0.2 Transportation Crude oil 4.7 — 1.9 — 6.6 NGLs — — 7.4 — 7.4 Rail Loading Crude oil — 9.0 — (3.5) 5.5 Product Sales Natural gas 31.9 — 56.1 (31.4) 56.6 Crude oil 225.3 — 515.1 (39.0) 701.4 NGLs 28.9 — 398.3 (28.6) 398.6 Other — 0.9 1.0 (0.6) 1.3 Total Topic 606 revenues 573.8 17.0 988.6 (106.1) 1,473.3 Non-Topic 606 revenues — — 126.5 — 126.5 Total revenues $ 573.8 $ 17.0 $ 1,115.1 $ (106.1) $ 1,599.8 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Prior to August 2021, Crestwood Holdings indirectly owned our general partner and the affiliates of Crestwood Holdings and its owners were considered CEQP’s and CMLP’s related parties. With the completion of the Crestwood Holdings Transactions in August 2021, Crestwood Holdings and its affiliates are no longer considered related parties of CEQP and CMLP. We enter into transactions with our affiliates within the ordinary course of business, including product purchases, marketing services and various operating agreements. We also enter into transactions with our affiliates related to services provided on our expansion projects. During the nine months ended September 30, 2021 and 2020, we paid approximately $0.6 million and $3.2 million of capital expenditures to Applied Consultants, Inc., an affiliate of Crestwood Holdings. The following table shows transactions with our affiliates which are reflected in our consolidated statements of operations ( in millions ). For a further description of our related party agreements, see our 2020 Annual Report on Form 10-K. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenues at CEQP and CMLP (1) $ 7.1 $ 10.9 $ 25.2 $ 25.9 Costs of product/services sold at CEQP and CMLP (2) $ 34.8 $ 6.1 $ 101.3 $ 12.9 Operations and maintenance expenses charged by CEQP and CMLP (3) $ 5.1 $ 5.0 $ 16.8 $ 16.7 General and administrative expenses charged by CEQP to CMLP, net (4) $ 11.9 $ 7.4 $ 24.4 $ 25.4 General and administrative expenses at CEQP charged to Crestwood Holdings, net (5) $ — $ 1.2 $ 4.8 $ 12.5 (1) Primarily relates to the sale of NGLs to a subsidiary of Crestwood Permian. (2) Includes (i) $30.4 million and $75.5 million during the three and nine months ended September 30, 2021 and $5.7 million and $12.1 million during the three and nine months ended September 30, 2020 related to purchases of natural gas and NGLs from a subsidiary of Crestwood Permian; (ii) $0.2 million and $11.3 million during the three and nine months ended September 30, 2021 and $0.3 million and $0.4 million during the three and nine months ended September 30, 2020 related to purchases of natural gas from a subsidiary of Tres Holdings and (iii) $4.2 million and $14.5 million during the three and nine months ended September 30, 2021 and $0.1 million and $0.4 million during the three and nine months ended September 30, 2020 related to purchases of NGLs from Ascent Resources - Utica, LLC, an affiliate of Crestwood Holdings. (3) We have operating agreements with certain of our unconsolidated affiliates pursuant to which we charge them operations and maintenance expenses in accordance with their respective agreements, and these charges are reflected as a reduction of operations and maintenance expenses in our consolidated statements of operations. During the three and nine months ended September 30, 2021, we charged $0.1 million and $3.4 million to Stagecoach Gas, $1.2 million and $3.6 million to Tres Holdings, and $3.8 million and $9.8 million to Crestwood Permian. During the three and nine months ended September 30, 2020, we charged $1.7 million and $5.0 million to Stagecoach Gas, $0.9 million and $3.1 million to Tres Holdings, and $2.4 million and $8.6 million to Crestwood Permian. (4) Includes $12.9 million and $27.4 million of unit-based compensation charges allocated from CEQP to CMLP for the three and nine months ended September 30, 2021 and $8.4 million and $28.5 million for the three and nine months ended September 30, 2020. In addition, includes $1.0 million and $3.0 million of CMLP’s general and administrative costs allocated to CEQP during the three and nine months ended September 30, 2021 and $1.0 million and $3.1 million during the three and nine months ended September 30, 2020. (5) Includes a $0.3 million reduction of unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP during the three months ended September 30, 2020. Also includes a $4.6 million and a $11.2 million reduction of unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP during the nine months ended September 30, 2021 and 2020. During the three months ended September 30, 2021, there were no unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP. CEQP allocates a portion of its general and administrative costs to Crestwood Holdings and during the nine months ended September 30, 2021, CEQP allocated $0.2 million of it’s general and administrative costs to Crestwood Holdings and approximately $0.9 million and $1.3 million of costs were allocated to Crestwood Holdings during the three and nine months ended September 30, 2020. During the three months ended September 30, 2021, CEQP did not allocate any general and administrative costs to Crestwood Holdings. The following table shows accounts receivable and accounts payable with our affiliates ( in millions ): September 30, December 31, Accounts receivable at CEQP and CMLP $ 7.3 $ 2.5 Accounts payable at CEQP (1) $ 13.1 $ 7.5 Accounts payable at CMLP $ 13.1 $ 5.0 (1) In conjunction with the Crestwood Holdings Transactions discussed in Note 1, CEQP eliminated approximately $2.4 million of accounts payable to Crestwood Holdings which is reflected as an increase to CEQP’s common unitholders’ partners’ capital in its consolidated statement of partners’ capital during the first quarter of 2021. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventOn October 25, 2021, we entered into a merger agreement with Oasis Midstream Partners LP (Oasis Midstream) under which we will acquire Oasis Midstream in an equity and cash transaction valued at approximately $1.8 billion. Pursuant to the merger agreement, Oasis Petroleum Inc. (Oasis Petroleum) will receive $150 million in cash plus 21.0 million newly issued CEQP common units in exchange for its 33.8 million common units held in Oasis Midstream. In addition, Oasis Midstream’s public unitholders will receive 12.9 million newly issued CEQP common units in exchange for the 14.8 million Oasis Midstream common units held by them. Additionally, under the merger agreement, Oasis Petroleum will receive a $10 million cash payment for its ownership of the general partner of Oasis Midstream. The completion of the merger is subject to the satisfaction or waiver of customary closing conditions, including, among others: (i) adoption of the merger agreement by holders of a majority of the outstanding Oasis Midstream common units, (ii) expiration or termination of review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and (iii) effectiveness of a registration statement on Form S-4 in connection with the issuance of CEQP common units in the merger. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | Significant Accounting Policies There were no material changes in our significant accounting policies from those described in our 2020 Annual Report on Form 10-K. Below is an update of our accounting policies related to Property, Plant and Equipment and Goodwill. During the three months ended September 30, 2021, we recorded a loss on long-lived assets of approximately $19 million related to the abandonment and dismantlement of certain of our gathering and processing segment’s Marcellus West Union compressor station assets. Our West Union compressor station assets were located in West Virginia and provided compression and dehydration services to our customers. During the three months ended September 30, 2020, we recorded a $19.9 million loss on long-lived assets related to the sale of our Fayetteville assets in October 2020 and during the nine months ended September 30, 2020 we recorded an $80.3 million full impairment of the goodwill associated with our Powder River Basin reporting unit based on events that occurred during 2020 which resulted in a significant decrease in the forecasted cash flows and fair value of the reporting unit. For a further discussion of this goodwill impairment, see our 2020 Annual Report on Form 10-K. |
Certain Balance Sheet Informa_2
Certain Balance Sheet Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses and other liabilities consisted of the following ( in millions ): CEQP CMLP September 30, December 31, September 30, December 31, 2021 2020 2021 2020 Accrued expenses $ 51.1 $ 48.3 $ 49.9 $ 46.4 Accrued property taxes 6.9 8.4 6.9 8.4 Income tax payable 0.3 0.2 0.3 0.2 Interest payable 36.7 24.9 36.7 24.9 Accrued additions to property, plant and equipment 18.1 12.3 18.1 12.3 Operating leases 14.5 14.7 14.5 14.7 Finance leases 2.1 2.9 2.1 2.9 Deferred revenue 10.8 10.3 10.8 10.3 Total accrued expenses and other liabilities $ 140.5 $ 122.0 $ 139.3 $ 120.1 |
Schedule of Other Long-Term Liabilities | Other long-term liabilities consisted of the following ( in millions ): CEQP CMLP September 30, December 31, September 30, December 31, 2021 2020 2021 2020 Contract liabilities $ 183.4 $ 172.2 $ 183.4 $ 172.2 Operating leases 22.0 28.5 22.0 28.5 Asset retirement obligations 35.6 34.1 35.6 34.1 Other 18.8 18.5 15.6 17.0 Total other long-term liabilities $ 259.8 $ 253.3 $ 256.6 $ 251.8 |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Net Investments and Earnings (Loss) of Unconsolidated Affiliates Our net investments in and earnings (loss) from our unconsolidated affiliates are as follows ( in millions ): Investment Earnings (Loss) from Earnings (Loss) from Three Months Ended Nine Months Ended September 30, December 31, September 30, September 30, 2021 2020 2021 2020 2021 2020 Stagecoach Gas Services LLC (1) $ 15.2 $ 792.5 $ 0.9 $ 9.9 $ (139.4) $ 28.3 Tres Palacios Holdings LLC (2) 38.4 35.5 (0.1) 0.1 9.1 0.2 Powder River Basin Industrial Complex, LLC (3) 3.5 3.6 (0.1) — — (4.4) Crestwood Permian Basin Holdings LLC (4) 110.9 112.1 4.2 0.5 4.4 0.3 Total $ 168.0 $ 943.7 $ 4.9 $ 10.5 $ (125.9) $ 24.4 (1) As of September 30, 2021, our equity in the underlying net assets of Stagecoach Gas approximates the carrying value of our investment. (2) As of September 30, 2021, our equity in the underlying net assets of Tres Palacios Holdings LLC (Tres Holdings) exceeded the carrying value of our investment balance by approximately $21.8 million. During both the three and nine months ended September 30, 2021 and 2020, we recorded amortization of approximately $0.3 million and $0.9 million, respectively, related to this excess basis, which is reflected as an increase in our earnings from unconsolidated affiliates in our consolidated statements of operations. Our Tres Holdings investment is included in our storage and transportation segment. (3) As of September 30, 2021, our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC) approximates the carrying value of our investment balance. During the first quarter of 2020, we recorded our share of a long-lived asset impairment recorded by our PRBIC equity investment, which eliminated our $5.5 million historical basis difference between our investment balance and the equity in the underlying net assets of PRBIC, and also resulted in a $4.5 million reduction in our earnings from unconsolidated affiliates during the nine months ended September 30, 2020. Our PRBIC investment is included in our storage and transportation segment. (4) As of September 30, 2021, our equity in the underlying net assets of Crestwood Permian exceeded our investment balance by $7.5 million, and this excess amount is not subject to amortization. Our Crestwood Permian investment is included in our gathering and processing segment and is no longer considered a variable interest entity. Summarized Financial Information of Unconsolidated Affiliates Below is the summarized operating results for our significant unconsolidated affiliates ( in millions; amounts represent 100% of unconsolidated affiliate information ): Nine Months Ended September 30, 2021 2020 Operating Revenues Operating Expenses Net Income (Loss) Operating Revenues Operating Expenses Net Income (Loss) Stagecoach Gas $ 81.4 $ 456.9 $ (375.5) $ 115.3 $ 58.9 $ 56.5 Other (1) 232.4 208.2 24.9 91.2 113.0 (21.0) Total $ 313.8 $ 665.1 $ (350.6) $ 206.5 $ 171.9 $ 35.5 (1) Includes our Tres Holdings, PRBIC and Crestwood Permian equity investments. Distributions and Contributions The following table summarizes our distributions from and contributions to our unconsolidated affiliates (in millions) : Distributions (1) Contributions Nine Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Stagecoach Gas $ 640.9 $ 44.5 $ — $ — Tres Holdings 13.1 4.4 6.9 6.0 PRBIC 0.1 0.2 — — Crestwood Permian 8.9 8.5 3.3 — Total $ 663.0 $ 57.6 $ 10.2 $ 6.0 |
Risk Management (Tables)
Risk Management (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Risk Management - Notional Amounts and Terms of Companys Derivative Financial Instruments [Abstract] | |
Summary of Commodity-Based Derivatives | The following table summarizes the impact to our consolidated statements of operations related to our commodity-based derivatives during the three and nine months ended September 30, 2021 and 2020 ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Product revenues $ 129.4 $ 32.4 $ 296.9 $ 125.4 Gain (loss) reflected in product costs $ (53.4) $ (1.8) $ (94.8) $ 13.4 |
Notional Amounts And Terms Of Company's Derivative Financial Instruments | The notional amounts of our derivative financial instruments include the following: September 30, 2021 December 31, 2020 Fixed Price Fixed Price Fixed Price Fixed Price Propane, ethane, butane, heating oil and crude oil (MMBbls) 73.9 78.4 72.7 76.5 Natural gas (Bcf) 32.1 42.8 22.6 28.6 |
Schedule of Derivative Instruments | The following table presents the fair value of our commodity derivative instruments with credit-risk related contingent features and their associated collateral ( in millions ): September 30, 2021 December 31, 2020 Aggregate fair value liability of derivative instruments with credit-risk-related contingent features (1) $ 157.6 $ 38.5 Broker-related net derivative asset position $ 199.6 $ 35.9 Broker-related cash collateral received $ 163.9 $ 18.3 Cash collateral received, net $ 14.3 $ 12.4 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair Value On Recurring Basis | The following tables set forth by level within the fair value hierarchy, our financial instruments that were accounted for at fair value on a recurring basis at September 30, 2021 and December 31, 2020 ( in millions ): September 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 $ 74.2 $ 1,469.0 $ — $ 1,543.2 $ (1,339.6) $ (164.5) $ 39.1 Suburban Propane Partners, L.P. units (2) 2.2 — — 2.2 — — 2.2 Total assets at fair value $ 76.4 $ 1,469.0 $ — $ 1,545.4 $ (1,339.6) $ (164.5) $ 41.3 Liabilities Liabilities from price risk management $ 55.8 $ 1,547.4 $ — $ 1,603.2 $ (1,339.6) $ 13.7 $ 277.3 Total liabilities at fair value $ 55.8 $ 1,547.4 $ — $ 1,603.2 $ (1,339.6) $ 13.7 $ 277.3 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 (1) Amounts represent the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions. (2) Amount is reflected in other non-current assets on CEQP’s consolidated balance sheets. |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table represents the carrying amount (reduced for deferred financing costs associated with the respective notes) and fair value of our senior notes ( in millions ): September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair 2023 Senior Notes $ — $ — $ 683.8 $ 691.5 2025 Senior Notes $ 496.3 $ 511.9 $ 495.5 $ 509.9 2027 Senior Notes $ 594.0 $ 618.4 $ 593.2 $ 594.1 2029 Senior Notes $ 690.5 $ 734.0 $ — $ — |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Components Of Long-Term Debt | Long-term debt consisted of the following at September 30, 2021 and December 31, 2020 ( in millions ): September 30, December 31, Credit Facility $ 250.5 $ 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) 0.2 0.4 Less: deferred financing costs, net 25.6 22.6 Total debt 2,025.1 2,484.0 Less: current portion 0.2 0.2 Total long-term debt, less current portion $ 2,024.9 $ 2,483.8 (1) Represents non-interest bearing obligations related to certain companies acquired in 2014 with payments due through 2022. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Self-Insurance Reserves | The following table summarizes CEQP’s and CMLP’s self-insurance reserves at September 30, 2021 and December 31, 2020 ( in millions ): CEQP CMLP September 30, December 31, 2020 September 30, December 31, 2020 Self-insurance reserves (1) $ 6.7 $ 7.7 $ 5.8 $ 6.7 (1) At September 30, 2021, CEQP and CMLP classified approximately $4.8 million and $4.1 million, respectively, of these reserves as other long-term liabilities on their consolidated balance sheets. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Summary of Balance Sheet Information Related to Operating and Finance Leases | The following table summarizes the balance sheet information related to our operating and finance leases at September 30, 2021 and December 31, 2020 (in millions ): September 30, December 31, 2020 Operating Leases Operating lease right-of-use assets, net $ 31.1 $ 36.8 Accrued expenses and other liabilities $ 14.5 $ 14.7 Other long-term liabilities 22.0 28.5 Total operating lease liabilities $ 36.5 $ 43.2 Finance Leases Property, plant and equipment $ 12.1 $ 13.3 Less: accumulated depreciation 8.5 7.9 Property, plant and equipment, net $ 3.6 $ 5.4 Accrued expenses and other liabilities $ 2.1 $ 2.9 Other long-term liabilities 1.2 1.9 Total finance lease liabilities $ 3.3 $ 4.8 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Statement of Partners' Capital [Abstract] | |
Schedule of Distributions Made to Members or Limited Partners, by Distribution | A summary of CEQP’s limited partner quarterly cash distributions for the nine months ended September 30, 2021 and 2020 is presented below: 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 August 6, 2021 August 13, 2021 $ 0.625 39.3 $ 125.0 2020 February 7, 2020 February 14, 2020 $ 0.625 $ 45.3 May 8, 2020 May 15, 2020 $ 0.625 45.7 August 7, 2020 August 14, 2020 $ 0.625 45.7 $ 136.7 |
Summary of Change in Non-Controlling Interest in Subsidiary | The following table shows the change in our non-controlling interest in subsidiary at September 30, 2021 and 2020 (in millions) : Balance at December 31, 2020 $ 432.7 Contributions from non-controlling partner 1.0 Distributions to non-controlling partner (29.9) Net income attributable to non-controlling partner 30.7 Balance at September 30, 2021 $ 434.5 Balance at December 31, 2019 $ 426.2 Contributions from non-controlling partner 2.8 Distributions to non-controlling partner (27.8) Net income attributable to non-controlling partner 30.4 Balance at September 30, 2020 $ 431.6 |
Earnings Per Limited Partner _2
Earnings Per Limited Partner Unit (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Weighted-Average Units Excluded and Basic and Diluted Limited Partner Units | The following table summarizes information regarding the weighted-average of common units excluded during the three and nine months ended September 30, 2021 and 2020 (in millions) : Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Preferred units (1) 7.1 7.1 7.1 7.1 Crestwood Niobrara’s preferred units (1) 3.9 8.7 3.9 8.7 Unit-based compensation performance units (1) 0.2 0.2 0.1 0.3 Subordinated units (1)(2) — 0.4 0.1 0.4 (1) For additional information regarding the potential conversion/redemption of our preferred units and Crestwood Niobrara’s preferred units to CEQP common units, and of our performance units and subordinated units, see our 2020 Annual Report on Form 10-K. (2) In conjunction with the Crestwood Holdings Transactions, in March 2021, CEQP retired the subordinated units. For additional information regarding the retirement of the subordinated units, see Note 1 and Note 11. |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |
Reconciliation of Net Income (Loss) to Earnings Before Interest, Taxes, Depreciation and Amortization | Below is a reconciliation of CEQP’s and CMLP’s net loss to EBITDA ( in millions ): CEQP CMLP Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 2021 2020 2021 2020 Net income (loss) $ (39.6) $ 4.6 $ (116.0) $ (43.1) $ (41.8) $ 2.3 $ (120.7) $ (50.1) Add: Interest and debt expense, net 30.9 33.7 102.0 100.3 30.9 33.7 102.0 100.3 Loss on modification/extinguishment of debt — — 6.7 — — — 6.7 — Provision (benefit) for income taxes 0.1 — 0.1 (0.1) 0.1 — 0.1 (0.2) Depreciation, amortization and accretion 64.6 60.8 182.6 177.9 68.2 64.2 193.2 188.4 EBITDA $ 56.0 $ 99.1 $ 175.4 $ 235.0 $ 57.4 $ 100.2 $ 181.3 $ 238.4 |
Summary Of Segment Information | The following tables summarize CEQP’s and CMLP’s reportable segment data for the three and nine months ended September 30, 2021 and 2020 ( in millions ). Intersegment revenues included in the following tables are accounted for as arms-length transactions that apply our revenue recognition policy described in our 2020 Annual Report on Form 10-K. Included in earnings (loss) from unconsolidated affiliates, net reflected in the tables below was approximately $4.9 million and $9.9 million of our proportionate share of interest expense, depreciation and amortization expense, goodwill impairments and gains (losses) on long-lived assets, net recorded by our equity investments for the three months ended September 30, 2021 and 2020 and $182.4 million and $33.2 million for the nine months ended September 30, 2021 and 2020. Segment EBITDA Information Three Months Ended September 30, 2021 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Crestwood Midstream Revenues $ 171.2 $ 2.0 $ 1,053.1 $ — $ 1,226.3 Intersegment revenues 125.6 2.3 (127.9) — — Costs of product/services sold 150.1 (0.2) 949.4 — 1,099.3 Operations and maintenance expense 19.5 1.5 10.6 — 31.6 General and administrative expense — — — 24.4 24.4 Loss on long-lived assets, net (18.5) — — — (18.5) Earnings from unconsolidated affiliates, net 4.2 0.7 — — 4.9 Crestwood Midstream EBITDA $ 112.9 $ 3.7 $ (34.8) $ (24.4) $ 57.4 Crestwood Equity General and administrative expense — — — 1.5 1.5 Other income, net — — — 0.1 0.1 Crestwood Equity EBITDA $ 112.9 $ 3.7 $ (34.8) $ (25.8) $ 56.0 Three Months Ended September 30, 2020 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Crestwood Midstream Revenues $ 145.2 $ 3.5 $ 370.5 $ — $ 519.2 Intersegment revenues 44.9 1.9 (46.8) — — Costs of product/services sold 63.2 — 295.5 — 358.7 Operations and maintenance expense 19.4 0.7 10.9 — 31.0 General and administrative expense — — — 18.5 18.5 Gain (loss) on long-lived assets, net (19.1) — (2.4) 0.2 (21.3) Earnings from unconsolidated affiliates, net 0.5 10.0 — — 10.5 Crestwood Midstream EBITDA $ 88.9 $ 14.7 $ 14.9 $ (18.3) $ 100.2 Crestwood Equity General and administrative expense — — — 1.1 1.1 Crestwood Equity EBITDA $ 88.9 $ 14.7 $ 14.9 $ (19.4) $ 99.1 Nine Months Ended September 30, 2021 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Crestwood Midstream Revenues $ 498.9 $ 6.0 $ 2,683.7 $ — $ 3,188.6 Intersegment revenues 315.1 7.8 (322.9) — — Costs of product/services sold 387.2 (0.2) 2,323.3 — 2,710.3 Operations and maintenance expense 55.6 3.1 31.5 — 90.2 General and administrative expense — — — 61.3 61.3 Gain (loss) on long-lived assets, net (19.7) — 0.1 — (19.6) Earnings (loss) from unconsolidated affiliates, net 4.4 (130.3) — — (125.9) Crestwood Midstream EBITDA $ 355.9 $ (119.4) $ 6.1 $ (61.3) $ 181.3 Crestwood Equity General and administrative expense — — — 6.1 6.1 Other income, net — — — 0.2 0.2 Crestwood Equity EBITDA $ 355.9 $ (119.4) $ 6.1 $ (67.2) $ 175.4 Nine Months Ended September 30, 2020 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Crestwood Midstream Revenues $ 474.6 $ 10.1 $ 1,115.1 $ — $ 1,599.8 Intersegment revenues 99.2 6.9 (106.1) — — Costs of product/services sold 192.8 0.3 925.7 — 1,118.8 Operations and maintenance expense 65.7 2.8 31.7 — 100.2 General and administrative expense — — — 60.4 60.4 Gain (loss) on long-lived assets, net (23.7) — (2.6) 0.2 (26.1) Goodwill impairment (80.3) — — — (80.3) Earnings from unconsolidated affiliates, net 0.3 24.1 — — 24.4 Crestwood Midstream EBITDA $ 211.6 $ 38.0 $ 49.0 $ (60.2) $ 238.4 Crestwood Equity General and administrative expense — — — 3.6 3.6 Other income, net — — — 0.2 0.2 Crestwood Equity EBITDA $ 211.6 $ 38.0 $ 49.0 $ (63.6) $ 235.0 Other Segment Information CEQP CMLP September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Total Assets Gathering and Processing $ 3,357.4 $ 3,464.6 $ 3,491.9 $ 3,609.7 Storage and Transportation 163.6 944.6 163.6 944.6 Marketing, Supply and Logistics 1,032.8 805.0 1,032.8 805.0 Corporate 20.7 29.5 17.3 26.2 Total Assets $ 4,574.5 $ 5,243.7 $ 4,705.6 $ 5,385.5 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition [Abstract] | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | The following table summarizes our contract assets and contract liabilities (in millions) : September 30, 2021 December 31, 2020 Contract assets (non-current) $ 1.4 $ 1.0 Contract liabilities (current) (1) $ 10.8 $ 10.3 Contract liabilities (non-current) (1) $ 183.4 $ 172.2 (1) During the three and nine months ended September 30, 2021, we recognized revenues of approximately $3.4 million and $9.8 million that were previously included in contract liabilities at December 31, 2020. The remaining change in our contract liabilities during the three and nine months ended September 30, 2021, related to capital reimbursements associated with our revenue contracts and revenue deferrals associated with our contracts with increasing (decreasing) rates. |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table summarizes the transaction price allocated to our remaining performance obligations under certain contracts that have not been recognized as of September 30, 2021 (in millions) : Remainder of 2021 $ 23.3 2022 75.4 2023 52.6 2024 31.7 Total $ 183.0 |
Disaggregation of Revenue | The following tables summarize our revenues from contracts with customers disaggregated by type of product/service sold and by commodity type for each of our segments for the three and nine months ended September 30, 2021 and 2020 ( in millions ). We believe this summary best depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. Our non- Topic 606 revenues presented in the tables below primarily represents revenues related to our commodity-based derivatives. Three Months Ended September 30, 2021 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 35.3 $ — $ — $ — $ 35.3 Crude oil 17.1 — — — 17.1 Water 24.8 — — — 24.8 Processing Natural gas 7.2 — — — 7.2 Compression Natural gas 3.7 — — — 3.7 Storage Crude oil 0.1 0.4 — (0.4) 0.1 NGLs — — 2.6 — 2.6 Pipeline Crude oil — 1.5 — (0.9) 0.6 Transportation Crude oil 0.8 — — (0.1) 0.7 NGLs — — 4.1 — 4.1 Rail Loading Crude oil — 2.2 — (1.0) 1.2 Product Sales Natural gas 42.9 — 84.5 (42.7) 84.7 Crude oil 105.4 — 331.3 (25.1) 411.6 NGLs 59.1 — 500.1 (57.6) 501.6 Other — 0.2 0.4 (0.1) 0.5 Total Topic 606 revenues 296.4 4.3 923.0 (127.9) 1,095.8 Non-Topic 606 revenues 0.4 — 130.1 — 130.5 Total revenues $ 296.8 $ 4.3 $ 1,053.1 $ (127.9) $ 1,226.3 Three Months Ended September 30, 2020 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 30.3 $ — $ — $ — $ 30.3 Crude oil 22.5 — — — 22.5 Water 25.1 — — — 25.1 Processing Natural gas 6.1 — — — 6.1 Compression Natural gas 6.0 — — — 6.0 Storage Crude oil 0.1 0.8 — (0.3) 0.6 NGLs — — 3.4 — 3.4 Pipeline Crude oil — 1.7 — (0.6) 1.1 Transportation Crude oil 1.2 — — — 1.2 NGLs — — 3.1 — 3.1 Rail Loading Crude oil — 2.7 — (0.9) 1.8 Product Sales Natural gas 13.0 — 22.3 (12.9) 22.4 Crude oil 69.4 — 162.9 (15.6) 216.7 NGLs 16.4 — 145.6 (16.4) 145.6 Other — 0.2 0.3 (0.1) 0.4 Total Topic 606 revenues 190.1 5.4 337.6 (46.8) 486.3 Non-Topic 606 revenues — — 32.9 — 32.9 Total revenues $ 190.1 $ 5.4 $ 370.5 $ (46.8) $ 519.2 Nine Months Ended September 30, 2021 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 100.0 $ — $ — $ — $ 100.0 Crude oil 56.2 — — — 56.2 Water 69.5 — — — 69.5 Processing Natural gas 21.5 — — — 21.5 Compression Natural gas 12.1 — — — 12.1 Storage Crude oil 0.3 1.9 — (1.8) 0.4 NGLs — — 8.7 — 8.7 Pipeline Crude oil — 4.5 — (2.5) 2.0 NGLs — — 0.1 — 0.1 Transportation Crude oil 1.9 — — (0.1) 1.8 NGLs — — 12.5 — 12.5 Rail Loading Crude oil — 6.8 — (3.4) 3.4 Product Sales Natural gas 112.5 — 224.4 (111.7) 225.2 Crude oil 297.1 — 926.9 (62.5) 1,161.5 NGLs 142.3 — 1,210.9 (140.5) 1,212.7 Other — 0.6 1.2 (0.4) 1.4 Total Topic 606 revenues 813.4 13.8 2,384.7 (322.9) 2,889.0 Non-Topic 606 revenues 0.6 — 299.0 — 299.6 Total revenues $ 814.0 $ 13.8 $ 2,683.7 $ (322.9) $ 3,188.6 Nine Months Ended September 30, 2020 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 107.3 $ — $ — $ — $ 107.3 Crude oil 66.9 — — — 66.9 Water 66.4 — — — 66.4 Processing Natural gas 23.4 — — — 23.4 Compression Natural gas 18.0 — — — 18.0 Storage Crude oil 1.0 2.5 — (1.5) 2.0 NGLs — — 8.6 — 8.6 Pipeline Crude oil — 4.6 — (1.5) 3.1 NGLs — — 0.2 — 0.2 Transportation Crude oil 4.7 — 1.9 — 6.6 NGLs — — 7.4 — 7.4 Rail Loading Crude oil — 9.0 — (3.5) 5.5 Product Sales Natural gas 31.9 — 56.1 (31.4) 56.6 Crude oil 225.3 — 515.1 (39.0) 701.4 NGLs 28.9 — 398.3 (28.6) 398.6 Other — 0.9 1.0 (0.6) 1.3 Total Topic 606 revenues 573.8 17.0 988.6 (106.1) 1,473.3 Non-Topic 606 revenues — — 126.5 — 126.5 Total revenues $ 573.8 $ 17.0 $ 1,115.1 $ (106.1) $ 1,599.8 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table shows transactions with our affiliates which are reflected in our consolidated statements of operations ( in millions ). For a further description of our related party agreements, see our 2020 Annual Report on Form 10-K. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenues at CEQP and CMLP (1) $ 7.1 $ 10.9 $ 25.2 $ 25.9 Costs of product/services sold at CEQP and CMLP (2) $ 34.8 $ 6.1 $ 101.3 $ 12.9 Operations and maintenance expenses charged by CEQP and CMLP (3) $ 5.1 $ 5.0 $ 16.8 $ 16.7 General and administrative expenses charged by CEQP to CMLP, net (4) $ 11.9 $ 7.4 $ 24.4 $ 25.4 General and administrative expenses at CEQP charged to Crestwood Holdings, net (5) $ — $ 1.2 $ 4.8 $ 12.5 (1) Primarily relates to the sale of NGLs to a subsidiary of Crestwood Permian. (2) Includes (i) $30.4 million and $75.5 million during the three and nine months ended September 30, 2021 and $5.7 million and $12.1 million during the three and nine months ended September 30, 2020 related to purchases of natural gas and NGLs from a subsidiary of Crestwood Permian; (ii) $0.2 million and $11.3 million during the three and nine months ended September 30, 2021 and $0.3 million and $0.4 million during the three and nine months ended September 30, 2020 related to purchases of natural gas from a subsidiary of Tres Holdings and (iii) $4.2 million and $14.5 million during the three and nine months ended September 30, 2021 and $0.1 million and $0.4 million during the three and nine months ended September 30, 2020 related to purchases of NGLs from Ascent Resources - Utica, LLC, an affiliate of Crestwood Holdings. (3) We have operating agreements with certain of our unconsolidated affiliates pursuant to which we charge them operations and maintenance expenses in accordance with their respective agreements, and these charges are reflected as a reduction of operations and maintenance expenses in our consolidated statements of operations. During the three and nine months ended September 30, 2021, we charged $0.1 million and $3.4 million to Stagecoach Gas, $1.2 million and $3.6 million to Tres Holdings, and $3.8 million and $9.8 million to Crestwood Permian. During the three and nine months ended September 30, 2020, we charged $1.7 million and $5.0 million to Stagecoach Gas, $0.9 million and $3.1 million to Tres Holdings, and $2.4 million and $8.6 million to Crestwood Permian. (4) Includes $12.9 million and $27.4 million of unit-based compensation charges allocated from CEQP to CMLP for the three and nine months ended September 30, 2021 and $8.4 million and $28.5 million for the three and nine months ended September 30, 2020. In addition, includes $1.0 million and $3.0 million of CMLP’s general and administrative costs allocated to CEQP during the three and nine months ended September 30, 2021 and $1.0 million and $3.1 million during the three and nine months ended September 30, 2020. (5) Includes a $0.3 million reduction of unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP during the three months ended September 30, 2020. Also includes a $4.6 million and a $11.2 million reduction of unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP during the nine months ended September 30, 2021 and 2020. During the three months ended September 30, 2021, there were no unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP. CEQP allocates a portion of its general and administrative costs to Crestwood Holdings and during the nine months ended September 30, 2021, CEQP allocated $0.2 million of it’s general and administrative costs to Crestwood Holdings and approximately $0.9 million and $1.3 million of costs were allocated to Crestwood Holdings during the three and nine months ended September 30, 2020. During the three months ended September 30, 2021, CEQP did not allocate any general and administrative costs to Crestwood Holdings. |
Schedule of Related Party Receivables and Payables | The following table shows accounts receivable and accounts payable with our affiliates ( in millions ): September 30, December 31, Accounts receivable at CEQP and CMLP $ 7.3 $ 2.5 Accounts payable at CEQP (1) $ 13.1 $ 7.5 Accounts payable at CMLP $ 13.1 $ 5.0 (1) In conjunction with the Crestwood Holdings Transactions discussed in Note 1, CEQP eliminated approximately $2.4 million of accounts payable to Crestwood Holdings which is reflected as an increase to CEQP’s common unitholders’ partners’ capital in its consolidated statement of partners’ capital during the first quarter of 2021. |
Organization and Business Des_2
Organization and Business Description (Details) shares in Millions, $ in Millions | 1 Months Ended | 9 Months Ended |
Mar. 31, 2021USD ($)shares | Sep. 30, 2021segment | |
Partnership Organization And Basis Of Presentation [Line Items] | ||
Number of Operating Segments | segment | 3 | |
Cash Paid to Repurchase Common Stock | $ | $ 268 | |
Common Units | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Stock exchanged (in shares) | 11.5 | |
Subordinated Units | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Stock exchanged (in shares) | 0.4 | |
Crestwood Midstream Partners LP | Crestwood Gas Services GP, LLC | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 0.10% | |
Crestwood Midstream Partners LP | Crestwood Equity Partners LP | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 99.90% | |
Crestwood Holdings LP | Crestwood Equity Partners LP | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 99.00% | |
Crestwood Holdings LP | Crestwood Gas Services Holdings LLC | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 1.00% |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill impairment | $ 0 | $ 0 | $ 0 | $ 80.3 | |
Loss on long-lived assets, net | $ 18.5 | $ 21.3 | 19.6 | 26.1 | |
Powder River Basin [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill impairment | $ 80.3 | ||||
Marcellus | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Loss on long-lived assets, net | $ 19 | ||||
Fayetteville | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Gain (Loss) on Disposition of Assets | $ 19.9 |
Acquisitions (Details)
Acquisitions (Details) - Plains All American Pipeline, L.P. $ in Millions | 1 Months Ended |
Apr. 30, 2020USD ($)TerminalsMMBbls | |
Business Acquisition [Line Items] | |
Consideration transferred | $ | $ 162 |
NGL Storage Capacity | MMBbls | 7 |
Liquid Petroleum Gas Terminals | Terminals | 7 |
Certain Balance Sheet Informa_3
Certain Balance Sheet Information (Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Expenses and Other Liabilities [Line Items] | ||
Accrued expenses | $ 51.1 | $ 48.3 |
Accrued property taxes | 6.9 | 8.4 |
Income tax payable | 0.3 | 0.2 |
Interest payable | 36.7 | 24.9 |
Accrued additions to property, plant and equipment | 18.1 | 12.3 |
Operating leases | 14.5 | 14.7 |
Finance leases | 2.1 | 2.9 |
Deferred revenue | 10.8 | 10.3 |
Total accrued expenses and other liabilities | 140.5 | 122 |
Contract liabilities | 183.4 | 172.2 |
Operating leases | 22 | 28.5 |
Asset retirement obligations | 35.6 | 34.1 |
Other long-term liabilities | 259.8 | 253.3 |
Other | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Other long-term liabilities | 18.8 | 18.5 |
Crestwood Midstream Partners LP | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Accrued expenses | 49.9 | 46.4 |
Accrued property taxes | 6.9 | 8.4 |
Income tax payable | 0.3 | 0.2 |
Interest payable | 36.7 | 24.9 |
Accrued additions to property, plant and equipment | 18.1 | 12.3 |
Operating leases | 14.5 | 14.7 |
Finance leases | 2.1 | 2.9 |
Deferred revenue | 10.8 | 10.3 |
Total accrued expenses and other liabilities | 139.3 | 120.1 |
Contract liabilities | 183.4 | 172.2 |
Operating leases | 22 | 28.5 |
Asset retirement obligations | 35.6 | 34.1 |
Other long-term liabilities | 256.6 | 251.8 |
Crestwood Midstream Partners LP | Other | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Other long-term liabilities | $ 15.6 | $ 17 |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliates (Net Investments In and Earnings (Loss) from Unconsolidated Affiliates) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||
Investment | $ 168 | $ 168 | $ 943.7 | ||
Earnings (loss) from unconsolidated affiliates, net | 4.9 | $ 10.5 | (125.9) | $ 24.4 | |
Stagecoach Gas Services LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment | 15.2 | 15.2 | 792.5 | ||
Earnings (loss) from unconsolidated affiliates, net | 0.9 | 9.9 | (139.4) | 28.3 | |
Difference between carrying amount and underlying equity | 51.3 | 51.3 | |||
Stagecoach Gas Services LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings (loss) from unconsolidated affiliates, net | 155.4 | ||||
Tres Palacios Holdings LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment | 38.4 | 38.4 | 35.5 | ||
Earnings (loss) from unconsolidated affiliates, net | (0.1) | 0.1 | 9.1 | 0.2 | |
Difference between carrying amount and underlying equity | 21.8 | 21.8 | |||
Amortization | 0.3 | 0.3 | 0.9 | 0.9 | |
Powder River Basin Industrial Complex, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment | 3.5 | 3.5 | 3.6 | ||
Earnings (loss) from unconsolidated affiliates, net | (0.1) | 0 | 0 | (4.4) | |
Difference between carrying amount and underlying equity | 5.5 | 5.5 | |||
Powder River Basin Industrial Complex, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings (loss) from unconsolidated affiliates, net | 4.5 | ||||
Crestwood Permian Basin Holdings LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment | 110.9 | 110.9 | $ 112.1 | ||
Earnings (loss) from unconsolidated affiliates, net | 4.2 | $ 0.5 | 4.4 | $ 0.3 | |
Difference between carrying amount and underlying equity | $ 7.5 | $ 7.5 |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates (Summarized Financial Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Operating Revenues | $ 1,226.3 | $ 519.2 | $ 3,188.6 | $ 1,599.8 |
Operating Expenses | 140.6 | 132.7 | 359.8 | 448.5 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (39.6) | $ 4.6 | (116) | (43.1) |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Operating Revenues | 313.8 | 206.5 | ||
Operating Expenses | 665.1 | 171.9 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (350.6) | 35.5 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Stagecoach Gas Services LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Operating Revenues | 81.4 | 115.3 | ||
Operating Expenses | 456.9 | 58.9 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (375.5) | 56.5 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Other Equity Method Investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Operating Revenues | 232.4 | 91.2 | ||
Operating Expenses | 208.2 | 113 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 24.9 | $ (21) |
Investments in Unconsolidated_5
Investments in Unconsolidated Affiliates (Distributions and Contributions) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Jul. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | $ 663 | $ 57.6 | ||
Payments to acquire equity method investments | 10.2 | 6 | ||
Stagecoach Gas Services LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | $ 613.9 | 640.9 | 44.5 | |
Payments to acquire equity method investments | 0 | 0 | ||
Transaction costs | 3 | |||
Payment for contingent consideration | $ 40 | 57 | ||
Crestwood Permian Basin Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | 8.9 | 8.5 | ||
Payments to acquire equity method investments | 3.3 | 0 | ||
Tres Palacios Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | 13.1 | 4.4 | ||
Payments to acquire equity method investments | 6.9 | 6 | ||
Powder River Basin Industrial Complex, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | 0.1 | 0.2 | ||
Payments to acquire equity method investments | $ 0 | $ 0 | ||
Subsequent Event | Crestwood Permian Basin Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | $ 7.4 | |||
Subsequent Event | Tres Palacios Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | $ 2.4 |
Investments in Unconsolidated_6
Investments in Unconsolidated Affiliates (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Earnings (loss) from unconsolidated affiliates, net | $ 4.9 | $ 10.5 | $ (125.9) | $ 24.4 | ||
Interest paid | 8.6 | |||||
Stagecoach Gas Services LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from sale | $ 1,195 | |||||
Difference between carrying amount and underlying equity | 51.3 | 51.3 | ||||
Earnings (loss) from unconsolidated affiliates, net | 0.9 | 9.9 | (139.4) | 28.3 | ||
Transaction costs | 3 | |||||
Payment for contingent consideration | $ 40 | 57 | ||||
Interest paid | 2.1 | |||||
Stagecoach Gas Services LLC | Forecast | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from sale | $ 30 | |||||
Stagecoach Gas Services LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Earnings (loss) from unconsolidated affiliates, net | 155.4 | |||||
Crestwood Permian Basin Holdings LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Difference between carrying amount and underlying equity | 7.5 | 7.5 | ||||
Earnings (loss) from unconsolidated affiliates, net | 4.2 | 0.5 | 4.4 | 0.3 | ||
Guarantee payment | $ 10 | $ 10 | ||||
Ownership percentage | 50.00% | 50.00% | ||||
Crestwood Midstream Partners LP | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Earnings (loss) from unconsolidated affiliates, net | $ 4.9 | $ 10.5 | $ (125.9) | $ 24.4 |
Risk Management (Risk Managemen
Risk Management (Risk Management Activities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Product revenues | $ 129.4 | $ 32.4 | $ 296.9 | $ 125.4 |
Commodity contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments not designated as hedging | $ (53.4) | $ (1.8) | $ (94.8) | $ 13.4 |
Risk Management (Notional Amoun
Risk Management (Notional Amounts and Terms of Company's Derivative Financial Instruments) (Details) bcf in Millions, MMBbls in Millions | Sep. 30, 2021bcfMMBbls | Dec. 31, 2020MMBblsbcf |
Propane, ethane, butane, heating oil and crude oil (MMBbls) | Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | MMBbls | 73.9 | 72.7 |
Propane, ethane, butane, heating oil and crude oil (MMBbls) | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | MMBbls | 78.4 | 76.5 |
Natural gas (Bcf) | Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | bcf | 32.1 | 22.6 |
Natural gas (Bcf) | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | bcf | 42.8 | 28.6 |
Risk Management (Schedule of De
Risk Management (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Collateral posted for commodity derivative instruments | $ 14.3 | $ 12.4 |
Commodity contract | ||
Derivative [Line Items] | ||
Collateral posted for commodity derivative instruments | 1.1 | 0.1 |
Commodity contract with credit contingent features | ||
Derivative [Line Items] | ||
Aggregate fair value of commodity derivative instruments | 157.6 | 38.5 |
Variation Margin-Related Net Derivative Asset Position | ||
Derivative [Line Items] | ||
Derivative Asset | 199.6 | 35.9 |
Variation Margin-Related Cash Collateral Received | ||
Derivative [Line Items] | ||
NYMEX margin deposits | $ 163.9 | $ 18.3 |
Risk Management (Narrative) (De
Risk Management (Narrative) (Details) - Price Risk Contracts Member - Maximum | 9 Months Ended |
Sep. 30, 2021 | |
Derivative [Line Items] | |
Remaining maturity | 36 months |
Percent of contracts expiring in the next twelve months | 86.00% |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | $ 1,543.2 | $ 500.7 |
SPH units | 2.2 | 2.1 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 1,545.4 | 502.8 |
Netting agreements | (1,339.6) | (455) |
Assets, Collateral/Margin Received or Paid | (164.5) | (18.5) |
Assets from price risk management, total | 39.1 | 27.2 |
Total assets at fair value | 41.3 | 29.3 |
Liabilities from price risk management | 1,603.2 | 519.1 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 1,603.2 | 519.1 |
Netting agreements | (1,339.6) | (455) |
Liabilities, Collateral/Margin Received or Paid | 13.7 | 12.2 |
Liabilities from price risk management, total | 277.3 | 76.3 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 74.2 | 20.2 |
SPH units | 2.2 | 2.1 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 76.4 | 22.3 |
Liabilities from price risk management | 55.8 | 25.1 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 55.8 | 25.1 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 1,469 | 480.5 |
SPH units | 0 | 0 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 1,469 | 480.5 |
Liabilities from price risk management | 1,547.4 | 494 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 1,547.4 | 494 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 0 | 0 |
SPH units | 0 | 0 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 0 | 0 |
Liabilities from price risk management | 0 | 0 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Senior Notes) (Details) - Crestwood Midstream Partners LP - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
2023 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 0 | $ 683.8 |
Fair Value | 0 | 691.5 |
2025 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 496.3 | 495.5 |
Fair Value | 511.9 | 509.9 |
2027 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 594 | 593.2 |
Fair Value | 618.4 | 594.1 |
Senior Notes, 2029 | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 690.5 | 0 |
Fair Value | $ 734 | $ 0 |
Long-Term Debt (Components Of L
Long-Term Debt (Components Of Long-Term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Less: deferred financing costs, net | $ 25.6 | $ 22.6 |
Total debt | 2,025.1 | 2,484 |
Less: current portion | 0.2 | 0.2 |
Total long-term debt, less current portion | 2,024.9 | 2,483.8 |
Senior Notes | 2023 Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 687.2 |
Senior Notes | 2025 Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes | 500 | 500 |
Senior Notes | 2027 Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes | 600 | 600 |
Senior Notes | Senior Notes, 2029 | ||
Debt Instrument [Line Items] | ||
Senior notes | 700 | 0 |
Other(1) | ||
Debt Instrument [Line Items] | ||
Other(1) | 0.2 | 0.4 |
Revolving Credit Facility | Crestwood Midstream Revolver | ||
Debt Instrument [Line Items] | ||
Credit Facility | $ 250.5 | $ 719 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jan. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||||||
Senior Secured Leverage Ratio, maximum | 3.75 | 3.75 | ||||
Senior Secured Leverage Ratio | 0.42 | 0.42 | ||||
Extinguishment of Debt, Amount | $ 687,200,000 | |||||
Loss on modification/extinguishment of debt | $ 0 | $ 0 | 6,700,000 | $ 0 | ||
Interest paid | 8,600,000 | |||||
Crestwood Midstream Partners LP | ||||||
Debt Instrument [Line Items] | ||||||
Loss on modification/extinguishment of debt | 0 | $ 0 | 6,700,000 | $ 0 | ||
2027 Senior Notes | Crestwood Midstream Partners LP | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 594,000,000 | 594,000,000 | $ 593,200,000 | |||
2025 Senior Notes | Crestwood Midstream Partners LP | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 496,300,000 | $ 496,300,000 | 495,500,000 | |||
Crestwood Midstream Revolver | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated Leverage Ratio Maximum | 5.50 | |||||
Crestwood Midstream Revolver | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Available capacity | 985,300,000 | $ 985,300,000 | ||||
Letters of credit outstanding | $ 14,200,000 | $ 14,200,000 | $ 23,900,000 | |||
Debt, Weighted Average Interest Rate | 2.41% | 2.41% | 2.45% | |||
Interest Coverage Ratio Minimum | 2.50 | |||||
Total Funded Debt to Consolidated Ebitda | 3.45 | |||||
Consolidated Ebitda To Consolidated Interest Expense | 4.98 | |||||
Crestwood Midstream Revolver | Revolving Credit Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt, Weighted Average Interest Rate | 2.34% | 2.34% | 2.40% | |||
Crestwood Midstream Revolver | Revolving Credit Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt, Weighted Average Interest Rate | 4.50% | 4.50% | 4.50% | |||
2023 Senior Notes | Crestwood Midstream Partners LP | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 0 | $ 0 | $ 683,800,000 | |||
Senior Notes | 2027 Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 600,000,000 | 600,000,000 | 600,000,000 | |||
Senior Notes | 2025 Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 500,000,000 | 500,000,000 | 500,000,000 | |||
Senior Notes | 2023 Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 0 | 0 | $ 687,200,000 | |||
Senior Notes | Senior Notes, due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 700,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Proceeds from Issuance of Debt | 691,000,000 | |||||
Revolving Loan Facility | Crestwood Midstream Partners LP | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,250,000,000 | $ 1,250,000,000 | ||||
Debt Instrument, Term | 5 years |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Damages paid | $ 19.5 | ||
Damages | $ 36 | ||
Accrued amounts for outstanding legal matters | 16.6 | 16.6 | $ 10.4 |
Crestwood Midstream Partners LP | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Self-insurance reserves | $ 5.8 | $ 5.8 | $ 6.7 |
Commitments and Contingencies_3
Commitments and Contingencies (Environmental Compliance) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Site Contingency [Line Items] | ||
Penalties | $ 0.1 | |
Fort Berthold Indian Reservation | ||
Site Contingency [Line Items] | ||
Accrual of environmental loss contingencies | 1.2 | $ 1.3 |
Maximum | Fort Berthold Indian Reservation | ||
Site Contingency [Line Items] | ||
Potential liability for environmental exposures | 1.9 | |
Minimum | Fort Berthold Indian Reservation | ||
Site Contingency [Line Items] | ||
Potential liability for environmental exposures | $ 1.2 |
Commitments and Contingencies_4
Commitments and Contingencies (Self Insurance) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Crestwood Equity Partners LP | ||
Other Commitments [Line Items] | ||
Self-insurance reserves | $ 6.7 | $ 7.7 |
Self-insurance reserves expected to be paid | 4.8 | |
Crestwood Midstream Partners LP | ||
Other Commitments [Line Items] | ||
Self-insurance reserves | 5.8 | $ 6.7 |
Self-insurance reserves expected to be paid | $ 4.1 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||||
Operating lease right-of-use assets, net | $ 31.1 | $ 31.1 | $ 36.8 | ||
Operating leases | 14.5 | 14.5 | 14.7 | ||
Operating leases | 22 | 22 | 28.5 | ||
Total operating lease liabilities | 36.5 | 36.5 | 43.2 | ||
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 12.1 | 12.1 | 13.3 | ||
Property, plant and equipment | 3,788.5 | 3,788.5 | 3,759.6 | ||
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 8.5 | 8.5 | 7.9 | ||
Less: accumulated depreciation | 962.7 | 962.7 | 842.5 | ||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 3.6 | 3.6 | 5.4 | ||
Property, plant and equipment, net | 2,825.8 | 2,825.8 | 2,917.1 | ||
Finance leases | 2.1 | 2.1 | 2.9 | ||
Finance Lease, Liability, Noncurrent | 1.2 | 1.2 | 1.9 | ||
Finance Lease, Liability | 3.3 | 3.3 | $ 4.8 | ||
Operating lease expense | 3.7 | $ 5.8 | 12.8 | $ 20.4 | |
Finance lease expense | $ 0.8 | $ 0.9 | $ 2.6 | $ 3.1 | |
Operating lease, liability, current, extensible enumeration | Accrued expenses and other liabilities | Accrued expenses and other liabilities | Accrued expenses and other liabilities | ||
Finance lease, liability, noncurrent, extensible enumeration | Other long-term liabilities | Other long-term liabilities | Other long-term liabilities | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities | Accrued expenses and other liabilities | ||
Operating lease, liability, noncurrent, extensible enumeration | Other long-term liabilities | Other long-term liabilities | Other long-term liabilities |
Partners' Capital (Schedule of
Partners' Capital (Schedule of Partners' Capital Account, Distributions) (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 13, 2021 | Aug. 06, 2021 | May 14, 2021 | May 07, 2021 | Feb. 12, 2021 | Feb. 05, 2021 | Aug. 14, 2020 | Aug. 07, 2020 | May 15, 2020 | May 08, 2020 | Feb. 14, 2020 | Feb. 07, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Distribution Made to Limited Partner [Line Items] | ||||||||||||||
Distribution Made to Limited Partner, Date of Record | Aug. 6, 2021 | May 7, 2021 | Feb. 5, 2021 | Aug. 7, 2020 | May 8, 2020 | Feb. 7, 2020 | ||||||||
Distribution Made to Limited Partner, Distribution Date | Aug. 13, 2021 | May 14, 2021 | Feb. 12, 2021 | Aug. 14, 2020 | May 15, 2020 | Feb. 14, 2020 | ||||||||
Distribution Made to Member or Limited Partner, Distributions Paid, Per Unit | $ 0.625 | $ 0.625 | $ 0.625 | $ 0.625 | $ 0.625 | $ 0.625 | ||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 39.3 | $ 39.3 | $ 46.4 | $ 45.7 | $ 45.7 | $ 45.3 | $ 125 | $ 136.7 |
Partners' Capital (Components o
Partners' Capital (Components of Net Income (Loss) Attributable to Non-Controlling Interests) (Details) $ in Millions | 1 Months Ended |
Oct. 31, 2021USD ($) | |
Crestwood Niobrara LLC | Subsequent Event | |
Distribution Made to Limited Partner [Line Items] | |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (10.3) |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 12, 2021 | Nov. 05, 2021 | Oct. 14, 2021 | Aug. 13, 2021 | Aug. 06, 2021 | May 14, 2021 | May 07, 2021 | Feb. 12, 2021 | Feb. 05, 2021 | Aug. 14, 2020 | Aug. 07, 2020 | May 15, 2020 | May 08, 2020 | Feb. 14, 2020 | Feb. 07, 2020 | Mar. 31, 2021 | Feb. 28, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 |
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Distribution Made to Limited Partner, Distribution Date | Aug. 13, 2021 | May 14, 2021 | Feb. 12, 2021 | Aug. 14, 2020 | May 15, 2020 | Feb. 14, 2020 | |||||||||||||||
Distribution Made to Limited Partner, Date of Record | Aug. 6, 2021 | May 7, 2021 | Feb. 5, 2021 | Aug. 7, 2020 | May 8, 2020 | Feb. 7, 2020 | |||||||||||||||
Distributions to preferred unitholders | $ 45 | $ 45 | |||||||||||||||||||
Incentive Distribution, Distribution | 125 | 136.7 | |||||||||||||||||||
Distributions to non-controlling partner | 29.9 | 27.8 | |||||||||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 39.3 | $ 39.3 | $ 46.4 | $ 45.7 | $ 45.7 | $ 45.3 | 125 | 136.7 | |||||||||||||
Cash Paid to Repurchase Common Stock | $ 268 | ||||||||||||||||||||
Common Units | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Stock exchanged (in shares) | 11,500,000 | ||||||||||||||||||||
Subordinated Units | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Stock exchanged (in shares) | 400,000 | ||||||||||||||||||||
Crestwood Midstream Partners LP | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Incentive Distribution, Distribution | 451.3 | 180.9 | |||||||||||||||||||
Distributions to non-controlling partner | 29.9 | 27.8 | |||||||||||||||||||
Distribution Made to General Partner, Cash Distributions Paid | 451.3 | $ 180.9 | |||||||||||||||||||
Common unit | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Transaction Costs | $ 7.6 | ||||||||||||||||||||
Performance Shares | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 50,000 | ||||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense | $ 0.1 | $ 0.2 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Distribution Made to Limited Partner, Distribution Date | Nov. 12, 2021 | ||||||||||||||||||||
Distribution Made to Limited Partner, Date of Record | Nov. 5, 2021 | ||||||||||||||||||||
Distributions to preferred unitholders | $ 15 | ||||||||||||||||||||
Cash Distribution | Subsequent Event | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.625 | ||||||||||||||||||||
Crestwood LTIP | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 0.9 | $ 0.9 |
Partners' Capital Rollforward o
Partners' Capital Rollforward of non-controlling interest (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |||
Oct. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||
Temporary Equity, Net Income | $ 30.7 | $ 30.4 | |||
Interest of non-controlling partner in subsidiary | 434.5 | 431.6 | $ 432.7 | $ 426.2 | |
Net proceeds from issuance of non-controlling interest | 1 | 2.8 | |||
Subsequent Event | Crestwood Niobrara LLC | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (10.3) | ||||
Non-Controlling Partners | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (29.9) | (27.8) | |||
Net proceeds from issuance of non-controlling interest | $ 1 | $ 2.8 |
Earnings Per Limited Partner _3
Earnings Per Limited Partner Unit (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Preferred Units | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7.1 | 7.1 | 7.1 | 7.1 |
Performance Shares | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.2 | 0.2 | 0.1 | 0.3 |
Subordinated Units | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0.4 | 0.1 | 0.4 |
Crestwood Niobrara LLC | Preferred Units | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.9 | 8.7 | 3.9 | 8.7 |
Segments (Reconciliation of Net
Segments (Reconciliation of Net Income (Loss) to EBITDA) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Number of Operating Segments | segment | 3 | |||
Net income (loss) | $ (39.6) | $ 4.6 | $ (116) | $ (43.1) |
Interest and debt expense, net | 30.9 | 33.7 | 102 | 100.3 |
Provision (benefit) for income taxes | 0.1 | 0 | 0.1 | (0.1) |
Depreciation, amortization and accretion | 64.6 | 60.8 | 182.6 | 177.9 |
EBITDA | 56 | 99.1 | 175.4 | 235 |
Loss on modification/extinguishment of debt | 0 | 0 | 6.7 | 0 |
Crestwood Midstream Partners LP | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net income (loss) | (41.8) | 2.3 | (120.7) | (50.1) |
Interest and debt expense, net | 30.9 | 33.7 | 102 | 100.3 |
Provision (benefit) for income taxes | 0.1 | 0 | 0.1 | (0.2) |
Depreciation, amortization and accretion | 68.2 | 64.2 | 193.2 | 188.4 |
EBITDA | 57.4 | 100.2 | 181.3 | 238.4 |
Loss on modification/extinguishment of debt | $ 0 | $ 0 | $ 6.7 | $ 0 |
Segments (Summary Of Segment In
Segments (Summary Of Segment Information) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Net income (loss) | $ (39.6) | $ 4.6 | $ (116) | $ (43.1) | |
Number of Operating Segments | segment | 3 | ||||
Depreciation, amortization and accretion | 64.6 | 60.8 | $ 182.6 | 177.9 | |
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 1,226.3 | 519.2 | 3,188.6 | 1,599.8 | |
Costs of product/services sold | 1,099.3 | 358.7 | 2,710.3 | 1,118.8 | |
Operations and maintenance | 31.6 | 31 | 90.2 | 100.2 | |
General and administrative | 25.9 | 19.6 | 67.4 | 64 | |
Gain (loss) on long-lived assets | (18.5) | (21.3) | (19.6) | (26.1) | |
Goodwill impairment | 0 | 0 | 0 | (80.3) | |
Earnings (loss) from unconsolidated affiliates, net | 4.9 | 10.5 | (125.9) | 24.4 | |
Other income, net | 0.1 | 0 | 0.2 | 0.2 | |
EBITDA | 56 | 99.1 | 175.4 | 235 | |
Assets | 4,574.5 | 4,574.5 | $ 5,243.7 | ||
Corporate, Non-Segment | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Assets | 20.7 | 20.7 | 29.5 | ||
Intersegment Eliminations | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | (127.9) | (46.8) | (322.9) | (106.1) | |
Gathering and Processing Segment | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 296.8 | 190.1 | 814 | 573.8 | |
Assets | 3,357.4 | 3,357.4 | 3,464.6 | ||
Storage and Transportation | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 4.3 | 5.4 | 13.8 | 17 | |
Assets | 163.6 | 163.6 | 944.6 | ||
Marketing Supply and Logistics | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 1,053.1 | 370.5 | 2,683.7 | 1,115.1 | |
Marketing Supply and Logistics | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Assets | 1,032.8 | 1,032.8 | 805 | ||
Crestwood Midstream Partners LP | |||||
Net income (loss) | (41.8) | 2.3 | (120.7) | (50.1) | |
Depreciation, amortization and accretion | 68.2 | 64.2 | 193.2 | 188.4 | |
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 1,226.3 | 519.2 | 3,188.6 | 1,599.8 | |
Costs of product/services sold | 1,099.3 | 358.7 | 2,710.3 | 1,118.8 | |
Operations and maintenance | 31.6 | 31 | 90.2 | 100.2 | |
General and administrative | 24.4 | 18.5 | 61.3 | 60.4 | |
Gain (loss) on long-lived assets | (18.5) | (21.3) | (19.6) | (26.1) | |
Goodwill impairment | 0 | 0 | 0 | (80.3) | |
Earnings (loss) from unconsolidated affiliates, net | 4.9 | 10.5 | (125.9) | 24.4 | |
EBITDA | 57.4 | 100.2 | 181.3 | 238.4 | |
Assets | 4,705.6 | 4,705.6 | 5,385.5 | ||
Crestwood Midstream Partners LP | Corporate, Non-Segment | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Costs of product/services sold | 0 | 0 | 0 | 0 | |
Operations and maintenance | 0 | 0 | 0 | 0 | |
General and administrative | 24.4 | 18.5 | 61.3 | 60.4 | |
Gain (loss) on long-lived assets | 0 | 0.2 | 0 | 0.2 | |
Goodwill impairment | 0 | ||||
Earnings (loss) from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | |
EBITDA | (24.4) | (18.3) | (61.3) | (60.2) | |
Assets | 17.3 | 17.3 | 26.2 | ||
Crestwood Midstream Partners LP | Corporate and Eliminations [Member] | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Crestwood Midstream Partners LP | Gathering and Processing Segment | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 171.2 | 145.2 | 498.9 | 474.6 | |
Costs of product/services sold | 150.1 | 63.2 | 387.2 | 192.8 | |
Operations and maintenance | 19.5 | 19.4 | 55.6 | 65.7 | |
General and administrative | 0 | 0 | 0 | 0 | |
Gain (loss) on long-lived assets | (18.5) | (19.1) | (19.7) | (23.7) | |
Goodwill impairment | (80.3) | ||||
Earnings (loss) from unconsolidated affiliates, net | 4.2 | 0.5 | 4.4 | 0.3 | |
EBITDA | 112.9 | 88.9 | 355.9 | 211.6 | |
Assets | 3,491.9 | 3,491.9 | 3,609.7 | ||
Crestwood Midstream Partners LP | Gathering and Processing Segment | Intersegment Eliminations | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 125.6 | 44.9 | 315.1 | 99.2 | |
Crestwood Midstream Partners LP | Storage and Transportation | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 2 | 3.5 | 6 | 10.1 | |
Costs of product/services sold | (0.2) | 0 | (0.2) | 0.3 | |
Operations and maintenance | 1.5 | 0.7 | 3.1 | 2.8 | |
General and administrative | 0 | 0 | 0 | 0 | |
Gain (loss) on long-lived assets | 0 | 0 | 0 | 0 | |
Goodwill impairment | 0 | ||||
Earnings (loss) from unconsolidated affiliates, net | 0.7 | 10 | (130.3) | 24.1 | |
EBITDA | 3.7 | 14.7 | (119.4) | 38 | |
Assets | 163.6 | 163.6 | 944.6 | ||
Crestwood Midstream Partners LP | Storage and Transportation | Intersegment Eliminations | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 2.3 | 1.9 | 7.8 | 6.9 | |
Crestwood Midstream Partners LP | Marketing Supply and Logistics | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 1,053.1 | 370.5 | 2,683.7 | 1,115.1 | |
Costs of product/services sold | 949.4 | 295.5 | 2,323.3 | 925.7 | |
Operations and maintenance | 10.6 | 10.9 | 31.5 | 31.7 | |
General and administrative | 0 | 0 | 0 | 0 | |
Gain (loss) on long-lived assets | 0 | (2.4) | 0.1 | (2.6) | |
Earnings (loss) from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | |
EBITDA | (34.8) | 14.9 | 6.1 | 49 | |
Assets | 1,032.8 | 1,032.8 | $ 805 | ||
Crestwood Midstream Partners LP | Marketing Supply and Logistics | Intersegment Eliminations | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | (127.9) | (46.8) | (322.9) | (106.1) | |
Crestwood Midstream Partners LP | Marketing Supply and Logistics | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Goodwill impairment | 0 | ||||
Crestwood Equity Partners LP | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
General and administrative | 1.5 | 1.1 | 6.1 | 3.6 | |
Other income, net | 0.1 | 0.2 | 0.2 | ||
EBITDA | 56 | 99.1 | 175.4 | 235 | |
Crestwood Equity Partners LP | Corporate, Non-Segment | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
General and administrative | 1.5 | 1.1 | 6.1 | 3.6 | |
Other income, net | 0.1 | 0.2 | 0.2 | ||
EBITDA | (25.8) | (19.4) | (67.2) | (63.6) | |
Crestwood Equity Partners LP | Gathering and Processing Segment | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
General and administrative | 0 | 0 | 0 | 0 | |
Other income, net | 0 | 0 | 0 | ||
EBITDA | 112.9 | 88.9 | 355.9 | 211.6 | |
Crestwood Equity Partners LP | Storage And Transportation Operations | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
General and administrative | 0 | 0 | 0 | 0 | |
Other income, net | 0 | 0 | 0 | ||
EBITDA | 3.7 | 14.7 | (119.4) | 38 | |
Crestwood Equity Partners LP | Marketing Supply and Logistics | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
General and administrative | 0 | 0 | 0 | 0 | |
Other income, net | 0 | 0 | 0 | ||
EBITDA | $ (34.8) | $ 14.9 | $ 6.1 | $ 49 |
Segments (Narrative) (Details)
Segments (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||||
Interest, taxes, depreciation and amortization included in earnings from equity method investments | $ | $ 4.9 | $ 9.9 | $ 182.4 | $ 33.2 |
Number of Operating Segments | segment | 3 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Revenue Recognition [Abstract] | ||
ASC 606 accounts receivable | $ 350 | $ 219.9 |
Revenues (Contract Assets and L
Revenues (Contract Assets and Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Revenue Recognition [Abstract] | |||
Contract Assets (Non-current) | $ 1.4 | $ 1.4 | $ 1 |
Contract Liabilities (Current) | 10.8 | 10.8 | 10.3 |
Contract liabilities | 183.4 | 183.4 | $ 172.2 |
Contract with Customer, Liability, Revenue Recognized | $ 3.4 | $ 9.8 |
Revenues (Disaggregation of Rev
Revenues (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 1,226.3 | $ 519.2 | $ 3,188.6 | $ 1,599.8 |
Natural Gas Gathering | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 35.3 | 30.3 | 100 | 107.3 |
Crude Oil Gathering | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 17.1 | 22.5 | 56.2 | 66.9 |
Water Gathering | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 24.8 | 25.1 | 69.5 | 66.4 |
Natural Gas Processing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7.2 | 6.1 | 21.5 | 23.4 |
Natural Gas Compression | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3.7 | 6 | 12.1 | 18 |
Crude Oil Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.1 | 0.6 | 0.4 | 2 |
NGL Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2.6 | 3.4 | 8.7 | 8.6 |
Crude Oil Pipeline | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.6 | 1.1 | 2 | 3.1 |
Crude Oil Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.7 | 1.2 | 1.8 | 6.6 |
NGL Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4.1 | 3.1 | 12.5 | 7.4 |
Crude Oil Rail Loading | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.2 | 1.8 | 3.4 | 5.5 |
Natural Gas Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 84.7 | 22.4 | 225.2 | 56.6 |
Crude Oil Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 411.6 | 216.7 | 1,161.5 | 701.4 |
NGL Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 501.6 | 145.6 | 1,212.7 | 398.6 |
Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.5 | 0.4 | 1.4 | 1.3 |
NGL Pipeline | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.1 | 0.2 | ||
Intersegment Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | (127.9) | (46.8) | (322.9) | (106.1) |
Intersegment Eliminations | Natural Gas Gathering | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Crude Oil Gathering | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Water Gathering | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Natural Gas Processing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Natural Gas Compression | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Crude Oil Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.4) | (0.3) | (1.8) | (1.5) |
Intersegment Eliminations | NGL Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Crude Oil Pipeline | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.9) | (0.6) | (2.5) | (1.5) |
Intersegment Eliminations | Crude Oil Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.1) | 0 | (0.1) | 0 |
Intersegment Eliminations | NGL Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Crude Oil Rail Loading | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (1) | (0.9) | (3.4) | (3.5) |
Intersegment Eliminations | Natural Gas Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (42.7) | (12.9) | (111.7) | (31.4) |
Intersegment Eliminations | Crude Oil Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (25.1) | (15.6) | (62.5) | (39) |
Intersegment Eliminations | NGL Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (57.6) | (16.4) | (140.5) | (28.6) |
Intersegment Eliminations | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.1) | (0.1) | (0.4) | (0.6) |
Intersegment Eliminations | NGL Pipeline | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||
Operating Segments | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 296.8 | 190.1 | 814 | 573.8 |
Operating Segments | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,053.1 | 370.5 | 2,683.7 | 1,115.1 |
Operating Segments | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4.3 | 5.4 | 13.8 | 17 |
Operating Segments | Natural Gas Gathering | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 35.3 | 30.3 | 100 | 107.3 |
Operating Segments | Natural Gas Gathering | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Natural Gas Gathering | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Crude Oil Gathering | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 17.1 | 22.5 | 56.2 | 66.9 |
Operating Segments | Crude Oil Gathering | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Crude Oil Gathering | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Water Gathering | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 24.8 | 25.1 | 69.5 | 66.4 |
Operating Segments | Water Gathering | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Water Gathering | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Natural Gas Processing | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7.2 | 6.1 | 21.5 | 23.4 |
Operating Segments | Natural Gas Processing | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Natural Gas Processing | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Natural Gas Compression | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3.7 | 6 | 12.1 | 18 |
Operating Segments | Natural Gas Compression | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Natural Gas Compression | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Crude Oil Storage | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.1 | 0.1 | 0.3 | 1 |
Operating Segments | Crude Oil Storage | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Crude Oil Storage | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.4 | 0.8 | 1.9 | 2.5 |
Operating Segments | NGL Storage | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | NGL Storage | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2.6 | 3.4 | 8.7 | 8.6 |
Operating Segments | NGL Storage | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Crude Oil Pipeline | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Crude Oil Pipeline | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Crude Oil Pipeline | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.5 | 1.7 | 4.5 | 4.6 |
Operating Segments | Crude Oil Transportation | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.8 | 1.2 | 1.9 | 4.7 |
Operating Segments | Crude Oil Transportation | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 1.9 |
Operating Segments | Crude Oil Transportation | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | NGL Transportation | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | NGL Transportation | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4.1 | 3.1 | 12.5 | 7.4 |
Operating Segments | NGL Transportation | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Crude Oil Rail Loading | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Crude Oil Rail Loading | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Crude Oil Rail Loading | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2.2 | 2.7 | 6.8 | 9 |
Operating Segments | Natural Gas Product Sales | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 42.9 | 13 | 112.5 | 31.9 |
Operating Segments | Natural Gas Product Sales | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 84.5 | 22.3 | 224.4 | 56.1 |
Operating Segments | Natural Gas Product Sales | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Crude Oil Product Sales | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 105.4 | 69.4 | 297.1 | 225.3 |
Operating Segments | Crude Oil Product Sales | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 331.3 | 162.9 | 926.9 | 515.1 |
Operating Segments | Crude Oil Product Sales | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | NGL Product Sales | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 59.1 | 16.4 | 142.3 | 28.9 |
Operating Segments | NGL Product Sales | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 500.1 | 145.6 | 1,210.9 | 398.3 |
Operating Segments | NGL Product Sales | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Other revenue | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Other revenue | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.4 | 0.3 | 1.2 | 1 |
Operating Segments | Other revenue | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.2 | 0.2 | 0.6 | 0.9 |
Operating Segments | NGL Pipeline | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||
Operating Segments | NGL Pipeline | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.1 | 0.2 | ||
Operating Segments | NGL Pipeline | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||
Revenue from Contract with Customer | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,095.8 | 486.3 | 2,889 | 1,473.3 |
Revenue from Contract with Customer | Intersegment Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (127.9) | (46.8) | (322.9) | (106.1) |
Revenue from Contract with Customer | Operating Segments | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 296.4 | 190.1 | 813.4 | 573.8 |
Revenue from Contract with Customer | Operating Segments | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 923 | 337.6 | 2,384.7 | 988.6 |
Revenue from Contract with Customer | Operating Segments | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4.3 | 5.4 | 13.8 | 17 |
Product and Service, Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-Topic 606 revenues | 130.5 | 32.9 | 299.6 | 126.5 |
Product and Service, Other | Intersegment Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-Topic 606 revenues | 0 | 0 | 0 | 0 |
Product and Service, Other | Operating Segments | Gathering and Processing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-Topic 606 revenues | 0.4 | 0 | 0.6 | 0 |
Product and Service, Other | Operating Segments | Marketing Supply and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-Topic 606 revenues | 130.1 | 32.9 | 299 | 126.5 |
Product and Service, Other | Operating Segments | Storage and Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-Topic 606 revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Revenues (Remaining Performance
Revenues (Remaining Performance Obligations) (Details) $ in Millions | Sep. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 183 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 months |
Revenue, Remaining Performance Obligation, Amount | $ 23.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 75.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 52.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 31.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2037-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 16 years |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||||||
Purchases of property, plant and equipment | $ 55,800,000 | $ 158,800,000 | ||||
Costs of product/services sold at CEQP and CMLP(2) | $ 34,800,000 | $ 6,100,000 | 101,300,000 | 12,900,000 | ||
Operations and maintenance expenses charged by CEQP and CMLP | 5,100,000 | 5,000,000 | 16,800,000 | 16,700,000 | ||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||
Related party receivables | 7,300,000 | 7,300,000 | $ 2,500,000 | |||
Related party payables | 13,100,000 | 13,100,000 | 7,500,000 | |||
Noncash Distribution to Parent | $ 2,400,000 | |||||
Applied Consultants, Inc. | ||||||
Related Party Transaction [Line Items] | ||||||
Purchases of property, plant and equipment | 600,000 | 3,200,000 | ||||
Crestwood Permian Basin Holdings LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Costs of product/services sold at CEQP and CMLP(2) | 30,400,000 | 5,700,000 | 75,500,000 | 12,100,000 | ||
Tres Palacios Holdings LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Costs of product/services sold at CEQP and CMLP(2) | 200,000 | 300,000 | 11,300,000 | 400,000 | ||
Ascent Resources - Utica, LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Costs of product/services sold at CEQP and CMLP(2) | 4,200,000 | 100,000 | 14,500,000 | 400,000 | ||
Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues at CEQP and CMLP | 7,100,000 | 10,900,000 | 25,200,000 | 25,900,000 | ||
Costs of product/services sold at CEQP and CMLP(2) | 34,800,000 | 6,100,000 | 101,300,000 | 12,900,000 | ||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 11,900,000 | 7,400,000 | 24,400,000 | 25,400,000 | ||
Crestwood Equity Partners LP | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 900,000 | 200,000 | 1,300,000 | |||
Related Party Transaction Selling General And Administrative Expenses To (From) Transactions With Related Party | 0 | 1,200,000 | 4,800,000 | 12,500,000 | ||
Crestwood Midstream Partners LP | ||||||
Related Party Transaction [Line Items] | ||||||
Purchases of property, plant and equipment | 55,800,000 | 158,800,000 | ||||
Costs of product/services sold at CEQP and CMLP(2) | 34,800,000 | 6,100,000 | 101,300,000 | 12,900,000 | ||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||
Related party payables | 13,100,000 | 13,100,000 | $ 5,000,000 | |||
Crestwood Midstream Partners LP | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 1,000,000 | 1,000,000 | 3,000,000 | 3,100,000 | ||
Crestwood LTIP | Crestwood Midstream Partners LP | ||||||
Related Party Transaction [Line Items] | ||||||
Share-based Payment Arrangement, Expense | 12,900,000 | 8,400,000 | 27,400,000 | 28,500,000 | ||
Crestwood LTIP | Crestwood Holdings | ||||||
Related Party Transaction [Line Items] | ||||||
Share-based Payment Arrangement, Expense | 0 | 300,000 | 4,600,000 | 11,200,000 | ||
Stagecoach Gas Services LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Operations and maintenance expenses charged by CEQP and CMLP | 100,000 | 1,700,000 | 3,400,000 | 5,000,000 | ||
Tres Palacios Holdings LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Operations and maintenance expenses charged by CEQP and CMLP | 1,200,000 | 900,000 | 3,600,000 | 3,100,000 | ||
Crestwood Permian Basin Holdings LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Operations and maintenance expenses charged by CEQP and CMLP | $ 3,800,000 | $ 2,400,000 | $ 9,800,000 | $ 8,600,000 |
Subsequent Event (Details)
Subsequent Event (Details) - Oasis Midstream Partners LP - Subsequent Event shares in Millions, $ in Millions | Oct. 26, 2021USD ($)shares |
Subsequent Event [Line Items] | |
Consideration transferred | $ | $ 1,800 |
Oasis Petroleum Inc. | |
Subsequent Event [Line Items] | |
Cash payment | $ | $ 150 |
Issued shares (in shares) | 21 |
Stock exchanged (in shares) | 33.8 |
Oasis Midstream Public Unitholders | |
Subsequent Event [Line Items] | |
Issued shares (in shares) | 12.9 |
Oasis Midstream Partners LP | |
Subsequent Event [Line Items] | |
Stock exchanged (in shares) | 14.8 |
Oasis Petroleum General Partners | |
Subsequent Event [Line Items] | |
Cash payment | $ | $ 10 |