Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 28, 2022 | |
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 | 2022 | |
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 | 104,652,379 | |
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, 2022 | |
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 | 2022 | |
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, 2022 | |
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, 2022 | Dec. 31, 2021 |
Assets | ||
Cash | $ 6.4 | $ 13.3 |
Accounts receivable, less allowance for doubtful accounts of $0.6 million at both September 30, 2022 and December 31, 2021 | 479.8 | 378 |
Inventory | 159.1 | 156.5 |
Assets from price risk management activities | 112.7 | 42.1 |
Assets held for sale, net | 205.7 | 0 |
Prepaid expenses and other current assets | 9.2 | 14.8 |
Total current assets | 972.9 | 604.7 |
Property, plant and equipment | 5,141.4 | 3,771.5 |
Less: accumulated depreciation | 752.1 | 992.1 |
Property, plant and equipment, net | 4,389.3 | 2,779.4 |
Intangible assets | 1,420.2 | 1,126.1 |
Less: accumulated amortization | 285.1 | 393.2 |
Intangible assets, net | 1,135.1 | 732.9 |
Goodwill | 251.3 | 138.6 |
Operating lease right-of-use assets, net | 18.6 | 27.4 |
Investments in unconsolidated affiliates | 121.4 | 155.8 |
Other non-current assets | 10.8 | 6.9 |
Total assets | 6,899.4 | 4,445.7 |
Current liabilities: | ||
Accounts payable | 386.2 | 336.5 |
Accrued expenses and other liabilities | 204.5 | 147.1 |
Liabilities from price risk management activities | 36.9 | 114.6 |
Current portion of long-term debt | 0 | 0.2 |
Total current liabilities | 627.6 | 598.4 |
Long-term debt, less current portion | 3,570 | 2,052.1 |
Other long-term liabilities | 325.7 | 258.7 |
Deferred income taxes | 3.5 | 2.3 |
Total liabilities | 4,526.8 | 2,911.5 |
Commitments and contingencies (Note 9) | ||
Interest of non-controlling partner in subsidiary | 434.4 | 434.6 |
Partners’ capital: | ||
Crestwood Equity Partners LP partners’ capital (104,651,317 and 62,991,511 common units issued and outstanding at September 30, 2022 and December 31, 2021) | 1,326.2 | 487.6 |
Preferred units (71,257,445 units issued and outstanding at both September 30, 2022 and December 31, 2021) | 612 | 612 |
Total partners’ capital | 1,938.2 | 1,099.6 |
Total liabilities and capital | $ 6,899.4 | $ 4,445.7 |
Limited Partners' Capital Account, Units Issued | 104,651,317 | 62,991,511 |
Limited Partners' Capital Account, Units Outstanding | 104,651,317 | 62,991,511 |
Preferred Units, Issued | 71,257,445 | 71,257,445 |
Preferred Units, Outstanding | 71,257,445 | 71,257,445 |
Crestwood Midstream Partners LP | ||
Assets | ||
Cash | $ 5.8 | $ 12.9 |
Accounts receivable, less allowance for doubtful accounts of $0.6 million at both September 30, 2022 and December 31, 2021 | 479.8 | 378 |
Inventory | 159.1 | 156.5 |
Assets from price risk management activities | 112.7 | 42.1 |
Assets held for sale, net | 205.7 | 0 |
Prepaid expenses and other current assets | 9.2 | 14.4 |
Total current assets | 972.3 | 603.9 |
Property, plant and equipment | 5,138.2 | 4,100.8 |
Less: accumulated depreciation | 752 | 1,193 |
Property, plant and equipment, net | 4,386.2 | 2,907.8 |
Intangible assets | 1,420.2 | 1,126.1 |
Less: accumulated amortization | 285.1 | 393.2 |
Intangible assets, net | 1,135.1 | 732.9 |
Goodwill | 251.3 | 138.6 |
Operating lease right-of-use assets, net | 18.6 | 27.4 |
Investments in unconsolidated affiliates | 121.4 | 155.8 |
Other non-current assets | 8.7 | 4.8 |
Total assets | 6,893.6 | 4,571.2 |
Current liabilities: | ||
Accounts payable | 386.1 | 336.4 |
Accrued expenses and other liabilities | 203.3 | 146.1 |
Liabilities from price risk management activities | 36.9 | 114.6 |
Current portion of long-term debt | 0 | 0.2 |
Total current liabilities | 626.3 | 597.3 |
Long-term debt, less current portion | 3,570 | 2,052.1 |
Other long-term liabilities | 323.6 | 254.1 |
Deferred income taxes | 2.2 | 0.8 |
Total liabilities | 4,522.1 | 2,904.3 |
Commitments and contingencies (Note 9) | ||
Interest of non-controlling partner in subsidiary | 434.4 | 434.6 |
Partners’ capital: | ||
Partners' capital | 1,937.1 | 1,232.3 |
Total liabilities and capital | $ 6,893.6 | $ 4,571.2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 0.6 | $ 0.6 |
Limited Partners' Capital Account, Units Issued | 104,651,317 | 62,991,511 |
Limited Partners' Capital Account, Units Outstanding | 104,651,317 | 62,991,511 |
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 | $ 0.6 | $ 0.6 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues: | ||||
Revenues | $ 1,566 | $ 1,226.3 | $ 4,597.8 | $ 3,188.6 |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Product costs - related party (Note 15) | 51.3 | 34.8 | 232.9 | 101.3 |
Total costs of product/services sold | 1,286.8 | 1,099.3 | 3,864.4 | 2,710.3 |
Operating expenses and other: | ||||
Operations and maintenance | 55 | 31.6 | 144 | 90.2 |
General and administrative | 33.9 | 25.9 | 103.8 | 67.4 |
Depreciation, amortization and accretion | 86.9 | 64.6 | 242.3 | 182.6 |
Loss on long-lived assets, net | 175.9 | 18.5 | 186.9 | 19.6 |
Gain Loss on Acquisition | (75.3) | 0 | (75.3) | 0 |
Total expenses | 276.4 | 140.6 | 601.7 | 359.8 |
Operating income (loss) | 2.8 | (13.6) | 131.7 | 118.5 |
Earnings (loss) from unconsolidated affiliates, net | 3.2 | 4.9 | 12.2 | (125.9) |
Interest and debt expense, net | (47.6) | (30.9) | (123.8) | (102) |
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 0 | (6.7) |
Other income, net | 0 | 0.1 | 0.2 | 0.2 |
Loss before income taxes | (41.6) | (39.5) | 20.3 | (115.9) |
Provision for income taxes | (1.4) | (0.1) | (1.7) | (0.1) |
Net income (loss) | (43) | (39.6) | 18.6 | (116) |
Net income attributable to non-controlling partner | 10.3 | 10.3 | 30.8 | 30.7 |
Net income (loss) attributable to parent | (53.3) | (49.9) | (12.2) | (146.7) |
Net income attributable to preferred unit holders | 15 | 15 | 45 | 45 |
Net loss attributable to partners | $ (68.3) | $ (64.9) | $ (57.2) | $ (191.7) |
Net loss per limited partner unit: (Note 12) | ||||
Basic (in dollars per share) | $ (0.64) | $ (1.03) | $ (0.59) | $ (2.88) |
Diluted (in dollars per share) | $ (0.64) | $ (1.03) | $ (0.59) | $ (2.88) |
Weighted-average limited partners’ units outstanding: | ||||
Basic (units) | 107.1 | 62.9 | 97.1 | 66.6 |
Diluted (units) | 107.1 | 62.9 | 97.1 | 66.6 |
Affiliated Entity | ||||
Costs of product/services sold (exclusive of items shown separately below): | ||||
Product costs - related party (Note 15) | $ 51.3 | $ 34.8 | $ 232.9 | $ 101.3 |
Crestwood Midstream Partners LP | ||||
Revenues: | ||||
Revenues | 1,566 | 1,226.3 | 4,597.8 | 3,188.6 |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Product costs - related party (Note 15) | 51.3 | 34.8 | 232.9 | 101.3 |
Total costs of product/services sold | 1,286.8 | 1,099.3 | 3,864.4 | 2,710.3 |
Operating expenses and other: | ||||
Operations and maintenance | 55 | 31.6 | 144 | 90.2 |
General and administrative | 32.3 | 24.4 | 99 | 61.3 |
Depreciation, amortization and accretion | 86.8 | 68.2 | 248 | 193.2 |
Loss on long-lived assets, net | 247.6 | 18.5 | 311.9 | 19.6 |
Gain Loss on Acquisition | (75.3) | 0 | (75.3) | 0 |
Total expenses | 346.4 | 142.7 | 727.6 | 364.3 |
Operating income (loss) | (67.2) | (15.7) | 5.8 | 114 |
Earnings (loss) from unconsolidated affiliates, net | 3.2 | 4.9 | 12.2 | (125.9) |
Interest and debt expense, net | (47.6) | (30.9) | (123.8) | (102) |
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 0 | (6.7) |
Loss before income taxes | (111.6) | (41.7) | (105.8) | (120.6) |
Provision for income taxes | (1.4) | (0.1) | (1.6) | (0.1) |
Net income (loss) | (113) | (41.8) | (107.4) | (120.7) |
Net income attributable to non-controlling partner | 10.3 | 10.3 | 30.8 | 30.7 |
Net income (loss) attributable to parent | (123.3) | (52.1) | (138.2) | (151.4) |
Product | ||||
Revenues: | ||||
Revenues | 1,332.8 | 1,120.8 | 3,938.3 | 2,872.1 |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Costs of product/services sold | 1,228.6 | 1,060.2 | 3,613.4 | 2,595.8 |
Product | Crestwood Midstream Partners LP | ||||
Revenues: | ||||
Revenues | 1,332.8 | 1,120.8 | 3,938.3 | 2,872.1 |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Costs of product/services sold | 1,228.6 | 1,060.2 | 3,613.4 | 2,595.8 |
Service | ||||
Revenues: | ||||
Revenues | 92.4 | 98.4 | 286.8 | 291.3 |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Costs of product/services sold | 6.9 | 4.3 | 18.1 | 13.2 |
Service | Crestwood Midstream Partners LP | ||||
Revenues: | ||||
Revenues | 92.4 | 98.4 | 286.8 | 291.3 |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Costs of product/services sold | 6.9 | 4.3 | 18.1 | 13.2 |
Product, Related Party | ||||
Revenues: | ||||
Revenues | 83.2 | 6.5 | 222.7 | 24.2 |
Product, Related Party | Crestwood Midstream Partners LP | ||||
Revenues: | ||||
Revenues | 83.2 | 6.5 | 222.7 | 24.2 |
Service, Related Party | ||||
Revenues: | ||||
Revenues | 57.6 | 0.6 | 150 | 1 |
Service, Related Party | Crestwood Midstream Partners LP | ||||
Revenues: | ||||
Revenues | $ 57.6 | $ 0.6 | $ 150 | $ 1 |
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 LP Partners' Capital | Preferred Units | Common Units | Subordinated Units | Common Stock |
Preferred units, beginning balance (in units) at Dec. 31, 2020 | 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 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Stock Repurchased and Retired During Period, Value | (273.2) | (273.2) | ||||||||
Retirement of common units (in units) | (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 | 71,300,000 | |||||||||
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 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income (loss) attributable to parent | $ (146.7) | $ (151.4) | ||||||||
Preferred units, ending balance (in units) at Sep. 30, 2021 | 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 | ||||||
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 | 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 | (0.1) | (0.1) | (0.1) | |||||||
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 | 71,300,000 | |||||||||
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 | ||||||
Preferred units, beginning balance (in units) at Dec. 31, 2021 | 71,257,445 | 71,300,000 | ||||||||
Partner units, beginning balance (in units) at Dec. 31, 2021 | 63,000,000 | |||||||||
Beginning balance at Dec. 31, 2021 | 612 | 487.6 | 1,099.6 | 1,232.3 | 1,232.3 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Distributions to partners | (15) | (60.9) | (75.9) | (238.1) | ||||||
Issuance of common units (in shares) | 33,800,000 | |||||||||
Issuance of common units (Note 3) | 930 | 930 | ||||||||
Non-cash contribution from partner (Note 11) | 1,075.1 | |||||||||
Cash contribution from partner (Note 11) | 14.9 | |||||||||
Unit-based compensation charges (in shares) | 1,600,000 | |||||||||
Unit-based compensation charges | 13 | 13 | 13 | |||||||
Taxes paid for unit-based compensation vesting (in shares) | (500,000) | |||||||||
Taxes paid for unit-based compensation vesting | (14.9) | (14.9) | (14.9) | |||||||
Other (in shares) | 100,000 | |||||||||
Other | 2.2 | 2.2 | 0.1 | |||||||
Net income (loss) attributable to parent | 15 | (3) | 12 | 10 | ||||||
Preferred units, ending balance (in units) at Mar. 31, 2022 | 71,300,000 | |||||||||
Partner units, ending balance (in units) at Mar. 31, 2022 | 98,000,000 | |||||||||
Ending Balance at Mar. 31, 2022 | 612 | 1,354 | 1,966 | 2,092.4 | ||||||
Preferred units, beginning balance (in units) at Dec. 31, 2021 | 71,257,445 | 71,300,000 | ||||||||
Partner units, beginning balance (in units) at Dec. 31, 2021 | 63,000,000 | |||||||||
Beginning balance at Dec. 31, 2021 | 612 | 487.6 | 1,099.6 | 1,232.3 | 1,232.3 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income (loss) attributable to parent | $ (12.2) | (138.2) | ||||||||
Preferred units, ending balance (in units) at Sep. 30, 2022 | 71,257,445 | 71,300,000 | ||||||||
Partner units, ending balance (in units) at Sep. 30, 2022 | 104,700,000 | |||||||||
Ending Balance at Sep. 30, 2022 | 612 | 1,326.2 | 1,938.2 | 1,937.1 | 1,937.1 | |||||
Preferred units, beginning balance (in units) at Mar. 31, 2022 | 71,300,000 | |||||||||
Partner units, beginning balance (in units) at Mar. 31, 2022 | 98,000,000 | |||||||||
Beginning balance at Mar. 31, 2022 | 612 | 1,354 | 1,966 | 2,092.4 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Distributions to partners | (15) | (64.2) | (79.2) | (81.6) | ||||||
Unit-based compensation charges | 8.6 | 8.6 | 8.6 | |||||||
Taxes paid for unit-based compensation vesting | (0.7) | (0.7) | (0.7) | |||||||
Other | (0.4) | (0.4) | ||||||||
Net income (loss) attributable to parent | 15 | 14.1 | 29.1 | (24.9) | ||||||
Preferred units, ending balance (in units) at Jun. 30, 2022 | 71,300,000 | |||||||||
Partner units, ending balance (in units) at Jun. 30, 2022 | 98,000,000 | |||||||||
Ending Balance at Jun. 30, 2022 | 612 | 1,311.4 | 1,923.4 | 1,993.8 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Retirement of common units (in units) | (4,600,000) | |||||||||
Distributions to partners | (15) | (71.6) | (86.6) | (217.9) | ||||||
Issuance of common units (in shares) | 11,300,000 | |||||||||
Issuance of common units (Note 3) | 270.8 | 270.8 | ||||||||
Purchase of common units (Note 11) | (123.7) | (123.7) | ||||||||
Non-cash contribution from partner (Note 11) | 127.3 | |||||||||
Cash contribution from partner (Note 11) | 149.4 | |||||||||
Unit-based compensation charges | 8 | 8 | 8 | |||||||
Taxes paid for unit-based compensation vesting | (0.2) | (0.2) | (0.2) | |||||||
Other | (0.2) | (0.2) | ||||||||
Net income (loss) attributable to parent | $ (53.3) | 15 | (68.3) | (53.3) | (123.3) | (123.3) | ||||
Preferred units, ending balance (in units) at Sep. 30, 2022 | 71,257,445 | 71,300,000 | ||||||||
Partner units, ending balance (in units) at Sep. 30, 2022 | 104,700,000 | |||||||||
Ending Balance at Sep. 30, 2022 | $ 612 | $ 1,326.2 | $ 1,938.2 | $ 1,937.1 | $ 1,937.1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities | ||
Net income (loss) | $ 18.6 | $ (116) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 242.3 | 182.6 |
Amortization of debt-related deferred costs and fair value adjustment | 1.7 | 5.1 |
Unit-based compensation charges | 26.8 | 22.8 |
Loss on long-lived assets, net | 186.9 | 19.6 |
Gain Loss on Acquisition | (75.3) | 0 |
Loss on modification/extinguishment of debt | 0 | 6.7 |
(Earnings) loss from unconsolidated affiliates, net, adjusted for cash distributions received | (0.9) | 137.5 |
Deferred income taxes | 1.1 | (0.4) |
Other | 0 | 0.2 |
Changes in operating assets and liabilities | (123.9) | 114.8 |
Net cash provided by operating activities | 277.3 | 372.9 |
Investing activities | ||
Acquisition, net of cash acquired (Note 3) | (604.3) | 0 |
Purchases of property, plant and equipment | (147.3) | (55.8) |
Investments in unconsolidated affiliates | (90.2) | (10.2) |
Capital distributions from unconsolidated affiliates | 9.4 | 648.4 |
Net proceeds from sale of assets | 315.2 | 0.5 |
Net cash provided by (used in) investing activities | (517.2) | 582.9 |
Financing activities | ||
Proceeds from the issuance of long-term debt | 3,072 | 2,236.4 |
Payments on long-term debt | (2,393.1) | (2,695.9) |
Payments on finance leases | (31.3) | (2.1) |
Payments for deferred financing costs | (1.8) | (11.1) |
Net proceeds from issuance of non-controlling interest | 0 | 1 |
Payments for Repurchase of Common Stock and Other | 0 | (275.6) |
Payments for Crestwood Holdings Transactions | (123.7) | 0 |
Distributions to partners | (196.7) | (125) |
Distributions to non-controlling partner | (31) | (29.9) |
Distributions to preferred unitholders | (45) | (45) |
Taxes paid for unit-based compensation vesting | (15.8) | (8.3) |
Other | (0.6) | 0 |
Net cash provided by (used in) financing activities | 233 | (955.5) |
Net change in cash | (6.9) | 0.3 |
Cash at beginning of period | 13.3 | 14 |
Cash at end of period | 6.4 | 14.3 |
Supplemental schedule of noncash investing activities | ||
Net change to property, plant and equipment through accounts payable and accrued expenses | 19.9 | (9.2) |
Crestwood Midstream Partners LP | ||
Operating activities | ||
Net income (loss) | (107.4) | (120.7) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 248 | 193.2 |
Amortization of debt-related deferred costs and fair value adjustment | 1.7 | 5.1 |
Unit-based compensation charges | 26.8 | 22.8 |
Loss on long-lived assets, net | 311.9 | 19.6 |
Gain Loss on Acquisition | (75.3) | 0 |
Loss on modification/extinguishment of debt | 0 | 6.7 |
(Earnings) loss from unconsolidated affiliates, net, adjusted for cash distributions received | (0.9) | 137.5 |
Deferred income taxes | 1.2 | 0 |
Other | 0 | 0.2 |
Changes in operating assets and liabilities | (123.9) | 114.1 |
Net cash provided by operating activities | 282.1 | 378.5 |
Investing activities | ||
Acquisition, net of cash acquired (Note 3) | (602.7) | 0 |
Purchases of property, plant and equipment | (146.6) | (55.8) |
Investments in unconsolidated affiliates | (90.2) | (10.2) |
Capital distributions from unconsolidated affiliates | 9.4 | 648.4 |
Net proceeds from sale of assets | 315.2 | 0.5 |
Net cash provided by (used in) investing activities | (514.9) | 582.9 |
Financing activities | ||
Proceeds from the issuance of long-term debt | 3,072 | 2,236.4 |
Payments on long-term debt | (2,393.1) | (2,695.9) |
Payments on finance leases | (31.3) | (2.1) |
Payments for deferred financing costs | (1.8) | (11.1) |
Net proceeds from issuance of non-controlling interest | 0 | 1 |
Contributions from partner | 164.3 | 0 |
Distributions to partners | (537.6) | (451.3) |
Distributions to non-controlling partner | (31) | (29.9) |
Taxes paid for unit-based compensation vesting | (15.8) | (8.3) |
Net cash provided by (used in) financing activities | 225.7 | (961.2) |
Net change in cash | (7.1) | 0.2 |
Cash at beginning of period | 12.9 | 13.7 |
Cash at end of period | 5.8 | 13.9 |
Supplemental schedule of noncash investing activities | ||
Net change to property, plant and equipment through accounts payable and accrued expenses | $ 19.9 | (9.2) |
Non-Controlling Partners | ||
Financing activities | ||
Net proceeds from issuance of non-controlling interest | $ 1 |
Organization and Business Descr
Organization and Business Description | 9 Months Ended |
Sep. 30, 2022 | |
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 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 25, 2022. The financial information as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021, is unaudited. The consolidated balance sheets as of December 31, 2021 were derived from the audited balance sheets filed in our 2021 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, as the context requires. 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), our wholly-owned subsidiary, owns our non-economic general partnership interest. 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. 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. See Note 13 for information regarding our operating and reporting segments. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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. 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 2021 Annual Report on Form 10-K. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures Acquisitions During the nine months ended September 30, 2022, we completed several acquisitions which are further described below. We accounted for each of these acquisitions as business combinations using the acquisition method of accounting. In addition, the purchase accounting for each of these acquisitions reflects the adoption of Accounting Standards Update (ASU) 2021-08, Business Combinations (Topic 805) during the nine months ended September 30, 2022. Oasis Merger On October 25, 2021, we entered into a merger agreement to acquire Oasis Midstream Partners LP (Oasis Midstream) in an equity and cash transaction (the Oasis Merger). Oasis Midstream is a master limited partnership which operates a diversified portfolio of midstream assets located in the Williston and Delaware Basins and its operations include natural gas services (gathering, compression, processing and gas lift supply), crude oil services (gathering, terminalling and transportation), and water services (gathering and disposal of produced and flowback water and freshwater distribution). On February 1, 2022, we completed the merger with Oasis Midstream, which was valued at approximately $1.8 billion. Pursuant to the merger agreement, Oasis Petroleum Inc. (Oasis Petroleum) received $150 million in cash plus approximately 20.9 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 received approximately 12.9 million newly issued CEQP common units in exchange for the approximately 14.8 million Oasis Midstream common units held by them. Additionally, under the merger agreement Oasis Petroleum received a $10 million cash payment in exchange for its ownership of the general partner of Oasis Midstream. The fair value of the assets acquired and liabilities assumed were determined primarily utilizing market related information and other projections on the performance of the assets acquired, including an analysis of discounted cash flows at a discount rate of approximately 12%. Certain fair values are Level 3 fair value measurements and were developed by management with the assistance of a third-party valuation firm. We estimated the fair value of the senior notes assumed based on quoted market prices for similar issuances which are considered Level 2 fair value measurements. The following table summarizes the final valuation of the assets acquired and liabilities assumed at the acquisition date (in millions) : Cash $ 14.9 Other current assets 63.2 Property, plant and equipment 1,264.4 Intangible assets 464.0 Total assets acquired 1,806.5 Current liabilities 48.2 Long-term debt (1) 698.7 Other long-term liabilities (2) 25.8 Total liabilities assumed 772.7 Net assets acquired excluding goodwill 1,033.8 Goodwill 56.2 Net assets acquired $ 1,090.0 (1) Consists of approximately $218 million outstanding borrowings under the Oasis Midstream credit facility, which was immediately repaid upon the closing of the Oasis Merger and approximately $450 million of unsecured senior notes and the related fair value adjustment of approximately $30.7 million. For a further discussion of the long-term debt assumed in conjunction with the Oasis Merger, see Note 8. (2) Consists primarily of liabilities for asset retirement obligations of approximately $16.1 million. The identifiable intangible assets primarily consist of customer relationships with Oasis Petroleum and other customers with a weighted-average remaining life of 20 years. The goodwill recognized relates primarily to the anticipated operating synergies between the assets acquired and our existing operations. We reflected approximately $48.8 million of goodwill in our gathering and processing north segment and approximately $7.4 million in our gathering and processing south segment. The financial results of Oasis Midstream’s Williston Basin operations are included in our gathering and processing north segment and Oasis Midstream’s Delaware Basin operations are included in our gathering and processing south segment from the date of acquisition. During the nine months ended September 30, 2022, we recognized approximately $20.1 million of transaction costs related to the Oasis Merger, which are included in general and administrative expenses in our consolidated statements of operations. During the three and nine months ended September 30, 2022, we recognized approximately $110.8 million and $275.1 million of revenues and $37.7 million and $94.0 million of net income related to Oasis Midstream’s operations. Sendero Acquisition On July 11, 2022, we acquired Sendero Midstream Partners, LP (Sendero), a privately-held midstream company, for cash consideration of approximately $631.2 million (Sendero Acquisition). Sendero’s assets are located in Eddy County, New Mexico and its operations include natural gas gathering, compression and processing services. The purchase price has been allocated to the assets acquired and liabilities assumed based on preliminary fair values. Certain preliminary fair values are Level 3 fair value measurements and were developed by management with the assistance of a third-party valuation firm. The preliminary fair values were estimated primarily utilizing market related information and other projections on the performance of the assets acquired, including an analysis of discounted cash flows at a discount rate of approximately 13%. The preliminary fair values of property, plant and equipment, intangible assets and liabilities and goodwill are subject to change pending a final determination of the fair values as more information is received about their respective values. We expect to finalize the purchase price allocation for the Sendero Acquisition in 2022. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date (in millions) : Cash $ 28.5 Other current assets 77.9 Property, plant and equipment 440.2 Intangible assets 138.9 Other non-current assets 0.2 Total assets acquired 685.7 Current liabilities 64.1 Long-term liabilities (1) 17.8 Total liabilities assumed 81.9 Net assets acquired excluding goodwill 603.8 Goodwill 27.4 Total purchase price $ 631.2 (1) Includes intangible liabilities of approximately $14.0 million which are further described below. The identifiable intangible assets primarily consist of customer relationships with a weighted-average remaining life of 20 years and the identifiable intangible liabilities primarily consist of revenue contracts with a remaining life of eight years. The goodwill recognized relates primarily to the anticipated operating synergies between the assets acquired and our existing operations. The financial results of Sendero are included in our gathering and processing south segment from the date of acquisition. During the three and nine months ended September 30, 2022, we recognized approximately $8.4 million and $9.3 million of transaction costs related to the Sendero Acquisition, which are included in general and administrative expenses in our consolidated statements of operations. During both the three and nine months ended September 30, 2022, we recognized approximately $159.0 million of revenues and $18.1 million of net income related to Sendero’s operations. CPJV Acquisition On July 11, 2022, we acquired First Reserve Management, L.P.’s (First Reserve) 50% equity interest in Crestwood Permian Basin Holdings LLC (Crestwood Permian) in exchange for approximately $5.9 million in cash and approximately 11.3 million newly issued CEQP common units (CPJV Acquisition). Prior to the CPJV Acquisition, we owned a 50% equity interest in Crestwood Permian, which we accounted for under the equity method of accounting. As a result of this transaction, we control and own 100% of the equity interests in Crestwood Permian. The purchase price has been allocated to the assets acquired and liabilities assumed based on preliminary fair values. Certain preliminary fair values are Level 3 fair value measurements and were developed by management with the assistance of a third-party valuation firm. The preliminary fair values were estimated primarily utilizing market related information and other projections on the performance of the assets acquired, including an analysis of discounted cash flows at a discount rate of approximately 15%. The preliminary fair values of property, plant and equipment, intangible assets and liabilities, goodwill and an investment in an unconsolidated affiliate are subject to change pending a final determination of the fair values as more information is received about their respective values. We expect to finalize the purchase price allocation for the CPJV Acquisition in 2022. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date (in millions) : Cash $ 149.4 Other current assets 83.3 Property, plant and equipment 453.4 Intangible assets 16.5 Investment in unconsolidated affiliate 78.6 Goodwill 29.1 Other non-current assets 4.9 Total assets acquired 815.2 Current liabilities 80.4 Long-term debt 140.2 Other long-term liabilities (1) 47.9 Total liabilities assumed 268.5 Estimated fair value of 100% of interest in Crestwood Permian 546.7 Less: Elimination of equity interest in Crestwood Permian 194.7 Gain on acquisition of Crestwood Permian 75.3 Total purchase price $ 276.7 (1) Includes intangible liabilities of approximately $38.9 million which are further described below. The identifiable intangible assets primarily consist of customer relationships with a weighted-average remaining life of 20 years and the identifiable intangible liabilities primarily consist of revenue contracts with a remaining life of 10 years. The goodwill recognized relates primarily to the anticipated operating synergies between the assets acquired and our existing operations. As shown in the table above, the fair value of the assets acquired and liabilities assumed in the CPJV Acquisition exceeded the sum of the cash consideration paid, the fair value of the common units issued and the historical book value of our 50% equity interest in Crestwood Permian (which was remeasured at fair value and derecognized) and, as a result, we recognized a gain of approximately $75.3 million, which is included in gain on acquisition in our consolidated statements of operations. The consolidated financial results of Crestwood Permian are included in our gathering and processing south segment from the date of acquisition. During the three and nine months ended September 30, 2022, we recognized approximately $0.1 million and $0.3 million of transaction costs related to the CPJV Acquisition, which are included in general and administrative expenses in our consolidated statements of operations. During both the three and nine months ended September 30, 2022, we recognized approximately $157.0 million of revenues and $8.4 million of net income related to Crestwood Permian’s operations. The tables below present selected unaudited pro forma information as if the acquisitions described above had occurred on January 1, 2021 ( in millions ). The pro forma information is not necessarily indicative of the financial results that would have occurred if the acquisitions had been completed as of the date indicated. The pro forma amounts were calculated after applying our accounting policies and adjusting the results to reflect the depreciation, amortization and accretion expense that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets and liabilities had been made at the beginning of the reporting period. The pro forma net income (loss) also includes the net effects of interest expense on incremental borrowings, repayments of long-term debt and amortization of the fair value adjustment to long-term debt. Our consolidated statements of operations for the three and nine months ended September 30, 2022 reflect the results of the Sendero and Crestwood Permian for the period from July 11, 2022 to September 30, 2022. The historical results for Sendero and Crestwood Permian for the period from July 1, 2022 to July 10, 2022 were not material and as a result, the tables below do not reflect selected unaudited pro forma information for the three months ended September 30, 2022. Crestwood Equity Three Months Ended September 30, Nine Months Ended September 30, 2021 2022 2021 Revenues $ 1,398.3 $ 4,832.0 $ 3,626.1 Net income (loss) $ (23.6) $ 45.1 $ (65.1) Net loss per limited partner unit: Basic and Diluted $ (0.45) $ (0.28) $ (1.26) Crestwood Midstream Three Months Ended September 30, Nine Months Ended September 30, 2021 2022 2021 Revenues $ 1,398.3 $ 4,832.0 $ 3,626.1 Net loss $ (25.8) $ (156.2) $ (69.8) Divestitures Barnett On July 1, 2022, we sold our assets in the Barnett Shale to EnLink Midstream, LLC (EnLink) for approximately $290 million, including working capital adjustments. During the nine months ended September 30, 2022, Crestwood Midstream recorded a loss on the sale of approximately $53 million, which is included in loss on long-lived assets, net on its consolidated statement of operations. Crestwood Equity’s historical carrying value of the property, plant and equipment related to the Barnett Shale assets was less than the sales proceeds due to historical impairments previously recorded on the property, plant and equipment by Crestwood Equity and as a result, during the three months ended September 30, 2022, Crestwood Equity recorded a gain on the sale of approximately $72 million, which is included in gain (loss) on long-lived assets, net on its consolidated statement of operations. The sale of the Barnett assets resulted in a decrease of approximately $346.9 million and $221.9 million of property, plant and equipment, net at CMLP and CEQP, respectively, and a decrease of approximately $18.9 million in asset retirement obligations at both CMLP and CEQP. For a further description of our assets in the Barnett Shale, which were previously included in our gathering and processing south segment, see our 2021 Annual Report on Form 10-K. Marcellus On October 25, 2022, we sold our assets in the Marcellus Shale for approximately $206 million. As a result of the sale, we reflected these assets as current assets held for sale, net, on our consolidated balance sheets at September 30, 2022, and recorded a loss on long-lived assets of approximately $248.2 million during the three months ended September 30, 2022 for the difference between the historical carrying value of the net assets and liabilities to be sold and the proceeds received from the sale. The current assets held for sale, net, were recorded at fair value based on the sales proceeds, which is a Level 3 fair value measurement, and consist primarily of property, plant and equipment and intangible assets. 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 Marcellus West Union compressor station assets, which were located in West Virginia and provided compression and dehydration services to our customers. For a further description of our assets in the Marcellus Shale, which are included in our gathering and processing south segment, see our 2021 Annual Report on Form 10-K. Other During the nine months ended September 30, 2022, we recorded a loss on long-lived assets of approximately $7.0 million related to the anticipated sale of parts inventory related to our legacy Granite Wash operations. |
Certain Balance Sheet Informati
Certain Balance Sheet Information | 9 Months Ended |
Sep. 30, 2022 | |
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 ): September 30, December 31, 2022 2021 CMLP Accrued expenses $ 71.9 $ 66.3 Accrued property taxes 8.5 4.4 Income tax payable 0.7 0.4 Interest payable 56.6 30.6 Accrued additions to property, plant and equipment 42.6 17.4 Operating leases 8.2 13.2 Finance leases 2.2 1.7 Contract liabilities 12.2 10.7 Asset retirement obligations 0.4 1.4 Total CMLP accrued expenses and other liabilities $ 203.3 $ 146.1 CEQP Accrued expenses 1.1 0.9 Income tax payable 0.1 0.1 Total CEQP accrued expenses and other liabilities $ 204.5 $ 147.1 Other Long-Term Liabilities Other long-term liabilities consisted of the following ( in millions ): September 30, December 31, 2022 2021 CMLP Contract liabilities $ 209.1 $ 187.1 Intangible liabilities 51.7 — Asset retirement obligations 33.9 34.8 Operating leases 14.5 19.4 Other 14.4 12.8 Total CMLP other long-term liabilities $ 323.6 $ 254.1 CEQP Other 2.1 4.6 Total CEQP other long-term liabilities $ 325.7 $ 258.7 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates 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, 2022 2021 2022 2021 2022 2021 Crestwood Permian Basin Holdings LLC (1) $ — $ 116.1 $ 1.3 $ 4.2 $ 8.7 $ 4.4 Crestwood Permian Basin LLC (2) 77.1 — 0.7 — 0.7 — Tres Palacios Holdings LLC (3) 41.2 36.2 1.3 (0.1) 3.2 9.1 Powder River Basin Industrial Complex, LLC (4) 3.1 3.5 (0.1) (0.1) (0.4) — Stagecoach Gas Services LLC (5) — — — 0.9 — (139.4) Total $ 121.4 $ 155.8 $ 3.2 $ 4.9 $ 12.2 $ (125.9) (1) On July 11, 2022, we acquired the remaining 50% equity interest in Crestwood Permian and as a result, we control and own 100% of the equity interests in Crestwood Permian. As a result of this transaction, we eliminated our historical equity investment in Crestwood Permian of approximately $194.7 million as of July 11, 2022 and began consolidating Crestwood Permian’s operations. Our Crestwood Permian investment was previously included in our gathering and processing south segment. See Note 3 for a further discussion of this acquisition. (2) As described above, on July 11, 2022, we acquired the remaining 50% equity interest in Crestwood Permian, which owns a 50% equity interest in Crestwood Permian Basin LLC (Crestwood Permian Basin). Shell Midstream Partners L.P., a subsidiary of Royal Dutch Shell plc, owns the remaining 50% equity interest in Crestwood Permian Basin. Crestwood Permian Basin owns the Nautilus natural gas gathering system and related assets, which are further described in our 2021 Annual Report on Form 10-K. As of September 30, 2022, our equity in the underlying net assets of Crestwood Permian Basin was less than our carrying value of our investment balance by approximately $2.3 million. During the three and nine months ended September 30, 2022, we recorded amortization of less than $0.1 million related to this basis difference, which is reflected as a decrease in our earnings from unconsolidated affiliates in our consolidated statements of operations. Our Crestwood Permian Basin investment is included in our gathering and processing south segment. (3) As of September 30, 2022, our equity in the underlying net assets of Tres Palacios Holdings LLC (Tres Holdings) exceeded the carrying value of our investment balance by approximately $20.6 million. During both the three and nine months ended September 30, 2022 and 2021, 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 logistics segment. (4) As of September 30, 2022, our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC) approximates the carrying value of our investment balance. Our PRBIC investment is included in our storage and logistics segment. (5) In 2021, we and Con Edison Gas Pipeline and Storage Northeast, LLC each sold our 50% equity interest in our Stagecoach Gas Services LLC (Stagecoach Gas) equity investment to a subsidiary of Kinder Morgan, Inc. During the nine months ended September 30, 2021, we recorded a $155.4 million reduction in our equity earnings from unconsolidated affiliates related to losses recorded by us and our Stagecoach Gas equity investment associated with the sale, which also eliminated our $51.3 million historical basis difference between our investment balance and the equity in the underlying net assets of Stagecoach Gas. 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 sale, which were paid by us in July 2021 on behalf of Stagecoach Gas. Our Stagecoach Gas investment was previously included in our storage and logistics segment. 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, 2022 2021 2022 2021 Crestwood Permian $ 13.6 $ 8.9 $ 83.5 $ 3.3 Crestwood Permian Basin 2.2 — — — Tres Holdings 4.9 13.1 6.7 6.9 PRBIC — 0.1 — — Stagecoach Gas — 640.9 — — Total $ 20.7 $ 663.0 $ 90.2 $ 10.2 |
Risk Management
Risk Management | 9 Months Ended |
Sep. 30, 2022 | |
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 ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Product revenues $ 84.7 $ 129.4 $ 395.7 $ 296.9 Gain (loss) reflected in product costs $ 45.0 $ (53.4) $ (6.3) $ (94.8) 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, 2022 December 31, 2021 Fixed Price Fixed Price Fixed Price Fixed Price Propane, ethane, butane, heating oil and crude oil (MMBbls) 66.1 69.8 71.6 75.8 Natural gas (Bcf) 38.0 43.2 31.9 43.4 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, 88% 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, 2022 December 31, 2021 Aggregate fair value liability of derivative instruments with credit-risk-related contingent features (1) $ 15.6 $ 57.9 Broker-related net derivative asset (liability) position $ (24.0) $ 104.8 Broker-related cash collateral posted (received) $ 57.4 $ (76.8) Cash collateral received, net $ 29.7 $ 11.4 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
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 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, 2022 and December 31, 2021, 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, 2022 and December 31, 2021 ( in millions ): September 30, 2022 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 $ 36.7 $ 656.3 $ — $ 693.0 $ (584.5) $ 4.2 $ 112.7 Other investments (2) 2.4 — — 2.4 — — 2.4 Total assets at fair value $ 39.1 $ 656.3 $ — $ 695.4 $ (584.5) $ 4.2 $ 115.1 Liabilities Liabilities from price risk management $ 49.7 $ 595.2 $ — $ 644.9 $ (584.5) $ (23.5) $ 36.9 Total liabilities at fair value $ 49.7 $ 595.2 $ — $ 644.9 $ (584.5) $ (23.5) $ 36.9 December 31, 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 $ 33.3 $ 695.6 $ — $ 728.9 $ (607.4) $ (79.4) $ 42.1 Other investments (2) 2.2 — — 2.2 — — 2.2 Total assets at fair value $ 35.5 $ 695.6 $ — $ 731.1 $ (607.4) $ (79.4) $ 44.3 Liabilities Liabilities from price risk management $ 26.9 $ 686.3 $ — $ 713.2 $ (607.4) $ 8.8 $ 114.6 Total liabilities at fair value $ 26.9 $ 686.3 $ — $ 713.2 $ (607.4) $ 8.8 $ 114.6 (1) Amounts represent the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions. (2) Amount primarily relates to our investment in Suburban Propane Partners, L.P. units which is reflected in other non-current assets on CEQP’s consolidated balance sheets. Cash, Accounts Receivable and Accounts Payable As of September 30, 2022 and December 31, 2021, the carrying amounts of cash, accounts receivable and accounts payable approximate fair value based on the short-term nature of these instruments. Credit Facilities The fair value of the amounts outstanding under our credit facilities approximates their respective carrying amounts as of September 30, 2022 and December 31, 2021, due primarily to the variable nature of the interest rates of the instruments, which is considered a Level 2 fair value measurement. See Note 8 for a further discussion of our credit facilities. 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, 2022 December 31, 2021 Carrying Fair Carrying Fair 2025 Senior Notes $ 497.3 $ 473.5 $ 496.5 $ 511.9 2027 Senior Notes $ 595.1 $ 545.6 $ 594.2 $ 615.0 February 2029 Senior Notes $ 691.8 $ 627.2 $ 690.8 $ 727.3 April 2029 Senior Notes (1) $ 477.8 $ 433.1 $ — $ — (1) Represents $450 million of unsecured senior notes assumed in conjunction with the merger with Oasis Midstream discussed in Note 3, and the related net fair value adjustment which is further described in Note 8. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following ( in millions ): September 30, December 31, CMLP Credit Facility $ 1,102.6 $ 282.0 CPBH Credit Facility 216.7 — 2025 Senior Notes 500.0 500.0 2027 Senior Notes 600.0 600.0 February 2029 Senior Notes 700.0 700.0 April 2029 Senior Notes 450.0 — April 2029 Senior Notes fair value adjustment, net 27.8 — Other — 0.2 Less: deferred financing costs, net 27.1 29.9 Total debt 3,570.0 2,052.3 Less: current portion — 0.2 Total long-term debt, less current portion $ 3,570.0 $ 2,052.1 Credit Facilities CMLP Credit Facility. Crestwood Midstream’s five-year $1.5 billion revolving credit facility (the CMLP Credit Facility) is available to fund acquisitions, working capital and internal growth projects and for general partnership purposes. In conjunction with the merger with Oasis Midstream on February 1, 2022, we borrowed amounts under the CMLP Credit Facility to fund the cash paid of $160 million to Oasis Petroleum and to repay approximately $218 million of borrowings on Oasis Midstream’s credit facility, which was retired on February 1, 2022. In addition, we borrowed approximately $631.2 million under the CMLP Credit Facility to fund the Sendero Acquisition. In October 2022, we amended the CMLP Credit Facility to increase the capacity of the facility from $1.5 billion to $1.75 billion under the terms of the credit agreement. 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 3.50 to 1.0. At September 30, 2022, the net debt to consolidated EBITDA ratio was approximately 3.93 to 1.0, the consolidated EBITDA to consolidated interest expense ratio was approximately 5.11 to 1.0, and the senior secured leverage ratio was 1.29 to 1.0. At September 30, 2022, Crestwood Midstream had $382.6 million of available capacity under its credit facility considering the most restrictive debt covenants in its credit agreement. At September 30, 2022 and December 31, 2021, Crestwood Midstream’s outstanding standby letters of credit were $14.8 million and $6.3 million. Borrowings under the credit facility accrue interest at either prime or the Adjusted Term SOFR (as defined in the credit agreement) plus applicable spreads, which resulted in interest rates between 4.70% and 7.25% at September 30, 2022 and 1.90% and 4.00% at December 31, 2021. The weighted-average interest rate on outstanding borrowings as of September 30, 2022 and December 31, 2021 was 4.97% and 1.91%. CPBH Credit Facility. In conjunction with the CPJV Acquisition in July 2022, we assumed a credit agreement entered into by CPB Subsidiary Holdings LLC (CPB Holdings), a wholly-owned subsidiary of Crestwood Permian. The credit agreement allows for revolving loans, letters of credit and swing line loans of up to $230 million (the CPBH Credit Facility). The CPBH Credit Facility has an accordion feature that allows CPB Holdings to increase the available borrowings by up to an additional $85 million, subject to certain conditions. The CPBH Credit Facility matures in October 2025 and is secured by substantially all of the assets of Crestwood Permian. Borrowings under the CPBH Credit Facility bear interest at either: • the Alternate Base Rate, which is defined as the highest of (i) the federal funds rate plus 0.50%; (ii) Wells Fargo Bank’s prime rate; or (iii) the Adjusted Term SOFR (as defined in the credit agreement) for a one-month tenor plus 1% per annum; plus a margin varying from 1.50% to 2.50% depending on our most recent consolidated total leverage ratio; or • the Adjusted Term SOFR plus a margin varying from 2.50% to 3.50% depending on our most recent consolidated total leverage ratio. The unused portion of the CPBH Credit Facility is subject to a commitment fee ranging from 0.375% to 0.50% according to Crestwood Permian’s most recent consolidated total leverage ratio. Interest on the Alternate Base Rate loans is payable quarterly, or if the Adjusted Term SOFR applies, interest is payable at certain intervals selected by us. At September 30, 2022, we had $13.3 million of available capacity under the CPBH Credit Facility considering the most restrictive covenants in the credit agreement. The interest rates on borrowings under the CPBH Credit Facility were between 5.20% and 7.75% at September 30, 2022. The weighted average interest rate on outstanding borrowings as of September 30, 2022 was 5.92%. The CPBH Credit Facility contains various covenants and restrictive provisions that limit Crestwood Permian’s ability to, among other things, (i) incur additional debt; (ii) make distributions on or redeem or repurchase units; (iii) make certain investments and acquisitions; (iv) incur or permit certain liens to exist; (v) merge, consolidate or amalgamate with another company; and (vi) transfer or dispose of assets. CPB Holdings is required under its credit agreement to maintain a net debt to consolidated EBITDA ratio (as defined in the credit agreement) of not more than 5.00 to 1.0, and a consolidated EBITDA to consolidated interest expense ratio (as defined in the credit agreement) of not less than 2.50 to 1.0. At September 30, 2022, the net debt to consolidated EBITDA ratio was approximately 3.21 to 1.0, and the consolidated EBITDA to consolidated interest expense ratio was approximately 13.19 to 1.0. Senior Notes February 2029 Senior Notes. In January 2021, Crestwood Midstream issued $700 million of 6.00% unsecured senior notes due 2029 (the February 2029 Senior Notes). The February 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 our senior notes that were due in 2023 and to repay indebtedness under the CMLP Credit Facility. April 2029 Senior Notes. In February 2022, in conjunction with the merger with Oasis Midstream, we assumed $450 million of 8.00% unsecured senior notes due 2029 (the April 2029 Senior Notes) and we recorded a fair value adjustment of approximately $30.7 million related to the senior notes. During the three and nine months ended September 30, 2022, we recorded a reduction to our interest and debt expense of approximately $1.1 million and $2.9 million related to the amortization of the fair value adjustment. The April 2029 Senior Notes will mature on April 1, 2029, and interest is payable semi-annually on April 1 and October 1 of each year. 2023 Senior Note Repayments . During the nine months ended September 30, 2021, we redeemed $687.2 million of principal outstanding under our senior notes due in 2023. 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 our senior notes due in 2023 on the dates they were repurchased. During 2021, we repaid all amounts outstanding under our senior notes due 2023 and funded the repayment using a portion of the proceeds from the issuance of the February 2029 Senior Notes and borrowings under the CMLP Credit Facility. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
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. Since the lawsuit was filed, we have paid Linde approximately $22.7 million related to this matter (including approximately $3.2 million paid during the nine months ended September 30, 2022). A jury trial concluded on June 17, 2022, and a final judgement was entered on October 24, 2022. The final judgment includes an award of damages of approximately $20.7 million, a pre-judgement interest award of approximately $17.7 million and attorney fees and other costs of approximately $4.7 million. We have insurance coverage related to certain pre-judgement interest awards but have not recorded a receivable related to any potential insurance recovery at September 30, 2022. We expect to appeal the final judgement and, as a result are unable to predict the ultimate 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, 2022 and December 31, 2021, we had approximately $29.8 million and $16.8 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. At September 30, 2022 and December 31, 2021, our accrual of approximately $4.2 million and $1.0 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 $4.2 million to $5.2 million at September 30, 2022. Certain of our environmental-related matters are insurable events under our policies and at September 30, 2022, we recorded insurance receivables of approximately $3.7 million. 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 ( in millions ): CEQP CMLP September 30, December 31, 2021 September 30, December 31, 2021 Self-insurance reserves (1) $ 5.4 $ 5.5 $ 4.5 $ 4.7 (1) At September 30, 2022, CEQP and CMLP classified approximately $3.5 million and $2.9 million, respectively, of these reserves as other long-term liabilities on their consolidated balance sheets. Guarantees and Indemnifications We periodically provide indemnification arrangements related to assets or businesses we have sold. Our potential exposure under indemnification arrangements can range from a specified amount to an unlimited amount, depending on the nature of the claim, specificity as to duration, and the particular transaction. As of September 30, 2022 and December 31, 2021, we have no amounts accrued for these indemnifications. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases The following table summarizes the balance sheet information related to our operating and finance leases (in millions ): September 30, December 31, 2021 Operating Leases Operating lease right-of-use assets, net $ 18.6 $ 27.4 Accrued expenses and other liabilities $ 8.2 $ 13.2 Other long-term liabilities 14.5 19.4 Total operating lease liabilities $ 22.7 $ 32.6 Finance Leases Property, plant and equipment $ 14.6 $ 12.3 Less: accumulated depreciation 9.5 9.2 Property, plant and equipment, net $ 5.1 $ 3.1 Accrued expenses and other liabilities $ 2.2 $ 1.7 Other long-term liabilities 2.7 1.2 Total finance lease liabilities $ 4.9 $ 2.9 Lease expense. Our operating lease expense, net totaled $3.4 million and $3.7 million for the three months ended September 30, 2022 and 2021 and $9.2 million and $12.8 million for the nine months ended September 30, 2022 and 2021. Our finance lease expense totaled $0.9 million and $0.8 million for the three months ended September 30, 2022 and 2021 and $2.7 million and $2.6 million for the nine months ended September 30, 2022 and 2021. Other. During March 2022, we exercised an option to purchase crude oil railcars under certain of our operating leases as a result of our plan to exit our crude oil railcar operations. In April 2022, we sold the crude oil railcars to a third party for approximately $24.7 million and we recognized a loss on the sale of approximately $4.1 million during the nine months ended September 30, 2022. |
Lessee, Finance Leases | Leases The following table summarizes the balance sheet information related to our operating and finance leases (in millions ): September 30, December 31, 2021 Operating Leases Operating lease right-of-use assets, net $ 18.6 $ 27.4 Accrued expenses and other liabilities $ 8.2 $ 13.2 Other long-term liabilities 14.5 19.4 Total operating lease liabilities $ 22.7 $ 32.6 Finance Leases Property, plant and equipment $ 14.6 $ 12.3 Less: accumulated depreciation 9.5 9.2 Property, plant and equipment, net $ 5.1 $ 3.1 Accrued expenses and other liabilities $ 2.2 $ 1.7 Other long-term liabilities 2.7 1.2 Total finance lease liabilities $ 4.9 $ 2.9 Lease expense. Our operating lease expense, net totaled $3.4 million and $3.7 million for the three months ended September 30, 2022 and 2021 and $9.2 million and $12.8 million for the nine months ended September 30, 2022 and 2021. Our finance lease expense totaled $0.9 million and $0.8 million for the three months ended September 30, 2022 and 2021 and $2.7 million and $2.6 million for the nine months ended September 30, 2022 and 2021. Other. During March 2022, we exercised an option to purchase crude oil railcars under certain of our operating leases as a result of our plan to exit our crude oil railcar operations. In April 2022, we sold the crude oil railcars to a third party for approximately $24.7 million and we recognized a loss on the sale of approximately $4.1 million during the nine months ended September 30, 2022. |
Partners' Capital
Partners' Capital | 9 Months Ended |
Sep. 30, 2022 | |
Statement of Partners' Capital [Abstract] | |
Partners' Capital | Partners’ Capital and Non-Controlling Partner Common and Subordinated Units On February 1, 2022, we completed the merger with Oasis Midstream. Pursuant to the merger agreement, Oasis Petroleum received cash and approximately 20.9 million newly issued CEQP common units in exchange for its common units held in Oasis Midstream. In addition, Oasis Midstream’s public unitholders received approximately 12.9 million newly issued CEQP common units in exchange for the Oasis Midstream common units held by them. For a further discussion of the merger with Oasis Midstream, see Note 3. On July 11, 2022, we acquired First Reserve’s 50% equity interest in Crestwood Permian in exchange for approximately $5.9 million in cash and approximately 11.3 million newly issued CEQP common units. For a further discussion of the CPJV Acquisition, see Note 3. On September 15, 2022, CEQP acquired 4.6 million CEQP common units from OMS Holdings LLC, a subsidiary of Chord Energy Corporation (formerly Oasis Petroleum), for approximately $123.7 million. This transaction resulted in CEQP retiring the common units acquired from OMS Holdings LLC. In March 2021, CEQP acquired approximately 11.5 million CEQP common units and 0.4 million subordinated units of CEQP from Crestwood Holdings LLC (Crestwood Holdings) for approximately $268 million (Crestwood Holdings Transactions). 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. This transaction resulted in CEQP retiring the common and subordinated units acquired from Crestwood Holdings. In addition, in conjunction with this transaction, 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 statements of partners’ capital during the first quarter of 2021. Transaction costs related to this transaction 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, 2022 and 2021 is presented below: Record Date Payment Date Per Unit Rate Cash Distributions ( in millions ) 2022 February 7, 2022 February 14, 2022 $ 0.625 $ 60.9 May 6, 2022 May 13, 2022 $ 0.655 64.2 August 5, 2022 August 12, 2022 $ 0.655 71.6 $ 196.7 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 On October 20, 2022, we declared a distribution of $0.655 per limited partner unit to be paid on November 14, 2022 to unitholders of record on November 7, 2022 with respect to the quarter ended September 30, 2022. Preferred Unitholders . During the nine months ended September 30, 2022 and 2021, we paid cash distributions to our preferred unitholders of approximately $45 million in both periods. On October 20, 2022, the board of directors of our general partner authorized a cash distribution to our preferred unitholders of approximately $15 million with respect to the quarter ended September 30, 2022. Crestwood Midstream During the nine months ended September 30, 2022 and 2021, Crestwood Midstream paid cash distributions of $537.6 million and $451.3 million to its partners. On February 1, 2022, Crestwood Midstream received a non-cash contribution of approximately $1,075.1 million from Crestwood Equity related to net assets it acquired in conjunction with the merger with Oasis Midstream. In addition, on February 1, 2022, Crestwood Equity contributed cash acquired in conjunction with the merger with Oasis Midstream of approximately $14.9 million to Crestwood Midstream. On July 11, 2022, Crestwood Midstream received a non-cash contribution of approximately $127.3 million from Crestwood Equity related to the acquisition of its 50% equity interest in Crestwood Permian. In addition, on July 11, 2022, Crestwood Equity contributed cash acquired in conjunction with this acquisition of approximately $149.4 million to Crestwood Midstream. For a further discussion of these acquisitions, see Note 3. 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 tables show the change in our non-controlling interest in subsidiary at September 30, 2022 and 2021 (in millions) : Balance at December 31, 2021 $ 434.6 Distributions to non-controlling partner (31.0) Net income attributable to non-controlling partner 30.8 Balance at September 30, 2022 $ 434.4 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 In October 2022, Crestwood Niobrara paid cash distributions to Jackalope Holdings of approximately $10.3 million with respect to the quarter ended September 30, 2022. Other In February 2022, Crestwood Equity issued 177,025 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, 2022, we had total unamortized compensation expense of approximately $3.8 million related to these performance units. During the three and nine months ended September 30, 2022, we recognized compensation expense of $0.4 million and $1.1 million related to these performance units, which is included in general and administrative expenses on our consolidated statements of operations. During the nine months ended September 30, 2022, 206,017 performance units that were previously issued under the Crestwood LTIP vested, and as a result of the attainment of certain performance and market goals and related distributions during the three years that the awards were outstanding, we issued 526,322 common units during the nine months ended September 30, 2022 related to those performance units. |
Earnings Per Limited Partner Un
Earnings Per Limited Partner Unit | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Limited Partner Unit | Earnings Per Limited Partner Unit We calculate the dilutive effect of the preferred units and Crestwood Niobrara preferred units 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. 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. 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, 2022 and 2021 (in millions) : Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Preferred units (1) 7.1 7.1 7.1 7.1 Crestwood Niobrara’s preferred units (1) 3.9 3.9 3.9 3.9 Unit-based compensation performance units (1) 0.1 0.2 0.2 0.1 Subordinated units (2) — — — 0.1 (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, see our 2021 Annual Report on Form 10-K. (2) In March 2021, CEQP retired its subordinated units. For additional information regarding the retirement of the subordinated units, see Note 11. |
Segments
Segments | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segments | Segments Our financial statements reflect three operating and reporting segments: (i) gathering and processing north operations (includes our Arrow, Jackalope and Oasis Midstream Williston operations); (ii) gathering and processing south operations (includes our Crestwood Permian, Sendero, Oasis Midstream Delaware and Marcellus operations and our Crestwood Permian Basin equity method investment); and (iii) storage and logistics operations (includes our crude oil, NGL and natural gas storage and logistics operations, and our Tres Holdings and PRBIC equity method investments). On July 1, 2022, we sold our Barnett assets which were previously included in our gathering and processing south segment. On July 11, 2022, we acquired Sendero and we reflect its results in our gathering and processing south segment. Also, on July 11, 2022, we acquired First Reserve’s 50% interest in Crestwood Permian, and as a result, we own and control 100% of the equity interests in Crestwood Permian and we reflect its consolidated results in our gathering and processing south segment. Prior to July 11, 2022, our 50% equity method investment in Crestwood Permian was also reflected in our gathering and processing south segment. For a further discussion of these acquisitions and divestiture, see Note 3. Our gathering and processing north and gathering and processing south segments were historically combined into one segment, and our storage and logistics segment was historically separated into a storage and transportation segment and a marketing, supply and logistics segment. The results of our operations described above are now reflected in the new respective segments for all periods presented. Our corporate operations include all general and administrative expenses that are not allocated to our reportable segments. Below is a description of our operating and reporting segments. • Gathering and Processing North . Our gathering and processing north operations provide natural gas gathering, compression, treating and processing services, crude oil gathering and storage services and produced water gathering and disposal services to producers in the Williston Basin and Powder River Basin. • Gathering and Processing South . Our gathering and processing south operations provide natural gas gathering, compression, treating and processing services and produced water gathering and disposal services to producers in the Delaware and Marcellus basins. • Storage and Logistics . Our storage and logistics operations provide NGLs, crude oil and natural gas storage, terminal, marketing and transportation (including rail, truck and pipeline) services to producers, refiners, marketers, utilities and other customers. Below is a reconciliation of CEQP’s and CMLP’s net income (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, 2022 2021 2022 2021 2022 2021 2022 2021 Net income (loss) $ (43.0) $ (39.6) $ 18.6 $ (116.0) $ (113.0) $ (41.8) $ (107.4) $ (120.7) Add: Interest and debt expense, net 47.6 30.9 123.8 102.0 47.6 30.9 123.8 102.0 Loss on modification/extinguishment of debt — — — 6.7 — — — 6.7 Provision for income taxes 1.4 0.1 1.7 0.1 1.4 0.1 1.6 0.1 Depreciation, amortization and accretion 86.9 64.6 242.3 182.6 86.8 68.2 248.0 193.2 EBITDA $ 92.9 $ 56.0 $ 386.4 $ 175.4 $ 22.8 $ 57.4 $ 266.0 $ 181.3 The following tables summarize CEQP’s and CMLP’s reportable segment data for the three and nine months ended September 30, 2022 and 2021 ( 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 2021 Annual Report on Form 10-K. Included in earnings (loss) from unconsolidated affiliates, net reflected in the tables below was approximately $2.5 million and $4.9 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, 2022 and 2021 and $12.0 million and $182.4 million for the nine months ended September 30, 2022 and 2021. Segment EBITDA Information Three Months Ended September 30, 2022 Gathering and Processing North Gathering and Processing South Storage and Logistics Corporate Total Crestwood Midstream Revenues $ 272.6 $ 177.4 $ 1,116.0 $ — $ 1,566.0 Intersegment revenues, net 142.2 137.8 (280.0) — — Costs of product/services sold 230.2 249.6 807.0 — 1,286.8 Operations and maintenance expense 27.4 14.3 13.3 — 55.0 General and administrative expense — — — 32.3 32.3 Loss on long-lived assets, net — (247.6) — — (247.6) Gain on acquisition — 75.3 — — 75.3 Earnings from unconsolidated affiliates, net — 2.0 1.2 — 3.2 Crestwood Midstream EBITDA $ 157.2 $ (119.0) $ 16.9 $ (32.3) $ 22.8 Crestwood Equity General and administrative expense — — — 1.6 1.6 Gain on long-lived assets — 71.7 — — 71.7 Crestwood Equity EBITDA $ 157.2 $ (47.3) $ 16.9 $ (33.9) $ 92.9 Three Months Ended September 30, 2021 Gathering and Processing North Gathering and Processing South Storage and Logistics Corporate Total Crestwood Midstream Revenues $ 144.5 $ 26.7 $ 1,055.1 $ — $ 1,226.3 Intersegment revenues, net 125.6 — (125.6) — — Costs of product/services sold 149.7 0.4 949.2 — 1,099.3 Operations and maintenance expense 14.1 5.4 12.1 — 31.6 General and administrative expense — — — 24.4 24.4 Gain (loss) on long-lived assets, net 0.1 (18.6) — — (18.5) Earnings from unconsolidated affiliates, net — 4.2 0.7 — 4.9 Crestwood Midstream EBITDA $ 106.4 $ 6.5 $ (31.1) $ (24.4) $ 57.4 Crestwood Equity General and administrative expense — — — 1.5 1.5 Other income, net — — — 0.1 0.1 Crestwood Equity EBITDA $ 106.4 $ 6.5 $ (31.1) $ (25.8) $ 56.0 Nine Months Ended September 30, 2022 Gathering and Processing North Gathering and Processing South Storage and Logistics Corporate Total Crestwood Midstream Revenues $ 787.2 $ 243.4 $ 3,567.2 $ — $ 4,597.8 Intersegment revenues, net 421.2 137.8 (559.0) — — Costs of product/services sold 686.6 249.6 2,928.2 — 3,864.4 Operations and maintenance expense 78.6 28.6 36.8 — 144.0 General and administrative expense — — — 99.0 99.0 Loss on long-lived assets, net — (307.8) (4.1) — (311.9) Gain on acquisition — 75.3 — — 75.3 Earnings from unconsolidated affiliates, net — 9.4 2.8 — 12.2 Crestwood Midstream EBITDA $ 443.2 $ (120.1) $ 41.9 $ (99.0) $ 266.0 Crestwood Equity General and administrative expense — — — 4.8 4.8 Gain on long-lived assets (1) — 125.0 — — 125.0 Other income, net — — — 0.2 0.2 Crestwood Equity EBITDA $ 443.2 $ 4.9 $ 41.9 $ (103.6) $ 386.4 (1) Represents the elimination of the loss on long-lived assets of approximately $53 million recorded by CMLP related to the sale of our assets in the Barnett Shale and the gain on long-lived assets of approximately $72 million recorded by CEQP related to this sale. For a further discussion of this transaction, see Note 3. Nine Months Ended September 30, 2021 Gathering and Processing North Gathering and Processing South Storage and Logistics Corporate Total Crestwood Midstream Revenues $ 422.9 $ 76.0 $ 2,689.7 $ — $ 3,188.6 Intersegment revenues, net 315.1 — (315.1) — — Costs of product/services sold 386.4 0.8 2,323.1 — 2,710.3 Operations and maintenance expense 38.2 17.4 34.6 — 90.2 General and administrative expense — — — 61.3 61.3 Gain (loss) on long-lived assets, net 0.2 (19.9) 0.1 — (19.6) Earnings (loss) from unconsolidated affiliates, net — 4.4 (130.3) — (125.9) Crestwood Midstream EBITDA $ 313.6 $ 42.3 $ (113.3) $ (61.3) $ 181.3 Crestwood Equity General and administrative expense — — — 6.1 6.1 Other income, net — — — 0.2 0.2 Crestwood Equity EBITDA $ 313.6 $ 42.3 $ (113.3) $ (67.2) $ 175.4 Other Segment Information CEQP CMLP September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Total Assets Gathering and Processing North $ 4,072.4 $ 2,408.0 $ 4,072.4 $ 2,408.0 Gathering and Processing South 1,666.4 886.5 1,666.4 1,017.4 Storage and Logistics 1,131.1 1,125.1 1,131.1 1,125.1 Corporate 29.5 26.1 23.7 20.7 Total Assets $ 6,899.4 $ 4,445.7 $ 6,893.6 $ 4,571.2 |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2022 | |
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 ASU 2014-09 , Revenue from Contracts with Customers (Topic 606) totaled $456.4 million and $331.0 million at September 30, 2022 and December 31, 2021, 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 15 years. The following table summarizes our contract assets and contract liabilities (in millions) : September 30, 2022 December 31, 2021 Contract assets (non-current) (1) $ 5.6 $ 1.3 Contract liabilities (current) (2) $ 12.2 $ 10.7 Contract liabilities (non-current) (2) $ 209.1 $ 187.1 (1) Includes approximately $4.7 million acquired in conjunction with the CPJV Acquisition. (2) During the three and nine months ended September 30, 2022, we recognized revenues of approximately $4.0 million and $11.2 million that were previously included in contract liabilities at December 31, 2021. The remaining change in our contract liabilities during the three and nine months ended September 30, 2022 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, 2022 (in millions) : Remainder of 2022 $ 23.3 2023 70.4 2024 45.8 2025 2.3 2026 0.5 Thereafter 1.3 Total $ 143.6 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, 2022 and 2021 ( 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, 2022 Gathering and Processing North Gathering and Processing South Storage and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 33.4 $ 10.1 $ — $ — $ 43.5 Crude oil 14.7 1.7 — — 16.4 Water 41.8 7.5 — — 49.3 Processing Natural gas 20.7 4.8 — — 25.5 Compression Natural gas — 4.7 — — 4.7 Storage Crude oil 0.6 — 0.1 — 0.7 NGLs — — 2.2 — 2.2 Pipeline Crude oil — — 0.6 — 0.6 NGLs — 5.2 0.1 (5.2) 0.1 Transportation Crude oil 1.5 0.1 — — 1.6 NGLs — — 5.0 — 5.0 Product Sales Natural gas 109.6 144.4 248.4 (205.6) 296.8 Crude oil 120.9 — 362.8 (9.8) 473.9 NGLs 68.3 136.2 411.7 (58.9) 557.3 Water 2.1 — — — 2.1 Other 0.8 — 0.2 (0.5) 0.5 Total Topic 606 revenues 414.4 314.7 1,031.1 (280.0) 1,480.2 Non-Topic 606 revenues 0.4 0.5 84.9 — 85.8 Total revenues $ 414.8 $ 315.2 $ 1,116.0 $ (280.0) $ 1,566.0 Three Months Ended September 30, 2021 Gathering and Processing North Gathering and Processing South Storage and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 13.7 $ 21.6 $ — $ — $ 35.3 Crude oil 17.1 — — — 17.1 Water 24.8 — — — 24.8 Processing Natural gas 5.8 1.4 — — 7.2 Compression Natural gas — 3.7 — — 3.7 Storage Crude oil 0.1 — 0.1 (0.1) 0.1 NGLs — — 2.6 — 2.6 Pipeline Crude oil — — 0.6 — 0.6 Transportation Crude oil 0.8 — — (0.1) 0.7 NGLs — — 4.1 — 4.1 Rail Loading Crude oil — — 1.2 — 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 — — 0.5 — 0.5 Total Topic 606 revenues 269.7 26.7 925.0 (125.6) 1,095.8 Non-Topic 606 revenues 0.4 — 130.1 — 130.5 Total revenues $ 270.1 $ 26.7 $ 1,055.1 $ (125.6) $ 1,226.3 Nine Months Ended September 30, 2022 Gathering and Processing North Gathering and Processing South Storage and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 92.2 $ 57.0 $ — $ — $ 149.2 Crude oil 43.6 4.6 — — 48.2 Water 117.7 13.0 — — 130.7 Processing Natural gas 54.8 7.1 — — 61.9 Compression Natural gas — 11.3 — — 11.3 Storage Crude oil 1.7 — 0.4 (0.2) 1.9 NGLs — — 6.9 — 6.9 Pipeline Crude oil — — 1.5 — 1.5 NGLs — 5.2 0.2 (5.2) 0.2 Transportation Crude oil 4.2 0.5 — (0.1) 4.6 NGLs — — 16.3 — 16.3 Rail Loading Crude oil — — 0.4 — 0.4 Product Sales Natural gas 269.1 145.3 508.0 (331.2) 591.2 Crude oil 394.9 — 1,130.3 (33.9) 1,491.3 NGLs 222.7 136.2 1,505.6 (187.9) 1,676.6 Water 5.0 — — — 5.0 Other 1.4 — 0.5 (0.5) 1.4 Total Topic 606 revenues 1,207.3 380.2 3,170.1 (559.0) 4,198.6 Non-Topic 606 revenues 1.1 1.0 397.1 — 399.2 Total revenues $ 1,208.4 $ 381.2 $ 3,567.2 $ (559.0) $ 4,597.8 Nine Months Ended September 30, 2021 Gathering and Processing North Gathering and Processing South Storage and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 40.5 $ 59.5 $ — $ — $ 100.0 Crude oil 56.2 — — — 56.2 Water 69.5 — — — 69.5 Processing Natural gas 17.7 3.8 — — 21.5 Compression Natural gas — 12.1 — — 12.1 Storage Crude oil 0.3 — 0.4 (0.3) 0.4 NGLs — — 8.7 — 8.7 Pipeline Crude oil — — 2.0 — 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 — — 3.4 — 3.4 Product Sales Natural gas 111.9 0.6 224.4 (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 — — 1.4 — 1.4 Total Topic 606 revenues 737.4 76.0 2,390.7 (315.1) 2,889.0 Non-Topic 606 revenues 0.6 — 299.0 — 299.6 Total revenues $ 738.0 $ 76.0 $ 2,689.7 $ (315.1) $ 3,188.6 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We enter into transactions with our affiliates within the ordinary course of business, including product purchases, marketing services and various operating agreements, including operating leases. We also enter into transactions with our affiliates related to services provided on our expansion projects. On July 11, 2022, we acquired First Reserve’s 50% equity interest in Crestwood Permian. As a result of this transaction, we control and own 100% of the equity interests of Crestwood Permian and include their results in our consolidated financial statements. Prior to July 11, 2022, we owned a 50% equity interest in Crestwood Permian, which we accounted for under the equity method of accounting, and reflected transactions with Crestwood Permian as transactions with affiliates in the tables below. As discussed above, in conjunction with our acquisition of First Reserve’s 50% equity interest in Crestwood Permian, we issued 11.3 million newly issued CEQP common units to First Reserve and as a result, First Reserve is considered a related party of CEQP and CMLP. In September 2022, we acquired 4.6 million CEQP common units from a subsidiary of Chord Energy Corporation and as result of this transaction, Chord Energy Corporation is no longer considered a related party of CEQP and CMLP. 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 our strategic transactions with Crestwood Holdings in August 2021, Crestwood Holdings and its affiliates are no longer considered related parties of CEQP and CMLP. During the nine months ended September 30, 2021, we paid approximately $0.6 million of capital expenditures to Applied Consultants, Inc., an affiliate of Crestwood Holdings. In addition, during the nine months ended September 30, 2021, Crestwood Holdings allocated a $4.6 million reduction of unit-based compensation charges to CEQP and CMLP. Also, CEQP allocated approximately $0.2 million of its general and administrative costs to Crestwood Holdings during the nine months ended September 30, 2021. 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 2021 Annual Report on Form 10-K. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues at CEQP and CMLP (1) $ 140.8 $ 7.1 $ 372.7 $ 25.2 Costs of product/services sold at CEQP and CMLP (2) $ 51.3 $ 34.8 $ 232.9 $ 101.3 Operations and maintenance expenses at CEQP and CMLP charged to our unconsolidated affiliates (3) $ 2.6 $ 5.1 $ 12.4 $ 16.8 General and administrative expenses charged by CEQP to CMLP, net (4) $ 8.5 $ 11.9 $ 23.5 $ 24.4 General and administrative expenses at CEQP and CMLP (5) $ — $ — $ 1.3 $ — (1) Includes (i) $83.0 million and $218.9 million during the three and nine months ended September 30, 2022 primarily related to the sale of crude oil and NGLs to a subsidiary of Chord Energy Corporation (formerly Oasis Petroleum Inc.); (ii) $57.4 million and $148.6 million during the three and nine months ended September 30, 2022 primarily related to gathering and processing services under agreements with a subsidiary of Chord Energy Corporation (formerly Oasis Petroleum Inc.); (iii) $0.3 million and $3.9 million during the three and nine months ended September 30, 2022 and $7.1 million and $25.2 million during the three and nine months ended September 30, 2021 related to the sale of NGLs to a subsidiary of Crestwood Permian; and (iv) $0.1 million and $1.3 million during the three and nine months ended September 30, 2022 related to compressor leases with a subsidiary of Crestwood Permian; (2) Includes (i) $41.5 million and $114.1 million during the three and nine months ended September 30, 2022 primarily related to purchases of NGLs from a subsidiary of Chord Energy Corporation (formerly Oasis Petroleum, Inc.); (ii) $9.2 million and $116.8 million during the three and nine months ended September 30, 2022 and $30.4 million and $75.5 million during the three and nine months ended September 30, 2021 related to purchases of natural gas and NGLs from a subsidiary of Crestwood Permian; (iii) $0.3 million and $1.7 million during the three and nine months ended September 30, 2022 and $0.2 million and $11.3 million during the three and nine months ended September 30, 2021 primarily related to purchases of natural gas from a subsidiary of Tres Holdings; (iv) $0.3 million during both the three and nine months ended September 31, 2022 related to gathering services under agreements Crestwood Permian Basin; and (v) $4.2 million and $14.5 million during the three and nine months ended September 30, 2021 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, 2022, we charged $1.2 million and $3.5 million to Tres Holdings, $1.0 million to Crestwood Permian Basin in both periods and $0.4 million and $7.9 million to Crestwood Permian. 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. (4) Includes $9.6 million and $26.8 million of unit-based compensation charges allocated from CEQP to CMLP during the three and nine months ended September 30, 2022 and $12.9 million and $27.4 million for the three and nine months ended September 30, 2021. In addition, includes $1.1 million and $3.3 million of CMLP’s general and administrative costs allocated to CEQP during the three and nine months ended September 30, 2022 and $1.0 million and $3.0 million for the three and nine months ended September 30, 2021. (5) Represents general and administrative expenses related to a transition services agreement with Chord Energy Corporation (formerly Oasis Petroleum Inc.). The following table shows balances with our affiliates which are reflected in our consolidated balance sheets ( in millions ): September 30, December 31, Accounts receivable at CEQP and CMLP $ 1.6 $ 8.2 Accounts payable at CEQP and CMLP $ 2.2 $ 12.0 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies There were no material changes in our significant accounting policies from those described in our 2021 Annual Report on Form 10-K. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final valuation of the assets acquired and liabilities assumed at the acquisition date (in millions) : Cash $ 14.9 Other current assets 63.2 Property, plant and equipment 1,264.4 Intangible assets 464.0 Total assets acquired 1,806.5 Current liabilities 48.2 Long-term debt (1) 698.7 Other long-term liabilities (2) 25.8 Total liabilities assumed 772.7 Net assets acquired excluding goodwill 1,033.8 Goodwill 56.2 Net assets acquired $ 1,090.0 (1) Consists of approximately $218 million outstanding borrowings under the Oasis Midstream credit facility, which was immediately repaid upon the closing of the Oasis Merger and approximately $450 million of unsecured senior notes and the related fair value adjustment of approximately $30.7 million. For a further discussion of the long-term debt assumed in conjunction with the Oasis Merger, see Note 8. (2) Consists primarily of liabilities for asset retirement obligations of approximately $16.1 million. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date (in millions) : Cash $ 28.5 Other current assets 77.9 Property, plant and equipment 440.2 Intangible assets 138.9 Other non-current assets 0.2 Total assets acquired 685.7 Current liabilities 64.1 Long-term liabilities (1) 17.8 Total liabilities assumed 81.9 Net assets acquired excluding goodwill 603.8 Goodwill 27.4 Total purchase price $ 631.2 (1) Includes intangible liabilities of approximately $14.0 million which are further described below. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date (in millions) : Cash $ 149.4 Other current assets 83.3 Property, plant and equipment 453.4 Intangible assets 16.5 Investment in unconsolidated affiliate 78.6 Goodwill 29.1 Other non-current assets 4.9 Total assets acquired 815.2 Current liabilities 80.4 Long-term debt 140.2 Other long-term liabilities (1) 47.9 Total liabilities assumed 268.5 Estimated fair value of 100% of interest in Crestwood Permian 546.7 Less: Elimination of equity interest in Crestwood Permian 194.7 Gain on acquisition of Crestwood Permian 75.3 Total purchase price $ 276.7 (1) Includes intangible liabilities of approximately $38.9 million which are further described below. |
Business Acquisition, Pro Forma Information | Crestwood Equity Three Months Ended September 30, Nine Months Ended September 30, 2021 2022 2021 Revenues $ 1,398.3 $ 4,832.0 $ 3,626.1 Net income (loss) $ (23.6) $ 45.1 $ (65.1) Net loss per limited partner unit: Basic and Diluted $ (0.45) $ (0.28) $ (1.26) Crestwood Midstream Three Months Ended September 30, Nine Months Ended September 30, 2021 2022 2021 Revenues $ 1,398.3 $ 4,832.0 $ 3,626.1 Net loss $ (25.8) $ (156.2) $ (69.8) |
Certain Balance Sheet Informa_2
Certain Balance Sheet Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses and other liabilities consisted of the following ( in millions ): September 30, December 31, 2022 2021 CMLP Accrued expenses $ 71.9 $ 66.3 Accrued property taxes 8.5 4.4 Income tax payable 0.7 0.4 Interest payable 56.6 30.6 Accrued additions to property, plant and equipment 42.6 17.4 Operating leases 8.2 13.2 Finance leases 2.2 1.7 Contract liabilities 12.2 10.7 Asset retirement obligations 0.4 1.4 Total CMLP accrued expenses and other liabilities $ 203.3 $ 146.1 CEQP Accrued expenses 1.1 0.9 Income tax payable 0.1 0.1 Total CEQP accrued expenses and other liabilities $ 204.5 $ 147.1 |
Schedule of Other Long-Term Liabilities | Other long-term liabilities consisted of the following ( in millions ): September 30, December 31, 2022 2021 CMLP Contract liabilities $ 209.1 $ 187.1 Intangible liabilities 51.7 — Asset retirement obligations 33.9 34.8 Operating leases 14.5 19.4 Other 14.4 12.8 Total CMLP other long-term liabilities $ 323.6 $ 254.1 CEQP Other 2.1 4.6 Total CEQP other long-term liabilities $ 325.7 $ 258.7 |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 2022 2021 2022 2021 Crestwood Permian Basin Holdings LLC (1) $ — $ 116.1 $ 1.3 $ 4.2 $ 8.7 $ 4.4 Crestwood Permian Basin LLC (2) 77.1 — 0.7 — 0.7 — Tres Palacios Holdings LLC (3) 41.2 36.2 1.3 (0.1) 3.2 9.1 Powder River Basin Industrial Complex, LLC (4) 3.1 3.5 (0.1) (0.1) (0.4) — Stagecoach Gas Services LLC (5) — — — 0.9 — (139.4) Total $ 121.4 $ 155.8 $ 3.2 $ 4.9 $ 12.2 $ (125.9) (1) On July 11, 2022, we acquired the remaining 50% equity interest in Crestwood Permian and as a result, we control and own 100% of the equity interests in Crestwood Permian. As a result of this transaction, we eliminated our historical equity investment in Crestwood Permian of approximately $194.7 million as of July 11, 2022 and began consolidating Crestwood Permian’s operations. Our Crestwood Permian investment was previously included in our gathering and processing south segment. See Note 3 for a further discussion of this acquisition. (2) As described above, on July 11, 2022, we acquired the remaining 50% equity interest in Crestwood Permian, which owns a 50% equity interest in Crestwood Permian Basin LLC (Crestwood Permian Basin). Shell Midstream Partners L.P., a subsidiary of Royal Dutch Shell plc, owns the remaining 50% equity interest in Crestwood Permian Basin. Crestwood Permian Basin owns the Nautilus natural gas gathering system and related assets, which are further described in our 2021 Annual Report on Form 10-K. As of September 30, 2022, our equity in the underlying net assets of Crestwood Permian Basin was less than our carrying value of our investment balance by approximately $2.3 million. During the three and nine months ended September 30, 2022, we recorded amortization of less than $0.1 million related to this basis difference, which is reflected as a decrease in our earnings from unconsolidated affiliates in our consolidated statements of operations. Our Crestwood Permian Basin investment is included in our gathering and processing south segment. (3) As of September 30, 2022, our equity in the underlying net assets of Tres Palacios Holdings LLC (Tres Holdings) exceeded the carrying value of our investment balance by approximately $20.6 million. During both the three and nine months ended September 30, 2022 and 2021, 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 logistics segment. (4) As of September 30, 2022, our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC) approximates the carrying value of our investment balance. Our PRBIC investment is included in our storage and logistics segment. (5) In 2021, we and Con Edison Gas Pipeline and Storage Northeast, LLC each sold our 50% equity interest in our Stagecoach Gas Services LLC (Stagecoach Gas) equity investment to a subsidiary of Kinder Morgan, Inc. During the nine months ended September 30, 2021, we recorded a $155.4 million reduction in our equity earnings from unconsolidated affiliates related to losses recorded by us and our Stagecoach Gas equity investment associated with the sale, which also eliminated our $51.3 million historical basis difference between our investment balance and the equity in the underlying net assets of Stagecoach Gas. 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 sale, which were paid by us in July 2021 on behalf of Stagecoach Gas. Our Stagecoach Gas investment was previously included in our storage and logistics segment. 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, 2022 2021 2022 2021 Crestwood Permian $ 13.6 $ 8.9 $ 83.5 $ 3.3 Crestwood Permian Basin 2.2 — — — Tres Holdings 4.9 13.1 6.7 6.9 PRBIC — 0.1 — — Stagecoach Gas — 640.9 — — Total $ 20.7 $ 663.0 $ 90.2 $ 10.2 |
Risk Management (Tables)
Risk Management (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Product revenues $ 84.7 $ 129.4 $ 395.7 $ 296.9 Gain (loss) reflected in product costs $ 45.0 $ (53.4) $ (6.3) $ (94.8) |
Notional Amounts And Terms Of Company's Derivative Financial Instruments | The notional amounts of our derivative financial instruments include the following: September 30, 2022 December 31, 2021 Fixed Price Fixed Price Fixed Price Fixed Price Propane, ethane, butane, heating oil and crude oil (MMBbls) 66.1 69.8 71.6 75.8 Natural gas (Bcf) 38.0 43.2 31.9 43.4 |
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, 2022 December 31, 2021 Aggregate fair value liability of derivative instruments with credit-risk-related contingent features (1) $ 15.6 $ 57.9 Broker-related net derivative asset (liability) position $ (24.0) $ 104.8 Broker-related cash collateral posted (received) $ 57.4 $ (76.8) Cash collateral received, net $ 29.7 $ 11.4 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and December 31, 2021 ( in millions ): September 30, 2022 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 $ 36.7 $ 656.3 $ — $ 693.0 $ (584.5) $ 4.2 $ 112.7 Other investments (2) 2.4 — — 2.4 — — 2.4 Total assets at fair value $ 39.1 $ 656.3 $ — $ 695.4 $ (584.5) $ 4.2 $ 115.1 Liabilities Liabilities from price risk management $ 49.7 $ 595.2 $ — $ 644.9 $ (584.5) $ (23.5) $ 36.9 Total liabilities at fair value $ 49.7 $ 595.2 $ — $ 644.9 $ (584.5) $ (23.5) $ 36.9 December 31, 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 $ 33.3 $ 695.6 $ — $ 728.9 $ (607.4) $ (79.4) $ 42.1 Other investments (2) 2.2 — — 2.2 — — 2.2 Total assets at fair value $ 35.5 $ 695.6 $ — $ 731.1 $ (607.4) $ (79.4) $ 44.3 Liabilities Liabilities from price risk management $ 26.9 $ 686.3 $ — $ 713.2 $ (607.4) $ 8.8 $ 114.6 Total liabilities at fair value $ 26.9 $ 686.3 $ — $ 713.2 $ (607.4) $ 8.8 $ 114.6 (1) Amounts represent the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions. (2) Amount primarily relates to our investment in Suburban Propane Partners, L.P. units which 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, 2022 December 31, 2021 Carrying Fair Carrying Fair 2025 Senior Notes $ 497.3 $ 473.5 $ 496.5 $ 511.9 2027 Senior Notes $ 595.1 $ 545.6 $ 594.2 $ 615.0 February 2029 Senior Notes $ 691.8 $ 627.2 $ 690.8 $ 727.3 April 2029 Senior Notes (1) $ 477.8 $ 433.1 $ — $ — (1) Represents $450 million of unsecured senior notes assumed in conjunction with the merger with Oasis Midstream discussed in Note 3, and the related net fair value adjustment which is further described in Note 8. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Components Of Long-Term Debt | Long-term debt consisted of the following ( in millions ): September 30, December 31, CMLP Credit Facility $ 1,102.6 $ 282.0 CPBH Credit Facility 216.7 — 2025 Senior Notes 500.0 500.0 2027 Senior Notes 600.0 600.0 February 2029 Senior Notes 700.0 700.0 April 2029 Senior Notes 450.0 — April 2029 Senior Notes fair value adjustment, net 27.8 — Other — 0.2 Less: deferred financing costs, net 27.1 29.9 Total debt 3,570.0 2,052.3 Less: current portion — 0.2 Total long-term debt, less current portion $ 3,570.0 $ 2,052.1 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Self-Insurance Reserves | The following table summarizes CEQP’s and CMLP’s self-insurance reserves ( in millions ): CEQP CMLP September 30, December 31, 2021 September 30, December 31, 2021 Self-insurance reserves (1) $ 5.4 $ 5.5 $ 4.5 $ 4.7 (1) At September 30, 2022, CEQP and CMLP classified approximately $3.5 million and $2.9 million, respectively, of these reserves as other long-term liabilities on their consolidated balance sheets. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 (in millions ): September 30, December 31, 2021 Operating Leases Operating lease right-of-use assets, net $ 18.6 $ 27.4 Accrued expenses and other liabilities $ 8.2 $ 13.2 Other long-term liabilities 14.5 19.4 Total operating lease liabilities $ 22.7 $ 32.6 Finance Leases Property, plant and equipment $ 14.6 $ 12.3 Less: accumulated depreciation 9.5 9.2 Property, plant and equipment, net $ 5.1 $ 3.1 Accrued expenses and other liabilities $ 2.2 $ 1.7 Other long-term liabilities 2.7 1.2 Total finance lease liabilities $ 4.9 $ 2.9 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and 2021 is presented below: Record Date Payment Date Per Unit Rate Cash Distributions ( in millions ) 2022 February 7, 2022 February 14, 2022 $ 0.625 $ 60.9 May 6, 2022 May 13, 2022 $ 0.655 64.2 August 5, 2022 August 12, 2022 $ 0.655 71.6 $ 196.7 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 |
Summary of Change in Non-Controlling Interest in Subsidiary | The following tables show the change in our non-controlling interest in subsidiary at September 30, 2022 and 2021 (in millions) : Balance at December 31, 2021 $ 434.6 Distributions to non-controlling partner (31.0) Net income attributable to non-controlling partner 30.8 Balance at September 30, 2022 $ 434.4 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 |
Earnings Per Limited Partner _2
Earnings Per Limited Partner Unit (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and 2021 (in millions) : Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Preferred units (1) 7.1 7.1 7.1 7.1 Crestwood Niobrara’s preferred units (1) 3.9 3.9 3.9 3.9 Unit-based compensation performance units (1) 0.1 0.2 0.2 0.1 Subordinated units (2) — — — 0.1 (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, see our 2021 Annual Report on Form 10-K. (2) In March 2021, CEQP retired its subordinated units. For additional information regarding the retirement of the subordinated units, see Note 11. |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 income (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, 2022 2021 2022 2021 2022 2021 2022 2021 Net income (loss) $ (43.0) $ (39.6) $ 18.6 $ (116.0) $ (113.0) $ (41.8) $ (107.4) $ (120.7) Add: Interest and debt expense, net 47.6 30.9 123.8 102.0 47.6 30.9 123.8 102.0 Loss on modification/extinguishment of debt — — — 6.7 — — — 6.7 Provision for income taxes 1.4 0.1 1.7 0.1 1.4 0.1 1.6 0.1 Depreciation, amortization and accretion 86.9 64.6 242.3 182.6 86.8 68.2 248.0 193.2 EBITDA $ 92.9 $ 56.0 $ 386.4 $ 175.4 $ 22.8 $ 57.4 $ 266.0 $ 181.3 |
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, 2022 and 2021 ( 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 2021 Annual Report on Form 10-K. Included in earnings (loss) from unconsolidated affiliates, net reflected in the tables below was approximately $2.5 million and $4.9 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, 2022 and 2021 and $12.0 million and $182.4 million for the nine months ended September 30, 2022 and 2021. Segment EBITDA Information Three Months Ended September 30, 2022 Gathering and Processing North Gathering and Processing South Storage and Logistics Corporate Total Crestwood Midstream Revenues $ 272.6 $ 177.4 $ 1,116.0 $ — $ 1,566.0 Intersegment revenues, net 142.2 137.8 (280.0) — — Costs of product/services sold 230.2 249.6 807.0 — 1,286.8 Operations and maintenance expense 27.4 14.3 13.3 — 55.0 General and administrative expense — — — 32.3 32.3 Loss on long-lived assets, net — (247.6) — — (247.6) Gain on acquisition — 75.3 — — 75.3 Earnings from unconsolidated affiliates, net — 2.0 1.2 — 3.2 Crestwood Midstream EBITDA $ 157.2 $ (119.0) $ 16.9 $ (32.3) $ 22.8 Crestwood Equity General and administrative expense — — — 1.6 1.6 Gain on long-lived assets — 71.7 — — 71.7 Crestwood Equity EBITDA $ 157.2 $ (47.3) $ 16.9 $ (33.9) $ 92.9 Three Months Ended September 30, 2021 Gathering and Processing North Gathering and Processing South Storage and Logistics Corporate Total Crestwood Midstream Revenues $ 144.5 $ 26.7 $ 1,055.1 $ — $ 1,226.3 Intersegment revenues, net 125.6 — (125.6) — — Costs of product/services sold 149.7 0.4 949.2 — 1,099.3 Operations and maintenance expense 14.1 5.4 12.1 — 31.6 General and administrative expense — — — 24.4 24.4 Gain (loss) on long-lived assets, net 0.1 (18.6) — — (18.5) Earnings from unconsolidated affiliates, net — 4.2 0.7 — 4.9 Crestwood Midstream EBITDA $ 106.4 $ 6.5 $ (31.1) $ (24.4) $ 57.4 Crestwood Equity General and administrative expense — — — 1.5 1.5 Other income, net — — — 0.1 0.1 Crestwood Equity EBITDA $ 106.4 $ 6.5 $ (31.1) $ (25.8) $ 56.0 Nine Months Ended September 30, 2022 Gathering and Processing North Gathering and Processing South Storage and Logistics Corporate Total Crestwood Midstream Revenues $ 787.2 $ 243.4 $ 3,567.2 $ — $ 4,597.8 Intersegment revenues, net 421.2 137.8 (559.0) — — Costs of product/services sold 686.6 249.6 2,928.2 — 3,864.4 Operations and maintenance expense 78.6 28.6 36.8 — 144.0 General and administrative expense — — — 99.0 99.0 Loss on long-lived assets, net — (307.8) (4.1) — (311.9) Gain on acquisition — 75.3 — — 75.3 Earnings from unconsolidated affiliates, net — 9.4 2.8 — 12.2 Crestwood Midstream EBITDA $ 443.2 $ (120.1) $ 41.9 $ (99.0) $ 266.0 Crestwood Equity General and administrative expense — — — 4.8 4.8 Gain on long-lived assets (1) — 125.0 — — 125.0 Other income, net — — — 0.2 0.2 Crestwood Equity EBITDA $ 443.2 $ 4.9 $ 41.9 $ (103.6) $ 386.4 (1) Represents the elimination of the loss on long-lived assets of approximately $53 million recorded by CMLP related to the sale of our assets in the Barnett Shale and the gain on long-lived assets of approximately $72 million recorded by CEQP related to this sale. For a further discussion of this transaction, see Note 3. Nine Months Ended September 30, 2021 Gathering and Processing North Gathering and Processing South Storage and Logistics Corporate Total Crestwood Midstream Revenues $ 422.9 $ 76.0 $ 2,689.7 $ — $ 3,188.6 Intersegment revenues, net 315.1 — (315.1) — — Costs of product/services sold 386.4 0.8 2,323.1 — 2,710.3 Operations and maintenance expense 38.2 17.4 34.6 — 90.2 General and administrative expense — — — 61.3 61.3 Gain (loss) on long-lived assets, net 0.2 (19.9) 0.1 — (19.6) Earnings (loss) from unconsolidated affiliates, net — 4.4 (130.3) — (125.9) Crestwood Midstream EBITDA $ 313.6 $ 42.3 $ (113.3) $ (61.3) $ 181.3 Crestwood Equity General and administrative expense — — — 6.1 6.1 Other income, net — — — 0.2 0.2 Crestwood Equity EBITDA $ 313.6 $ 42.3 $ (113.3) $ (67.2) $ 175.4 Other Segment Information CEQP CMLP September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Total Assets Gathering and Processing North $ 4,072.4 $ 2,408.0 $ 4,072.4 $ 2,408.0 Gathering and Processing South 1,666.4 886.5 1,666.4 1,017.4 Storage and Logistics 1,131.1 1,125.1 1,131.1 1,125.1 Corporate 29.5 26.1 23.7 20.7 Total Assets $ 6,899.4 $ 4,445.7 $ 6,893.6 $ 4,571.2 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 December 31, 2021 Contract assets (non-current) (1) $ 5.6 $ 1.3 Contract liabilities (current) (2) $ 12.2 $ 10.7 Contract liabilities (non-current) (2) $ 209.1 $ 187.1 (1) Includes approximately $4.7 million acquired in conjunction with the CPJV Acquisition. (2) During the three and nine months ended September 30, 2022, we recognized revenues of approximately $4.0 million and $11.2 million that were previously included in contract liabilities at December 31, 2021. The remaining change in our contract liabilities during the three and nine months ended September 30, 2022 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, 2022 (in millions) : Remainder of 2022 $ 23.3 2023 70.4 2024 45.8 2025 2.3 2026 0.5 Thereafter 1.3 Total $ 143.6 |
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, 2022 and 2021 ( 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, 2022 Gathering and Processing North Gathering and Processing South Storage and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 33.4 $ 10.1 $ — $ — $ 43.5 Crude oil 14.7 1.7 — — 16.4 Water 41.8 7.5 — — 49.3 Processing Natural gas 20.7 4.8 — — 25.5 Compression Natural gas — 4.7 — — 4.7 Storage Crude oil 0.6 — 0.1 — 0.7 NGLs — — 2.2 — 2.2 Pipeline Crude oil — — 0.6 — 0.6 NGLs — 5.2 0.1 (5.2) 0.1 Transportation Crude oil 1.5 0.1 — — 1.6 NGLs — — 5.0 — 5.0 Product Sales Natural gas 109.6 144.4 248.4 (205.6) 296.8 Crude oil 120.9 — 362.8 (9.8) 473.9 NGLs 68.3 136.2 411.7 (58.9) 557.3 Water 2.1 — — — 2.1 Other 0.8 — 0.2 (0.5) 0.5 Total Topic 606 revenues 414.4 314.7 1,031.1 (280.0) 1,480.2 Non-Topic 606 revenues 0.4 0.5 84.9 — 85.8 Total revenues $ 414.8 $ 315.2 $ 1,116.0 $ (280.0) $ 1,566.0 Three Months Ended September 30, 2021 Gathering and Processing North Gathering and Processing South Storage and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 13.7 $ 21.6 $ — $ — $ 35.3 Crude oil 17.1 — — — 17.1 Water 24.8 — — — 24.8 Processing Natural gas 5.8 1.4 — — 7.2 Compression Natural gas — 3.7 — — 3.7 Storage Crude oil 0.1 — 0.1 (0.1) 0.1 NGLs — — 2.6 — 2.6 Pipeline Crude oil — — 0.6 — 0.6 Transportation Crude oil 0.8 — — (0.1) 0.7 NGLs — — 4.1 — 4.1 Rail Loading Crude oil — — 1.2 — 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 — — 0.5 — 0.5 Total Topic 606 revenues 269.7 26.7 925.0 (125.6) 1,095.8 Non-Topic 606 revenues 0.4 — 130.1 — 130.5 Total revenues $ 270.1 $ 26.7 $ 1,055.1 $ (125.6) $ 1,226.3 Nine Months Ended September 30, 2022 Gathering and Processing North Gathering and Processing South Storage and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 92.2 $ 57.0 $ — $ — $ 149.2 Crude oil 43.6 4.6 — — 48.2 Water 117.7 13.0 — — 130.7 Processing Natural gas 54.8 7.1 — — 61.9 Compression Natural gas — 11.3 — — 11.3 Storage Crude oil 1.7 — 0.4 (0.2) 1.9 NGLs — — 6.9 — 6.9 Pipeline Crude oil — — 1.5 — 1.5 NGLs — 5.2 0.2 (5.2) 0.2 Transportation Crude oil 4.2 0.5 — (0.1) 4.6 NGLs — — 16.3 — 16.3 Rail Loading Crude oil — — 0.4 — 0.4 Product Sales Natural gas 269.1 145.3 508.0 (331.2) 591.2 Crude oil 394.9 — 1,130.3 (33.9) 1,491.3 NGLs 222.7 136.2 1,505.6 (187.9) 1,676.6 Water 5.0 — — — 5.0 Other 1.4 — 0.5 (0.5) 1.4 Total Topic 606 revenues 1,207.3 380.2 3,170.1 (559.0) 4,198.6 Non-Topic 606 revenues 1.1 1.0 397.1 — 399.2 Total revenues $ 1,208.4 $ 381.2 $ 3,567.2 $ (559.0) $ 4,597.8 Nine Months Ended September 30, 2021 Gathering and Processing North Gathering and Processing South Storage and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 40.5 $ 59.5 $ — $ — $ 100.0 Crude oil 56.2 — — — 56.2 Water 69.5 — — — 69.5 Processing Natural gas 17.7 3.8 — — 21.5 Compression Natural gas — 12.1 — — 12.1 Storage Crude oil 0.3 — 0.4 (0.3) 0.4 NGLs — — 8.7 — 8.7 Pipeline Crude oil — — 2.0 — 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 — — 3.4 — 3.4 Product Sales Natural gas 111.9 0.6 224.4 (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 — — 1.4 — 1.4 Total Topic 606 revenues 737.4 76.0 2,390.7 (315.1) 2,889.0 Non-Topic 606 revenues 0.6 — 299.0 — 299.6 Total revenues $ 738.0 $ 76.0 $ 2,689.7 $ (315.1) $ 3,188.6 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 2021 Annual Report on Form 10-K. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues at CEQP and CMLP (1) $ 140.8 $ 7.1 $ 372.7 $ 25.2 Costs of product/services sold at CEQP and CMLP (2) $ 51.3 $ 34.8 $ 232.9 $ 101.3 Operations and maintenance expenses at CEQP and CMLP charged to our unconsolidated affiliates (3) $ 2.6 $ 5.1 $ 12.4 $ 16.8 General and administrative expenses charged by CEQP to CMLP, net (4) $ 8.5 $ 11.9 $ 23.5 $ 24.4 General and administrative expenses at CEQP and CMLP (5) $ — $ — $ 1.3 $ — (1) Includes (i) $83.0 million and $218.9 million during the three and nine months ended September 30, 2022 primarily related to the sale of crude oil and NGLs to a subsidiary of Chord Energy Corporation (formerly Oasis Petroleum Inc.); (ii) $57.4 million and $148.6 million during the three and nine months ended September 30, 2022 primarily related to gathering and processing services under agreements with a subsidiary of Chord Energy Corporation (formerly Oasis Petroleum Inc.); (iii) $0.3 million and $3.9 million during the three and nine months ended September 30, 2022 and $7.1 million and $25.2 million during the three and nine months ended September 30, 2021 related to the sale of NGLs to a subsidiary of Crestwood Permian; and (iv) $0.1 million and $1.3 million during the three and nine months ended September 30, 2022 related to compressor leases with a subsidiary of Crestwood Permian; (2) Includes (i) $41.5 million and $114.1 million during the three and nine months ended September 30, 2022 primarily related to purchases of NGLs from a subsidiary of Chord Energy Corporation (formerly Oasis Petroleum, Inc.); (ii) $9.2 million and $116.8 million during the three and nine months ended September 30, 2022 and $30.4 million and $75.5 million during the three and nine months ended September 30, 2021 related to purchases of natural gas and NGLs from a subsidiary of Crestwood Permian; (iii) $0.3 million and $1.7 million during the three and nine months ended September 30, 2022 and $0.2 million and $11.3 million during the three and nine months ended September 30, 2021 primarily related to purchases of natural gas from a subsidiary of Tres Holdings; (iv) $0.3 million during both the three and nine months ended September 31, 2022 related to gathering services under agreements Crestwood Permian Basin; and (v) $4.2 million and $14.5 million during the three and nine months ended September 30, 2021 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, 2022, we charged $1.2 million and $3.5 million to Tres Holdings, $1.0 million to Crestwood Permian Basin in both periods and $0.4 million and $7.9 million to Crestwood Permian. 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. (4) Includes $9.6 million and $26.8 million of unit-based compensation charges allocated from CEQP to CMLP during the three and nine months ended September 30, 2022 and $12.9 million and $27.4 million for the three and nine months ended September 30, 2021. In addition, includes $1.1 million and $3.3 million of CMLP’s general and administrative costs allocated to CEQP during the three and nine months ended September 30, 2022 and $1.0 million and $3.0 million for the three and nine months ended September 30, 2021. (5) Represents general and administrative expenses related to a transition services agreement with Chord Energy Corporation (formerly Oasis Petroleum Inc.). |
Schedule of Related Party Receivables and Payables | The following table shows balances with our affiliates which are reflected in our consolidated balance sheets ( in millions ): September 30, December 31, Accounts receivable at CEQP and CMLP $ 1.6 $ 8.2 Accounts payable at CEQP and CMLP $ 2.2 $ 12.0 |
Organization and Business Des_2
Organization and Business Description (Details) - Crestwood Midstream Partners LP | 9 Months Ended |
Sep. 30, 2022 | |
Crestwood Equity Partners LP | |
Partnership Organization And Basis Of Presentation [Line Items] | |
Partnership interest | 99.90% |
Crestwood Gas Services GP, LLC | |
Partnership Organization And Basis Of Presentation [Line Items] | |
Partnership interest | 0.10% |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||
Jul. 11, 2022 | Jul. 01, 2022 | Feb. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jul. 10, 2022 | Apr. 30, 2022 | Feb. 28, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||||||||
Investments in unconsolidated affiliates | $ 121.4 | $ 121.4 | $ 155.8 | ||||||||
Goodwill | 251.3 | 251.3 | 138.6 | ||||||||
Gain on acquisition | 75.3 | $ 0 | 75.3 | $ 0 | |||||||
Revenues | 1,566 | 1,226.3 | 4,597.8 | 3,188.6 | |||||||
Net income (loss) | (43) | (39.6) | 18.6 | (116) | |||||||
Business Acquisition, Pro Forma Information | |||||||||||
Revenues | 1,398.3 | 4,832 | 3,626.1 | ||||||||
Net income (loss) | $ (23.6) | $ 45.1 | $ (65.1) | ||||||||
Diluted (in dollars per share) | $ (0.45) | $ (0.28) | $ (1.26) | ||||||||
Basic (in dollars per share) | $ (0.45) | $ (0.28) | $ (1.26) | ||||||||
Crestwood Permian Basin Holdings LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Investments in unconsolidated affiliates | $ 194.7 | $ 0 | $ 0 | 116.1 | |||||||
Business Acquisition, Pro Forma Information | |||||||||||
Ownership percentage | 50% | 50% | |||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 24.7 | ||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 4.1 | ||||||||||
Gathering and Processing South | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Marcellus | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 19 | ||||||||||
Gathering and Processing South | Barnett Shale Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 290 | ||||||||||
Gathering and Processing South | Granite Wash | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 7 | ||||||||||
Gathering and Processing South | Marcellus Shale Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 206 | ||||||||||
April 2029 Senior Notes | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Debt Instrument, Fair Value Adjustment | 27.8 | 27.8 | 0 | ||||||||
April 2029 Senior Notes | Senior Notes | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Senior notes | 450 | 450 | $ 450 | 0 | |||||||
Crestwood Midstream Partners LP | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Investments in unconsolidated affiliates | 121.4 | 121.4 | 155.8 | ||||||||
Goodwill | 251.3 | 251.3 | 138.6 | ||||||||
Gain on acquisition | 75.3 | 0 | 75.3 | $ 0 | |||||||
Revenues | 1,566 | 1,226.3 | 4,597.8 | 3,188.6 | |||||||
Net income (loss) | (113) | $ (41.8) | (107.4) | (120.7) | |||||||
Business Acquisition, Pro Forma Information | |||||||||||
Revenues | 1,398.3 | 4,832 | 3,626.1 | ||||||||
Net income (loss) | (25.8) | (156.2) | $ (69.8) | ||||||||
Crestwood Midstream Partners LP | Barnett Shale Assets | Discontinued Operations, Disposed of by Sale | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Property, Plant and Equipment, Gross, Period Increase (Decrease) | 346.9 | ||||||||||
Asset Retirement Obligation, Period Increase (Decrease) | 18.9 | ||||||||||
Crestwood Midstream Partners LP | Gathering and Processing South | Barnett Shale Assets | Disposal Group, Not Discontinued Operations | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 53 | ||||||||||
Crestwood Midstream Partners LP | Gathering and Processing South | Marcellus Shale Assets | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 248.2 | ||||||||||
Crestwood Midstream Partners LP | April 2029 Senior Notes | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Senior notes | 477.8 | 477.8 | $ 0 | ||||||||
Crestwood Equity Partners LP | Barnett Shale Assets | Discontinued Operations, Disposed of by Sale | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Property, Plant and Equipment, Gross, Period Increase (Decrease) | 221.9 | ||||||||||
Asset Retirement Obligation, Period Increase (Decrease) | $ 18.9 | ||||||||||
Crestwood Equity Partners LP | Gathering and Processing South | Barnett Shale Assets | Disposal Group, Not Discontinued Operations | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 72 | ||||||||||
Crestwood Permian Basin Holdings LLC | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Business Acquisition, Percentage of Additional Voting Interests Acquired | 50% | ||||||||||
Crestwood Permian Basin Holdings LLC | First Reserve Management, L.P. | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Business Acquisition, Percentage of Additional Voting Interests Acquired | 50% | ||||||||||
Oasis Midstream Partners LP | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash payment | $ 160 | ||||||||||
Discount rate | 12% | ||||||||||
Cash | 14.9 | ||||||||||
Other current assets | 63.2 | ||||||||||
Property, plant and equipment | 1,264.4 | ||||||||||
Intangible assets | 464 | ||||||||||
Total assets acquired | 1,806.5 | ||||||||||
Current liabilities | 48.2 | ||||||||||
Long-term debt | 698.7 | ||||||||||
Other long-term liabilities | 25.8 | ||||||||||
Total liabilities assumed | 772.7 | ||||||||||
Net assets acquired excluding goodwill | 1,033.8 | ||||||||||
Goodwill | 56.2 | ||||||||||
Net assets acquired | $ 1,090 | ||||||||||
Revenues | 110.8 | 275.1 | |||||||||
Net income (loss) | 37.7 | 94 | |||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Weighted average remaining life | 20 years | ||||||||||
Debt Instrument, Fair Value Adjustment | $ 30.7 | $ 30.7 | |||||||||
Asset Retirement Obligation | 16.1 | ||||||||||
Consideration transferred | 1,800 | ||||||||||
Business Combination, Acquisition Related Costs | 20.1 | ||||||||||
Oasis Midstream Partners LP | Gathering and Processing North | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill | 48.8 | ||||||||||
Oasis Midstream Partners LP | Gathering and Processing South | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill | 7.4 | ||||||||||
Oasis Midstream Partners LP | Revolving Credit Facility | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
CMLP Credit Facility | 218 | ||||||||||
Oasis Midstream Partners LP | April 2029 Senior Notes | Senior Notes | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Senior notes | 450 | ||||||||||
Oasis Midstream Partners LP | Oasis Petroleum Inc. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash payment | $ 150 | ||||||||||
Issued shares (in shares) | 20.9 | ||||||||||
Stock exchanged (in shares) | 33.8 | ||||||||||
Oasis Midstream Partners LP | Oasis Midstream Partners LP | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Stock exchanged (in shares) | 14.8 | ||||||||||
Oasis Midstream Partners LP | Oasis Midstream Public Unitholders | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Issued shares (in shares) | 12.9 | ||||||||||
Oasis Midstream Partners LP | Oasis Petroleum General Partners | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash payment | $ 10 | ||||||||||
Sendero Midstream Partners, LP | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash payment | $ 631.2 | ||||||||||
Discount rate | 13% | ||||||||||
Cash | $ 28.5 | ||||||||||
Other current assets | 77.9 | ||||||||||
Property, plant and equipment | 440.2 | ||||||||||
Intangible assets | 138.9 | ||||||||||
Other non-current assets | 0.2 | ||||||||||
Total assets acquired | 685.7 | ||||||||||
Current liabilities | 64.1 | ||||||||||
Long-term liabilities(1) | 17.8 | ||||||||||
Long-term liabilities(1) | 14 | ||||||||||
Total liabilities assumed | 81.9 | ||||||||||
Net assets acquired excluding goodwill | 603.8 | ||||||||||
Goodwill | 27.4 | ||||||||||
Net assets acquired | $ 631.2 | ||||||||||
Revenues | 159 | 159 | |||||||||
Net income (loss) | 18.1 | 18.1 | |||||||||
Business Acquisition, Pro Forma Information | |||||||||||
CMLP Credit Facility | 631.2 | 631.2 | |||||||||
Weighted average remaining life | 20 years | ||||||||||
Business Combination, Acquisition Related Costs | 8.4 | 9.3 | |||||||||
Acquired Finite Lived Intangible Liabilities Weighted Average Useful Life | 8 years | ||||||||||
Crestwood Permian Basin Holdings LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Discount rate | 15% | ||||||||||
Cash | $ 149.4 | ||||||||||
Other current assets | 83.3 | ||||||||||
Property, plant and equipment | 453.4 | ||||||||||
Intangible assets | 16.5 | ||||||||||
Other non-current assets | 4.9 | ||||||||||
Total assets acquired | 815.2 | ||||||||||
Current liabilities | 80.4 | ||||||||||
Long-term liabilities(1) | 38.9 | ||||||||||
Long-term debt | 140.2 | ||||||||||
Other long-term liabilities | 47.9 | ||||||||||
Total liabilities assumed | 268.5 | ||||||||||
Net assets acquired excluding goodwill | 546.7 | ||||||||||
Investments in unconsolidated affiliates | 78.6 | ||||||||||
Gain on acquisition of Crestwood Permian | 75.3 | ||||||||||
Goodwill | 29.1 | ||||||||||
Total purchase price | 276.7 | ||||||||||
Gain on acquisition | $ 75.3 | ||||||||||
Revenues | 157 | 157 | |||||||||
Net income (loss) | 8.4 | 8.4 | |||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Weighted average remaining life | 20 years | ||||||||||
Business Combination, Acquisition Related Costs | $ 0.1 | $ 0.3 | |||||||||
Acquired Finite Lived Intangible Liabilities Weighted Average Useful Life | 10 years | ||||||||||
Crestwood Permian Basin Holdings LLC | Crestwood Permian Basin Holdings LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Investments in unconsolidated affiliates | $ 194.7 | ||||||||||
Crestwood Permian Basin Holdings LLC | Crestwood Equity Partners LP | |||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Percentage of voting rights acquired | 100% | ||||||||||
Crestwood Permian Basin Holdings LLC | First Reserve Management, L.P. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash payment | $ 5.9 | ||||||||||
Issued shares (in shares) | 11.3 |
Certain Balance Sheet Informa_3
Certain Balance Sheet Information (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued Expenses and Other Liabilities [Line Items] | ||
Operating leases | $ 8.2 | $ 13.2 |
Finance leases | 2.2 | 1.7 |
Contract liabilities | 12.2 | 10.7 |
Total CMLP accrued expenses and other liabilities | 204.5 | 147.1 |
Contract liabilities | 209.1 | 187.1 |
Intangible liabilities | 51.7 | 0 |
Operating leases | 14.5 | 19.4 |
Other long-term liabilities | 325.7 | 258.7 |
Crestwood Midstream Partners LP | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Accrued expenses | 71.9 | 66.3 |
Accrued property taxes | 8.5 | 4.4 |
Income tax payable | 0.7 | 0.4 |
Interest payable | 56.6 | 30.6 |
Accrued additions to property, plant and equipment | 42.6 | 17.4 |
Operating leases | 8.2 | 13.2 |
Finance leases | 2.2 | 1.7 |
Contract liabilities | 12.2 | 10.7 |
Asset retirement obligations | 0.4 | 1.4 |
Total CMLP accrued expenses and other liabilities | 203.3 | 146.1 |
Contract liabilities | 209.1 | 187.1 |
Operating leases | 14.5 | 19.4 |
Asset retirement obligations | 33.9 | 34.8 |
Other long-term liabilities | 323.6 | 254.1 |
Crestwood Midstream Partners LP | Other | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Other long-term liabilities | 14.4 | 12.8 |
Crestwood Equity Partners LP | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Accrued expenses | 1.1 | 0.9 |
Income tax payable | 0.1 | 0.1 |
Total CMLP accrued expenses and other liabilities | 204.5 | 147.1 |
Other long-term liabilities | 325.7 | 258.7 |
Crestwood Equity Partners LP | Other | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Other long-term liabilities | $ 2.1 | $ 4.6 |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliates (Net Investments In and Earnings (Loss) from Unconsolidated Affiliates) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jul. 11, 2022 | Jul. 10, 2022 | Dec. 31, 2021 | Jul. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment | $ 121.4 | $ 121.4 | $ 155.8 | ||||||
Earnings (loss) from unconsolidated affiliates, net | 3.2 | $ 4.9 | 12.2 | $ (125.9) | |||||
Payments to acquire equity method investments | 90.2 | 10.2 | |||||||
Crestwood Permian Basin Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment | $ 78.6 | ||||||||
Crestwood Equity Partners LP | Crestwood Permian Basin Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of voting rights acquired | 100% | ||||||||
Crestwood Permian Basin Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Business Acquisition, Percentage of Additional Voting Interests Acquired | 50% | ||||||||
Crestwood Permian Basin Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment | 0 | 0 | $ 194.7 | 116.1 | |||||
Earnings (loss) from unconsolidated affiliates, net | 1.3 | 4.2 | 8.7 | 4.4 | |||||
Ownership percentage | 50% | 50% | |||||||
Payments to acquire equity method investments | 83.5 | 3.3 | |||||||
Crestwood Permian Basin Holdings LLC | Crestwood Permian Basin Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment | $ 194.7 | ||||||||
Crestwood Permian Basin LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment | 77.1 | 77.1 | 0 | ||||||
Earnings (loss) from unconsolidated affiliates, net | 0.7 | 0 | 0.7 | 0 | |||||
Difference between carrying amount and underlying equity | 2.3 | 2.3 | |||||||
Amortization | 0.1 | 0.1 | |||||||
Payments to acquire equity method investments | 0 | 0 | |||||||
Crestwood Permian Basin LLC | Crestwood Permian Basin Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 50% | ||||||||
Crestwood Permian Basin LLC | Shell Midstream Partners L.P. | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 50% | ||||||||
Tres Palacios Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment | 41.2 | 41.2 | 36.2 | ||||||
Earnings (loss) from unconsolidated affiliates, net | 1.3 | (0.1) | 3.2 | 9.1 | |||||
Difference between carrying amount and underlying equity | 20.6 | 20.6 | |||||||
Amortization | 0.3 | 0.3 | 0.9 | 0.9 | |||||
Payments to acquire equity method investments | 6.7 | 6.9 | |||||||
Tres Palacios Holdings LLC | Subsequent Event | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Payments to acquire equity method investments | $ 0.4 | ||||||||
Powder River Basin Industrial Complex, LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment | 3.1 | 3.1 | 3.5 | ||||||
Earnings (loss) from unconsolidated affiliates, net | (0.1) | (0.1) | (0.4) | 0 | |||||
Payments to acquire equity method investments | 0 | 0 | |||||||
Powder River Basin Industrial Complex, LLC | Subsequent Event | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Payments to acquire equity method investments | $ 0.3 | ||||||||
Stagecoach Gas Services LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment | 0 | 0 | $ 0 | ||||||
Earnings (loss) from unconsolidated affiliates, net | $ 0 | 0.9 | 0 | (139.4) | |||||
Difference between carrying amount and underlying equity | $ 51.3 | 51.3 | |||||||
Ownership percentage | 50% | ||||||||
Equity Method Investment Transaction Costs | $ 3 | ||||||||
Payments to acquire equity method investments | $ 0 | 0 | |||||||
Stagecoach Gas Services LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Earnings (loss) from unconsolidated affiliates, net | $ 155.4 |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates (Distributions and Contributions) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Jul. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | $ 20.7 | $ 663 | ||
Payments to acquire equity method investments | 90.2 | 10.2 | ||
Crestwood Permian Basin Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | 13.6 | 8.9 | ||
Payments to acquire equity method investments | 83.5 | 3.3 | ||
Crestwood Permian Basin LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | 2.2 | 0 | ||
Payments to acquire equity method investments | 0 | 0 | ||
Tres Palacios Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | 4.9 | 13.1 | ||
Payments to acquire equity method investments | 6.7 | 6.9 | ||
Powder River Basin Industrial Complex, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | 0 | 0.1 | ||
Payments to acquire equity method investments | 0 | 0 | ||
Stagecoach Gas Services LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | $ 613.9 | 0 | 640.9 | |
Payments to acquire equity method investments | $ 0 | $ 0 | ||
Subsequent Event | Tres Palacios Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | $ 3.9 | |||
Payments to acquire equity method investments | 0.4 | |||
Subsequent Event | Powder River Basin Industrial Complex, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Payments to acquire equity method investments | $ 0.3 |
Risk Management (Risk Managemen
Risk Management (Risk Management Activities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Product revenues | $ 84.7 | $ 129.4 | $ 395.7 | $ 296.9 |
Commodity contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments not designated as hedging | $ 45 | $ (53.4) | $ (6.3) | $ (94.8) |
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, 2022 MMBbls bcf | Dec. 31, 2021 bcf MMBbls |
Propane, ethane, butane, heating oil and crude oil (MMBbls) | Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | MMBbls | 66.1 | 71.6 |
Propane, ethane, butane, heating oil and crude oil (MMBbls) | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | MMBbls | 69.8 | 75.8 |
Natural gas (Bcf) | Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | bcf | 38 | 31.9 |
Natural gas (Bcf) | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | bcf | 43.2 | 43.4 |
Risk Management (Schedule of De
Risk Management (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Cash collateral received, net | $ 29.7 | $ 11.4 |
Commodity contract | ||
Derivative [Line Items] | ||
Cash collateral received, net | 7.2 | 1.5 |
Commodity contract with credit contingent features | ||
Derivative [Line Items] | ||
Aggregate fair value of commodity derivative instruments | 15.6 | 57.9 |
Variation Margin-Related Net Derivative Asset Position | ||
Derivative [Line Items] | ||
Derivative Liability | (24) | |
Broker-related net derivative asset (liability) position | 104.8 | |
Variation Margin-Related Cash Collateral Received | ||
Derivative [Line Items] | ||
Broker-related cash collateral posted (received) | $ (57.4) | $ (76.8) |
Risk Management (Narrative) (De
Risk Management (Narrative) (Details) - Price Risk Contracts Member - Maximum | 9 Months Ended |
Sep. 30, 2022 | |
Derivative [Line Items] | |
Remaining maturity | 36 months |
Percent of contracts expiring in the next twelve months | 88% |
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, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | $ 693 | $ 728.9 |
Other investments | 2.4 | 2.2 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 695.4 | 731.1 |
Netting agreements | (584.5) | (607.4) |
Assets, Collateral/Margin Received or Paid | 4.2 | 79.4 |
Assets from price risk management, total | 112.7 | 42.1 |
Total assets at fair value | 115.1 | 44.3 |
Liabilities from price risk management | 644.9 | 713.2 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 644.9 | 713.2 |
Netting agreements | (584.5) | (607.4) |
Liabilities, Collateral/Margin Received or Paid | (23.5) | (8.8) |
Liabilities from price risk management, total | 36.9 | 114.6 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 36.7 | 33.3 |
Other investments | 2.4 | 2.2 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 39.1 | 35.5 |
Liabilities from price risk management | 49.7 | 26.9 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 49.7 | 26.9 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 656.3 | 695.6 |
Other investments | 0 | 0 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 656.3 | 695.6 |
Liabilities from price risk management | 595.2 | 686.3 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 595.2 | 686.3 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 0 | 0 |
Other investments | 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, 2022 | Dec. 31, 2021 |
2025 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 497.3 | $ 496.5 |
Fair Value | 473.5 | 511.9 |
2027 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 595.1 | 594.2 |
Fair Value | 545.6 | 615 |
February 2029 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 691.8 | 690.8 |
Fair Value | 627.2 | 727.3 |
April 2029 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 477.8 | 0 |
Fair Value | $ 433.1 | $ 0 |
Long-Term Debt (Components Of L
Long-Term Debt (Components Of Long-Term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Feb. 28, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
Less: deferred financing costs, net | $ 27.1 | $ 29.9 | |
Total debt | 3,570 | 2,052.3 | |
Less: current portion | 0 | 0.2 | |
Total long-term debt, less current portion | 3,570 | 2,052.1 | |
April 2029 Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Fair Value Adjustment | 27.8 | 0 | |
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 | February 2029 Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior notes | 700 | 700 | |
Senior Notes | April 2029 Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior notes | 450 | $ 450 | 0 |
Other | |||
Debt Instrument [Line Items] | |||
Other | 0 | 0.2 | |
Revolving Credit Facility | Crestwood Midstream Revolver | |||
Debt Instrument [Line Items] | |||
CMLP Credit Facility | 1,102.6 | 282 | |
Revolving Credit Facility | CPBH Credit Facility | |||
Debt Instrument [Line Items] | |||
CMLP Credit Facility | $ 216.7 | $ 0 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Jul. 11, 2022 USD ($) | Feb. 01, 2022 USD ($) | Jan. 31, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Oct. 31, 2022 USD ($) | Feb. 28, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Term | 5 years | |||||||||
Senior Secured Leverage Ratio, maximum | 3.50 | 3.50 | ||||||||
Senior Secured Leverage Ratio | 1.29 | 1.29 | ||||||||
Extinguishment of Debt, Amount | $ 687,200,000 | |||||||||
Loss on modification/extinguishment of debt | $ 0 | $ 0 | $ 0 | 6,700,000 | ||||||
Amortization of Debt Discount (Premium) | 1,100,000 | 2,900,000 | ||||||||
Interest paid | 8,600,000 | |||||||||
Oasis Midstream Partners LP | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash payment | $ 160,000,000 | |||||||||
Debt Instrument, Fair Value Adjustment | 30,700,000 | $ 30,700,000 | ||||||||
Sendero Midstream Partners, LP | ||||||||||
Debt Instrument [Line Items] | ||||||||||
CMLP Credit Facility | 631,200,000 | 631,200,000 | ||||||||
Cash payment | $ 631,200,000 | |||||||||
Crestwood Midstream Partners LP | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on modification/extinguishment of debt | 0 | $ 0 | 0 | $ 6,700,000 | ||||||
2027 Senior Notes | Crestwood Midstream Partners LP | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes | 595,100,000 | 595,100,000 | $ 594,200,000 | |||||||
2025 Senior Notes | Crestwood Midstream Partners LP | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes | 497,300,000 | $ 497,300,000 | 496,500,000 | |||||||
Crestwood Midstream Revolver | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Consolidated Leverage Ratio Maximum | 5.50 | |||||||||
Crestwood Midstream Revolver | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
CMLP Credit Facility | 1,102,600,000 | $ 1,102,600,000 | 282,000,000 | |||||||
Available capacity | 382,600,000 | 382,600,000 | ||||||||
Letters of credit outstanding | $ 14,800,000 | $ 14,800,000 | $ 6,300,000 | |||||||
Debt, Weighted Average Interest Rate | 4.97% | 4.97% | 1.91% | |||||||
Interest Coverage Ratio Minimum | 2.50 | |||||||||
Total Funded Debt to Consolidated Ebitda | 3.93 | |||||||||
Consolidated Ebitda To Consolidated Interest Expense | 5.11 | |||||||||
Crestwood Midstream Revolver | Revolving Credit Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, Weighted Average Interest Rate | 4.70% | 4.70% | 1.90% | |||||||
Crestwood Midstream Revolver | Revolving Credit Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, Weighted Average Interest Rate | 7.25% | 7.25% | 4% | |||||||
Revolving Credit Facility | Oasis Midstream Partners LP | ||||||||||
Debt Instrument [Line Items] | ||||||||||
CMLP Credit Facility | 218,000,000 | |||||||||
April 2029 Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Fair Value Adjustment | $ 27,800,000 | $ 27,800,000 | $ 0 | |||||||
April 2029 Senior Notes | Crestwood Midstream Partners LP | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes | 477,800,000 | $ 477,800,000 | 0 | |||||||
Oasis Midstream Partners LP | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
CMLP Credit Facility | 218,000,000 | |||||||||
CPBH Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Consolidated Leverage Ratio Maximum | 5 | |||||||||
Line of Credit Facility Additional Potential Capacity | 85,000,000 | $ 85,000,000 | ||||||||
CPBH Credit Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.375% | |||||||||
CPBH Credit Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | |||||||||
CPBH Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
CMLP Credit Facility | 216,700,000 | $ 216,700,000 | 0 | |||||||
Available capacity | $ 13,300,000 | $ 13,300,000 | ||||||||
Debt, Weighted Average Interest Rate | 5.92% | 5.92% | ||||||||
Interest Coverage Ratio Minimum | 2.50 | |||||||||
Total Funded Debt to Consolidated Ebitda | 3.21 | |||||||||
Consolidated Ebitda To Consolidated Interest Expense | 13.19 | |||||||||
CPBH Credit Facility | Revolving Credit Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, Weighted Average Interest Rate | 5.20% | 5.20% | ||||||||
CPBH Credit Facility | Revolving Credit Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, Weighted Average Interest Rate | 7.75% | 7.75% | ||||||||
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 | Senior Notes, due 2029 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes | $ 700,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | |||||||||
Proceeds from Issuance of Debt | $ 691,000,000 | |||||||||
Senior Notes | April 2029 Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes | 450,000,000 | 450,000,000 | $ 450,000,000 | $ 0 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | |||||||||
Senior Notes | April 2029 Senior Notes | Oasis Midstream Partners LP | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes | $ 450,000,000 | |||||||||
Revolving Loan Facility | Crestwood Midstream Partners LP | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500,000,000 | 1,500,000,000 | ||||||||
Revolving Loan Facility | CPBH Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 230,000,000 | $ 230,000,000 | ||||||||
CPBH Credit Facility | Revolving Credit Facility | Federal Funds Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||
CPBH Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||||
CPBH Credit Facility | Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||
CPBH Credit Facility | Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||
Revolving Credit Facility | CPBH Credit Facility | Minimum | Secured Overnight Financing Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||
Revolving Credit Facility | CPBH Credit Facility | Maximum | Secured Overnight Financing Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||
Subsequent Event | Revolving Loan Facility | Crestwood Midstream Partners LP | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,750,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 9 Months Ended | 30 Months Ended | ||
Oct. 24, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||
Damages paid | $ 3.2 | $ 22.7 | ||
Accrued amounts for outstanding legal matters | 29.8 | $ 16.8 | ||
Subsequent Event | ||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||
Loss Contingency, Damages Awarded, Value | $ 20.7 | |||
Loss Contingency Damages Awarded Pre-Judgement Attorney Fees and Costs Value | 4.7 | |||
Loss Contingency Damages Awarded Pre-Judgement Interest Award Value | $ 17.7 | |||
Crestwood Midstream Partners LP | ||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||
Self-insurance reserves | $ 4.5 | $ 4.7 |
Commitments and Contingencies_3
Commitments and Contingencies (Environmental Compliance) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Site Contingency [Line Items] | ||
Insurance Settlements Receivable | $ 3.7 | |
Fort Berthold Indian Reservation | ||
Site Contingency [Line Items] | ||
Accrual of environmental loss contingencies | 4.2 | $ 1 |
Maximum | Fort Berthold Indian Reservation | ||
Site Contingency [Line Items] | ||
Potential liability for environmental exposures | 5.2 | |
Minimum | Fort Berthold Indian Reservation | ||
Site Contingency [Line Items] | ||
Potential liability for environmental exposures | $ 4.2 |
Commitments and Contingencies_4
Commitments and Contingencies (Self Insurance) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Crestwood Equity Partners LP | ||
Other Commitments [Line Items] | ||
Self-insurance reserves | $ 5.4 | $ 5.5 |
Self-insurance reserves expected to be paid | 3.5 | |
Crestwood Midstream Partners LP | ||
Other Commitments [Line Items] | ||
Self-insurance reserves | 4.5 | $ 4.7 |
Self-insurance reserves expected to be paid | $ 2.9 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Apr. 30, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||||||
Operating lease right-of-use assets, net | $ 18.6 | $ 18.6 | $ 27.4 | |||
Operating leases | 8.2 | 8.2 | 13.2 | |||
Operating leases | 14.5 | 14.5 | 19.4 | |||
Total operating lease liabilities | 22.7 | 22.7 | 32.6 | |||
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 14.6 | 14.6 | 12.3 | |||
Property, plant and equipment | 5,141.4 | 5,141.4 | 3,771.5 | |||
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 9.5 | 9.5 | 9.2 | |||
Less: accumulated depreciation | 752.1 | 752.1 | 992.1 | |||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 5.1 | 5.1 | 3.1 | |||
Property, plant and equipment, net | 4,389.3 | 4,389.3 | 2,779.4 | |||
Finance leases | 2.2 | 2.2 | 1.7 | |||
Finance Lease, Liability, Noncurrent | 2.7 | 2.7 | 1.2 | |||
Finance Lease, Liability | 4.9 | 4.9 | $ 2.9 | |||
Operating lease expense | 3.4 | $ 3.7 | 9.2 | $ 12.8 | ||
Finance lease expense | $ 0.9 | 0.8 | $ 2.7 | 2.6 | ||
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 | |||
Loss on long-lived assets, net | $ 175.9 | $ 18.5 | $ 186.9 | $ 19.6 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 24.7 | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 4.1 |
Partners' Capital (Schedule of
Partners' Capital (Schedule of Partners' Capital Account, Distributions) (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |||||||||||||
Aug. 12, 2022 | Aug. 05, 2022 | May 13, 2022 | May 06, 2022 | Feb. 14, 2022 | Feb. 07, 2022 | Aug. 13, 2021 | Aug. 06, 2021 | May 14, 2021 | May 07, 2021 | Feb. 12, 2021 | Feb. 05, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Distribution Made to Limited Partner [Line Items] | ||||||||||||||
Distribution Made to Limited Partner, Date of Record | Aug. 05, 2022 | May 06, 2022 | Feb. 07, 2022 | Aug. 06, 2021 | May 07, 2021 | Feb. 05, 2021 | ||||||||
Distribution Made to Limited Partner, Distribution Date | Aug. 12, 2022 | May 13, 2022 | Feb. 14, 2022 | Aug. 13, 2021 | May 14, 2021 | Feb. 12, 2021 | ||||||||
Distribution Made to Member or Limited Partner, Distributions Paid, Per Unit | $ 0.655 | $ 0.655 | $ 0.625 | $ 0.625 | $ 0.625 | $ 0.625 | ||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 71.6 | $ 64.2 | $ 60.9 | $ 39.3 | $ 39.3 | $ 46.4 | $ 196.7 | $ 125 |
Partners' Capital (Components o
Partners' Capital (Components of Net Income (Loss) Attributable to Non-Controlling Interests) (Details) $ in Millions | 1 Months Ended |
Oct. 31, 2022 USD ($) | |
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 | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||
Nov. 14, 2022 | Nov. 07, 2022 | Oct. 20, 2022 | Sep. 15, 2022 | Aug. 12, 2022 | Aug. 05, 2022 | Jul. 11, 2022 | May 13, 2022 | May 06, 2022 | Feb. 14, 2022 | Feb. 07, 2022 | Feb. 01, 2022 | Aug. 13, 2021 | Aug. 06, 2021 | May 14, 2021 | May 07, 2021 | Feb. 12, 2021 | Feb. 05, 2021 | Feb. 28, 2022 | Mar. 31, 2021 | Sep. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Distribution Made to Limited Partner, Distribution Date | Aug. 12, 2022 | May 13, 2022 | Feb. 14, 2022 | Aug. 13, 2021 | May 14, 2021 | Feb. 12, 2021 | |||||||||||||||||||
Distribution Made to Limited Partner, Date of Record | Aug. 05, 2022 | May 06, 2022 | Feb. 07, 2022 | Aug. 06, 2021 | May 07, 2021 | Feb. 05, 2021 | |||||||||||||||||||
Distributions to preferred unitholders | $ 45 | $ 45 | |||||||||||||||||||||||
Incentive Distribution, Distribution | 196.7 | 125 | |||||||||||||||||||||||
Distributions to non-controlling partner | 31 | 29.9 | |||||||||||||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 71.6 | $ 64.2 | $ 60.9 | $ 39.3 | $ 39.3 | $ 46.4 | 196.7 | 125 | |||||||||||||||||
Noncash Distribution to Parent | 2.4 | ||||||||||||||||||||||||
Partners' Capital Account, Treasury Units, Purchased | $ 123.7 | $ 268 | |||||||||||||||||||||||
Oasis Midstream Partners LP | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Cash payment | $ 160 | ||||||||||||||||||||||||
Common Units | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Stock exchanged (in shares) | 4,600,000 | 11,500,000 | |||||||||||||||||||||||
Treasury Stock, Shares, Retired | 4,600,000 | 11,500,000 | |||||||||||||||||||||||
Subordinated Units | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Stock exchanged (in shares) | 400,000 | ||||||||||||||||||||||||
Treasury Stock, Shares, Retired | 400,000 | ||||||||||||||||||||||||
Crestwood Midstream Partners LP | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Incentive Distribution, Distribution | 537.6 | 451.3 | |||||||||||||||||||||||
Distributions to non-controlling partner | 31 | 29.9 | |||||||||||||||||||||||
Distribution Made to General Partner, Cash Distributions Paid | $ 537.6 | 451.3 | |||||||||||||||||||||||
Crestwood Permian Basin Holdings LLC | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Business Acquisition, Percentage of Additional Voting Interests Acquired | 50% | ||||||||||||||||||||||||
Crestwood Permian Basin Holdings LLC | First Reserve Management, L.P. | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Business Acquisition, Percentage of Additional Voting Interests Acquired | 50% | ||||||||||||||||||||||||
Common unit | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Transaction Costs | $ 7.6 | ||||||||||||||||||||||||
Partners' Capital Account, Treasury Units, Purchased | $ 123.7 | ||||||||||||||||||||||||
Partners' Capital | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Partners' Capital Account, Treasury Units, Purchased | 123.7 | ||||||||||||||||||||||||
Partners' Capital | Crestwood Midstream Partners LP | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Non-cash contribution from partner (Note 11) | $ 127.3 | 1,075.1 | 127.3 | $ 1,075.1 | |||||||||||||||||||||
Cash contribution from partner (Note 11) | $ 149.4 | $ 14.9 | 149.4 | $ 14.9 | |||||||||||||||||||||
Common Units | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 526,322 | ||||||||||||||||||||||||
Oasis Midstream Public Unitholders | Oasis Midstream Partners LP | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Issued shares (in shares) | 12,900,000 | ||||||||||||||||||||||||
Oasis Petroleum Inc. | Oasis Midstream Partners LP | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Issued shares (in shares) | 20,900,000 | ||||||||||||||||||||||||
Cash payment | $ 150 | ||||||||||||||||||||||||
First Reserve Management, L.P. | Crestwood Permian Basin Holdings LLC | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Issued shares (in shares) | 11,300,000 | ||||||||||||||||||||||||
Cash payment | $ 5.9 | ||||||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Distribution Made to Limited Partner, Distribution Date | Nov. 14, 2022 | ||||||||||||||||||||||||
Distribution Made to Limited Partner, Date of Record | Nov. 07, 2022 | ||||||||||||||||||||||||
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 | $ 0.655 | ||||||||||||||||||||||||
Crestwood LTIP | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 3.8 | $ 3.8 | |||||||||||||||||||||||
Crestwood LTIP | Performance Shares | |||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 177,025 | 206,017 | |||||||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense | $ 0.4 | $ 1.1 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Partners' Capital Rollforward o
Partners' Capital Rollforward of non-controlling interest (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||
Temporary Equity, Net Income | $ 30.8 | $ 30.7 | |||
Interest of non-controlling partner in subsidiary | 434.4 | 434.5 | $ 434.6 | $ 432.7 | |
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 | $ (31) | $ (29.9) |
Earnings Per Limited Partner _3
Earnings Per Limited Partner Unit (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
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 | 0.1 | 0.2 | 0.2 | 0.1 |
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 | 0 | 0.1 |
Crestwood Niobrara LLC | Niobrara 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 | 3.9 | 3.9 | 3.9 |
Segments (Reconciliation of Net
Segments (Reconciliation of Net Income (Loss) to EBITDA) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Number of Operating Segments | segment | 3 | |||
Net income (loss) | $ (43) | $ (39.6) | $ 18.6 | $ (116) |
Interest and debt expense, net | 47.6 | 30.9 | 123.8 | 102 |
Provision for income taxes | 1.4 | 0.1 | 1.7 | 0.1 |
Depreciation, amortization and accretion | 86.9 | 64.6 | 242.3 | 182.6 |
EBITDA | 92.9 | 56 | 386.4 | 175.4 |
Loss on modification/extinguishment of debt | 0 | 0 | 0 | 6.7 |
Gain (loss) on long-lived assets | (175.9) | (18.5) | (186.9) | (19.6) |
Eliminations | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Gain (loss) on long-lived assets | 53 | |||
Crestwood Midstream Partners LP | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net income (loss) | (113) | (41.8) | (107.4) | (120.7) |
Interest and debt expense, net | 47.6 | 30.9 | 123.8 | 102 |
Provision for income taxes | 1.4 | 0.1 | 1.6 | 0.1 |
Depreciation, amortization and accretion | 86.8 | 68.2 | 248 | 193.2 |
EBITDA | 22.8 | 57.4 | 266 | 181.3 |
Loss on modification/extinguishment of debt | 0 | 0 | 0 | 6.7 |
Gain (loss) on long-lived assets | $ (247.6) | $ (18.5) | $ (311.9) | $ (19.6) |
Segments (Summary Of Segment In
Segments (Summary Of Segment Information) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Net income (loss) | $ (43) | $ (39.6) | $ 18.6 | $ (116) | |
Number of Operating Segments | segment | 3 | ||||
Depreciation, amortization and accretion | 86.9 | 64.6 | $ 242.3 | 182.6 | |
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 1,566 | 1,226.3 | 4,597.8 | 3,188.6 | |
Costs of product/services sold | 1,286.8 | 1,099.3 | 3,864.4 | 2,710.3 | |
Operations and maintenance | 55 | 31.6 | 144 | 90.2 | |
General and administrative | 33.9 | 25.9 | 103.8 | 67.4 | |
Gain (loss) on long-lived assets | (175.9) | (18.5) | (186.9) | (19.6) | |
Gain on acquisition | 75.3 | 0 | 75.3 | 0 | |
Earnings (loss) from unconsolidated affiliates, net | 3.2 | 4.9 | 12.2 | (125.9) | |
Other income, net | 0 | 0.1 | 0.2 | 0.2 | |
EBITDA | 92.9 | 56 | 386.4 | 175.4 | |
Assets | 6,899.4 | 6,899.4 | $ 4,445.7 | ||
Intersegment Eliminations | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | (280) | (125.6) | (559) | (315.1) | |
Gathering and Processing North | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 414.8 | 270.1 | 1,208.4 | 738 | |
Gathering and Processing South | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 315.2 | 26.7 | 381.2 | 76 | |
Storage and Logistics | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 1,116 | 1,055.1 | 3,567.2 | 2,689.7 | |
Crestwood Midstream Partners LP | |||||
Net income (loss) | (113) | (41.8) | (107.4) | (120.7) | |
Depreciation, amortization and accretion | 86.8 | 68.2 | 248 | 193.2 | |
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 1,566 | 1,226.3 | 4,597.8 | 3,188.6 | |
Costs of product/services sold | 1,286.8 | 1,099.3 | 3,864.4 | 2,710.3 | |
Operations and maintenance | 55 | 31.6 | 144 | 90.2 | |
General and administrative | 32.3 | 24.4 | 99 | 61.3 | |
Gain (loss) on long-lived assets | (247.6) | (18.5) | (311.9) | (19.6) | |
Gain on acquisition | 75.3 | 0 | 75.3 | 0 | |
Earnings (loss) from unconsolidated affiliates, net | 3.2 | 4.9 | 12.2 | (125.9) | |
EBITDA | 22.8 | 57.4 | 266 | 181.3 | |
Assets | 6,893.6 | 6,893.6 | 4,571.2 | ||
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 | 32.3 | 24.4 | 99 | 61.3 | |
Gain (loss) on long-lived assets | 0 | 0 | 0 | 0 | |
Gain on acquisition | 0 | 0 | |||
Earnings (loss) from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | |
EBITDA | (32.3) | (24.4) | (99) | (61.3) | |
Assets | 23.7 | 23.7 | 20.7 | ||
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 North | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 272.6 | 144.5 | 787.2 | 422.9 | |
Costs of product/services sold | 230.2 | 149.7 | 686.6 | 386.4 | |
Operations and maintenance | 27.4 | 14.1 | 78.6 | 38.2 | |
General and administrative | 0 | 0 | 0 | 0 | |
Gain (loss) on long-lived assets | 0 | 0.1 | 0 | 0.2 | |
Gain on acquisition | 0 | 0 | |||
Earnings (loss) from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | |
EBITDA | 157.2 | 106.4 | 443.2 | 313.6 | |
Assets | 4,072.4 | 4,072.4 | 2,408 | ||
Crestwood Midstream Partners LP | Gathering and Processing North | Intersegment Eliminations | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 142.2 | 125.6 | 421.2 | 315.1 | |
Crestwood Midstream Partners LP | Gathering and Processing South | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 177.4 | 26.7 | 243.4 | 76 | |
Costs of product/services sold | 249.6 | 0.4 | 249.6 | 0.8 | |
Operations and maintenance | 14.3 | 5.4 | 28.6 | 17.4 | |
General and administrative | 0 | 0 | 0 | 0 | |
Gain (loss) on long-lived assets | (247.6) | (18.6) | (307.8) | (19.9) | |
Gain on acquisition | 75.3 | 75.3 | |||
Earnings (loss) from unconsolidated affiliates, net | 2 | 4.2 | 9.4 | 4.4 | |
EBITDA | (119) | 6.5 | (120.1) | 42.3 | |
Assets | 1,666.4 | 1,666.4 | 1,017.4 | ||
Crestwood Midstream Partners LP | Gathering and Processing South | Intersegment Eliminations | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 137.8 | 0 | 137.8 | 0 | |
Crestwood Midstream Partners LP | Storage and Logistics | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | 1,116 | 1,055.1 | 3,567.2 | 2,689.7 | |
Costs of product/services sold | 807 | 949.2 | 2,928.2 | 2,323.1 | |
Operations and maintenance | 13.3 | 12.1 | 36.8 | 34.6 | |
General and administrative | 0 | 0 | 0 | 0 | |
Gain (loss) on long-lived assets | 0 | 0 | (4.1) | 0.1 | |
Gain on acquisition | 0 | 0 | |||
Earnings (loss) from unconsolidated affiliates, net | 1.2 | 0.7 | 2.8 | (130.3) | |
EBITDA | 16.9 | (31.1) | 41.9 | (113.3) | |
Assets | 1,131.1 | 1,131.1 | 1,125.1 | ||
Crestwood Midstream Partners LP | Storage and Logistics | Intersegment Eliminations | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Revenues | (280) | (125.6) | (559) | (315.1) | |
Crestwood Equity Partners LP | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
General and administrative | 1.6 | 1.5 | 4.8 | 6.1 | |
Gain (loss) on long-lived assets | 71.7 | 125 | |||
Other income, net | 0.1 | 0.2 | 0.2 | ||
EBITDA | 92.9 | 56 | 386.4 | 175.4 | |
Assets | 6,899.4 | 6,899.4 | 4,445.7 | ||
Crestwood Equity Partners LP | Barnett Shale Assets | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Gain (loss) on long-lived assets | 72 | ||||
Crestwood Equity Partners LP | Corporate, Non-Segment | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
General and administrative | 1.6 | 1.5 | 4.8 | 6.1 | |
Gain (loss) on long-lived assets | 0 | 0 | |||
Other income, net | 0.1 | 0.2 | 0.2 | ||
EBITDA | (33.9) | (25.8) | (103.6) | (67.2) | |
Assets | 29.5 | 29.5 | 26.1 | ||
Crestwood Equity Partners LP | Gathering and Processing North | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
General and administrative | 0 | 0 | 0 | 0 | |
Gain (loss) on long-lived assets | 0 | 0 | |||
Other income, net | 0 | 0 | 0 | ||
EBITDA | 157.2 | 106.4 | 443.2 | 313.6 | |
Assets | 4,072.4 | 4,072.4 | 2,408 | ||
Crestwood Equity Partners LP | Gathering and Processing South | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
General and administrative | 0 | 0 | 0 | 0 | |
Gain (loss) on long-lived assets | 71.7 | 125 | |||
Other income, net | 0 | 0 | 0 | ||
EBITDA | (47.3) | 6.5 | 4.9 | 42.3 | |
Assets | 1,666.4 | 1,666.4 | 886.5 | ||
Crestwood Equity Partners LP | Storage and Logistics | Operating Segments | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
General and administrative | 0 | 0 | 0 | 0 | |
Gain (loss) on long-lived assets | 0 | 0 | |||
Other income, net | 0 | 0 | 0 | ||
EBITDA | 16.9 | $ (31.1) | 41.9 | $ (113.3) | |
Assets | $ 1,131.1 | $ 1,131.1 | $ 1,125.1 |
Segments (Narrative) (Details)
Segments (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) | Jul. 11, 2022 | Jul. 10, 2022 | |
Segment Reporting Information [Line Items] | ||||||
Interest, taxes, depreciation and amortization included in earnings from equity method investments | $ | $ 2.5 | $ 4.9 | $ 12 | $ 182.4 | ||
Number of Operating Segments | segment | 3 | |||||
Crestwood Permian Basin Holdings LLC | ||||||
Segment Reporting Information [Line Items] | ||||||
Ownership percentage | 50% | 50% | ||||
Crestwood Equity Partners LP | Crestwood Permian Basin Holdings LLC | ||||||
Segment Reporting Information [Line Items] | ||||||
Percentage of voting rights acquired | 100% | |||||
Crestwood Permian Basin Holdings LLC | ||||||
Segment Reporting Information [Line Items] | ||||||
Business Acquisition, Percentage of Additional Voting Interests Acquired | 50% | |||||
Crestwood Permian Basin Holdings LLC | First Reserve Management, L.P. | ||||||
Segment Reporting Information [Line Items] | ||||||
Business Acquisition, Percentage of Additional Voting Interests Acquired | 50% |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Revenue Recognition [Abstract] | ||
ASC 606 accounts receivable | $ 456.4 | $ 331 |
Revenues (Contract Assets and L
Revenues (Contract Assets and Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Contract Assets and Contract Liabilities [Line Items] | |||
Contract Assets (Non-current) | $ 5.6 | $ 5.6 | $ 1.3 |
Contract liabilities | 12.2 | 12.2 | 10.7 |
Contract liabilities | 209.1 | 209.1 | $ 187.1 |
Contract with Customer, Liability, Revenue Recognized | 4 | 11.2 | |
Crestwood Permian Basin Holdings LLC | |||
Contract Assets and Contract Liabilities [Line Items] | |||
Contract Assets (Non-current) | $ 4.7 | $ 4.7 |
Revenues (Disaggregation of Rev
Revenues (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 1,566 | $ 1,226.3 | $ 4,597.8 | $ 3,188.6 |
Natural Gas Gathering | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 43.5 | 35.3 | 149.2 | 100 |
Crude Oil Gathering | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 16.4 | 17.1 | 48.2 | 56.2 |
Water Gathering | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 49.3 | 24.8 | 130.7 | 69.5 |
Natural Gas Processing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 25.5 | 7.2 | 61.9 | 21.5 |
Natural Gas Compression | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4.7 | 3.7 | 11.3 | 12.1 |
Crude Oil Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.7 | 0.1 | 1.9 | 0.4 |
NGL Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2.2 | 2.6 | 6.9 | 8.7 |
Crude Oil Pipeline | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.6 | 0.6 | 1.5 | 2 |
Crude Oil Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.6 | 0.7 | 4.6 | 1.8 |
NGL Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5 | 4.1 | 16.3 | 12.5 |
Crude Oil Rail Loading | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.2 | 0.4 | 3.4 | |
Natural Gas Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 296.8 | 84.7 | 591.2 | 225.2 |
Crude Oil Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 473.9 | 411.6 | 1,491.3 | 1,161.5 |
NGL Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 557.3 | 501.6 | 1,676.6 | 1,212.7 |
Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.5 | 0.5 | 1.4 | 1.4 |
Water Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2.1 | 5 | ||
NGL Pipeline | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.1 | 0.2 | 0.1 | |
Intersegment Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | (280) | (125.6) | (559) | (315.1) |
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 | (0.1) | (0.2) | (0.3) |
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 | 0 | 0 | 0 |
Intersegment Eliminations | Crude Oil Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | (0.1) | (0.1) | (0.1) |
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 | 0 | 0 | 0 | |
Intersegment Eliminations | Natural Gas Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (205.6) | (42.7) | (331.2) | (111.7) |
Intersegment Eliminations | Crude Oil Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (9.8) | (25.1) | (33.9) | (62.5) |
Intersegment Eliminations | NGL Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (58.9) | (57.6) | (187.9) | (140.5) |
Intersegment Eliminations | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.5) | 0 | (0.5) | 0 |
Intersegment Eliminations | Water Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||
Intersegment Eliminations | NGL Pipeline | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (5.2) | (5.2) | 0 | |
Operating Segments | Gathering and Processing North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 414.8 | 270.1 | 1,208.4 | 738 |
Operating Segments | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 315.2 | 26.7 | 381.2 | 76 |
Operating Segments | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,116 | 1,055.1 | 3,567.2 | 2,689.7 |
Operating Segments | Natural Gas Gathering | Gathering and Processing North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 33.4 | 13.7 | 92.2 | 40.5 |
Operating Segments | Natural Gas Gathering | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10.1 | 21.6 | 57 | 59.5 |
Operating Segments | Natural Gas Gathering | Storage and Logistics | ||||
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 North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 14.7 | 17.1 | 43.6 | 56.2 |
Operating Segments | Crude Oil Gathering | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.7 | 0 | 4.6 | 0 |
Operating Segments | Crude Oil Gathering | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Water Gathering | Gathering and Processing North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 41.8 | 24.8 | 117.7 | 69.5 |
Operating Segments | Water Gathering | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7.5 | 0 | 13 | 0 |
Operating Segments | Water Gathering | Storage and Logistics | ||||
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 North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 20.7 | 5.8 | 54.8 | 17.7 |
Operating Segments | Natural Gas Processing | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4.8 | 1.4 | 7.1 | 3.8 |
Operating Segments | Natural Gas Processing | Storage and Logistics | ||||
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 North | ||||
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 South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4.7 | 3.7 | 11.3 | 12.1 |
Operating Segments | Natural Gas Compression | Storage and Logistics | ||||
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 North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.6 | 0.1 | 1.7 | 0.3 |
Operating Segments | Crude Oil Storage | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Crude Oil Storage | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.1 | 0.1 | 0.4 | 0.4 |
Operating Segments | NGL Storage | Gathering and Processing North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | NGL Storage | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | NGL Storage | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2.2 | 2.6 | 6.9 | 8.7 |
Operating Segments | Crude Oil Pipeline | Gathering and Processing North | ||||
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 South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Crude Oil Pipeline | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.6 | 0.6 | 1.5 | 2 |
Operating Segments | Crude Oil Transportation | Gathering and Processing North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.5 | 0.8 | 4.2 | 1.9 |
Operating Segments | Crude Oil Transportation | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.1 | 0 | 0.5 | 0 |
Operating Segments | Crude Oil Transportation | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | NGL Transportation | Gathering and Processing North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | NGL Transportation | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | NGL Transportation | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5 | 4.1 | 16.3 | 12.5 |
Operating Segments | Crude Oil Rail Loading | Gathering and Processing North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Operating Segments | Crude Oil Rail Loading | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Operating Segments | Crude Oil Rail Loading | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.2 | 0.4 | 3.4 | |
Operating Segments | Natural Gas Product Sales | Gathering and Processing North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 109.6 | 42.9 | 269.1 | 111.9 |
Operating Segments | Natural Gas Product Sales | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 144.4 | 0 | 145.3 | 0.6 |
Operating Segments | Natural Gas Product Sales | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 248.4 | 84.5 | 508 | 224.4 |
Operating Segments | Crude Oil Product Sales | Gathering and Processing North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 120.9 | 105.4 | 394.9 | 297.1 |
Operating Segments | Crude Oil Product Sales | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Crude Oil Product Sales | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 362.8 | 331.3 | 1,130.3 | 926.9 |
Operating Segments | NGL Product Sales | Gathering and Processing North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 68.3 | 59.1 | 222.7 | 142.3 |
Operating Segments | NGL Product Sales | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 136.2 | 0 | 136.2 | 0 |
Operating Segments | NGL Product Sales | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 411.7 | 500.1 | 1,505.6 | 1,210.9 |
Operating Segments | Other revenue | Gathering and Processing North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.8 | 0 | 1.4 | 0 |
Operating Segments | Other revenue | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments | Other revenue | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.2 | 0.5 | 0.5 | 1.4 |
Operating Segments | Water Product Sales | Gathering and Processing North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2.1 | 5 | ||
Operating Segments | Water Product Sales | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||
Operating Segments | Water Product Sales | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||
Operating Segments | NGL Pipeline | Gathering and Processing North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Operating Segments | NGL Pipeline | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5.2 | 5.2 | 0 | |
Operating Segments | NGL Pipeline | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.1 | 0.2 | 0.1 | |
Revenue from Contract with Customer | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,480.2 | 1,095.8 | 4,198.6 | 2,889 |
Revenue from Contract with Customer | Intersegment Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (280) | (125.6) | (559) | (315.1) |
Revenue from Contract with Customer | Operating Segments | Gathering and Processing North | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 414.4 | 269.7 | 1,207.3 | 737.4 |
Revenue from Contract with Customer | Operating Segments | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 314.7 | 26.7 | 380.2 | 76 |
Revenue from Contract with Customer | Operating Segments | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,031.1 | 925 | 3,170.1 | 2,390.7 |
Product and Service, Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-Topic 606 revenues | 85.8 | 130.5 | 399.2 | 299.6 |
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 North | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-Topic 606 revenues | 0.4 | 0.4 | 1.1 | 0.6 |
Product and Service, Other | Operating Segments | Gathering and Processing South | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-Topic 606 revenues | 0.5 | 0 | 1 | 0 |
Product and Service, Other | Operating Segments | Storage and Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-Topic 606 revenues | $ 84.9 | $ 130.1 | $ 397.1 | $ 299 |
Revenues (Remaining Performance
Revenues (Remaining Performance Obligations) (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 143.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
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]: 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 | $ 70.4 |
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 | $ 45.8 |
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, Amount | $ 2.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
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 | $ 0.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |
Revenue, Remaining Performance Obligation, Amount | $ 1.3 |
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 | 15 years |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) shares in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jul. 11, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jul. 10, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||||||
Purchases of property, plant and equipment | $ 147.3 | $ 55.8 | ||||||
Costs of product/services sold at CEQP and CMLP(2) | $ 51.3 | $ 34.8 | 232.9 | 101.3 | ||||
Operations and maintenance expenses charged by CEQP and CMLP | 2.6 | 5.1 | 12.4 | 16.8 | ||||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||||
Related party receivables | $ 1.6 | 1.6 | 1.6 | $ 8.2 | ||||
Related party payables | $ 2.2 | 2.2 | 2.2 | $ 12 | ||||
Revenues | 1,566 | 1,226.3 | 4,597.8 | 3,188.6 | ||||
Crestwood Permian Basin Holdings LLC | ||||||||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||||
Revenues | 157 | 157 | ||||||
First Reserve Management, L.P. | Crestwood Permian Basin Holdings LLC | ||||||||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||||
Issued shares (in shares) | 11,300 | |||||||
Chord Energy Corporation | ||||||||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||||
Partners' Capital Account, Units, Treasury Units Purchased | 4,600 | |||||||
Crestwood Equity Partners LP | Crestwood Permian Basin Holdings LLC | ||||||||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||||
Percentage of voting rights acquired | 100% | |||||||
Product | ||||||||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||||
Revenues | 1,332.8 | 1,120.8 | 3,938.3 | 2,872.1 | ||||
Service | ||||||||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||||
Revenues | 92.4 | 98.4 | 286.8 | 291.3 | ||||
Applied Consultants, Inc. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Purchases of property, plant and equipment | 0.6 | |||||||
Crestwood Permian Basin Holdings LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenues at CEQP and CMLP | 0.3 | 7.1 | 3.9 | 25.2 | ||||
Costs of product/services sold at CEQP and CMLP(2) | 9.2 | 30.4 | 116.8 | 75.5 | ||||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||||
Revenues | 0.1 | 1.3 | ||||||
Tres Palacios Holdings LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Costs of product/services sold at CEQP and CMLP(2) | 0.3 | 0.2 | 1.7 | 11.3 | ||||
Affiliated Entity | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenues at CEQP and CMLP | 140.8 | 7.1 | 372.7 | 25.2 | ||||
Costs of product/services sold at CEQP and CMLP(2) | 51.3 | 34.8 | 232.9 | 101.3 | ||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 8.5 | 11.9 | 23.5 | 24.4 | ||||
Oasis Petroleum Inc. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Costs of product/services sold at CEQP and CMLP(2) | 41.5 | 114.1 | ||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 0 | 0 | 1.3 | 0 | ||||
Oasis Petroleum Inc. | Product | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenues at CEQP and CMLP | 83 | 218.9 | ||||||
Oasis Petroleum Inc. | Service | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenues at CEQP and CMLP | 57.4 | 148.6 | ||||||
Ascent Resources - Utica, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Costs of product/services sold at CEQP and CMLP(2) | 4.2 | 14.5 | ||||||
Crestwood Permian Basin LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Costs of product/services sold at CEQP and CMLP(2) | 0.3 | 0.3 | ||||||
Crestwood Equity Partners LP | Affiliated Entity | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 0.2 | |||||||
Crestwood Midstream Partners LP | ||||||||
Related Party Transaction [Line Items] | ||||||||
Purchases of property, plant and equipment | 146.6 | 55.8 | ||||||
Costs of product/services sold at CEQP and CMLP(2) | 51.3 | 34.8 | 232.9 | 101.3 | ||||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||||
Revenues | 1,566 | 1,226.3 | 4,597.8 | 3,188.6 | ||||
Crestwood Midstream Partners LP | Product | ||||||||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||||
Revenues | 1,332.8 | 1,120.8 | 3,938.3 | 2,872.1 | ||||
Crestwood Midstream Partners LP | Service | ||||||||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||||
Revenues | 92.4 | 98.4 | 286.8 | 291.3 | ||||
Crestwood Midstream Partners LP | Affiliated Entity | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 1.1 | 1 | 3.3 | 3 | ||||
Crestwood Permian Basin Holdings LLC | ||||||||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||||
Business Acquisition, Percentage of Additional Voting Interests Acquired | 50% | |||||||
Crestwood LTIP | Crestwood Midstream Partners LP | ||||||||
Related Party Transaction [Line Items] | ||||||||
Share-based Payment Arrangement, Expense | 9.6 | 12.9 | 26.8 | 27.4 | ||||
Crestwood LTIP | Crestwood Holdings | ||||||||
Related Party Transaction [Line Items] | ||||||||
Share-based Payment Arrangement, Expense | 4.6 | |||||||
Stagecoach Gas Services LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Operations and maintenance expenses charged by CEQP and CMLP | 0.1 | 3.4 | ||||||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||||
Ownership percentage | 50% | |||||||
Tres Palacios Holdings LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Operations and maintenance expenses charged by CEQP and CMLP | 1.2 | 1.2 | 3.5 | 3.6 | ||||
Crestwood Permian Basin Holdings LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Operations and maintenance expenses charged by CEQP and CMLP | 0.4 | $ 3.8 | 7.9 | $ 9.8 | ||||
Related Party Transaction, Due from (to) Related Party [Abstract] | ||||||||
Ownership percentage | 50% | 50% | ||||||
Crestwood Permian Basin LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Operations and maintenance expenses charged by CEQP and CMLP | $ 1 | $ 1 |