Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
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 | 2023 | |
Document Fiscal Period Focus | Q1 | |
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 | 105,259,769 | |
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 | Mar. 31, 2023 | |
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 | 2023 | |
Document Fiscal Period Focus | Q1 | |
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 | Mar. 31, 2023 | |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash | $ 8.6 | $ 7.5 |
Accounts receivable, less allowance for doubtful accounts of $0.4 and $0.5 at March 31, 2023 and December 31, 2022 | 347.7 | 432.2 |
Inventory | 100.5 | 122.6 |
Assets from price risk management activities | 31.4 | 72.8 |
Prepaid expenses and other current assets | 15.5 | 18.7 |
Total current assets | 503.7 | 653.8 |
Property, plant and equipment | 5,402.6 | 5,353.2 |
Less: accumulated depreciation | 887.3 | 822.8 |
Property, plant and equipment, net | 4,515.3 | 4,530.4 |
Intangible assets | 1,306.3 | 1,306.3 |
Less: accumulated amortization | 317.7 | 300.7 |
Intangible assets, net | 988.6 | 1,005.6 |
Goodwill | 223 | 223 |
Operating lease right-of-use assets, net | 24.4 | 24.4 |
Investments in unconsolidated affiliates | 124.3 | 119.5 |
Other non-current assets | 10 | 10.3 |
Total assets | 6,389.3 | 6,567 |
Current liabilities: | ||
Accounts payable | 277.7 | 305.5 |
Accrued expenses and other liabilities | 167.9 | 180.8 |
Liabilities from price risk management activities | 13.2 | 23.9 |
Total current liabilities | 458.8 | 510.2 |
Long-term debt, less current portion | 3,314.5 | 3,378.3 |
Other long-term liabilities | 325 | 333.4 |
Deferred income taxes | 3.4 | 3.5 |
Total liabilities | 4,101.7 | 4,225.4 |
Commitments and contingencies (Note 9) | ||
Interest of non-controlling partner in subsidiary | 434.3 | 434.4 |
Partners’ capital: | ||
Crestwood Equity Partners LP partners’ capital (105,286,780 and 104,646,374 common units issued and outstanding at March 31, 2023 and December 31, 2022) | 1,241.3 | 1,295.2 |
Preferred units (71,257,445 units issued and outstanding at both March 31, 2023 and December 31, 2022) | 612 | 612 |
Total partners’ capital | 1,853.3 | 1,907.2 |
Total liabilities and capital | $ 6,389.3 | $ 6,567 |
Limited Partners' Capital Account, Units Issued | 105,286,780 | 104,646,374 |
Limited Partners' Capital Account, Units Outstanding | 105,286,780 | 104,646,374 |
Preferred Units, Issued | 71,257,445 | 71,257,445 |
Preferred Units, Outstanding | 71,257,445 | 71,257,445 |
Crestwood Midstream Partners LP | ||
Assets | ||
Cash | $ 8.3 | $ 7.1 |
Accounts receivable, less allowance for doubtful accounts of $0.4 and $0.5 at March 31, 2023 and December 31, 2022 | 347.6 | 432.2 |
Inventory | 100.5 | 122.6 |
Assets from price risk management activities | 31.4 | 72.8 |
Prepaid expenses and other current assets | 15.5 | 18.7 |
Total current assets | 503.3 | 653.4 |
Property, plant and equipment | 5,399.3 | 5,350 |
Less: accumulated depreciation | 887 | 822.6 |
Property, plant and equipment, net | 4,512.3 | 4,527.4 |
Intangible assets | 1,306.3 | 1,306.3 |
Less: accumulated amortization | 317.7 | 300.7 |
Intangible assets, net | 988.6 | 1,005.6 |
Goodwill | 223 | 223 |
Operating lease right-of-use assets, net | 24.4 | 24.4 |
Investments in unconsolidated affiliates | 124.3 | 119.5 |
Other non-current assets | 7.9 | 8.1 |
Total assets | 6,383.8 | 6,561.4 |
Current liabilities: | ||
Accounts payable | 277.7 | 305.4 |
Accrued expenses and other liabilities | 167 | 179.5 |
Liabilities from price risk management activities | 13.2 | 23.9 |
Total current liabilities | 457.9 | 508.8 |
Long-term debt, less current portion | 3,314.5 | 3,378.3 |
Other long-term liabilities | 323.5 | 330.3 |
Deferred income taxes | 2.4 | 2.3 |
Total liabilities | 4,098.3 | 4,219.7 |
Commitments and contingencies (Note 9) | ||
Interest of non-controlling partner in subsidiary | 434.3 | 434.4 |
Partners’ capital: | ||
Partners' capital | 1,851.2 | 1,907.3 |
Total liabilities and capital | $ 6,383.8 | $ 6,561.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 0.4 | $ 0.5 |
Limited Partners' Capital Account, Units Issued | 105,286,780 | 104,646,374 |
Limited Partners' Capital Account, Units Outstanding | 105,286,780 | 104,646,374 |
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 | $ 0.4 | $ 0.5 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | ||
Revenues | $ 1,263.1 | $ 1,583.8 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Product costs - related party (Note 15) | 0.4 | 68.5 |
Total costs of product/services sold | 997.4 | 1,364.4 |
Operating expenses and other: | ||
Operations and maintenance | 56.6 | 42.4 |
General and administrative | 31.6 | 43.4 |
Depreciation, amortization and accretion | 81.4 | 74.8 |
Loss on long-lived assets, net | 0.4 | 3.8 |
Total expenses | 170 | 164.4 |
Operating income (loss) | 95.7 | 55 |
Earnings from unconsolidated affiliates, net | 1.7 | 3 |
Interest and debt expense, net | (55.6) | (36.1) |
Other income, net | 0.1 | 0.3 |
Income before income taxes | 41.9 | 22.2 |
Provision for income taxes | (0.3) | 0 |
Net income | 41.6 | 22.2 |
Net income attributable to non-controlling partner | 10.2 | 10.2 |
Net income (loss) attributable to parent | 31.4 | 12 |
Net income attributable to preferred unit holders | 15 | 15 |
Net income (loss) attributable to partners | $ 16.4 | $ (3) |
Net income (loss) per limited partner unit: (Note 12) | ||
Basic (in dollars per share) | $ 0.16 | $ (0.04) |
Diluted (in dollars per share) | $ 0.15 | $ (0.04) |
Weighted-average limited partners’ units outstanding: | ||
Basic (units) | 105.2 | 86 |
Dilutive units (units) | 4.6 | 0 |
Diluted (units) | 109.8 | 86 |
Affiliated Entity | ||
Costs of product/services sold (exclusive of items shown separately below): | ||
Product costs - related party (Note 15) | $ 0.4 | $ 68.5 |
Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | 1,263.1 | 1,583.8 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Product costs - related party (Note 15) | 0.4 | 68.5 |
Total costs of product/services sold | 997.4 | 1,364.4 |
Operating expenses and other: | ||
Operations and maintenance | 56.6 | 42.4 |
General and administrative | 30.2 | 41.7 |
Depreciation, amortization and accretion | 81.3 | 78.2 |
Loss on long-lived assets, net | 0.4 | 3.8 |
Total expenses | 168.5 | 166.1 |
Operating income (loss) | 97.2 | 53.3 |
Earnings from unconsolidated affiliates, net | 1.7 | 3 |
Interest and debt expense, net | (55.6) | (36.1) |
Income before income taxes | 43.3 | 20.2 |
Provision for income taxes | (0.3) | 0 |
Net income | 43 | 20.2 |
Net income attributable to non-controlling partner | 10.2 | 10.2 |
Net income (loss) attributable to parent | 32.8 | 10 |
Product | ||
Revenues: | ||
Revenues | 1,122.3 | 1,390.5 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Costs of product/services sold | 991 | 1,290.8 |
Product | Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | 1,122.3 | 1,390.5 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Costs of product/services sold | 991 | 1,290.8 |
Service | ||
Revenues: | ||
Revenues | 140.8 | 95.6 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Costs of product/services sold | 6 | 5.1 |
Service | Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | 140.8 | 95.6 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Costs of product/services sold | 6 | 5.1 |
Product, Related Party | ||
Revenues: | ||
Revenues | 0 | 60.6 |
Product, Related Party | Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | 0 | 60.6 |
Service, Related Party | ||
Revenues: | ||
Revenues | 0 | 37.1 |
Service, Related Party | Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | $ 0 | $ 37.1 |
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 |
Preferred units, beginning balance (in units) at Dec. 31, 2021 | 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 | ||||
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 | ||||||
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 | 2.2 | 2.2 | 0.1 | |||||
Net income (loss) attributable to parent | $ 12 | 15 | (3) | 12 | $ 10 | 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, 2022 | 71,257,445 | 71,300,000 | ||||||
Partner units, beginning balance (in units) at Dec. 31, 2022 | 104,600,000 | |||||||
Beginning balance at Dec. 31, 2022 | 612 | 1,295.2 | 1,907.2 | 1,907.3 | 1,907.3 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Distributions to partners | (15) | (68.9) | (83.9) | (85.9) | ||||
Unit-based compensation charges (in shares) | 1,100,000 | |||||||
Unit-based compensation charges | 11.8 | 11.8 | 11.8 | |||||
Taxes paid for unit-based compensation vesting (in shares) | (500,000) | |||||||
Taxes paid for unit-based compensation vesting | (14.8) | (14.8) | (14.8) | |||||
Other (in shares) | 100,000 | 100,000 | ||||||
Other | 1.6 | 1.6 | ||||||
Net income (loss) attributable to parent | $ 31.4 | 15 | 16.4 | 31.4 | 32.8 | 32.8 | ||
Preferred units, ending balance (in units) at Mar. 31, 2023 | 71,257,445 | 71,300,000 | ||||||
Partner units, ending balance (in units) at Mar. 31, 2023 | 105,300,000 | |||||||
Ending Balance at Mar. 31, 2023 | $ 612 | $ 1,241.3 | $ 1,853.3 | $ 1,851.2 | $ 1,851.2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net income | $ 41.6 | $ 22.2 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 81.4 | 74.8 |
Amortization of debt-related deferred costs and fair value adjustment | 0.8 | 0.8 |
Unit-based compensation charges | 10 | 8.6 |
Loss on long-lived assets, net | 0.4 | 3.8 |
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | (1.4) | (0.4) |
Deferred income taxes | 0 | (0.1) |
Other | 0 | (0.1) |
Changes in operating assets and liabilities | 113.1 | 112.9 |
Net cash provided by operating activities | 245.9 | 222.5 |
Investing activities | ||
Acquisition, net of cash acquired (Note 3) | 0 | (145.1) |
Purchases of property, plant and equipment | (67.3) | (26.4) |
Investments in unconsolidated affiliates | (5.1) | (14.5) |
Capital distributions from unconsolidated affiliates | 1.7 | 5.9 |
Net proceeds from sale of assets | 0.3 | 0.4 |
Net cash used in investing activities | (70.4) | (179.7) |
Financing activities | ||
Proceeds from the issuance of long-term debt | 1,153.7 | 919.1 |
Payments on long-term debt | (1,209.2) | (859.1) |
Payments on finance leases | (0.8) | (0.8) |
Payments for deferred financing costs | (9.1) | (1.7) |
Distributions to partners | (68.9) | (60.9) |
Distributions to non-controlling partner | (10.3) | (10.3) |
Distributions to preferred unitholders | (15) | (15) |
Taxes paid for unit-based compensation vesting | (14.8) | (14.9) |
Other | 0 | (0.6) |
Net cash used in financing activities | (174.4) | (44.2) |
Net change in cash | 1.1 | (1.4) |
Cash at beginning of period | 7.5 | 13.3 |
Cash at end of period | 8.6 | 11.9 |
Supplemental schedule of noncash investing activities | ||
Net change to property, plant and equipment through accounts payable and accrued expenses | (16.8) | 3.8 |
Crestwood Midstream Partners LP | ||
Operating activities | ||
Net income | 43 | 20.2 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 81.3 | 78.2 |
Amortization of debt-related deferred costs and fair value adjustment | 0.8 | 0.8 |
Unit-based compensation charges | 10 | 8.6 |
Loss on long-lived assets, net | 0.4 | 3.8 |
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | (1.4) | (0.4) |
Deferred income taxes | 0.1 | 0 |
Other | 0 | (0.1) |
Changes in operating assets and liabilities | 113.8 | 112.8 |
Net cash provided by operating activities | 248 | 223.9 |
Investing activities | ||
Purchases of property, plant and equipment | (67.3) | (26.4) |
Investments in unconsolidated affiliates | (5.1) | (14.5) |
Capital distributions from unconsolidated affiliates | 1.7 | 5.9 |
Net proceeds from sale of assets | 0.3 | 0.4 |
Net cash used in investing activities | (70.4) | (34.6) |
Financing activities | ||
Proceeds from the issuance of long-term debt | 1,153.7 | 919.1 |
Payments on long-term debt | (1,209.2) | (859.1) |
Payments on finance leases | (0.8) | (0.8) |
Payments for deferred financing costs | (9.1) | (1.7) |
Contributions from partner | 0 | 14.9 |
Distributions to partners | (85.9) | (238.1) |
Distributions to non-controlling partner | (10.3) | (10.3) |
Taxes paid for unit-based compensation vesting | (14.8) | (14.9) |
Net cash used in financing activities | (176.4) | (190.9) |
Net change in cash | 1.2 | (1.6) |
Cash at beginning of period | 7.1 | 12.9 |
Cash at end of period | 8.3 | 11.3 |
Supplemental schedule of noncash investing activities | ||
Net change to property, plant and equipment through accounts payable and accrued expenses | $ (16.8) | $ 3.8 |
Organization and Business Descr
Organization and Business Description | 3 Months Ended |
Mar. 31, 2023 | |
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 2022 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 27, 2023. The financial information as of March 31, 2023 and for the three months ended March 31, 2023 and 2022, is unaudited. The consolidated balance sheets as of December 31, 2022 were derived from the audited balance sheets filed in our 2022 Annual Report on Form 10-K. Unless otherwise indicated, 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 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, 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, 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 North America. 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 | 3 Months Ended |
Mar. 31, 2023 | |
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 in the United States (U.S. 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 U.S. 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 2022 Annual Report on Form 10-K. |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | AcquisitionOn February 1, 2022, we completed the merger with Oasis Midstream Partners LP (Oasis Midstream), in an equity and cash transaction which was valued at approximately $1.8 billion (the Oasis Merger). Pursuant to the merger agreement, Oasis Petroleum Inc., now known as Chord Energy Corporation (Chord), 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, Chord received a $10 million cash payment in exchange for its ownership of the general partner of Oasis Midstream. |
Certain Balance Sheet Informati
Certain Balance Sheet Information | 3 Months Ended |
Mar. 31, 2023 | |
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 ): March 31, December 31, 2023 2022 CMLP Accrued expenses $ 49.2 $ 66.5 Accrued property taxes 6.0 8.4 Income tax payable 1.0 0.9 Interest payable 65.6 43.2 Accrued additions to property, plant and equipment 18.9 35.6 Operating leases 10.5 10.9 Finance leases 1.7 1.9 Contract liabilities 13.8 11.7 Asset retirement obligations 0.3 0.4 Total CMLP accrued expenses and other liabilities $ 167.0 $ 179.5 CEQP Accrued expenses 0.9 1.2 Income tax payable — 0.1 Total CEQP accrued expenses and other liabilities $ 167.9 $ 180.8 Other Long-Term Liabilities Other long-term liabilities consisted of the following ( in millions ): March 31, December 31, 2023 2022 CMLP Contract liabilities $ 205.9 $ 212.3 Intangible liabilities, net 48.5 50.0 Asset retirement obligations 37.3 36.4 Operating leases 17.5 17.4 Other 14.3 14.2 Total CMLP other long-term liabilities $ 323.5 $ 330.3 CEQP Other 1.5 3.1 Total CEQP other long-term liabilities $ 325.0 $ 333.4 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 3 Months Ended |
Mar. 31, 2023 | |
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 Three Months Ended March 31, December 31, March 31, 2023 2022 2023 2022 Crestwood Permian Basin LLC (1) $ 74.8 $ 76.5 $ 0.3 $ — Tres Palacios Holdings LLC (2) 46.5 39.8 1.6 0.6 Powder River Basin Industrial Complex, LLC (3) 3.0 3.2 (0.2) (0.2) Crestwood Permian Basin Holdings LLC (4) — — — 2.6 Total $ 124.3 $ 119.5 $ 1.7 $ 3.0 (1) In July 2022, we acquired the remaining 50% equity interest in Crestwood Permian Basin Holdings LLC (Crestwood Permian), whose operations included its 50% equity interest in Crestwood Permian Basin LLC (Crestwood Permian Basin). As of March 31, 2023, our equity in the underlying net assets of Crestwood Permian Basin was less than the carrying value of our investment balance by approximately $2.3 million. During the three months ended March 31, 2023, 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 statement of operations. Our Crestwood Permian Basin investment is included in our gathering and processing south segment. (2) As of March 31, 2023, our equity in the underlying net assets of Tres Palacios Holdings LLC (Tres Holdings) exceeded the carrying value of our investment balance by approximately $19.9 million. During both the three months ended March 31, 2023 and 2022, we recorded amortization of approximately $0.3 million 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. (3) As of March 31, 2023, 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. (4) As discussed above, in July 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. Our Crestwood Permian investment was previously included in our gathering and processing south segment. Tres Holdings Divestiture On February 20, 2023, we and Brookfield Infrastructure Group (Brookfield) entered into an agreement with a subsidiary of Enbridge, Inc. to sell each of our respective interests in Tres Holdings for total consideration of approximately $335.0 million, plus working capital adjustments. The sale was completed on April 3, 2023 and we received net proceeds of approximately $178.3 million. Distributions and Contributions The following table summarizes our distributions from and contributions to our unconsolidated affiliates (in millions) : Distributions Contributions Three Months Ended Three Months Ended March 31, March 31, 2023 2022 2023 2022 Crestwood Permian Basin $ 2.0 $ — $ — $ — Tres Holdings — — 5.1 6.0 Crestwood Permian — 8.5 — 8.5 Total $ 2.0 $ 8.5 $ 5.1 $ 14.5 |
Risk Management
Risk Management | 3 Months Ended |
Mar. 31, 2023 | |
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. Our commodity-based derivatives that are settled financially are also reflected in product costs in our consolidated statements of operations. The following table summarizes the increase (decrease) in our product revenues and product costs, net, in our consolidated statements of operations related to our commodity-based derivatives ( in millions ): Three Months Ended March 31, 2023 2022 Product revenues $ 145.8 $ 202.2 Product costs, net $ (7.2) $ 47.6 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: March 31, 2023 December 31, 2022 Fixed Price Fixed Price Fixed Price Fixed Price Propane, ethane, butane, heating oil and crude oil (MMBbls) 63.4 65.5 67.2 70.2 Natural gas (Bcf) 15.5 15.8 44.2 48.4 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, 92% 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. 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. For a summary of the fair value of our commodity derivative instruments with credit-risk related contingent features and their associated collateral, see Note 7. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
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 — Includes inputs that are observable in active markets for identical assets or liabilities as of the reporting date such as exchange-traded derivatives, listed equities and US government treasury securities. • Level 2 — Includes inputs that are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Instruments in this category include non-exchange-traded derivatives such as over the counter (OTC) forwards, options and physical exchanges. • Level 3 — Includes 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 March 31, 2023 and December 31, 2022, 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 have been categorized as Level 2. The following tables summarize the fair value hierarchy of our financial instruments that were reflected in our consolidated balance sheets ( in millions ): March 31, 2023 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 $ 17.4 $ 231.3 $ — $ 248.7 $ (219.6) $ 2.3 $ 31.4 Other investments (2) 2.6 — — 2.6 — — 2.6 Total assets at fair value $ 20.0 $ 231.3 $ — $ 251.3 $ (219.6) $ 2.3 $ 34.0 Liabilities Liabilities from price risk management with credit-risk-related contingent features $ 13.6 $ 208.3 $ — $ 221.9 $ (219.6) $ 7.1 $ 9.4 Liabilities from price risk management without credit-risk-related contingent features — 2.7 — 2.7 — 1.1 3.8 Total liabilities at fair value $ 13.6 $ 211.0 $ — $ 224.6 $ (219.6) $ 8.2 $ 13.2 December 31, 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 $ 62.8 $ 474.3 $ — $ 537.1 $ (452.1) $ (12.2) $ 72.8 Other investments (2) 2.6 — — 2.6 — — 2.6 Total assets at fair value $ 65.4 $ 474.3 $ — $ 539.7 $ (452.1) $ (12.2) $ 75.4 Liabilities Liabilities from price risk management with credit-risk-related contingent features $ 65.7 $ 420.1 $ — $ 485.8 $ (452.1) $ (25.6) $ 8.1 Liabilities from price risk management without credit-risk-related contingent features — 11.9 — 11.9 — 3.9 15.8 Total liabilities at fair value $ 65.7 $ 432.0 $ — $ 497.7 $ (452.1) $ (21.7) $ 23.9 (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 March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, primarily due 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 ): March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair 2025 Senior Notes $ 497.9 $ 490.5 $ 497.6 $ 486.7 2027 Senior Notes $ 595.6 $ 576.5 $ 595.3 $ 556.9 February 2029 Senior Notes $ 692.5 $ 669.0 $ 692.1 $ 642.1 April 2029 Senior Notes (1) $ 475.7 $ 461.5 $ 476.7 $ 450.0 2031 Senior Notes $ 591.1 $ 604.1 $ — $ — (1) The carrying amount includes a fair value adjustment we recorded in conjunction with the merger with Oasis Midstream discussed in Note 3. For a further discussion of this fair value adjustment, see Note 8. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following ( in millions ): March 31, December 31, CMLP Credit Facility $ 473.6 $ 922.3 CPBH Credit Facility — 206.8 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 450.0 450.0 April 2029 Senior Notes fair value adjustment, net (1) 25.7 26.7 2031 Senior Notes 600.0 — Less: deferred financing costs, net 34.8 27.5 Total long-term debt $ 3,314.5 $ 3,378.3 (1) In conjunction with the merger with Oasis Midstream discussed in Note 3, we assumed the April 2029 Senior Notes, and we recorded a fair value adjustment of approximately $30.7 million. During the three months ended March 31, 2023 and 2022, we recorded a reduction to our interest and debt expense of approximately $1.0 million and $0.7 million related to the amortization of the fair value adjustment. Credit Facilities CMLP Credit Facility. Crestwood Midstream’s five-year $1.75 billion revolving credit facility (the CMLP Credit Facility) is available to fund acquisitions, working capital and internal growth projects and for general partnership purposes. Subject to limited exception, the CMLP Credit Facility is guaranteed and secured by substantially all of the equity interests and assets of Crestwood Midstream’s subsidiaries, except for Crestwood Infrastructure Holdings LLC, Crestwood Niobrara LLC, PRBIC and Tres Holdings and their respective subsidiaries. In January 2023, Crestwood Permian and certain of its subsidiaries were designated as guarantor subsidiaries of Crestwood Midstream’s credit facility and senior notes. 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. Under the credit agreement, Crestwood Midstream is required to maintain a net debt to consolidated EBITDA ratio (as defined in the credit agreement) of not more than 5.50 to 1.0, a consolidated EBITDA to consolidated interest expense ratio (as defined in the credit agreement) of not less than 2.50 to 1.0, and a senior secured leverage ratio (as defined in the credit agreement) of not more than 3.50 to 1.0. At March 31, 2023, the net debt to consolidated EBITDA ratio was approximately 4.18 to 1.0, the consolidated EBITDA to consolidated interest expense ratio was approximately 4.25 to 1.0, and the senior secured leverage ratio was 0.59 to 1.0. At March 31, 2023, Crestwood Midstream had $1.1 billion of available capacity under the CMLP Credit Facility considering the most restrictive debt covenants in the credit agreement. At March 31, 2023 and December 31, 2022, outstanding standby letters of credit under the CMLP Credit Facility were $7.9 million and $8.2 million. Borrowings under the CMLP 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 6.76% and 9.00% at March 31, 2023 and 6.28% and 8.50% at December 31, 2022. The weighted-average interest rate on outstanding borrowings as of March 31, 2023 and December 31, 2022 was 6.96% and 6.40%. CPBH Credit Facility. In conjunction with the acquisition of the remaining 50% equity interest in Crestwood Permian 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 CPBH Credit Facility). In January 2023, we utilized borrowings under the CMLP Credit Facility to repay and terminate the CPBH Credit Facility. Senior Notes 2031 Senior Notes. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
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. 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 March 31, 2023. On January 9, 2023, we paid approximately $21.2 million to the Court Registry under protest to mitigate the impact of post-judgement interest. We filed a Notice of Appeal on January 13, 2023, and we are unable to predict the ultimate outcome on the appeal related to 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 March 31, 2023 and December 31, 2022, we had approximately $9.0 million and $35.0 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 both March 31, 2023 and December 31, 2022, our accrual for environmental matters was less than $1.0 million and our potential exposure related to environmental matters was less than $1.0 million at March 31, 2023. 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 March 31, December 31, 2022 March 31, December 31, 2022 Self-insurance reserves (1) $ 5.5 $ 5.6 $ 4.7 $ 4.8 (1) At March 31, 2023, CEQP and CMLP classified approximately $3.2 million and $2.7 million, respectively, of these reserves as other long-term liabilities on their consolidated balance sheets. 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 March 31, 2023 and December 31, 2022, we have no amounts accrued for these indemnifications. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The following table summarizes the balance sheet information related to our operating and finance leases (in millions ): March 31, December 31, 2022 Operating Leases Operating lease right-of-use assets, net $ 24.4 $ 24.4 Accrued expenses and other liabilities $ 10.5 $ 10.9 Other long-term liabilities 17.5 17.4 Total operating lease liabilities $ 28.0 $ 28.3 Finance Leases Property, plant and equipment $ 13.5 $ 13.6 Less: accumulated depreciation 8.9 8.9 Property, plant and equipment, net $ 4.6 $ 4.7 Accrued expenses and other liabilities $ 1.7 $ 1.9 Other long-term liabilities 2.7 2.7 Total finance lease liabilities $ 4.4 $ 4.6 Lease expense. Our operating lease expense, net totaled $3.8 million and $3.5 million for the three months ended March 31, 2023 and 2022. Our finance lease expense totaled $0.8 million and $0.9 million for the three months ended March 31, 2023 and 2022. Other. In March 2022, we exercised an option to purchase crude oil railcars under certain of our finance leases as a result of our plan to exit our crude oil railcar operations. During the three months ended March 31, 2022, we recognized a loss on long-lived assets of approximately $4.0 million related to our anticipated sale of these crude oil railcars. |
Lessee, Finance Leases | Leases The following table summarizes the balance sheet information related to our operating and finance leases (in millions ): March 31, December 31, 2022 Operating Leases Operating lease right-of-use assets, net $ 24.4 $ 24.4 Accrued expenses and other liabilities $ 10.5 $ 10.9 Other long-term liabilities 17.5 17.4 Total operating lease liabilities $ 28.0 $ 28.3 Finance Leases Property, plant and equipment $ 13.5 $ 13.6 Less: accumulated depreciation 8.9 8.9 Property, plant and equipment, net $ 4.6 $ 4.7 Accrued expenses and other liabilities $ 1.7 $ 1.9 Other long-term liabilities 2.7 2.7 Total finance lease liabilities $ 4.4 $ 4.6 Lease expense. Our operating lease expense, net totaled $3.8 million and $3.5 million for the three months ended March 31, 2023 and 2022. Our finance lease expense totaled $0.8 million and $0.9 million for the three months ended March 31, 2023 and 2022. Other. In March 2022, we exercised an option to purchase crude oil railcars under certain of our finance leases as a result of our plan to exit our crude oil railcar operations. During the three months ended March 31, 2022, we recognized a loss on long-lived assets of approximately $4.0 million related to our anticipated sale of these crude oil railcars. |
Partners' Capital
Partners' Capital | 3 Months Ended |
Mar. 31, 2023 | |
Statement of Partners' Capital [Abstract] | |
Partners' Capital | Partners’ Capital and Non-Controlling Partner Common Units On February 1, 2022, we completed the merger with Oasis Midstream. Pursuant to the merger agreement, Chord 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. Distributions Crestwood Equity Limited Partners. A summary of CEQP’s limited partner quarterly cash distributions for the three months ended March 31, 2023 and 2022 is presented below: Record Date Payment Date Per Unit Rate Cash Distributions ( in millions ) 2023 February 7, 2023 February 14, 2023 $ 0.655 $ 68.9 2022 February 7, 2022 February 14, 2022 $ 0.625 $ 60.9 On April 20, 2023, we declared a distribution of $0.655 per limited partner unit to be paid on May 15, 2023 to unitholders of record on May 8, 2023 with respect to the quarter ended March 31, 2023. Preferred Unitholders . During the three months ended March 31, 2023 and 2022, we paid cash distributions to our preferred unitholders of approximately $15 million in both periods. On April 20, 2023, 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 March 31, 2023. Crestwood Midstream During the three months ended March 31, 2023 and 2022, Crestwood Midstream paid cash distributions of $85.9 million and $238.1 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. Non-Controlling Partner Crestwood Niobrara LLC (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 March 31, 2023 and 2022 (in millions) : Balance at December 31, 2022 $ 434.4 Distributions to non-controlling partner (10.3) Net income attributable to non-controlling partner 10.2 Balance at March 31, 2023 $ 434.3 Balance at December 31, 2021 $ 434.6 Distributions to non-controlling partner (10.3) Net income attributable to non-controlling partner 10.2 Balance at March 31, 2022 $ 434.5 In April 2023, Crestwood Niobrara paid a cash distribution of approximately $10.3 million to Jackalope Holdings with respect to the quarter ended March 31, 2023. Other In February 2023, Crestwood Equity issued 245,929 performance units (the February 2023 Units) under the Crestwood Equity Partners LP 2018 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 March 31, 2023, we had total unamortized compensation expense of approximately $5.7 million related to the February 2023 Units. During the three months ended March 31, 2023, we recognized compensation expense of $0.4 million related to the February 2023 Units, which is included in general and administrative expenses on our consolidated statements of operations. During the three months ended March 31, 2023, 161,278 performance units that were previously issued in 2020 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 217,702 common units during the three months ended March 31, 2023 related to those performance units. |
Earnings Per Limited Partner Un
Earnings Per Limited Partner Unit | 3 Months Ended |
Mar. 31, 2023 | |
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 months ended March 31, 2023 and 2022 (in millions) : Three Months Ended March 31, 2023 2022 Preferred units (1) 7.1 7.1 Crestwood Niobrara’s preferred units (1) — 3.6 Unit-based compensation performance units (1) — 0.3 (1) For additional information regarding the potential conversion/redemption of our preferred units and Crestwood Niobrara’s preferred units to CEQP common units, and additional information regarding our performance units, see our 2022 Annual Report on Form 10-K. The following table shows Crestwood Equity’s common unitholders’ interest in net income (loss) and weighted-average limited partner units used in computing basic and diluted net income (loss) per limited partner unit for the three months ended March 31, 2023 and 2022 (in millions, except for per unit data): Three Months Ended March 31, 2023 2022 Common unitholders’ interest in net income (loss) $ 16.4 $ (3.0) Diluted net income (loss) $ 16.4 $ (3.0) Weighted-average limited partners’ units outstanding - basic 105.2 86.0 Dilutive effect of Crestwood Niobrara preferred units 4.5 — Dilutive effect of unit-based compensation performance units 0.1 — Weighted-average limited partners’ units outstanding - diluted 109.8 86.0 Net income (loss) per limited partner unit: Basic $ 0.16 $ (0.04) Diluted $ 0.15 $ (0.04) |
Segments
Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | Segments Our financial statements reflect three operating and reporting segments: (i) gathering and processing north operations; (ii) gathering and processing south operations; and (iii) storage and logistics operations. 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, crude oil gathering services and produced water gathering and disposal services to producers in the Delaware Basin. • 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. We assess the performance of our operating segments based on EBITDA, which is identified as income before income taxes, plus debt-related costs (net interest and debt expense) and depreciation, amortization and accretion expense. Below is a reconciliation of CEQP’s and CMLP’s net income to EBITDA ( in millions ): CEQP CMLP Three Months Ended Three Months Ended March 31, March 31, 2023 2022 2023 2022 Net income $ 41.6 $ 22.2 $ 43.0 $ 20.2 Add: Interest and debt expense, net 55.6 36.1 55.6 36.1 Provision for income taxes 0.3 — 0.3 — Depreciation, amortization and accretion 81.4 74.8 81.3 78.2 EBITDA $ 178.9 $ 133.1 $ 180.2 $ 134.5 The following tables summarize CEQP’s and CMLP’s reportable segment data for the three months ended March 31, 2023 and 2022 ( 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 2022 Annual Report on Form 10-K. Included in earnings from unconsolidated affiliates, net reflected in the tables below was approximately $2.5 million and $4.6 million of our proportionate share of interest expense, depreciation and amortization expense and gains (losses) on long-lived assets, net recorded by our equity investments for the three months ended March 31, 2023 and 2022. Segment EBITDA Information Three Months Ended March 31, 2023 Gathering and Processing North Gathering and Processing South Storage and Logistics Corporate Total Crestwood Midstream Revenues $ 215.4 $ 130.9 $ 916.8 $ — $ 1,263.1 Intersegment revenues, net 99.0 34.2 (133.2) — — Costs of product/services sold 152.4 108.5 736.5 — 997.4 Operations and maintenance expense 29.3 15.1 12.2 — 56.6 General and administrative expense — — — 30.2 30.2 Gain (loss) on long-lived assets, net 0.1 (0.8) — 0.3 (0.4) Earnings from unconsolidated affiliates, net — 0.3 1.4 — 1.7 Crestwood Midstream EBITDA $ 132.8 $ 41.0 $ 36.3 $ (29.9) $ 180.2 Crestwood Equity General and administrative expense — — — 1.4 1.4 Other income, net — — — 0.1 0.1 Crestwood Equity EBITDA $ 132.8 $ 41.0 $ 36.3 $ (31.2) $ 178.9 Three Months Ended March 31, 2022 Gathering and Processing North Gathering and Processing South Storage and Logistics Corporate Total Crestwood Midstream Revenues $ 235.2 $ 30.7 $ 1,317.9 $ — $ 1,583.8 Intersegment revenues, net 127.4 — (127.4) — — Costs of product/services sold 205.6 (0.6) 1,159.4 — 1,364.4 Operations and maintenance expense 23.7 6.7 12.0 — 42.4 General and administrative expense — — — 41.7 41.7 Gain (loss) on long-lived assets, net — 0.2 (4.0) — (3.8) Earnings from unconsolidated affiliates, net — 2.6 0.4 — 3.0 Crestwood Midstream EBITDA $ 133.3 $ 27.4 $ 15.5 $ (41.7) $ 134.5 Crestwood Equity General and administrative expense — — — 1.7 1.7 Other income, net — — — 0.3 0.3 Crestwood Equity EBITDA $ 133.3 $ 27.4 $ 15.5 $ (43.1) $ 133.1 Other Segment Information CEQP CMLP March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Total Assets Gathering and Processing North $ 3,950.5 $ 4,003.6 $ 3,950.5 $ 4,003.6 Gathering and Processing South 1,455.9 1,473.0 1,455.9 1,473.0 Storage and Logistics 945.3 1,057.6 945.3 1,057.6 Corporate 37.6 32.8 32.1 27.2 Total assets $ 6,389.3 $ 6,567.0 $ 6,383.8 $ 6,561.4 |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition [Abstract] | |
Revenues | Revenues Contract Assets and Contract Liabilities Our contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Our receivables related to our revenue contracts accounted for under Accounting Standards Update 2014-09 , Revenue from Contracts with Customers (Topic 606) totaled $340.0 million and $368.2 million at March 31, 2023 and December 31, 2022, 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 14 years. The following table summarizes our contract assets and contract liabilities (in millions) : March 31, 2023 December 31, 2022 Contract assets (non-current) $ 5.2 $ 5.4 Contract liabilities (current) (1) $ 13.8 $ 11.7 Contract liabilities (non-current) (1) $ 205.9 $ 212.3 (1) During the three months ended March 31, 2023, we recognized revenues of approximately $8.0 million that were previously included in contract liabilities at December 31, 2022. The remaining change in our contract liabilities during the three months ended March 31, 2023 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 March 31, 2023 (in millions) : Remainder of 2023 $ 45.2 2024 42.1 2025 2.0 2026 0.6 2027 0.5 Thereafter 0.6 Total $ 91.0 Our remaining performance obligations presented in the table above exclude estimates of variable rate escalation clauses in our contracts with customers, and is generally limited to fixed-fee and percentage-of-proceeds service contracts which have fixed pricing and minimum volume terms and conditions. Our remaining performance obligations generally exclude, based on the following practical expedients that we elected to apply, disclosures for (i) variable consideration allocated to a wholly-unsatisfied promise to transfer a distinct service that forms part of the identified single performance obligation; (ii) unsatisfied performance obligations where the contract term is one year or less; and (iii) contracts for which we recognize revenues as amounts are invoiced. Disaggregation of Revenues The following tables summarize our revenues from contracts with customers disaggregated by type of product/service sold and by commodity type for each of our segments for the three months ended March 31, 2023 and 2022 ( 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 March 31, 2023 Gathering and Processing North Gathering and Processing South Storage and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 33.6 $ 4.3 $ — $ — $ 37.9 Crude oil 14.2 1.9 — — 16.1 Water 42.5 8.6 — — 51.1 Processing Natural gas 19.2 5.4 — — 24.6 Storage Crude oil 0.6 — — (0.1) 0.5 NGLs — — 2.2 — 2.2 Pipeline Crude oil 1.1 0.2 0.4 — 1.7 NGLs — 5.2 0.1 (5.2) 0.1 Transportation NGLs — — 5.8 — 5.8 Rail Loading Crude oil — — 0.2 — 0.2 Product Sales Natural gas 45.2 34.0 78.7 (65.0) 92.9 Crude oil 109.3 0.1 278.8 (30.0) 358.2 NGLs 46.9 105.9 404.3 (32.9) 524.2 Water 1.0 — — — 1.0 Other 0.3 — 0.1 — 0.4 Total Topic 606 revenues 313.9 165.6 770.6 (133.2) 1,116.9 Non-Topic 606 revenues 0.5 (0.5) 146.2 — 146.2 Total revenues $ 314.4 $ 165.1 $ 916.8 $ (133.2) $ 1,263.1 Three Months Ended March 31, 2022 Gathering and Processing North Gathering and Processing South Storage and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 25.9 $ 22.4 $ — $ — $ 48.3 Crude oil 14.8 1.0 — — 15.8 Water 34.7 2.2 — — 36.9 Processing Natural gas 14.4 1.1 — — 15.5 Compression Natural gas — 3.5 — — 3.5 Storage Crude oil 0.5 — — (0.1) 0.4 NGLs — — 2.8 — 2.8 Pipeline Crude oil 1.2 0.1 0.5 — 1.8 Transportation NGLs — — 5.8 — 5.8 Rail Loading Crude oil — — 0.4 — 0.4 Product Sales Natural gas 63.9 0.3 98.7 (52.1) 110.8 Crude oil 128.1 — 374.0 (11.2) 490.9 NGLs 76.9 — 632.7 (64.0) 645.6 Water 1.6 — — — 1.6 Other 0.2 — 0.3 — 0.5 Total Topic 606 revenues 362.2 30.6 1,115.2 (127.4) 1,380.6 Non-Topic 606 revenues 0.4 0.1 202.7 — 203.2 Total revenues $ 362.6 $ 30.7 $ 1,317.9 $ (127.4) $ 1,583.8 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsWe 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. For a further description of our related party agreements, see our 2022 Annual Report on Form 10-K. During the three months ended March 31, 2023, we paid approximately $0.5 million of capital expenditures to Applied Consultants, Inc., an affiliate of First Reserve. The following table shows transactions with our affiliates which are reflected in our consolidated statements of operations ( in millions ). Three Months Ended March 31, 2023 2022 Revenues at CEQP and CMLP (1) $ — $ 97.7 Costs of product/services sold at CEQP and CMLP (2) $ 0.4 $ 68.5 Operations and maintenance expenses at CEQP and CMLP (3) $ 2.4 $ 4.8 General and administrative expenses charged by CEQP to CMLP, net (4) $ 8.9 $ 7.5 General and administrative expenses at CEQP and CMLP (5) $ — $ 0.9 (1) Includes (i) $59.0 million during the three months ended March 31, 2022 primarily related to the sale of crude oil and NGLs to a subsidiary of Chord; (ii) $36.6 million during the three months ended March 31, 2022 primarily related to gathering and processing services provided to a subsidiary of Chord; (iii) $1.6 million during the three months ended March 31, 2022 related to the sale of NGLs to a subsidiary of Crestwood Permian; and (iv) $0.5 million during the three months ended March 31, 2022 related to compressor leases with a subsidiary of Crestwood Permian. (2) Includes (i) $0.3 million and $0.9 million during the three months ended March 31, 2023 and 2022 primarily related to purchases of natural gas from a subsidiary of Tres Holdings; (ii) $0.1 million during the three months ended March 31, 2023 related to gathering services under agreements Crestwood Permian Basin; (iii) $31.4 million during the three months ended March 31, 2022 primarily related to purchases of NGLs from a subsidiary of Chord; and (iv) $36.2 million during the three months ended March 31, 2022 related to purchases of natural gas and NGLs from a subsidiary of Crestwood Permian. (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 months ended March 31, 2023, we charged $1.3 million to Tres Holdings and $1.1 million to Crestwood Permian Basin. During the three months ended March 31, 2022, we charged $1.2 million to Tres Holdings and $3.6 million to Crestwood Permian. (4) Includes $10.0 million and $8.6 million of unit-based compensation charges allocated from CEQP to CMLP during the three months ended March 31, 2023 and 2022. In addition, includes $1.1 million of CMLP’s general and administrative costs allocated to CEQP during both the three months ended March 31, 2023 and 2022. (5) Represents general and administrative expenses related to a transition services agreement with Chord. The following table shows accounts receivable and accounts payable from our affiliates ( in millions ): March 31, December 31, Accounts receivable at CEQP and CMLP $ 0.3 $ 1.6 Accounts payable at CEQP and CMLP $ 0.7 $ 3.0 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies There were no material changes in our significant accounting policies from those described in our 2022 Annual Report on Form 10-K. |
Certain Balance Sheet Informa_2
Certain Balance Sheet Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses and other liabilities consisted of the following ( in millions ): March 31, December 31, 2023 2022 CMLP Accrued expenses $ 49.2 $ 66.5 Accrued property taxes 6.0 8.4 Income tax payable 1.0 0.9 Interest payable 65.6 43.2 Accrued additions to property, plant and equipment 18.9 35.6 Operating leases 10.5 10.9 Finance leases 1.7 1.9 Contract liabilities 13.8 11.7 Asset retirement obligations 0.3 0.4 Total CMLP accrued expenses and other liabilities $ 167.0 $ 179.5 CEQP Accrued expenses 0.9 1.2 Income tax payable — 0.1 Total CEQP accrued expenses and other liabilities $ 167.9 $ 180.8 |
Schedule of Other Long-Term Liabilities | Other long-term liabilities consisted of the following ( in millions ): March 31, December 31, 2023 2022 CMLP Contract liabilities $ 205.9 $ 212.3 Intangible liabilities, net 48.5 50.0 Asset retirement obligations 37.3 36.4 Operating leases 17.5 17.4 Other 14.3 14.2 Total CMLP other long-term liabilities $ 323.5 $ 330.3 CEQP Other 1.5 3.1 Total CEQP other long-term liabilities $ 325.0 $ 333.4 |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 Three Months Ended March 31, December 31, March 31, 2023 2022 2023 2022 Crestwood Permian Basin LLC (1) $ 74.8 $ 76.5 $ 0.3 $ — Tres Palacios Holdings LLC (2) 46.5 39.8 1.6 0.6 Powder River Basin Industrial Complex, LLC (3) 3.0 3.2 (0.2) (0.2) Crestwood Permian Basin Holdings LLC (4) — — — 2.6 Total $ 124.3 $ 119.5 $ 1.7 $ 3.0 (1) In July 2022, we acquired the remaining 50% equity interest in Crestwood Permian Basin Holdings LLC (Crestwood Permian), whose operations included its 50% equity interest in Crestwood Permian Basin LLC (Crestwood Permian Basin). As of March 31, 2023, our equity in the underlying net assets of Crestwood Permian Basin was less than the carrying value of our investment balance by approximately $2.3 million. During the three months ended March 31, 2023, 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 statement of operations. Our Crestwood Permian Basin investment is included in our gathering and processing south segment. (2) As of March 31, 2023, our equity in the underlying net assets of Tres Palacios Holdings LLC (Tres Holdings) exceeded the carrying value of our investment balance by approximately $19.9 million. During both the three months ended March 31, 2023 and 2022, we recorded amortization of approximately $0.3 million 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. (3) As of March 31, 2023, 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. (4) As discussed above, in July 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. Our Crestwood Permian investment was previously included in our gathering and processing south segment. The following table summarizes our distributions from and contributions to our unconsolidated affiliates (in millions) : Distributions Contributions Three Months Ended Three Months Ended March 31, March 31, 2023 2022 2023 2022 Crestwood Permian Basin $ 2.0 $ — $ — $ — Tres Holdings — — 5.1 6.0 Crestwood Permian — 8.5 — 8.5 Total $ 2.0 $ 8.5 $ 5.1 $ 14.5 |
Risk Management (Tables)
Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Risk Management - Notional Amounts and Terms of Companys Derivative Financial Instruments [Abstract] | |
Summary of Commodity-Based Derivatives | The following table summarizes the increase (decrease) in our product revenues and product costs, net, in our consolidated statements of operations related to our commodity-based derivatives ( in millions ): Three Months Ended March 31, 2023 2022 Product revenues $ 145.8 $ 202.2 Product costs, net $ (7.2) $ 47.6 |
Notional Amounts And Terms Of Company's Derivative Financial Instruments | The notional amounts of our derivative financial instruments include the following: March 31, 2023 December 31, 2022 Fixed Price Fixed Price Fixed Price Fixed Price Propane, ethane, butane, heating oil and crude oil (MMBbls) 63.4 65.5 67.2 70.2 Natural gas (Bcf) 15.5 15.8 44.2 48.4 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair Value On Recurring Basis | The following tables summarize the fair value hierarchy of our financial instruments that were reflected in our consolidated balance sheets ( in millions ): March 31, 2023 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 $ 17.4 $ 231.3 $ — $ 248.7 $ (219.6) $ 2.3 $ 31.4 Other investments (2) 2.6 — — 2.6 — — 2.6 Total assets at fair value $ 20.0 $ 231.3 $ — $ 251.3 $ (219.6) $ 2.3 $ 34.0 Liabilities Liabilities from price risk management with credit-risk-related contingent features $ 13.6 $ 208.3 $ — $ 221.9 $ (219.6) $ 7.1 $ 9.4 Liabilities from price risk management without credit-risk-related contingent features — 2.7 — 2.7 — 1.1 3.8 Total liabilities at fair value $ 13.6 $ 211.0 $ — $ 224.6 $ (219.6) $ 8.2 $ 13.2 December 31, 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 $ 62.8 $ 474.3 $ — $ 537.1 $ (452.1) $ (12.2) $ 72.8 Other investments (2) 2.6 — — 2.6 — — 2.6 Total assets at fair value $ 65.4 $ 474.3 $ — $ 539.7 $ (452.1) $ (12.2) $ 75.4 Liabilities Liabilities from price risk management with credit-risk-related contingent features $ 65.7 $ 420.1 $ — $ 485.8 $ (452.1) $ (25.6) $ 8.1 Liabilities from price risk management without credit-risk-related contingent features — 11.9 — 11.9 — 3.9 15.8 Total liabilities at fair value $ 65.7 $ 432.0 $ — $ 497.7 $ (452.1) $ (21.7) $ 23.9 (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 ): March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair 2025 Senior Notes $ 497.9 $ 490.5 $ 497.6 $ 486.7 2027 Senior Notes $ 595.6 $ 576.5 $ 595.3 $ 556.9 February 2029 Senior Notes $ 692.5 $ 669.0 $ 692.1 $ 642.1 April 2029 Senior Notes (1) $ 475.7 $ 461.5 $ 476.7 $ 450.0 2031 Senior Notes $ 591.1 $ 604.1 $ — $ — (1) The carrying amount includes a fair value adjustment we recorded in conjunction with the merger with Oasis Midstream discussed in Note 3. For a further discussion of this fair value adjustment, see Note 8. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Components Of Long-Term Debt | Long-term debt consisted of the following ( in millions ): March 31, December 31, CMLP Credit Facility $ 473.6 $ 922.3 CPBH Credit Facility — 206.8 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 450.0 450.0 April 2029 Senior Notes fair value adjustment, net (1) 25.7 26.7 2031 Senior Notes 600.0 — Less: deferred financing costs, net 34.8 27.5 Total long-term debt $ 3,314.5 $ 3,378.3 (1) In conjunction with the merger with Oasis Midstream discussed in Note 3, we assumed the April 2029 Senior Notes, and we recorded a fair value adjustment of approximately $30.7 million. During the three months ended March 31, 2023 and 2022, we recorded a reduction to our interest and debt expense of approximately $1.0 million and $0.7 million related to the amortization of the fair value adjustment. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, December 31, 2022 March 31, December 31, 2022 Self-insurance reserves (1) $ 5.5 $ 5.6 $ 4.7 $ 4.8 (1) At March 31, 2023, CEQP and CMLP classified approximately $3.2 million and $2.7 million, respectively, of these reserves as other long-term liabilities on their consolidated balance sheets. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 ): March 31, December 31, 2022 Operating Leases Operating lease right-of-use assets, net $ 24.4 $ 24.4 Accrued expenses and other liabilities $ 10.5 $ 10.9 Other long-term liabilities 17.5 17.4 Total operating lease liabilities $ 28.0 $ 28.3 Finance Leases Property, plant and equipment $ 13.5 $ 13.6 Less: accumulated depreciation 8.9 8.9 Property, plant and equipment, net $ 4.6 $ 4.7 Accrued expenses and other liabilities $ 1.7 $ 1.9 Other long-term liabilities 2.7 2.7 Total finance lease liabilities $ 4.4 $ 4.6 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 three months ended March 31, 2023 and 2022 is presented below: Record Date Payment Date Per Unit Rate Cash Distributions ( in millions ) 2023 February 7, 2023 February 14, 2023 $ 0.655 $ 68.9 2022 February 7, 2022 February 14, 2022 $ 0.625 $ 60.9 |
Summary of Change in Non-Controlling Interest in Subsidiary | The following tables show the change in our non-controlling interest in subsidiary at March 31, 2023 and 2022 (in millions) : Balance at December 31, 2022 $ 434.4 Distributions to non-controlling partner (10.3) Net income attributable to non-controlling partner 10.2 Balance at March 31, 2023 $ 434.3 Balance at December 31, 2021 $ 434.6 Distributions to non-controlling partner (10.3) Net income attributable to non-controlling partner 10.2 Balance at March 31, 2022 $ 434.5 |
Earnings Per Limited Partner _2
Earnings Per Limited Partner Unit (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 months ended March 31, 2023 and 2022 (in millions) : Three Months Ended March 31, 2023 2022 Preferred units (1) 7.1 7.1 Crestwood Niobrara’s preferred units (1) — 3.6 Unit-based compensation performance units (1) — 0.3 (1) For additional information regarding the potential conversion/redemption of our preferred units and Crestwood Niobrara’s preferred units to CEQP common units, and additional information regarding our performance units, see our 2022 Annual Report on Form 10-K. |
Schedule of Weighted Average Number of Shares | The following table shows Crestwood Equity’s common unitholders’ interest in net income (loss) and weighted-average limited partner units used in computing basic and diluted net income (loss) per limited partner unit for the three months ended March 31, 2023 and 2022 (in millions, except for per unit data): Three Months Ended March 31, 2023 2022 Common unitholders’ interest in net income (loss) $ 16.4 $ (3.0) Diluted net income (loss) $ 16.4 $ (3.0) Weighted-average limited partners’ units outstanding - basic 105.2 86.0 Dilutive effect of Crestwood Niobrara preferred units 4.5 — Dilutive effect of unit-based compensation performance units 0.1 — Weighted-average limited partners’ units outstanding - diluted 109.8 86.0 Net income (loss) per limited partner unit: Basic $ 0.16 $ (0.04) Diluted $ 0.15 $ (0.04) |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 to EBITDA ( in millions ): CEQP CMLP Three Months Ended Three Months Ended March 31, March 31, 2023 2022 2023 2022 Net income $ 41.6 $ 22.2 $ 43.0 $ 20.2 Add: Interest and debt expense, net 55.6 36.1 55.6 36.1 Provision for income taxes 0.3 — 0.3 — Depreciation, amortization and accretion 81.4 74.8 81.3 78.2 EBITDA $ 178.9 $ 133.1 $ 180.2 $ 134.5 |
Summary Of Segment Information | The following tables summarize CEQP’s and CMLP’s reportable segment data for the three months ended March 31, 2023 and 2022 ( 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 2022 Annual Report on Form 10-K. Included in earnings from unconsolidated affiliates, net reflected in the tables below was approximately $2.5 million and $4.6 million of our proportionate share of interest expense, depreciation and amortization expense and gains (losses) on long-lived assets, net recorded by our equity investments for the three months ended March 31, 2023 and 2022. Segment EBITDA Information Three Months Ended March 31, 2023 Gathering and Processing North Gathering and Processing South Storage and Logistics Corporate Total Crestwood Midstream Revenues $ 215.4 $ 130.9 $ 916.8 $ — $ 1,263.1 Intersegment revenues, net 99.0 34.2 (133.2) — — Costs of product/services sold 152.4 108.5 736.5 — 997.4 Operations and maintenance expense 29.3 15.1 12.2 — 56.6 General and administrative expense — — — 30.2 30.2 Gain (loss) on long-lived assets, net 0.1 (0.8) — 0.3 (0.4) Earnings from unconsolidated affiliates, net — 0.3 1.4 — 1.7 Crestwood Midstream EBITDA $ 132.8 $ 41.0 $ 36.3 $ (29.9) $ 180.2 Crestwood Equity General and administrative expense — — — 1.4 1.4 Other income, net — — — 0.1 0.1 Crestwood Equity EBITDA $ 132.8 $ 41.0 $ 36.3 $ (31.2) $ 178.9 Three Months Ended March 31, 2022 Gathering and Processing North Gathering and Processing South Storage and Logistics Corporate Total Crestwood Midstream Revenues $ 235.2 $ 30.7 $ 1,317.9 $ — $ 1,583.8 Intersegment revenues, net 127.4 — (127.4) — — Costs of product/services sold 205.6 (0.6) 1,159.4 — 1,364.4 Operations and maintenance expense 23.7 6.7 12.0 — 42.4 General and administrative expense — — — 41.7 41.7 Gain (loss) on long-lived assets, net — 0.2 (4.0) — (3.8) Earnings from unconsolidated affiliates, net — 2.6 0.4 — 3.0 Crestwood Midstream EBITDA $ 133.3 $ 27.4 $ 15.5 $ (41.7) $ 134.5 Crestwood Equity General and administrative expense — — — 1.7 1.7 Other income, net — — — 0.3 0.3 Crestwood Equity EBITDA $ 133.3 $ 27.4 $ 15.5 $ (43.1) $ 133.1 Other Segment Information CEQP CMLP March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Total Assets Gathering and Processing North $ 3,950.5 $ 4,003.6 $ 3,950.5 $ 4,003.6 Gathering and Processing South 1,455.9 1,473.0 1,455.9 1,473.0 Storage and Logistics 945.3 1,057.6 945.3 1,057.6 Corporate 37.6 32.8 32.1 27.2 Total assets $ 6,389.3 $ 6,567.0 $ 6,383.8 $ 6,561.4 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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) : March 31, 2023 December 31, 2022 Contract assets (non-current) $ 5.2 $ 5.4 Contract liabilities (current) (1) $ 13.8 $ 11.7 Contract liabilities (non-current) (1) $ 205.9 $ 212.3 (1) During the three months ended March 31, 2023, we recognized revenues of approximately $8.0 million that were previously included in contract liabilities at December 31, 2022. The remaining change in our contract liabilities during the three months ended March 31, 2023 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 March 31, 2023 (in millions) : Remainder of 2023 $ 45.2 2024 42.1 2025 2.0 2026 0.6 2027 0.5 Thereafter 0.6 Total $ 91.0 |
Disaggregation of Revenue | The following tables summarize our revenues from contracts with customers disaggregated by type of product/service sold and by commodity type for each of our segments for the three months ended March 31, 2023 and 2022 ( 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 March 31, 2023 Gathering and Processing North Gathering and Processing South Storage and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 33.6 $ 4.3 $ — $ — $ 37.9 Crude oil 14.2 1.9 — — 16.1 Water 42.5 8.6 — — 51.1 Processing Natural gas 19.2 5.4 — — 24.6 Storage Crude oil 0.6 — — (0.1) 0.5 NGLs — — 2.2 — 2.2 Pipeline Crude oil 1.1 0.2 0.4 — 1.7 NGLs — 5.2 0.1 (5.2) 0.1 Transportation NGLs — — 5.8 — 5.8 Rail Loading Crude oil — — 0.2 — 0.2 Product Sales Natural gas 45.2 34.0 78.7 (65.0) 92.9 Crude oil 109.3 0.1 278.8 (30.0) 358.2 NGLs 46.9 105.9 404.3 (32.9) 524.2 Water 1.0 — — — 1.0 Other 0.3 — 0.1 — 0.4 Total Topic 606 revenues 313.9 165.6 770.6 (133.2) 1,116.9 Non-Topic 606 revenues 0.5 (0.5) 146.2 — 146.2 Total revenues $ 314.4 $ 165.1 $ 916.8 $ (133.2) $ 1,263.1 Three Months Ended March 31, 2022 Gathering and Processing North Gathering and Processing South Storage and Logistics Intersegment Elimination Total Topic 606 revenues Gathering Natural gas $ 25.9 $ 22.4 $ — $ — $ 48.3 Crude oil 14.8 1.0 — — 15.8 Water 34.7 2.2 — — 36.9 Processing Natural gas 14.4 1.1 — — 15.5 Compression Natural gas — 3.5 — — 3.5 Storage Crude oil 0.5 — — (0.1) 0.4 NGLs — — 2.8 — 2.8 Pipeline Crude oil 1.2 0.1 0.5 — 1.8 Transportation NGLs — — 5.8 — 5.8 Rail Loading Crude oil — — 0.4 — 0.4 Product Sales Natural gas 63.9 0.3 98.7 (52.1) 110.8 Crude oil 128.1 — 374.0 (11.2) 490.9 NGLs 76.9 — 632.7 (64.0) 645.6 Water 1.6 — — — 1.6 Other 0.2 — 0.3 — 0.5 Total Topic 606 revenues 362.2 30.6 1,115.2 (127.4) 1,380.6 Non-Topic 606 revenues 0.4 0.1 202.7 — 203.2 Total revenues $ 362.6 $ 30.7 $ 1,317.9 $ (127.4) $ 1,583.8 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 ). Three Months Ended March 31, 2023 2022 Revenues at CEQP and CMLP (1) $ — $ 97.7 Costs of product/services sold at CEQP and CMLP (2) $ 0.4 $ 68.5 Operations and maintenance expenses at CEQP and CMLP (3) $ 2.4 $ 4.8 General and administrative expenses charged by CEQP to CMLP, net (4) $ 8.9 $ 7.5 General and administrative expenses at CEQP and CMLP (5) $ — $ 0.9 (1) Includes (i) $59.0 million during the three months ended March 31, 2022 primarily related to the sale of crude oil and NGLs to a subsidiary of Chord; (ii) $36.6 million during the three months ended March 31, 2022 primarily related to gathering and processing services provided to a subsidiary of Chord; (iii) $1.6 million during the three months ended March 31, 2022 related to the sale of NGLs to a subsidiary of Crestwood Permian; and (iv) $0.5 million during the three months ended March 31, 2022 related to compressor leases with a subsidiary of Crestwood Permian. (2) Includes (i) $0.3 million and $0.9 million during the three months ended March 31, 2023 and 2022 primarily related to purchases of natural gas from a subsidiary of Tres Holdings; (ii) $0.1 million during the three months ended March 31, 2023 related to gathering services under agreements Crestwood Permian Basin; (iii) $31.4 million during the three months ended March 31, 2022 primarily related to purchases of NGLs from a subsidiary of Chord; and (iv) $36.2 million during the three months ended March 31, 2022 related to purchases of natural gas and NGLs from a subsidiary of Crestwood Permian. (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 months ended March 31, 2023, we charged $1.3 million to Tres Holdings and $1.1 million to Crestwood Permian Basin. During the three months ended March 31, 2022, we charged $1.2 million to Tres Holdings and $3.6 million to Crestwood Permian. (4) Includes $10.0 million and $8.6 million of unit-based compensation charges allocated from CEQP to CMLP during the three months ended March 31, 2023 and 2022. In addition, includes $1.1 million of CMLP’s general and administrative costs allocated to CEQP during both the three months ended March 31, 2023 and 2022. (5) Represents general and administrative expenses related to a transition services agreement with Chord. |
Schedule of Related Party Receivables and Payables | The following table shows accounts receivable and accounts payable from our affiliates ( in millions ): March 31, December 31, Accounts receivable at CEQP and CMLP $ 0.3 $ 1.6 Accounts payable at CEQP and CMLP $ 0.7 $ 3.0 |
Organization and Business Des_2
Organization and Business Description (Details) - Crestwood Midstream Partners LP | 3 Months Ended |
Mar. 31, 2023 | |
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% |
Acquisition (Details)
Acquisition (Details) - Oasis Midstream Partners LP shares in Millions, $ in Millions | Feb. 01, 2022 USD ($) shares |
Business Acquisition [Line Items] | |
Consideration transferred | $ | $ 1,800 |
Cash payment | $ | 160 |
Chord Energy Corporation | |
Business Acquisition [Line Items] | |
Cash payment | $ | $ 150 |
Issued shares (in shares) | shares | 20.9 |
Stock exchanged (in shares) | shares | 33.8 |
Oasis Midstream Public Unitholders | |
Business Acquisition [Line Items] | |
Issued shares (in shares) | shares | 12.9 |
Oasis Midstream Partners LP | |
Business Acquisition [Line Items] | |
Stock exchanged (in shares) | shares | 14.8 |
Oasis Petroleum General Partners | |
Business Acquisition [Line Items] | |
Cash payment | $ | $ 10 |
Certain Balance Sheet Informa_3
Certain Balance Sheet Information (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued Expenses and Other Liabilities [Line Items] | ||
Operating leases | $ 10.5 | $ 10.9 |
Finance leases | 1.7 | 1.9 |
Contract liabilities | 13.8 | 11.7 |
Total CMLP accrued expenses and other liabilities | 167.9 | 180.8 |
Contract liabilities | 205.9 | 212.3 |
Intangible liabilities, net | 48.5 | 50 |
Operating leases | 17.5 | 17.4 |
Other long-term liabilities | 325 | 333.4 |
Crestwood Midstream Partners LP | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Accrued expenses | 49.2 | 66.5 |
Accrued property taxes | 6 | 8.4 |
Income tax payable | 1 | 0.9 |
Interest payable | 65.6 | 43.2 |
Accrued additions to property, plant and equipment | 18.9 | 35.6 |
Operating leases | 10.5 | 10.9 |
Finance leases | 1.7 | 1.9 |
Contract liabilities | 13.8 | 11.7 |
Asset retirement obligations | 0.3 | 0.4 |
Total CMLP accrued expenses and other liabilities | 167 | 179.5 |
Contract liabilities | 205.9 | 212.3 |
Operating leases | 17.5 | 17.4 |
Asset retirement obligations | 37.3 | 36.4 |
Other long-term liabilities | 323.5 | 330.3 |
Crestwood Midstream Partners LP | Other | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Other long-term liabilities | 14.3 | 14.2 |
Crestwood Equity Partners LP | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Accrued expenses | 0.9 | 1.2 |
Income tax payable | 0 | 0.1 |
Total CMLP accrued expenses and other liabilities | 167.9 | 180.8 |
Other long-term liabilities | 325 | 333.4 |
Crestwood Equity Partners LP | Other | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Other long-term liabilities | $ 1.5 | $ 3.1 |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliates (Net Investments In and Earnings (Loss) from Unconsolidated Affiliates) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Jul. 11, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investment | $ 124.3 | $ 119.5 | ||
Earnings from unconsolidated affiliates, net | 1.7 | $ 3 | ||
Crestwood Permian Basin Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity interest percentage | 50% | |||
Crestwood Permian Basin Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment | 0 | 0 | ||
Earnings from unconsolidated affiliates, net | 0 | 2.6 | ||
Crestwood Permian Basin LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment | 74.8 | 76.5 | ||
Earnings from unconsolidated affiliates, net | 0.3 | 0 | ||
Difference between carrying amount and underlying equity | 2.3 | |||
Amortization | 0.1 | |||
Crestwood Permian Basin LLC | Crestwood Permian Basin Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 50% | |||
Tres Palacios Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment | 46.5 | 39.8 | ||
Earnings from unconsolidated affiliates, net | 1.6 | 0.6 | ||
Difference between carrying amount and underlying equity | 19.9 | |||
Amortization | 0.3 | 0.3 | ||
Powder River Basin Industrial Complex, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment | 3 | $ 3.2 | ||
Earnings from unconsolidated affiliates, net | $ (0.2) | $ (0.2) |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates (Distributions and Contributions) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Distributions | $ 2 | $ 8.5 |
Contributions | 5.1 | 14.5 |
Crestwood Permian Basin LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Distributions | 2 | 0 |
Contributions | 0 | 0 |
Tres Palacios Holdings LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Distributions | 0 | 0 |
Contributions | 5.1 | 6 |
Crestwood Permian Basin Holdings LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Distributions | 0 | 8.5 |
Contributions | $ 0 | $ 8.5 |
Investments in Unconsolidated_5
Investments in Unconsolidated Affiliates (Narrative) (Details) - Tres Palacios Holdings LLC - USD ($) $ in Millions | Apr. 03, 2023 | Feb. 20, 2023 |
Schedule of Equity Method Investments [Line Items] | ||
Proceeds from sale | $ 335 | |
Subsequent Event | ||
Schedule of Equity Method Investments [Line Items] | ||
Proceeds from sale | $ 178.3 |
Risk Management (Risk Managemen
Risk Management (Risk Management Activities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Product revenues | $ 145.8 | $ 202.2 |
Commodity contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Product costs, net | $ (7.2) | $ 47.6 |
Risk Management (Notional Amoun
Risk Management (Notional Amounts and Terms of Company's Derivative Financial Instruments) (Details) bcf in Millions, MMBbls in Millions | Mar. 31, 2023 bcf MMBbls | Dec. 31, 2022 bcf MMBbls |
Propane, ethane, butane, heating oil and crude oil (MMBbls) | Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | MMBbls | 63.4 | 67.2 |
Propane, ethane, butane, heating oil and crude oil (MMBbls) | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | MMBbls | 65.5 | 70.2 |
Natural gas (Bcf) | Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | bcf | 15.5 | 44.2 |
Natural gas (Bcf) | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | bcf | 15.8 | 48.4 |
Risk Management (Schedule of De
Risk Management (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Aggregate fair value of commodity derivative instruments | $ 9.4 | $ 8.1 |
Risk Management (Narrative) (De
Risk Management (Narrative) (Details) - Price Risk Contracts Member - Maximum | 3 Months Ended |
Mar. 31, 2023 | |
Derivative [Line Items] | |
Remaining maturity | 36 months |
Percent of contracts expiring in the next twelve months | 92% |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate fair value of commodity derivative instruments | $ 9.4 | $ 8.1 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 248.7 | 537.1 |
Other investments | 2.6 | 2.6 |
Total assets at fair value | 251.3 | 539.7 |
Netting agreements | (219.6) | (452.1) |
Assets, Collateral/Margin Received or Paid | 2.3 | 12.2 |
Assets from price risk management, total | 31.4 | 72.8 |
Total assets at fair value | 34 | 75.4 |
Collateral Already Posted, Aggregate Fair Value | (7.1) | (25.6) |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 224.6 | 497.7 |
Netting agreements | (219.6) | (452.1) |
Liabilities, Collateral/Margin Received or Paid | (8.2) | (21.7) |
Gross Liabilities From Price Risk Management With Credit-Risk-Related Contingent Features | 221.9 | 485.8 |
Liabilities from price risk management without credit-risk-related contingent features | 2.7 | 11.9 |
Additional Collateral, Aggregate Fair Value | 1.1 | 3.9 |
Derivative, Net Liability Position, Aggregate Fair Value, Without Credit-Risk Contingent Features | 3.8 | 15.8 |
Liabilities, Fair Value Disclosure, Total | 13.2 | 23.9 |
Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 17.4 | 62.8 |
Other investments | 2.6 | 2.6 |
Total assets at fair value | 20 | 65.4 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 13.6 | 65.7 |
Gross Liabilities From Price Risk Management With Credit-Risk-Related Contingent Features | 13.6 | 65.7 |
Liabilities from price risk management without credit-risk-related contingent features | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 231.3 | 474.3 |
Other investments | 0 | 0 |
Total assets at fair value | 231.3 | 474.3 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 211 | 432 |
Gross Liabilities From Price Risk Management With Credit-Risk-Related Contingent Features | 208.3 | 420.1 |
Liabilities from price risk management without credit-risk-related contingent features | 2.7 | 11.9 |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 0 | 0 |
Other investments | 0 | 0 |
Total assets at fair value | 0 | 0 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 0 | 0 |
Gross Liabilities From Price Risk Management With Credit-Risk-Related Contingent Features | 0 | 0 |
Liabilities from price risk management without credit-risk-related contingent features | $ 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 | Mar. 31, 2023 | Dec. 31, 2022 |
2025 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 497.9 | $ 497.6 |
Fair Value | 490.5 | 486.7 |
2027 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 595.6 | 595.3 |
Fair Value | 576.5 | 556.9 |
February 2029 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 692.5 | 692.1 |
Fair Value | 669 | 642.1 |
April 2029 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 475.7 | 476.7 |
Fair Value | 461.5 | 450 |
2031 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 591.1 | 0 |
Fair Value | $ 604.1 | $ 0 |
Long-Term Debt (Components Of L
Long-Term Debt (Components Of Long-Term Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Jan. 31, 2023 | Dec. 31, 2022 | Feb. 01, 2022 | |
Debt Instrument [Line Items] | |||||
Less: deferred financing costs, net | $ 34.8 | $ 27.5 | |||
Total debt | 3,314.5 | 3,378.3 | |||
April 2029 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Fair Value Adjustment | 25.7 | 26.7 | |||
Amotization | 1 | $ 0.7 | |||
April 2029 Senior Notes | Oasis Midstream Partners LP | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Fair Value Adjustment | $ 30.7 | ||||
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 | |||
Senior Notes | 2031 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Senior notes | 600 | $ 600 | 0 | ||
Revolving Credit Facility | Crestwood Midstream Revolver | |||||
Debt Instrument [Line Items] | |||||
CMLP Credit Facility | 473.6 | 922.3 | |||
Revolving Credit Facility | CPBH Credit Facility | |||||
Debt Instrument [Line Items] | |||||
CMLP Credit Facility | $ 0 | $ 206.8 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 1 Months Ended | 3 Months Ended | ||
Feb. 01, 2022 USD ($) | Jan. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||
Debt term | 5 years | |||
Senior secured leverage ratio, maximum | 3.50 | |||
Senior secured leverage ratio | 0.59 | |||
Oasis Midstream Partners LP | ||||
Debt Instrument [Line Items] | ||||
Cash payment | $ 160,000,000 | |||
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 | $ 473,600,000 | $ 922,300,000 | ||
Interest coverage ratio minimum | 2.50 | |||
Total funded debt to consolidated ebitda | 4.18 | |||
Consolidated EBITDA to consolidated interest expense ratio | 4.25 | |||
Available capacity | $ 1,100,000,000 | |||
Letters of credit outstanding | $ 7,900,000 | $ 8,200,000 | ||
Interest rate | 6.96% | 6.40% | ||
Crestwood Midstream Revolver | Revolving Credit Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.76% | 6.28% | ||
Crestwood Midstream Revolver | Revolving Credit Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 9% | 8.50% | ||
Oasis Midstream Partners LP | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
CMLP Credit Facility | $ 218,000,000 | |||
2031 Senior Notes | Crestwood Midstream Partners LP | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 591,100,000 | $ 0 | ||
Revolving Loan Facility | Crestwood Midstream Partners LP | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity | 1,750,000,000 | |||
Senior Notes | 2031 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 600,000,000 | $ 600,000,000 | $ 0 | |
Stated percentage | 7.375% | |||
Proceeds from debt offering | $ 592,500,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Jan. 09, 2023 | Oct. 24, 2022 | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Damages awarded | $ 20.7 | |||
Pre-judgement interest award | 17.7 | |||
Attorney fees and other costs | $ 4.7 | |||
Damages paid | $ 21.2 | |||
Accrued amounts for outstanding legal matters | $ 9 | $ 35 |
Commitments and Contingencies_3
Commitments and Contingencies (Environmental Compliance) (Details) - Fort Berthold Indian Reservation $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Site Contingency [Line Items] | |
Accrual of environmental loss contingencies | $ 1 |
Minimum | |
Site Contingency [Line Items] | |
Potential liability for environmental exposures | $ 1 |
Commitments and Contingencies_4
Commitments and Contingencies (Self Insurance) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Crestwood Equity Partners LP | ||
Other Commitments [Line Items] | ||
Self-insurance reserves | $ 5.5 | $ 5.6 |
Self-insurance reserves expected to be paid | 3.2 | |
Crestwood Midstream Partners LP | ||
Other Commitments [Line Items] | ||
Self-insurance reserves | 4.7 | $ 4.8 |
Self-insurance reserves expected to be paid | $ 2.7 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets, net | $ 24.4 | $ 24.4 | |
Operating leases | 10.5 | 10.9 | |
Operating leases | 17.5 | 17.4 | |
Total operating lease liabilities | 28 | 28.3 | |
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 13.5 | 13.6 | |
Property, plant and equipment | 5,402.6 | 5,353.2 | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 8.9 | 8.9 | |
Less: accumulated depreciation | 887.3 | 822.8 | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 4.6 | 4.7 | |
Property, plant and equipment, net | 4,515.3 | 4,530.4 | |
Finance leases | 1.7 | 1.9 | |
Finance Lease, Liability, Noncurrent | 2.7 | 2.7 | |
Finance Lease, Liability | 4.4 | $ 4.6 | |
Operating lease expense | 3.8 | $ 3.5 | |
Finance lease expense | $ 0.8 | 0.9 | |
Operating lease, liability, current, extensible enumeration | Accrued expenses and other liabilities | Accrued expenses and other liabilities | |
Finance lease, liability, noncurrent, extensible enumeration | 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 | |
Operating lease, liability, noncurrent, extensible enumeration | Other long-term liabilities | Other long-term liabilities | |
Loss on long-lived assets, net | $ 0.4 | $ 3.8 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Lessee, Lease, Description [Line Items] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 4 |
Partners' Capital (Schedule of
Partners' Capital (Schedule of Partners' Capital Account, Distributions) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 14, 2023 | Feb. 07, 2023 | Feb. 14, 2022 | Feb. 07, 2022 |
Distribution Made to Limited Partner [Line Items] | ||||
Record Date | Feb. 07, 2023 | Feb. 07, 2022 | ||
Payment Date | Feb. 14, 2023 | Feb. 14, 2022 | ||
Per Unit Rate | $ 0.655 | $ 0.625 | ||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 68.9 | $ 60.9 |
Partners' Capital (Components o
Partners' Capital (Components of Net Income (Loss) Attributable to Non-Controlling Interests) (Details) $ in Millions | 1 Months Ended |
Apr. 30, 2023 USD ($) | |
Crestwood Niobrara LLC | Subsequent Event | |
Distribution Made to Limited Partner [Line Items] | |
Distributions to non-controlling partner | $ (10.3) |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |||||||||
May 15, 2023 | May 08, 2023 | Apr. 20, 2023 | Feb. 14, 2023 | Feb. 07, 2023 | Feb. 14, 2022 | Feb. 07, 2022 | Feb. 01, 2022 | Feb. 28, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Distribution Made to Limited Partner [Line Items] | |||||||||||
Payment Date | Feb. 14, 2023 | Feb. 14, 2022 | |||||||||
Record Date | Feb. 07, 2023 | Feb. 07, 2022 | |||||||||
Distributions to preferred unitholders | $ 15 | $ 15 | |||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 68.9 | $ 60.9 | |||||||||
Crestwood Midstream Partners LP | |||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||
Distribution Made to General Partner, Cash Distributions Paid | $ 85.9 | 238.1 | |||||||||
Partners' Capital | Crestwood Midstream Partners LP | |||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||
Non-cash contribution from partner (Note 11) | $ 1,075.1 | 1,075.1 | |||||||||
Cash contribution from partner (Note 11) | $ 14.9 | $ 14.9 | |||||||||
Common Units | |||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 217,702 | ||||||||||
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 | ||||||||||
Subsequent Event | |||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||
Payment Date | May 15, 2023 | ||||||||||
Record Date | May 08, 2023 | ||||||||||
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 | $ 5.7 | ||||||||||
Crestwood LTIP | Performance Shares | |||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 245,929 | 161,278 | |||||||||
Share-based Payment Arrangement, Noncash Expense | $ 0.4 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Partners' Capital (Rollforward
Partners' Capital (Rollforward of Non-controlling Interest) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Beginning balance | $ 434.4 | $ 434.6 |
Net income attributable to non-controlling partner | 10.2 | 10.2 |
Ending balance | 434.3 | 434.5 |
Non-Controlling Partners | ||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Distributions to non-controlling partner | $ (10.3) | $ (10.3) |
Earnings Per Limited Partner _3
Earnings Per Limited Partner Unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income (Loss) Allocated to Limited Partners | $ 16.4 | $ (3) |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 16.4 | $ (3) |
Basic (units) | 105.2 | 86 |
Dilutive units (units) | 4.6 | 0 |
Diluted (units) | 109.8 | 86 |
Basic (in dollars per share) | $ 0.16 | $ (0.04) |
Diluted (in dollars per share) | $ 0.15 | $ (0.04) |
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 |
Niobrara Preferred Units | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Dilutive units (units) | 4.5 | 0 |
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 | 0.3 |
Dilutive units (units) | 0.1 | 0 |
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 | 0 | 3.6 |
Segments (Reconciliation of Net
Segments (Reconciliation of Net Income (Loss) to EBITDA) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) segment | Mar. 31, 2022 USD ($) | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Number of Operating Segments | segment | 3 | |
Net income | $ 41.6 | $ 22.2 |
Interest and debt expense, net | 55.6 | 36.1 |
Provision for income taxes | 0.3 | 0 |
Depreciation, amortization and accretion | 81.4 | 74.8 |
EBITDA | 178.9 | 133.1 |
Gain (loss) on long-lived assets | (0.4) | (3.8) |
Crestwood Midstream Partners LP | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net income | 43 | 20.2 |
Interest and debt expense, net | 55.6 | 36.1 |
Provision for income taxes | 0.3 | 0 |
Depreciation, amortization and accretion | 81.3 | 78.2 |
EBITDA | 180.2 | 134.5 |
Gain (loss) on long-lived assets | $ (0.4) | $ (3.8) |
Segments (Summary Of Segment In
Segments (Summary Of Segment Information) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Net income | $ 41.6 | $ 22.2 | |
Segment Reporting Information, Additional Information [Abstract] | |||
Revenues | 1,263.1 | 1,583.8 | |
Costs of product/services sold | 997.4 | 1,364.4 | |
Operations and maintenance | 56.6 | 42.4 | |
General and administrative | 31.6 | 43.4 | |
Gain (loss) on long-lived assets | (0.4) | (3.8) | |
Earnings from unconsolidated affiliates, net | 1.7 | 3 | |
Other income, net | 0.1 | 0.3 | |
EBITDA | 178.9 | 133.1 | |
Assets | 6,389.3 | $ 6,567 | |
Intersegment Eliminations | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Revenues | (133.2) | (127.4) | |
Gathering and Processing North | Operating Segments | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Revenues | 314.4 | 362.6 | |
Gathering and Processing South | Operating Segments | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Revenues | 165.1 | 30.7 | |
Storage and Logistics | Operating Segments | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Revenues | 916.8 | 1,317.9 | |
Crestwood Midstream Partners LP | |||
Net income | 43 | 20.2 | |
Segment Reporting Information, Additional Information [Abstract] | |||
Revenues | 1,263.1 | 1,583.8 | |
Costs of product/services sold | 997.4 | 1,364.4 | |
Operations and maintenance | 56.6 | 42.4 | |
General and administrative | 30.2 | 41.7 | |
Gain (loss) on long-lived assets | (0.4) | (3.8) | |
Earnings from unconsolidated affiliates, net | 1.7 | 3 | |
EBITDA | 180.2 | 134.5 | |
Assets | 6,383.8 | 6,561.4 | |
Crestwood Midstream Partners LP | Corporate, Non-Segment | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Revenues | 0 | 0 | |
Costs of product/services sold | 0 | 0 | |
Operations and maintenance | 0 | 0 | |
General and administrative | 30.2 | 41.7 | |
Gain (loss) on long-lived assets | 0.3 | 0 | |
Earnings from unconsolidated affiliates, net | 0 | 0 | |
EBITDA | (29.9) | (41.7) | |
Assets | 32.1 | 27.2 | |
Crestwood Midstream Partners LP | Corporate and Eliminations [Member] | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Revenues | 0 | 0 | |
Crestwood Midstream Partners LP | Gathering and Processing North | Operating Segments | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Revenues | 215.4 | 235.2 | |
Costs of product/services sold | 152.4 | 205.6 | |
Operations and maintenance | 29.3 | 23.7 | |
General and administrative | 0 | 0 | |
Gain (loss) on long-lived assets | 0.1 | 0 | |
Earnings from unconsolidated affiliates, net | 0 | 0 | |
EBITDA | 132.8 | 133.3 | |
Assets | 3,950.5 | 4,003.6 | |
Crestwood Midstream Partners LP | Gathering and Processing North | Intersegment Eliminations | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Revenues | 99 | 127.4 | |
Crestwood Midstream Partners LP | Gathering and Processing South | Operating Segments | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Revenues | 130.9 | 30.7 | |
Costs of product/services sold | 108.5 | (0.6) | |
Operations and maintenance | 15.1 | 6.7 | |
General and administrative | 0 | 0 | |
Gain (loss) on long-lived assets | (0.8) | 0.2 | |
Earnings from unconsolidated affiliates, net | 0.3 | 2.6 | |
EBITDA | 41 | 27.4 | |
Assets | 1,455.9 | 1,473 | |
Crestwood Midstream Partners LP | Gathering and Processing South | Intersegment Eliminations | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Revenues | 34.2 | 0 | |
Crestwood Midstream Partners LP | Storage and Logistics | Operating Segments | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Revenues | 916.8 | 1,317.9 | |
Costs of product/services sold | 736.5 | 1,159.4 | |
Operations and maintenance | 12.2 | 12 | |
General and administrative | 0 | 0 | |
Gain (loss) on long-lived assets | 0 | (4) | |
Earnings from unconsolidated affiliates, net | 1.4 | 0.4 | |
EBITDA | 36.3 | 15.5 | |
Assets | 945.3 | 1,057.6 | |
Crestwood Midstream Partners LP | Storage and Logistics | Intersegment Eliminations | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Revenues | (133.2) | (127.4) | |
Crestwood Equity Partners LP | |||
Segment Reporting Information, Additional Information [Abstract] | |||
General and administrative | 1.4 | 1.7 | |
Other income, net | 0.1 | 0.3 | |
EBITDA | 178.9 | 133.1 | |
Assets | 6,389.3 | 6,567 | |
Crestwood Equity Partners LP | Corporate, Non-Segment | |||
Segment Reporting Information, Additional Information [Abstract] | |||
General and administrative | 1.4 | 1.7 | |
Other income, net | 0.1 | 0.3 | |
EBITDA | (31.2) | (43.1) | |
Assets | 37.6 | 32.8 | |
Crestwood Equity Partners LP | Gathering and Processing North | Operating Segments | |||
Segment Reporting Information, Additional Information [Abstract] | |||
General and administrative | 0 | 0 | |
Other income, net | 0 | 0 | |
EBITDA | 132.8 | 133.3 | |
Assets | 3,950.5 | 4,003.6 | |
Crestwood Equity Partners LP | Gathering and Processing South | Operating Segments | |||
Segment Reporting Information, Additional Information [Abstract] | |||
General and administrative | 0 | 0 | |
Other income, net | 0 | 0 | |
EBITDA | 41 | 27.4 | |
Assets | 1,455.9 | 1,473 | |
Crestwood Equity Partners LP | Storage and Logistics | Operating Segments | |||
Segment Reporting Information, Additional Information [Abstract] | |||
General and administrative | 0 | 0 | |
Other income, net | 0 | 0 | |
EBITDA | 36.3 | $ 15.5 | |
Assets | $ 945.3 | $ 1,057.6 |
Segments (Narrative) (Details)
Segments (Narrative) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 USD ($) segment | Mar. 31, 2022 USD ($) | Jul. 11, 2022 | |
Segment Reporting Information [Line Items] | |||
Interest, taxes, depreciation and amortization included in earnings from equity method investments | $ | $ 2.5 | $ 4.6 | |
Number of Operating Segments | segment | 3 | ||
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] | |||
Equity interest percentage | 50% |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Revenue Recognition [Abstract] | ||
ASC 606 accounts receivable | $ 340 | $ 368.2 |
Revenues (Contract Assets and L
Revenues (Contract Assets and Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Contract Assets and Contract Liabilities [Line Items] | ||
Contract Assets (Non-current) | $ 5.2 | $ 5.4 |
Contract liabilities | 13.8 | 11.7 |
Contract liabilities | 205.9 | $ 212.3 |
Contract with Customer, Liability, Revenue Recognized | $ 8 |
Revenues (Disaggregation of Rev
Revenues (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 1,263.1 | $ 1,583.8 |
Natural Gas Gathering | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 37.9 | 48.3 |
Crude Oil Gathering | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 16.1 | 15.8 |
Water Gathering | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 51.1 | 36.9 |
Natural Gas Processing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 24.6 | 15.5 |
Natural Gas Compression | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 3.5 | |
Crude Oil Storage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.5 | 0.4 |
NGL Storage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2.2 | 2.8 |
Crude Oil Pipeline | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.7 | 1.8 |
NGL Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5.8 | 5.8 |
Crude Oil Rail Loading | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.2 | 0.4 |
Natural Gas Product Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 92.9 | 110.8 |
Crude Oil Product Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 358.2 | 490.9 |
NGL Product Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 524.2 | 645.6 |
Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.4 | 0.5 |
Water Product Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1 | 1.6 |
NGL Pipeline | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.1 | |
Intersegment Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (133.2) | (127.4) |
Intersegment Eliminations | Natural Gas Gathering | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | Crude Oil Gathering | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | Water Gathering | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | Natural Gas Processing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | Natural Gas Compression | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | |
Intersegment Eliminations | Crude Oil Storage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.1) | (0.1) |
Intersegment Eliminations | NGL Storage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | Crude Oil Pipeline | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | NGL Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | Crude Oil Rail Loading | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | Natural Gas Product Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (65) | (52.1) |
Intersegment Eliminations | Crude Oil Product Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (30) | (11.2) |
Intersegment Eliminations | NGL Product Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (32.9) | (64) |
Intersegment Eliminations | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 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) | |
Operating Segments | Gathering and Processing North | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 314.4 | 362.6 |
Operating Segments | Gathering and Processing South | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 165.1 | 30.7 |
Operating Segments | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 916.8 | 1,317.9 |
Operating Segments | Natural Gas Gathering | Gathering and Processing North | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 33.6 | 25.9 |
Operating Segments | Natural Gas Gathering | Gathering and Processing South | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4.3 | 22.4 |
Operating Segments | Natural Gas Gathering | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Operating Segments | Crude Oil Gathering | Gathering and Processing North | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 14.2 | 14.8 |
Operating Segments | Crude Oil Gathering | Gathering and Processing South | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.9 | 1 |
Operating Segments | Crude Oil Gathering | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Operating Segments | Water Gathering | Gathering and Processing North | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 42.5 | 34.7 |
Operating Segments | Water Gathering | Gathering and Processing South | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 8.6 | 2.2 |
Operating Segments | Water Gathering | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Operating Segments | Natural Gas Processing | Gathering and Processing North | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 19.2 | 14.4 |
Operating Segments | Natural Gas Processing | Gathering and Processing South | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5.4 | 1.1 |
Operating Segments | Natural Gas Processing | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 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 | |
Operating Segments | Natural Gas Compression | Gathering and Processing South | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 3.5 | |
Operating Segments | Natural Gas Compression | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 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 | 0.5 |
Operating Segments | Crude Oil Storage | Gathering and Processing South | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Operating Segments | Crude Oil Storage | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Operating Segments | NGL Storage | Gathering and Processing North | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 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 |
Operating Segments | NGL Storage | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2.2 | 2.8 |
Operating Segments | Crude Oil Pipeline | Gathering and Processing North | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.1 | 1.2 |
Operating Segments | Crude Oil Pipeline | Gathering and Processing South | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.2 | 0.1 |
Operating Segments | Crude Oil Pipeline | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.4 | 0.5 |
Operating Segments | NGL Transportation | Gathering and Processing North | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 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 |
Operating Segments | NGL Transportation | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5.8 | 5.8 |
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 |
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 |
Operating Segments | Crude Oil Rail Loading | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.2 | 0.4 |
Operating Segments | Natural Gas Product Sales | Gathering and Processing North | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 45.2 | 63.9 |
Operating Segments | Natural Gas Product Sales | Gathering and Processing South | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 34 | 0.3 |
Operating Segments | Natural Gas Product Sales | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 78.7 | 98.7 |
Operating Segments | Crude Oil Product Sales | Gathering and Processing North | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 109.3 | 128.1 |
Operating Segments | Crude Oil Product Sales | Gathering and Processing South | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.1 | 0 |
Operating Segments | Crude Oil Product Sales | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 278.8 | 374 |
Operating Segments | NGL Product Sales | Gathering and Processing North | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 46.9 | 76.9 |
Operating Segments | NGL Product Sales | Gathering and Processing South | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 105.9 | 0 |
Operating Segments | NGL Product Sales | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 404.3 | 632.7 |
Operating Segments | Other revenue | Gathering and Processing North | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.3 | 0.2 |
Operating Segments | Other revenue | Gathering and Processing South | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Operating Segments | Other revenue | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.1 | 0.3 |
Operating Segments | Water Product Sales | Gathering and Processing North | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1 | 1.6 |
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 | |
Operating Segments | NGL Pipeline | Gathering and Processing South | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5.2 | |
Operating Segments | NGL Pipeline | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.1 | |
Revenue from Contract with Customer | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,116.9 | 1,380.6 |
Revenue from Contract with Customer | Intersegment Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (133.2) | (127.4) |
Revenue from Contract with Customer | Operating Segments | Gathering and Processing North | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 313.9 | 362.2 |
Revenue from Contract with Customer | Operating Segments | Gathering and Processing South | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 165.6 | 30.6 |
Revenue from Contract with Customer | Operating Segments | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 770.6 | 1,115.2 |
Product and Service, Other | ||
Disaggregation of Revenue [Line Items] | ||
Non-Topic 606 revenues | 146.2 | 203.2 |
Product and Service, Other | Intersegment Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Non-Topic 606 revenues | 0 | 0 |
Product and Service, Other | Operating Segments | Gathering and Processing North | ||
Disaggregation of Revenue [Line Items] | ||
Non-Topic 606 revenues | 0.5 | 0.4 |
Product and Service, Other | Operating Segments | Gathering and Processing South | ||
Disaggregation of Revenue [Line Items] | ||
Non-Topic 606 revenues | (0.5) | 0.1 |
Product and Service, Other | Operating Segments | Storage and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Non-Topic 606 revenues | $ 146.2 | $ 202.7 |
Revenues (Remaining Performance
Revenues (Remaining Performance Obligations) (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 91 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months |
Revenue, Remaining Performance Obligation, Amount | $ 45.2 |
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 | $ 42.1 |
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 |
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 | $ 0.6 |
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 | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 0.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |
Revenue, Remaining Performance Obligation, Amount | $ 0.6 |
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 | 14 years |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Purchases of property, plant and equipment | $ 67.3 | $ 26.4 | |
Revenues | 1,263.1 | 1,583.8 | |
Costs of product/services sold at CEQP and CMLP(2) | 0.4 | 68.5 | |
Operations and maintenance | 56.6 | 42.4 | |
General and administrative | 31.6 | 43.4 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||
Accounts receivable | 347.7 | $ 432.2 | |
Accounts payable | 277.7 | 305.5 | |
Product | |||
Related Party Transaction [Line Items] | |||
Revenues | 1,122.3 | 1,390.5 | |
Service | |||
Related Party Transaction [Line Items] | |||
Revenues | 140.8 | 95.6 | |
Applied Consultants, Inc. | |||
Related Party Transaction [Line Items] | |||
Purchases of property, plant and equipment | 0.5 | ||
Crestwood Permian Basin Holdings LLC | |||
Related Party Transaction [Line Items] | |||
Costs of product/services sold at CEQP and CMLP(2) | 36.2 | ||
Tres Palacios Holdings LLC | |||
Related Party Transaction [Line Items] | |||
Costs of product/services sold at CEQP and CMLP(2) | 0.3 | 0.9 | |
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Costs of product/services sold at CEQP and CMLP(2) | 0.4 | 68.5 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||
Accounts receivable | 0.3 | 1.6 | |
Accounts payable | 0.7 | 3 | |
Affiliated Entity | Crestwood Permian Basin Holdings LLC | |||
Related Party Transaction [Line Items] | |||
Revenues | 0.5 | ||
Crestwood Permian Basin LLC | |||
Related Party Transaction [Line Items] | |||
Costs of product/services sold at CEQP and CMLP(2) | 0.1 | ||
Chord Energy Corporation | |||
Related Party Transaction [Line Items] | |||
Costs of product/services sold at CEQP and CMLP(2) | 31.4 | ||
Related Party | |||
Related Party Transaction [Line Items] | |||
Revenues | 0 | 97.7 | |
Operations and maintenance | 2.4 | 4.8 | |
General and administrative | 8.9 | 7.5 | |
Related Party | Chord Energy Corporation | |||
Related Party Transaction [Line Items] | |||
General and administrative | 0 | 0.9 | |
Related Party | Product | Chord Energy Corporation | |||
Related Party Transaction [Line Items] | |||
Revenues | 59 | ||
Related Party | Product | Crestwood Permian Basin Holdings LLC | |||
Related Party Transaction [Line Items] | |||
Revenues | 1.6 | ||
Related Party | Service | Chord Energy Corporation | |||
Related Party Transaction [Line Items] | |||
Revenues | 36.6 | ||
Crestwood Equity Partners LP | |||
Related Party Transaction [Line Items] | |||
General and administrative | 1.4 | 1.7 | |
Crestwood Midstream Partners LP | |||
Related Party Transaction [Line Items] | |||
Purchases of property, plant and equipment | 67.3 | 26.4 | |
Revenues | 1,263.1 | 1,583.8 | |
Costs of product/services sold at CEQP and CMLP(2) | 0.4 | 68.5 | |
Operations and maintenance | 56.6 | 42.4 | |
General and administrative | 30.2 | 41.7 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||
Accounts receivable | 347.6 | 432.2 | |
Accounts payable | 277.7 | $ 305.4 | |
Crestwood Midstream Partners LP | Product | |||
Related Party Transaction [Line Items] | |||
Revenues | 1,122.3 | 1,390.5 | |
Crestwood Midstream Partners LP | Service | |||
Related Party Transaction [Line Items] | |||
Revenues | 140.8 | 95.6 | |
Crestwood Midstream Partners LP | Related Party | |||
Related Party Transaction [Line Items] | |||
General and administrative | 1.1 | ||
Crestwood LTIP | Crestwood Midstream Partners LP | |||
Related Party Transaction [Line Items] | |||
Share-based Payment Arrangement, Expense | 10 | 8.6 | |
Tres Palacios Holdings LLC | Related Party | |||
Related Party Transaction [Line Items] | |||
Operations and maintenance | 1.3 | 1.2 | |
Crestwood Permian Basin Holdings LLC | Related Party | |||
Related Party Transaction [Line Items] | |||
Operations and maintenance | $ 3.6 | ||
Crestwood Permian Basin LLC | Related Party | |||
Related Party Transaction [Line Items] | |||
Operations and maintenance | $ 1.1 |