Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | CRESTWOOD EQUITY PARTNERS LP |
Entity Central Index Key | 0001136352 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | Pay Versus Performance The following table presents total compensation for our NEOs and certain Pay Versus Performance Table Year Summary Compensation Paid to PEO Average Non-PEO Average Non-PEO Value of Initial Fixed Net Income ($) Consolidated Total Peer Group (a) (b) (c) (d) (e) (f) (g) (h) (i) 2022 7,040,833 6,797,345 2,487,914 2,378,416 115.51 188.53 72,500,000 762,100,000 2021 8,540,078 15,312,180 3,023,159 4,425,602 110.50 127.84 (37,400,000 ) 600,100,000 2020 6,966,286 1,380,580 2,792,688 830,408 69.70 84.00 (15,300,000 ) 580,300,000 (1) Mr. Phillips was the CEO for 2020, 2021 and 2022 and is designated as the principal executive officer (“PEO”). (2) Messrs. Halpin, Moore, Dougherty, Lambert were NEOs for 2020, 2021 and 2022. Mr. Black was appointed to NEO status in August 2022. He does not factor into the Summary Compensation Table (SCT) for years 2020 and 2021, but equity compensation values from 2020, 2021 and 2022 were included in the average CAP for Non-PEO (3) CAP values for 2022 is calculated based on the aggregate value of: (a) Salary earnings; (b) Unit Awards granted in 2022 and their fair market values on December 31, 2022 (performance award grants with market conditions are valued using a Monte Carlo simulation estimate); (c) Non-Equity (4) The tables below illustrate adjustments made to the SCT to arrive at the CAP values in the above table for both the CEO and other NEOs. Adjustments made to these values are confined to year-end PEO — Pay Versus Performance Reconciled to Summary Compensation Table (SCT) Year SCT Total ($) Equity Award Total ($) Equity Award CAP Total ($) 2022 7,040,833 (5,287,994 ) 5,044,506 6,797,345 2021 8,540,078 (5,581,674 ) 12,353,776 15,312,180 2020 6,966,286 (4,783,070 ) ( 802,636 1,380,580 PEO — * Equity award adjustment reconciliation Year Year-end Fair ($) Year-over-year ($) Year-over-year ($) Total Equity Award Adjustments ($) 2022 4,839,185 22,883 182,438 5,044,506 2021 7,314,943 4,985,057 53,776 12,353,776 2020 3,048,755 (3,510,348 ) (341,043 ) (802,636 ) Non-PEO NEOs — Pay Versus Performance Reconciled to Summary Compensation Table (SCT) Year SCT Total ($) Equity Award Total ($) Equity Award CAP Total ($) 2022 2,487,914 (1,582,524 ) 1,473,026 2,378,416 2021 3,023,159 (1,710,545 ) 3,112,988 4,425,602 2020 2,792,688 (1,791,227 ) (171,053 ) 830,408 Non- PEO NEOs — * Equity Award Adjustment Reconciliation Year Year-end Fair ($) Year-over-year ($) Year-over-year ($) Total Equity Award ($) 2022 1,456,571 (39,817 ) 56,272 1,473,026 2021 1,966,886 1,119,861 26,241 3,112,988 2020 1,060,546 (1,168,873 ) (62,726 ) (171,053 ) (5) TSR is calculated on the value of an initial, fixed investment on January 1, 2020 of $100 in our common units at the end of each reporting year in the table, after considering distributions received by holders of our common units during each reporting year. (6) Peer Group TSR is calculated on the value of an initial, fixed investment on January 1, 2020 of $100 in the common units of a group of our peer companies during 2020, 2021 and 2022 weighted based on their relative market capitalization during that period. TSR is calculated on a cumulative basis at the end of each reporting year in the table, after considering distributions received by holders of their common units during each reporting year. Our peers for the 2020 year consisted of WMB, NGL, DCP, ENBL, ENLC, ETRN, GEL, MMP, MPLX, NS, SMLP, SRLP, TRGP and WES. Our peers for the 2021 year consisted of TRGP, DCP, ENLC, MPLX, SRLP, ENBL, MMP, GEL, WMB, WES, NS, ETRN and SMLP. Our peers for the 2022 year consisted of TRGP, DCP, ENLC, MPLX, AM, MMP, GEL, WMB, WES, NS, ETRN, NGL and SMLP. (7) Consolidated Adjusted EBITDA is defined as income before income taxes, plus debt-related costs (interest and debt expense, net and gain (loss) on modification/extinguishment of debt) and depreciation, amortization and accretion expense (“EBITDA”), after considering the adjusted earnings impact of our unconsolidated affiliates by adjusting equity earnings or losses from our unconsolidated affiliates to reflect our proportionate share (based on the distribution percentage) of their EBITDA, excluding gains and losses on long-lived assets and other impairments. Adjusted EBITDA also considers the impact of certain significant items, such as unit-based compensation charges, gains or losses and impairments on long-lived assets, impairments of goodwill, third party costs incurred related to potential and completed acquisitions, certain environmental remediation costs, the change in fair value of commodity inventory-related derivative contracts, costs associated with the realignment and restructuring of our operations and corporate structure, and other transactions identified in a specific reporting period. For more information about Adjusted EBITDA along with a reconciliation of net income (loss) to Adjusted EBITDA, please see Item 7. Results of Operations in our Annual Report on Form 10-K as of December 31, 2022. | ||
Company Selected Measure Name | Adjusted EBITDA | ||
Named Executive Officers, Footnote [Text Block] | Messrs. Halpin, Moore, Dougherty, Lambert were NEOs for 2020, 2021 and 2022. Mr. Black was appointed to NEO status in August 2022. He does not factor into the Summary Compensation Table (SCT) for years 2020 and 2021, but equity compensation values from 2020, 2021 and 2022 were included in the average CAP for Non-PEO | ||
Peer Group Issuers, Footnote [Text Block] | Peer Group TSR is calculated on the value of an initial, fixed investment on January 1, 2020 of $100 in the common units of a group of our peer companies during 2020, 2021 and 2022 weighted based on their relative market capitalization during that period. TSR is calculated on a cumulative basis at the end of each reporting year in the table, after considering distributions received by holders of their common units during each reporting year. Our peers for the 2020 year consisted of WMB, NGL, DCP, ENBL, ENLC, ETRN, GEL, MMP, MPLX, NS, SMLP, SRLP, TRGP and WES. Our peers for the 2021 year consisted of TRGP, DCP, ENLC, MPLX, SRLP, ENBL, MMP, GEL, WMB, WES, NS, ETRN and SMLP. Our peers for the 2022 year consisted of TRGP, DCP, ENLC, MPLX, AM, MMP, GEL, WMB, WES, NS, ETRN, NGL and SMLP. | ||
PEO Total Compensation Amount | $ 7,040,833 | $ 8,540,078 | $ 6,966,286 |
PEO Actually Paid Compensation Amount | $ 6,797,345 | 15,312,180 | 1,380,580 |
Adjustment To PEO Compensation, Footnote [Text Block] | PEO — Pay Versus Performance Reconciled to Summary Compensation Table (SCT) Year SCT Total ($) Equity Award Total ($) Equity Award CAP Total ($) 2022 7,040,833 (5,287,994 ) 5,044,506 6,797,345 2021 8,540,078 (5,581,674 ) 12,353,776 15,312,180 2020 6,966,286 (4,783,070 ) ( 802,636 1,380,580 PEO — * Equity award adjustment reconciliation Year Year-end Fair ($) Year-over-year ($) Year-over-year ($) Total Equity Award Adjustments ($) 2022 4,839,185 22,883 182,438 5,044,506 2021 7,314,943 4,985,057 53,776 12,353,776 2020 3,048,755 (3,510,348 ) (341,043 ) (802,636 ) | ||
Non-PEO NEO Average Total Compensation Amount | $ 2,487,914 | 3,023,159 | 2,792,688 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 2,378,416 | 4,425,602 | 830,408 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | Non-PEO NEOs — Pay Versus Performance Reconciled to Summary Compensation Table (SCT) Year SCT Total ($) Equity Award Total ($) Equity Award CAP Total ($) 2022 2,487,914 (1,582,524 ) 1,473,026 2,378,416 2021 3,023,159 (1,710,545 ) 3,112,988 4,425,602 2020 2,792,688 (1,791,227 ) (171,053 ) 830,408 Non- PEO NEOs — * Equity Award Adjustment Reconciliation Year Year-end Fair ($) Year-over-year ($) Year-over-year ($) Total Equity Award ($) 2022 1,456,571 (39,817 ) 56,272 1,473,026 2021 1,966,886 1,119,861 26,241 3,112,988 2020 1,060,546 (1,168,873 ) (62,726 ) (171,053 ) | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | |||
Compensation Actually Paid vs. Net Income [Text Block] | |||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | |||
Tabular List [Table Text Block] | Tabular List of Most Important Performance Measures used to Link CAP to NEOs for the Most Count Measure (2) Category 1 Consolidated Adjusted EBITDA Financial 2 Consolidated Distributable Cash Flow Per Unit Financial 3 Return on Capital Invested Financial 4 Total Unitholder Return (TSR) Financial 5 Safety Non-Financial 6 Sustainability Non-Financial (1) Counts are provided for quantitative purposes only and do not imply or infer any ranking of one measure over the other. (2) Safety and Sustainability are separate measures comprised of weighted subsets. See Annual Incentive Awards for constituent parts to these measures. | ||
Total Shareholder Return Amount | $ 115.51 | 110.5 | 69.7 |
Peer Group Total Shareholder Return Amount | 188.53 | 127.84 | 84 |
Net Income (Loss) | $ 72,500,000 | $ (37,400,000) | $ (15,300,000) |
Company Selected Measure Amount | 762,100,000 | 600,100,000 | 580,300,000 |
PEO Name | Mr. Phillips | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Consolidated Adjusted EBITDA | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Consolidated Distributable Cash Flow Per Unit | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Return on Capital Invested | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Total Unitholder Return (TSR) | ||
Measure [Axis]: 5 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Safety | ||
Measure [Axis]: 6 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Sustainability | ||
PEO [Member] | Deduct: Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (5,287,994) | $ (5,581,674) | $ (4,783,070) |
PEO [Member] | Add: Total Equity Awards Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 5,044,506 | 12,353,776 | (802,636) |
PEO [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 4,839,185 | 7,314,943 | 3,048,755 |
PEO [Member] | Year over year Change in Fair Value of Outstanding and Unvested Equity Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 22,883 | 4,985,057 | (3,510,348) |
PEO [Member] | Year over year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 182,438 | 53,776 | (341,043) |
Non-PEO NEO [Member] | Deduct: Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (1,582,524) | (1,710,545) | (1,791,227) |
Non-PEO NEO [Member] | Add: Total Equity Awards Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,473,026 | 3,112,988 | (171,053) |
Non-PEO NEO [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,456,571 | 1,966,886 | 1,060,546 |
Non-PEO NEO [Member] | Year over year Change in Fair Value of Outstanding and Unvested Equity Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (39,817) | 1,119,861 | (1,168,873) |
Non-PEO NEO [Member] | Year over year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 56,272 | $ 26,241 | $ (62,726) |