Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Entity Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 0 |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Trading Symbol | 'CMLP |
Entity Registrant Name | 'Crestwood Midstream Partners LP |
Entity Central Index Key | '0001304464 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1.20 | $0 |
Accounts receivable | 26.3 | 23.2 |
Inventory (Note 3) | 5.9 | 6.1 |
Prepaid expenses and other current assets | 5.8 | 9.7 |
Total current assets | 39.2 | 39 |
Property, plant and equipment (Note 3) | 1,252 | 1,196.60 |
Less: accumulated depreciation | 269.2 | 214.8 |
Property, plant and equipment, net | 982.8 | 981.8 |
Intangible assets (Note 3): | ' | ' |
Intangible assets (Note 3) | 212.2 | 211.5 |
Less: accumulated amortization | 39.4 | 15.8 |
Intangible assets, net | 172.8 | 195.7 |
Goodwill | 259.6 | 261.5 |
Investment in unconsolidated affiliate (Note 4) | 24.4 | 0 |
Other assets | 4.3 | 2.8 |
Total assets | 1,483.10 | 1,480.80 |
Current liabilities: | ' | ' |
Accounts payable | 6.7 | 4.2 |
Accrued expenses | 23.3 | 37 |
Current portion of long-term debt (Note 5) | 0 | 1.8 |
Total current liabilities | 30 | 43 |
Long-term debt, less current portion (Note 5) | 537 | 678 |
Other long-term liabilities | 0.8 | 0.8 |
Partners’ capital (Note 6): | ' | ' |
Limited partner unitholders (96,899,610 and 85,874,715 common units issued and outstanding at September 30, 2013 and December 31, 2012, respectively) | 915.3 | 759 |
Total partners’ capital | 915.3 | 759 |
Total liabilities and partners’ capital | $1,483.10 | $1,480.80 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common units, issued | 96,899,610 | 85,874,715 |
Common units, outstanding | 96,899,610 | 85,874,715 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Firm storage | $21.60 | $20.70 | $64.50 | $61.80 |
Transportation | 17 | 7.2 | 49.5 | 21.9 |
Hub services | 3.5 | 3.8 | 8.4 | 10.6 |
Related party firm storage (Note 8) | 3.4 | 3.3 | 10.1 | 9.8 |
Salt | 11.8 | 12.5 | 34.8 | 38.9 |
Crude | 11.7 | 0 | 36 | 0 |
Revenues | 69 | 47.5 | 203.3 | 143 |
Costs and expenses: | ' | ' | ' | ' |
Storage related | 3 | 2 | 9.1 | 4 |
Transportation related | 1 | 1.1 | 3.1 | 3.5 |
Salt related | 7.9 | 7.2 | 22.8 | 22.8 |
Crude related | 1.8 | 0 | 5.3 | 0 |
Operating and administrative | 22.5 | 9.4 | 58.2 | 24.3 |
Depreciation and amortization | 25.2 | 13 | 76.3 | 38.5 |
Costs and Expenses, Total | 61.4 | 32.7 | 174.8 | 93.1 |
Operating income | 7.6 | 14.8 | 28.5 | 49.9 |
Interest expense, net | 8.5 | 1.1 | 27.2 | 1.8 |
Income (loss) before income taxes | -0.9 | 13.7 | 1.3 | 48.1 |
Provision for income taxes | 0.1 | 0 | 0.1 | 0 |
Net income (loss) | -1 | 13.7 | 1.2 | 48.1 |
Less: net income earned by US Salt, LLC prior to acquisition | 0 | 0 | 0 | 4.6 |
Net income (loss) available to partners | -1 | 13.7 | 1.2 | 43.5 |
Partners’ interest information: | ' | ' | ' | ' |
Non-managing general partner interest in net income | 6.2 | 1.2 | 11 | 1.9 |
Total limited partners’ interest in net income (loss) | ($7.20) | $12.50 | ($9.80) | $41.60 |
Net income (loss) per limited partner unit: | ' | ' | ' | ' |
Basic (usd per unit) | ($0.07) | $0.17 | ($0.11) | $0.56 |
Diluted (usd per unit) | ($0.07) | $0.17 | ($0.11) | $0.56 |
Weighted-average limited partners’ units outstanding (in thousands): | ' | ' | ' | ' |
Basic (units) | 96,919 | 75,182 | 89,618 | 74,786 |
Diluted (units) | 96,919 | 75,182 | 89,618 | 74,786 |
CONSOLIDATED_STATMENTS_OF_COMP
CONSOLIDATED STATMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | ($1) | $13.70 | $1.20 | $48.10 |
Change in unrealized fair value on cash flow hedges (Note 2) | 0 | 0 | 0.1 | 0.1 |
Comprehensive income (loss) | ($1) | $13.70 | $1.30 | $48.20 |
CONSOLIDATED_STATEMENT_OF_PART
CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' |
Beginning Balance | $759 |
Net proceeds from issuance of common units | 237.8 |
Distributions to Crestwood Equity Partners LP | -50.7 |
Distributions to external unitholders | -57.5 |
Unit-based compensation charges | 18.7 |
Equity contribution from Crestwood Equity Partners LP | 6.7 |
Change in unrealized fair value on cash flow hedges | 0.1 |
Net income | 1.2 |
Ending Balance | $915.30 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ' | ' |
Net income | $1.20 | $48.10 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 54.5 | 36.7 |
Amortization | 21.8 | 1.8 |
Amortization of deferred financing costs | 3.1 | 0.8 |
Unit-based compensation charges | 18.7 | 5.6 |
Changes in operating assets and liabilities, net of effects from acquisitions: | ' | ' |
Accounts receivable | -3 | -0.6 |
Inventories | 0.2 | -0.2 |
Prepaid expenses and other current assets | 2.7 | 0.9 |
Other assets | -1.6 | -3.9 |
Accounts payable and accrued expenses | 7.7 | 2.9 |
Payable to Crestwood Equity Partners LP | 1.3 | 8.7 |
Net cash provided by operating activities | 106.6 | 100.8 |
Investing activities | ' | ' |
Acquisitions, net of cash acquired (Note 4) | 0.7 | 0 |
Investment in unconsolidated affiliate | -24.4 | 0 |
Purchase of US Salt, LLC | 0 | -107.7 |
Purchases of property, plant and equipment | -73.5 | -181.2 |
Net cash used in investing activities | -97.2 | -288.9 |
Financing activities | ' | ' |
Proceeds from the issuance of long-term debt | 228.9 | 423.1 |
Principal payments on long-term debt | -371.7 | -86.8 |
Distributions to Crestwood Equity Partners LP | -50.7 | -45.1 |
Distributions to external unitholders | -57.5 | -14.6 |
Equity contribution from Crestwood Equity Partners LP | 6.7 | 0 |
Payments to related party | 0 | -12.7 |
Net proceeds from issuance of common units | 237.8 | 0 |
Payments for US Salt, LLC in excess of the acquired book value | 0 | -74.8 |
Other | 0 | -0.4 |
Payments for deferred financing costs | -1.7 | -0.7 |
Net cash provided by (used in) financing activities | -8.2 | 188 |
Net increase (decrease) in cash | 1.2 | -0.1 |
Cash at beginning of period | 0 | ' |
Cash at end of period | 1.2 | 0 |
Supplemental schedule of noncash investing and financing activities | ' | ' |
Net change to property, plant and equipment through accounts payable and accrued expenses | -19.4 | 33 |
Acquisitions, net of cash acquired: | ' | ' |
Current assets | 0.1 | 0 |
Property, plant and equipment | 1.4 | 0 |
Intangible assets | 0.2 | 0 |
Goodwill | -1.9 | 0 |
Current liabilities | -0.5 | 0 |
Acquisitions, net of cash acquired | ($0.70) | $0 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 9 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Organization and Basis of Presentation | ' | |
Organization and Basis of Presentation | ||
Organization | ||
Inergy Midstream, LLC was formed in September 2004 by Crestwood Equity Partners LP ("CEQP") (formerly known as Inergy, L.P.) to acquire, develop, own and operate midstream energy assets. In connection with its initial public offering (“IPO”) of common units representing limited partnership interests, (i) Inergy Midstream, LLC converted into a Delaware limited partnership and changed its name to Inergy Midstream, L.P. (“Inergy Midstream”) on November 14, 2011, and (ii) Inergy Midstream transferred to CEQP 100% of its membership interest in two wholly owned subsidiaries (US Salt, LLC and Tres Palacios Gas Storage LLC) on November 25, 2011. Inergy Midstream’s common units began trading on the New York Stock Exchange (“NYSE”) on December 16, 2011 under the symbol “NRGM,” and the IPO closed on December 21, 2011. | ||
On May 5, 2013, CEQP and certain of its affiliates entered into a series of definitive agreements with Crestwood Holdings, LLC ("Crestwood Holdings") and certain of its affiliates under which, among other things, (i) CEQP agreed to distribute to its common unitholders all of the Inergy Midstream common units owned by CEQP; (ii) Crestwood Holdings agreed to acquire the general partner of CEQP; (iii) Crestwood Holdings agreed to contribute to CEQP ownership of Crestwood Midstream Partners LP's (former NYSE:CMLP) ("Legacy CMLP") general partner and incentive distribution rights; and (iv) Legacy CMLP agreed to merge with a subsidiary of Inergy Midstream in a merger in which Legacy CMLP unitholders received 1.07 common units of Inergy Midstream for each common unit of Legacy CMLP they owned. | ||
On June 18, 2013, CEQP distributed to its unitholders approximately 56.4 million common units of Inergy Midstream, representing all of the Inergy Midstream common units held by CEQP. On June 19, 2013, Crestwood Holdings acquired ownership of CEQP's general partner and contributed to CEQP ownership of Crestwood Gas Services GP, LLC, which owns 100% of the incentive distribution rights and general partner units of Legacy CMLP. As a result of these transactions, Crestwood Holdings now controls CEQP, our general partner and our Company. | ||
On September 27, 2013, our partnership's fiscal year-end was changed from September 30 to December 31. | ||
On October 7, 2013, we completed the merger of our wholly-owned subsidiary and Legacy CMLP (the “Crestwood Merger”), with Legacy CMLP continuing as the surviving entity. Immediately following the closing of the Crestwood Merger, on October 7, 2013, (i) Legacy CMLP merged with and into Inergy Midstream, with Inergy Midstream continuing as the surviving entity, and (ii) Inergy Midstream changed its name to Crestwood Midstream Partners LP and changed its NYSE listing symbol to “CMLP”. See Note 10 for additional information about the Crestwood Merger. | ||
The financial information in this report and the accompanying management’s discussion and analysis reflect the status of the reporting entity as of September 30, 2013. Unless the context requires otherwise, all references in this Quarterly Report on Form 10-Q to “we,” “us,” “our,” “Crestwood” or the “Company” refer to the business and operations of Crestwood Midstream Partners LP (formerly known as Inergy Midstream, L.P.), a Delaware limited partnership, and its consolidated subsidiaries for periods prior to the closing of the Crestwood Merger. | ||
Nature of Operations | ||
The Company's financial statements reflect three operating and reporting segments: storage and transportation operations, salt operations and crude operations. The Company's storage and transportation operations are engaged primarily in the storage and transportation of natural gas and natural gas liquids (“NGLs”). Its operations are currently concentrated in the Northeast region of the United States. The Company's salt operations, which are located in New York, include the production and sale of salt products by US Salt, LLC ("US Salt"). US Salt is one of five major solution mined salt manufacturers in the United States, producing evaporated salt products for food, industrial, pharmaceutical and water conditioning uses. The Company's crude operations consists of the COLT crude oil loading and storage terminal, and interconnecting pipeline facilities ("COLT Hub") located in North Dakota, which were acquired in December 2012. | ||
The Company owns and operates the following storage facilities: | ||
• | Stagecoach, a 26.25 billion cubic feet ("Bcf") multi-cycle depleted reservoir natural gas storage facility located approximately 150 miles northwest of New York City in Tioga County, New York and Bradford County, Pennsylvania; | |
• | Thomas Corners, a 7.0 Bcf multi-cycle depleted reservoir natural gas storage facility located in Steuben County, New York; | |
• | Steuben, a 6.2 Bcf single-turn depleted reservoir natural gas storage facility located in Steuben County, New York; | |
• | Seneca Lake, a 1.45 Bcf multi-cycle salt dome reservoir natural gas storage facility located in Schuyler County, New York; and | |
• | Bath, a 1.5 million barrel NGL storage facility located near Bath, New York. | |
The Company owns and operates natural gas transportation assets in the Northeast, including: | ||
• | the compression and appurtenant facilities installed to expand transportation capacity on the Stagecoach north and south laterals (the “North-South Facilities”), which provide 325 million cubic feet per day ("MMcf/d") of firm interstate transportation service to shippers; | |
• | the MARC I Pipeline, a 39-mile, 30-inch interstate natural gas pipeline that extends from the Company's Stagecoach south lateral interconnect with TGP's 300 Line and Transco's Leidy Line, and capable of providing 550 MMcf/d of firm transportation service to shippers; and | |
•the East Pipeline, a 37.5-mile, 12-inch diameter intrastate natural gas pipeline in New York. | ||
The Company also owns US Salt, a solution mined salt production facility located on the shores of Seneca Lake outside of Watkins Glen, New York. The solution mining process used by US Salt creates salt caverns that can be developed into usable natural gas and NGL storage capacity. | ||
In December 2012, the Company acquired the COLT Hub, which is strategically located near the town of Epping in Williams County, North Dakota, in the heart of the Bakken and Three Forks shale oil-producing areas. With 720,000 barrels of crude oil storage and two 8,700-foot rail loops, the COLT Hub can accommodate 120-car unit trains and is capable of loading up to 120,000 barrels per day ("Bbls/d")" by rail. Customers can source product via gathering systems, an eight-bay truck unloading rack and the COLT Connector, a 21-mile, 10-inch bi-directional pipeline that connects the COLT Hub to the Enbridge and Tesoro crude pipelines at Dry Fork (Beaver Lodge/Ramberg junction). The COLT Hub is connected to the Banner, Meadowlark Midstream (formerly, Bear Tracker Energy) and Hiland Pipeline crude gathering systems. The Company is currently expanding the COLT Hub to accommodate 160,000 Bbls/d of rail loading and 1.2 million barrels of crude oil storage, and it expects to complete the expansion in the first calendar quarter of 2014. See Note 4 for additional information about this acquisition. | ||
Basis of Presentation | ||
The financial information contained herein as of September 30, 2013 and December 31, 2012, and for the three-month and nine-month periods ended September 30, 2013 and 2012, is unaudited. The Company believes this information has been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and Article 10 of Regulation S-X. The Company also believes this information includes all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods then ended. | ||
Principles of Consolidation | ||
The accompanying consolidated financial statements include the accounts of Crestwood Midstream Partners LP (formerly known as Inergy Midstream, L.P.) and its wholly owned subsidiaries, including among others Arlington Storage Company, LLC (“Arlington”), Central New York Oil And Gas Company, L.L.C. (“CNYOG”), Finger Lakes LPG Storage, LLC (“Finger Lakes”), Inergy Gas Marketing, LLC, Inergy Pipeline East, LLC, US Salt, Inergy Crude Logistics, LLC (formerly Rangeland Energy, LLC), Crestwood Midstream Finance Corp. (formerly known as NRGM Finance Corp.), and Inergy Storage, Inc. All significant intercompany transactions, including distribution income, and balances have been eliminated in consolidation. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||
Sep. 30, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
Summary of Significant Accounting Policies | |||
Revenue Recognition | |||
Revenue for natural gas and NGL firm storage is recognized ratably over the contract period regardless of the volume of natural gas or NGL stored by the Company's customers. Revenue from natural gas firm storage is affected to a lesser extent by volumes of stored gas received and or delivered by the Company's customers. Revenue for transportation services is recognized ratably over the contract period. Transportation revenue is derived from the sale of capacity that the Company has secured on certain third party pipelines, revenues for transportation on the East Pipeline and transportation revenue from placing the North-South Facilities and the MARC I Pipeline into service in fourth calendar quarter of 2011 and 2012, respectively. Revenue from transportation services is also affected to a lesser extent by volumes of gas transported during the period. Revenue from hub services is recognized ratably over the contract period. Revenues from the sale of salt are recognized when product is shipped to the customer or when certain contractual performance requirements have otherwise been met. Revenues from the COLT Hub are recognized when the contractual services are provided, such as loading of customer rail cars. | |||
Credit Risk and Concentrations | |||
Inherent in the Company's contractual portfolio are certain credit risks. Credit risk is the risk of loss from nonperformance by suppliers, customers or financial counterparties to a contract. The Company takes an active role in managing credit risk and has established control procedures, which are reviewed on an ongoing basis. The Company attempts 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. | |||
One customer, ConEdison, accounted for approximately 10% and 13% of the Company's total revenue for the three months ended September 30, 2013 and 2012, respectively, and 10% and 14% of the Company's total revenue for the nine months ended September 30, 2013 and 2012, respectively. No other customer accounted for 10% or more of the Company's total revenue in those periods. All ConEdison revenues are captured in the storage and transportation segment. | |||
No customer accounted for 10% or more of the Company's consolidated accounts receivable at September 30, 2013 or December 31, 2012. | |||
Use of Estimates | |||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Actual results could differ from those estimates. | |||
Inventories | |||
Inventories for storage and transportation operations, consisting primarily of natural gas, are stated at the lower of cost or market and are computed predominantly using the average cost method. Inventories for salt operations are stated at the lower of cost or market, cost being principally determined on the first-in, first-out method. All costs associated with the production of finished goods at the salt production facility are captured as inventory costs. | |||
Property, Plant and Equipment | |||
Property, plant and equipment are stated at historical cost less accumulated depreciation. The Company capitalizes all construction related direct labor and material costs as well as the cost of funds used during construction. Amounts capitalized for cost of funds used during construction amounted to $1.2 million and $1.3 million during the three months ended September 30, 2013, and 2012, respectively, and $3.3 million and $3.5 million during the nine months ended September 30, 2013, and 2012, respectively. Depreciation is computed by the straight-line method over the estimated useful lives of the assets, as follows: | |||
Years | |||
Buildings and improvements | 15-25 | ||
Office furniture and equipment | 7-Mar | ||
Vehicles | 5-Mar | ||
Pipelines | 15 | ||
Base gas | 10 | ||
Plant equipment | 20-Mar | ||
Salt deposits are depleted on a unit of production method. Maintenance and repairs are charged to expense as incurred. | |||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such events or changes in circumstances are present, a loss is recognized if the carrying value of the asset is in excess of the sum of the undiscounted cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company has not identified any indicators that suggest the carrying amount of an asset may not be recoverable for the period ended September 30, 2013. | |||
Identifiable Intangible Assets | |||
Intangible assets acquired in the acquisition of a business are required to be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the intangible asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer's intent to do so. Deferred financing costs represent financing costs incurred in obtaining financing and are being amortized over the term of the related debt. | |||
The Company has recorded certain identifiable intangible assets, which are amortized over their estimated economic lives, as follows: | |||
Years | |||
Customer accounts | 15-20 | ||
Covenants not to compete | 5-Mar | ||
Deferred financing costs | 8-May | ||
Goodwill | |||
Goodwill is recognized for various acquisitions by the Company as the excess of the cost of the acquisitions over the fair value of the related net assets at the date of acquisition. Goodwill is subject to at least an annual assessment for impairment by applying a fair-value-based test. | |||
The Company completed its annual impairment test for each of its reporting units and determined that no impairment existed as of September 30, 2012. No indicators of impairment were identified requiring an interim impairment test during the period ended September 30, 2013. As discussed in Note 1, the Company's fiscal year-end was changed from September 30 to December 31. | |||
Income Taxes | |||
The Company is generally not subject to federal or state income tax. Therefore, the earnings of the Company are included in the federal and state income tax returns of its common unitholders and, prior to CEQP's distribution of its common units of the Company, the limited partners of CEQP. Net earnings for financial statement purposes may differ significantly from taxable income reportable to unitholders as a result of differences between the tax basis and the financial reporting basis of assets and liabilities and the taxable income allocation requirements under the Company's partnership agreement. | |||
Cash and Cash Equivalents | |||
The Company defines cash equivalents as all highly liquid investments with maturities of three months or less when purchased. | |||
Income Per Unit | |||
The Company calculates basic net income per limited partner unit by utilizing the two class method. Earnings (net income available to partners) of US Salt are presented only for the period subsequent to the acquisition on May 14, 2012. Basic and diluted net income per unit are the same, as there were no potentially dilutive units outstanding at September 30, 2013 or 2012. | |||
Fair Value | |||
The carrying amounts of cash, accounts receivable and accounts payable approximate their fair value. As of September 30, 2013, the estimated fair value of the Company's fixed-rate senior notes, based on available trading information, totaled $497.8 million compared with the aggregate principal amount at maturity of $500.0 million. The fair value of debt was determined based on market quotes from Bloomberg. This valuation methodology is considered level 2 in the fair value hierarchy. At September 30, 2013, the Company's $600.0 million revolving credit facility had amounts outstanding of $37.0 million, which approximated fair value due primarily to the floating interest rate associated with borrowings under the credit facility. | |||
Allocation of Expenses | |||
The Company shares common management, operating and administrative and overhead costs with CEQP. The shared costs allocated to the Company totaled $4.9 million (including $3.0 million of unit-based compensation charges) and $4.6 million (including $2.7 million of unit-based compensation charges) for the three months ended September 30, 2013 and 2012, respectively, and $21.7 million (including $15.8 million of unit-based compensation charges) and $9.8 million (including $4.9 million of unit-based compensation charges) for the nine months ended September 30, 2013 and 2012, respectively. The increase in allocated unit-based compensation charges is due to the accelerated vesting of certain restricted stock units as a result of the Crestwood Merger and payment of cash to CEQP restricted unitholders in lieu of Inergy Midstream limited partner units to compensate for the distribution of 100% of the Company’s shares held by CEQP. In conjunction with its IPO, the Company entered into an Omnibus Agreement with CEQP that requires the Company to reimburse CEQP for all shared costs incurred on its behalf, except for certain unit based compensation which are treated as capital transactions. Due to the nature of these shared costs, it is not practicable to estimate what the costs would have been on a stand-alone basis. Accordingly, the accompanying financial statements may not necessarily be indicative of the conditions that would have existed, or the results of operations that would have occurred, if the Company had operated as a stand-alone entity. | |||
Comprehensive Income (Loss) | |||
Comprehensive income includes net income and other comprehensive income. Other comprehensive income includes the realized loss on a derivative instrument that the Company entered into to hedge the purchase of base gas for one storage facility. The amount included in other comprehensive income associated with this derivative is being reclassified to earnings over the same period that the hedged base gas is recorded in earnings. The amount reclassified to earnings for the nine-month periods ended September 30, 2013 and 2012 was $0.1 million. | |||
Property Tax Receivable | |||
The Company receives property tax benefits under New York's Empire State Development program. The amounts due to be refunded to the Company under this program amounted to $6.4 million and $4.8 million at September 30, 2013 and December 31, 2012, respectively. At September 30, 2013, $2.0 million of the amounts due to be refunded were classified in prepaid expenses and other current assets, and $4.4 million were classified in other long-term assets on the consolidated balance sheets. At December 31, 2012, $2.0 million of the amounts due to be refunded were classified in prepaid expenses and other current assets, and $2.8 million were classified in other long-term assets on the consolidated balance sheets. | |||
Prepaid Property Taxes | |||
The Company prepays property taxes in certain taxing jurisdictions and thus records the amount of taxes relating to future periods in prepaid expenses and other current assets, which totaled $2.2 million and $1.2 million at September 30, 2013 and December 31, 2012, respectively. | |||
Property, Plant and Equipment Accrual | |||
The Company has accrued for property, plant and equipment, including certain construction work in process relating to construction efforts on various growth projects. At September 30, 2013 the Company had accrued $9.0 million relating to property, plant and equipment, of which $5.8 million was classified as accrued expenses and $3.2 million was classified as accounts payable on the consolidated balance sheets. At December 31, 2012 the Company had accrued $28.4 million relating to property, plant and equipment, of which $27.3 million was classified as accrued expenses and $1.1 million was classified as accounts payable on the consolidated balance sheets. | |||
Asset Retirement Obligations | |||
An asset retirement obligation ("ARO") is an estimated liability for the cost to retire a tangible asset. The fair value of these AROs could not be made as settlement dates (or range of dates) associated with these assets were not estimable. | |||
Accounting for Unit-Based Compensation | |||
The Company has a unit-based employee compensation plan and all share-based payments to employees, including grants of employee stock options, are recognized in the income statement based on their fair values. The amount of compensation expense recorded by the Company during the three months ended September 30, 2013 was $4.1 million ($3.0 million allocated by CEQP for CEQP units and $1.1 million for the Company units). The amount of compensation expense allocated to the Company during the three months ended September 30, 2012 was $3.4 million ($2.7 million allocated by CEQP for CEQP units and $0.7 million for the Company units). The amount of compensation expense recorded by the Company during the nine months ended September 30, 2013 was $18.7 million ($15.8 million allocated by CEQP for CEQP units and $2.9 million for the Company units). The amount of compensation expense allocated to the Company during the nine months ended September 30, 2012 was $5.6 million ($4.9 million allocated by CEQP for CEQP units and $0.7 million for the Company units). | |||
Segment Information | |||
There are certain accounting requirements that establish standards for reporting information about operating segments, as well as related disclosures about products and services, geographic areas and major customers. Further, they define operating segments as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. In determining its operating segments, the Company examined the way it organizes its business internally for making operating decisions and assessing business performance. See Note 9 for disclosures related to the Company's three operating and reporting segments. |
Certain_Balance_Sheet_Informat
Certain Balance Sheet Information | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Certain Balance Sheet Information | ' | |||||||
Certain Balance Sheet Information | ||||||||
Inventory | ||||||||
Inventory consisted of the following at September 30, 2013 and December 31, 2012, respectively (in millions): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Parts and supplies | $ | 4.6 | $ | 4.4 | ||||
Natural gas | 0.1 | 0.5 | ||||||
Raw materials | 0.5 | 0.3 | ||||||
Finished goods | 0.7 | 0.9 | ||||||
Total inventory | $ | 5.9 | $ | 6.1 | ||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment consisted of the following at September 30, 2013 and December 31, 2012, respectively (in millions): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Plant equipment | $ | 336.6 | $ | 326.3 | ||||
Salt deposits | 41.6 | 41.6 | ||||||
Land and buildings | 250.1 | 261 | ||||||
Pipelines | 427.6 | 407.8 | ||||||
Vehicles | 3.5 | 3.1 | ||||||
Construction in process | 116.7 | 81.2 | ||||||
Base gas | 73.4 | 73.1 | ||||||
Office furniture and equipment | 2.5 | 2.5 | ||||||
1,252.00 | 1,196.60 | |||||||
Less: accumulated depreciation | 269.2 | 214.8 | ||||||
Total property, plant and equipment, net | $ | 982.8 | $ | 981.8 | ||||
Intangible Assets | ||||||||
Intangible assets consisted of the following at September 30, 2013 and December 31, 2012, respectively (in millions): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Customer accounts | $ | 191.3 | $ | 191.5 | ||||
Covenants not to compete | 4.4 | 4 | ||||||
Deferred financing and other costs | 16.5 | 16 | ||||||
212.2 | 211.5 | |||||||
Less: accumulated amortization | 39.4 | 15.8 | ||||||
Total intangible assets, net | $ | 172.8 | $ | 195.7 | ||||
Business_Acquisitions
Business Acquisitions | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Business Acquisitions | ' | |||||||
On December 7, 2012, the Company completed the acquisition of 100% of the ownership interest of Rangeland Energy, LLC. The primary purpose of this acquisition was to acquire the integrated crude oil loading terminal, storage, and pipeline assets of Rangeland Energy, LLC and its subsidiaries, which are located in Williams County, North Dakota. The COLT Hub primarily consists of 720,000 barrels of crude oil storage, two 8,700-foot rail loops, an eight-bay truck unloading rack, and a 21-mile bi-directional crude oil pipeline that connects the hub to gathering systems and interstate crude oil pipelines. | ||||||||
In the second quarter, the Company announced plans for the COLT Hub expansion project. The project primarily includes an expansion of receiving, storage, and take-away capacity via interconnecting pipelines, storage tanks, and rail facilities. | ||||||||
The name of the acquired entity has since been changed from Rangeland Energy, LLC to Inergy Crude Logistics, LLC. Based on the purchase price allocation, amortization expenses relative to the intangible assets acquired are expected to be $26.6 million, $29.2 million, $27.4 million, $19.3 million, and $10.7 million for the years ended December 31, 2013 through December 31, 2017, respectively. | ||||||||
During the nine months ended September 30, 2013, the Company collected $0.7 million from the sellers of COLT Hub as part of a final working capital settlement. | ||||||||
The following represents the pro forma consolidated statements of operations as if the COLT Hub had been included in the consolidated results of the Company for the three-month and nine-month periods ended September 30, 2012 (in millions, except per unit data): | ||||||||
(Unaudited) Pro Forma Consolidated | ||||||||
Statement of Operations | ||||||||
Three Months Ended | Nine Months Ended | |||||||
30-Sep-12 | 30-Sep-12 | |||||||
Revenue | $ | 50.7 | $ | 146.3 | ||||
Net income | $ | 5.3 | $ | 18.6 | ||||
Net income per limited partner unit: | ||||||||
Basic | $ | 0.05 | $ | 0.14 | ||||
Diluted | $ | 0.05 | $ | 0.14 | ||||
These amounts have been calculated after applying the Company's accounting policies and adjusting the results of Rangeland Energy, LLC to reflect the depreciation and amortization that would have been charged assuming the preliminary fair value adjustments to property, plant and equipment and intangible assets had been made at the beginning of the current period. The purchase price allocation for this acquisition has been completed. The entities acquired were development stage entities (as defined by ASC Topic 915, Development Stage Entities) until commencing principal commercial operations in June 2012. | ||||||||
Powder River Basin Joint Venture | ||||||||
On September 4, 2013, the Company and Enserco Midstream, LLC (“Enserco Midstream”) announced that they have formed a joint venture to own and operate a crude oil rail terminal located in Douglas County, Wyoming (“Douglas Facility”). The Douglas Facility, which is located in Converse County, Wyoming, atop the emerging Niobrara Powder River Basin shale play, is anchored by a long-term agreement with a major producer for the throughput of crude oil volumes through the terminal. The Company owns a 50.01% interest in Powder River Basin Industrial Complex, LLC (“PRBIC”), which owns the Douglas Facility. The Douglas Facility was placed into manifest service in August 2013, and unit train service is expected to begin during the first quarter of 2014. The Company accounts for its investment in the Douglas Facility under the equity method of accounting. Its share of future earnings from its investment in the Douglas Facility will be reflected in the consolidated financial statements in future periods; however, given the recent start of commercial operations and the recent investment in the Douglas Facility no earnings are included in the current period. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Long-Term Debt | ' |
Long-Term Debt | |
Credit Facility | |
On October 7, 2013, the Company repaid and retired its $600 million revolving credit facility ("NRGM Credit Facility") in connection with the closing of the Crestwood Merger. See Note 10 for additional information. | |
The Company's outstanding balance on the NRGM Credit Facility amounted to $37.0 million and $179.8 million at September 30, 2013 and December 31, 2012, respectively. | |
Senior Notes | |
On December 7, 2012, the Company and Crestwood Midstream Finance Corp. (formerly known as NRGM Finance Corp., “Finance Corp.” and together with the Company, the “Issuers”) issued and sold $500 million in a private offering in aggregate principal amount of their 6.0% Senior Notes due 2020 (the “Notes”) pursuant to a purchase agreement dated November 29, 2012. The Issuers issued the Notes pursuant to an indenture dated as of December 7, 2012 (the “Indenture”), among the Issuers, the subsidiary guarantors and U.S. Bank National Association, as trustee. The Notes will mature on December 15, 2020. Interest on the Notes is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2013. The Notes are guaranteed on a senior unsecured basis by the Company and all of the Company's existing subsidiaries (other than Finance Corp.) and certain of the Company's future subsidiaries. The Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of the Company's existing restricted subsidiaries (other than Finance Corp.) and certain of the Company's future subsidiaries, subject to the following customary release provisions: | |
(1) a disposition of all or substantially all the assets of the guarantor subsidiary (including by way or merger or consolidation), to a third person, provided the disposition complies with the applicable indenture, | |
(2) a disposition of the capital stock of the guarantor subsidiary to a third person, if the disposition complies with the applicable indenture and as a result the guarantor subsidiary ceases to be our subsidiary, | |
(3) the designation by us of the guarantor subsidiary as an Unrestricted Subsidiary in accordance with the applicable indenture, | |
(4) legal or covenant defeasance of such series of Senior Notes or satisfaction and discharge of the related indenture, or | |
(5) the guarantor subsidiary ceases to guarantee any other indebtedness of ours or any other guarantor subsidiary, provided that it is then no longer an obligor with respect to any indebtedness under our credit facility. | |
The guarantees are joint and several. The Company has no independent assets or operations and Finance Corp. is a 100% finance subsidiary of the Company. | |
The Indenture restricts the Company's ability and the ability of its subsidiaries to: (i) sell assets; (ii) pay distributions on, redeem or repurchase the Company's units or redeem or repurchase its subordinated debt; (iii) make investments; (iv) incur or guarantee additional indebtedness or issue preferred units; (v) create or incur certain liens; (vi) enter into agreements that restrict distributions or other payments from the Company's restricted subsidiaries to the Company; (vii) consolidate, merge or transfer all or substantially all of the Company's assets; (viii) engage in transactions with affiliates; (ix) create unrestricted subsidiaries and (x) enter into sale and leaseback transactions. These covenants are subject to a number of important exceptions and qualifications. At any time when the Notes are rated investment grade by either of Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Services and no Default or Event of Default (each as defined in the Indenture) has occurred and is continuing, many of these covenants will terminate. | |
CEQP and its wholly owned subsidiaries do not provide credit support or guarantee any amounts outstanding under the NRGM Credit Facility or the Notes. | |
On May 14, 2013, the Company launched a consent solicitation for the purpose of amending the Indenture to ensure that the consummation of the Crestwood Merger would not constitute a “Change of Control” thereunder, which would have entitled the note holders to require the Company to repurchase the Notes. On May 22, 2013, following its receipt of the requisite consents, the Company entered into a second supplemental indenture memorializing the requested changes to the Indenture. As part of the consent solicitation, consents were delivered and not revoked by holders of approximately $464.5 million in aggregate principal amount (or 92.9%) of the Notes held by entities or individuals not affiliated with the Company. | |
At September 30, 2013, the Company was in compliance with all of its debt covenants in the NRGM Credit Facility and Notes. | |
On October 7, 2013, the Company assumed $350 million in aggregate principal amount of Legacy CMLP 7.75% senior unsecured notes upon the closing of the Crestwood Merger. On October 22, 2013, the Company launched a private placement of $600 million in aggregate principal amount of new 6.125% senior notes due 2022, which the Company expects to close contemporaneously with the closing of the Arrow Acquisition (defined below) on November 8, 2013. See Note 10 for additional information on the debt assumption and new notes offering. |
Partners_Capital
Partners' Capital | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Partners' Capital [Abstract] | ' | |||||||||
Partners' Capital | ' | |||||||||
Partners’ Capital | ||||||||||
Common Units | ||||||||||
On September 13, 2013 the Company sold 11,000,000 common units at $21.69 per unit, generating net proceeds of approximately $238.4 million after deducting underwriters' discounts, commissions and other offering expenses. The Company also granted the underwriters an option to purchase up to an additional 1,650,000 common units within 30 days after the closing of the offering. The issuance was made in reliance upon an exemption from the registration requirements of the Securities Act, pursuant to Section 4(2) thereof. The net proceeds were used to repay borrowings under the NRGM Credit Facility. | ||||||||||
On October 7, 2013, the Company sold an additional 773,191 common units at $21.69 per unit pursuant to the option granted to the underwriters in the September 2013 equity offering to purchase additional common units generating approximately $16.8 million of net proceeds. On October 23, 2013, the Company sold an additional 14,000,000 common units at $21.19 per unit in a registered public offering, generating net proceeds of approximately $296.4 million after deducting underwriters’ discounts, commission and other offering expenses. See Note 10 for additional information on these October equity issuances. | ||||||||||
Classes of Unitholders | ||||||||||
The Company has three classes of unitholders which include a general partner, limited partners and IDR holders. The Company's partnership agreement requires that, within 45 days after the end of each quarter, beginning with the quarter ending December 31, 2011, the Company will distribute all available cash (as defined in the Company's partnership agreement) to common unitholders of record on the applicable record date. The general partner will not be entitled to distributions on its non-economic general partner interest. The IDRs are entitled to receive 50% of the cash distributed from operating surplus (as defined in the Company's partnership agreement) in excess of the initial quarterly distribution of $0.37. | ||||||||||
CEQP, as the holder of the Company's IDRs, has the right under its partnership agreement to elect to relinquish the right to receive incentive distribution payments based on the initial quarterly distribution and to reset, at a higher level, the quarterly distribution amount (upon which the incentive distribution payments to CEQP would be set). If CEQP elects to reset the quarterly distribution, it will be entitled to receive a number of newly issued Company common units. The number of common units to be issued to CEQP will equal the number of common units that would have entitled the holder to the quarterly cash distribution in the prior quarter equal to the distribution to CEQP on the IDRs in such prior quarter. As the reset election has not been made, no additional units have been issued. For accounting purposes, diluted earnings per unit can be impacted, (even if the reset election has not been made), if the combined impact of issuing the additional units and resetting the cash target distribution is dilutive. Currently, diluted earnings per unit have not been impacted because the combined impact is antidilutive. | ||||||||||
Quarterly Distributions of Available Cash | ||||||||||
A summary of the Company’s limited partner quarterly distributions for the nine months ended September 30, 2013 and 2012, are presented below: | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||
Record Date | Payment Date | Per Unit Rate | Distribution Amount | |||||||
(in millions) | ||||||||||
February 7, 2013 | February 14, 2013 | $ | 0.39 | $ | 33.6 | |||||
May 8, 2013 | May 15, 2013 | $ | 0.395 | 34 | ||||||
August 7, 2013 | August 14, 2013 | $ | 0.4 | 34.2 | ||||||
$ | 101.8 | |||||||||
Nine Months Ended September 30, 2012 | ||||||||||
Record Date | Payment Date | Per Unit Rate | Distribution Amount | |||||||
(in millions) | ||||||||||
February 7, 2012 | February 14, 2012 | $ | 0.04 | (a) | $ | 3 | ||||
May 8, 2012 | May 15, 2012 | $ | 0.37 | 27.6 | ||||||
August 7, 2012 | August 14, 2012 | $ | 0.38 | 29.3 | ||||||
$ | 59.9 | |||||||||
(a) | The Company declared a pro-rated distribution, which corresponded to an initial quarterly cash distribution of $0.370 per quarter and represented the prorated distribution for the period of time from December 21, 2011, the closing of the Company's initial public offering, through December 31, 2011, the end of the fourth quarter of 2011. | |||||||||
The Company paid $6.4 million and $0.8 million in IDRs during the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||
On October 24, 2013, the Company declared a distribution of $0.405 per limited partner unit to be paid on November 14, 2013, to unitholders of record on November 7, 2013 with respect to the third quarter of 2013. On November 14, 2012, the Company paid a distribution of $0.385 per limited partner unit to unitholders of record on November 7, 2012 with respect to the third quarter of 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Purchase Commitments | |
The Company has entered into certain purchase commitments in connection with the identified growth projects primarily related to the Watkins Glen NGL development project, the COLT Hub expansion project, and certain upgrades to the US Salt facility. The Watkins Glen NGL development project entails the conversion of certain caverns created by US Salt into 2.1 million barrels of NGL storage. The COLT Hub expansion project primarily includes an expansion of receiving, storage, and take-away capacity via interconnecting pipelines, storage tanks, and rail facilities. At September 30, 2013, the total of these firm purchase commitments was $51.6 million and the purchases associated with these commitments are expected to occur over the next twelve months. | |
Legal Proceedings | |
Five putative class action lawsuits challenging the Crestwood Merger were filed, four in federal court in the United States District Court for the Southern District of Texas: (i) Abraham Knoll v. Robert G. Phillips, et al. (Case No. 4:13-cv-01528, filed May 23, 2013); (ii) Greg Podell v. Crestwood Midstream Partners, LP, et al. (Case No. 4:13-cv-01599, filed May 30, 2013); (iii) Johnny Cooper v. Crestwood Midstream Partners LP, et al. (Case No. 4:13-cv-01660, filed June 7, 2013), subsequently replaced as named plaintiff in this action by Linda Giaimo; and (iv) Steven Elliot LLC v. Robert G. Phillips, et al. (Case No. 4:13-cv-01763, June 17, 2013), and one in the Delaware Court of Chancery: Hawley v. Crestwood Midstream Partners LP, et al. (Case No. 8689-VCL, filed June 27, 2013). All the cases named Legacy CMLP (since merged with the Company), Crestwood Gas Services GP LLC, Crestwood Holdings LLC, the current and former directors of Crestwood Gas Services GP LLC, CEQP, the Company, Crestwood Midstream GP LLC (formerly NRGM GP, LLC), and Intrepid Merger Sub, LLC as defendants. All of the suits were brought by purported holders of common units of Legacy CMLP, both individually and on behalf of a putative class consisting of holders of common units of Legacy CMLP. The lawsuits generally alleged, among other things, that the directors of Crestwood Gas Services GP LLC breached their fiduciary duties to holders of common units of Legacy CMLP by agreeing to a transaction with inadequate consideration and unfair terms and pursuant to an inadequate process. The lawsuits further alleged that CEQP, the Company, Crestwood Midstream GP LLC, and Intrepid Merger Sub, LLC aided and abetted the Legacy CMLP directors in the alleged breach of their fiduciary duties. The lawsuits sought, in general, (i) injunctive relief enjoining the merger, (ii) in the event the merger is consummated, rescission or an award of rescissory damages, (iii) an award of plaintiffs’ costs, including reasonable attorneys’ and experts’ fees, (iv) the accounting by the defendants to plaintiffs for all damages caused by the defendants, and (v) such further equitable relief as the court deems just and proper. The four federal actions also asserted claims of inadequate disclosure under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, and the Elliot case also named Citigroup Global Markets Inc. as an alleged aider and abettor. The plaintiff in the Hawley action in Delaware filed a motion for expedited proceedings but subsequently withdrew that motion and then filed a stipulation voluntarily dismissing the action without prejudice, which has been granted by the Court, such that the Hawley action has now been dismissed. The plaintiff in the Elliot action filed a motion for expedited discovery, which was denied by the Court. The plaintiffs in the Knoll, Podell, Cooper, and Elliot actions filed an unopposed motion to consolidate these four cases, which the Court granted and captioned the consolidated matter as In re Crestwood Midstream Partners Unitholder Litigation, Lead Case No. 4:13-cv-01528 (the “Consolidated Action”). The plaintiffs entered into a Memorandum of Understanding (MOU) on September 24, 2013 to settle the Consolidated Action whereby the defendants denied liability. The settlement contemplated by the MOU is subject to a number of conditions, including notice to the class and final court approval following completion of a settlement hearing. The defendants expect the Court to approve the terms of the MOU by the end of the first quarter of 2014. The anticipated settlement of the MOU will not have a material impact to our consolidated financial statements. | |
In June 2010, the Company and CNYOG entered into a letter of intent with Anadarko Petroleum Corporation (“Anadarko”) which contemplated that, subject to certain conditions, Anadarko may exercise an option to acquire up to a 25% ownership interest in the MARC I pipeline. On September 23, 2011, Anadarko filed a complaint against the Company and CNYOG in the Court of Common Pleas in Lycoming County, Pennsylvania (Cause No. 11-01697) alleging that (i) Anadarko had an option to acquire, and timely exercised its option to acquire, a 25% ownership interest in the MARC I pipeline, (ii) the Company refused to enter into definitive agreements under which Anadarko would acquire a 25% interest in the pipeline and, by doing so, the Company breached the letter of intent, and (iii) by refusing to enter into definitive agreements, the Company breached a duty of good faith and fair dealing in connection with the letter of intent. Based on these allegations, Anadarko sought various remedies, including specific performance of the letter of intent and monetary damages. | |
On September 9, 2013, the Company and Anadarko entered into a confidential settlement agreement to resolve any and all claims relating to the litigation. CEQP has reimbursed the Company for the amount paid to Anadarko under the settlement agreement pursuant to the omnibus agreement that governs the Company’s relationship with CEQP. | |
The Company is periodically involved in litigation proceedings. If the Company determines that a negative outcome is probable and the amount of loss is reasonably estimable, then it accrues the estimated amount. The results of litigation proceedings cannot be predicted with certainty; however, management believes that the Company does not have material potential liability in connection with these proceedings that would have a significant financial impact on its consolidated financial condition, results of operations or cash flows. However, the Company could incur judgments, enter into settlements or revise its expectations regarding the outcome of certain matters, and such developments could have a material adverse effect on the Company's results of operations or cash flows in the period in which the amounts are paid and/or accrued. | |
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. | |
Self-Insurance | |
The Company utilizes third-party insurance subject to varying retention levels of self-insurance, which management considers prudent. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
The Company has recorded revenues from CEQP of $3.4 million and $3.3 million for the three months ended September 30, 2013 and 2012, respectively, and $10.1 million and $9.8 million for the nine months ended September 30, 2013 and 2012, respectively. The revenues relate to storage space leased at the Company's Bath storage facility. These services increased the Company's net income by $2.3 million and $2.2 million for the three months ended September 30, 2013 and 2012, respectively, and $6.9 million and $6.7 million for the nine months ended September 30, 2013 and 2012, respectively. | |
At September 30, 2013, the Company had a $0.1 million payable to CEQP that is included in accrued expense on the consolidated balance sheet. At December 31, 2012, the Company had a $1.2 million receivable from CEQP that is included in prepaid expenses and other current assets on the consolidated balance sheet. |
Segments
Segments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segments | ' | |||||||||||||||
Segments | ||||||||||||||||
Effective with the acquisition of the COLT Hub, the Company's financial statements reflect three operating and reporting segments: (i) storage and transportation operations, (ii) salt operations and (iii) crude operations. The Company's storage and transportation operations include storage and transportation of natural gas and NGLs for third parties. The Company's salt operations include the production and sale of salt products. The Company's crude operations include the storage, loading and transportation of crude oil for third parties. | ||||||||||||||||
The identifiable assets associated with each reporting segment include accounts receivable and inventories. Revenues, gross profit, identifiable assets, goodwill, property, plant and equipment, total assets and expenditures for property, plant and equipment for each of the Company's reporting segments are presented below (in millions): | ||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
Storage and | Salt | Crude | Total | |||||||||||||
Transportation | Operations | Operations | ||||||||||||||
Operations | ||||||||||||||||
Firm storage revenues | $ | 25 | $ | — | $ | — | $ | 25 | ||||||||
Salt revenues | — | 11.8 | — | 11.8 | ||||||||||||
Crude revenues | — | — | 11.7 | 11.7 | ||||||||||||
Transportation revenues | 17 | — | — | 17 | ||||||||||||
Hub services revenues | 3.5 | — | — | 3.5 | ||||||||||||
Gross profit (excluding depreciation and amortization) | 41.5 | 3.9 | 9.9 | 55.3 | ||||||||||||
Identifiable assets | 16.4 | 11.8 | 4 | 32.2 | ||||||||||||
Goodwill | 90.2 | 6.3 | 163.1 | 259.6 | ||||||||||||
Property, plant and equipment | 998.8 | 123.1 | 130.1 | 1,252.00 | ||||||||||||
Total assets | 916.1 | 115 | 452 | 1,483.10 | ||||||||||||
Expenditures for property, plant and equipment | 4.2 | 1.4 | 17.6 | 23.2 | ||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||
Storage and | Salt | Crude | Total | |||||||||||||
Transportation | Operations | Operations | ||||||||||||||
Operations | ||||||||||||||||
Firm storage revenues | $ | 24 | $ | — | $ | — | $ | 24 | ||||||||
Salt revenues | — | 12.5 | — | 12.5 | ||||||||||||
Transportation revenues | 7.2 | — | — | 7.2 | ||||||||||||
Hub services revenues | 3.8 | — | — | 3.8 | ||||||||||||
Gross profit (excluding depreciation and amortization) | 31.9 | 5.3 | — | 37.2 | ||||||||||||
Identifiable assets | 14 | 10.9 | — | 24.9 | ||||||||||||
Goodwill | 90.2 | 6.3 | — | 96.5 | ||||||||||||
Property, plant and equipment | 953.3 | 115.4 | — | 1,068.70 | ||||||||||||
Total assets | 915.7 | 112.2 | — | 1,027.90 | ||||||||||||
Expenditures for property, plant and equipment | 100.4 | 2.1 | — | 102.5 | ||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Storage and | Salt | Crude | Total | |||||||||||||
Transportation | Operations | Operations | ||||||||||||||
Operations | ||||||||||||||||
Firm storage revenues | $ | 74.6 | $ | — | $ | — | $ | 74.6 | ||||||||
Salt revenues | — | 34.8 | — | 34.8 | ||||||||||||
Crude revenues | — | — | 36 | 36 | ||||||||||||
Transportation revenues | 49.5 | — | — | 49.5 | ||||||||||||
Hub services revenues | 8.4 | — | — | 8.4 | ||||||||||||
Gross profit (excluding depreciation and amortization) | 120.3 | 12 | 30.7 | 163 | ||||||||||||
Identifiable assets | 16.4 | 11.8 | 4 | 32.2 | ||||||||||||
Goodwill | 90.2 | 6.3 | 163.1 | 259.6 | ||||||||||||
Property, plant and equipment | 998.8 | 123.1 | 130.1 | 1,252.00 | ||||||||||||
Total assets | 916.1 | 115 | 452 | 1,483.10 | ||||||||||||
Expenditures for property, plant and equipment | 21.2 | 5.5 | 27.4 | 54.1 | ||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Storage and | Salt | Crude | Total | |||||||||||||
Transportation | Operations | Operations | ||||||||||||||
Operations | ||||||||||||||||
Firm storage revenues | $ | 71.6 | $ | — | $ | — | $ | 71.6 | ||||||||
Salt revenues | — | 38.9 | — | 38.9 | ||||||||||||
Transportation revenues | 21.9 | — | — | 21.9 | ||||||||||||
Hub services revenues | 10.6 | — | — | 10.6 | ||||||||||||
Gross profit (excluding depreciation and amortization) | 96.6 | 16.1 | — | 112.7 | ||||||||||||
Identifiable assets | 14 | 10.9 | — | 24.9 | ||||||||||||
Goodwill | 90.2 | 6.3 | — | 96.5 | ||||||||||||
Property, plant and equipment | 953.3 | 115.4 | — | 1,068.70 | ||||||||||||
Total assets | 915.7 | 112.2 | — | 1,027.90 | ||||||||||||
Expenditures for property, plant and equipment | 209.5 | 4.7 | — | 214.2 | ||||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Subsequent Events [Abstract] | ' | |||||||||||||||
Subsequent Events | ' | |||||||||||||||
Subsequent Events | ||||||||||||||||
On October 24, 2013, the Company declared a distribution of $0.405 per limited partner unit to be paid on November 14, 2013, to unitholders of record on November 7, 2013. | ||||||||||||||||
Crestwood Merger | ||||||||||||||||
On October 7, 2013, the Company completed the Crestwood Merger and the merger of Legacy CMLP with and into Inergy Midstream, with Inergy Midstream continuing as the surviving entity and immediately thereafter changing its name to “Crestwood Midstream Partners LP” and changing its NYSE listing symbol to “CMLP.” The Company also changed its principal executive offices to 700 Louisiana Street, Suite 2060, Houston, Texas 77002. | ||||||||||||||||
In addition, following the closing of the Crestwood Merger on October 7, 2013, (i) the Company and Finance Corp. assumed the obligations of Legacy CMLP and Crestwood Midstream Finance Corporation under their $350 million in aggregate principal amount of 7.75% senior unsecured notes due April 2019; (ii) certain Legacy CMLP subsidiary guarantors of the 7.75% senior notes due April 2019 guaranteed the obligations of the Company and Finance Corp. under the Notes; (iii) the Company’s subsidiary guarantors of the Notes guaranteed obligations of Legacy CMLP and Crestwood Midstream Finance Corporation under the 7.75% senior notes due April 2019; and (iv) Crestwood Midstream Finance Corporation merged with and into Finance Corp., with Finance Corp. continuing as the surviving entity, and Finance Corp. immediately thereafter changed its name to “Crestwood Midstream Finance Corp.” | ||||||||||||||||
More detailed descriptions of the foregoing events are contained in the Form 8-K filed by the Company with the Securities and Exchange Commission on October 10, 2013 (the "Merger Form 8-K"). | ||||||||||||||||
The following represents the pro forma consolidated statements of operations as if the Crestwood Merger occurred on January 1, 2012, and thus had been included in the consolidated results of the Company for the three-month and nine-month periods ended September 30, 2013 and 2012, respectively (in millions, except per unit data): | ||||||||||||||||
(Unaudited) Pro Forma Consolidated | ||||||||||||||||
Statement of Operations | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 (a) | 2013 | 2012 (a) | |||||||||||||
Revenue | $ | 140.1 | $ | 113.8 | $ | 418 | $ | 318.3 | ||||||||
Net income | $ | 11.5 | $ | 24.1 | $ | 39.7 | $ | 62.7 | ||||||||
Net income per limited partner unit: | ||||||||||||||||
Basic | $ | 0.02 | $ | 0.15 | $ | 0.17 | $ | 0.4 | ||||||||
Diluted | $ | 0.02 | $ | 0.15 | $ | 0.17 | $ | 0.4 | ||||||||
(a) Amounts reflect the pro forma adjustments for the COLT Hub, which was acquired by the Company on December 7, 2012. See Note 4 for additional information regarding the COLT Hub acquisition. | ||||||||||||||||
These amounts have been calculated after applying the Company's accounting policies. | ||||||||||||||||
New Secured Revolving Credit Facility | ||||||||||||||||
Immediately following the Crestwood Merger, on October 7, 2013, the Company entered into a new five-year senior secured credit facility under which at least $1 billion of cash borrowing capacity will be made available to the Company and its subsidiaries by a syndicate of financial institutions. The Company borrowed $623.6 million of funds under the new revolving credit facility to repay in full and retire the NRGM Credit Facility, Legacy CMLP's $550 million revolving credit facility, and Crestwood Marcellus Midstream LLC's $200 million revolving credit facility. Subject to limited exception, the new credit facility is secured by substantially all of the equity interests and assets of the Company's restricted domestic subsidiaries, and is joint and severally guaranteed by substantially all of the Company's restricted domestic subsidiaries. A more detailed description of the new revolving credit facility is contained in the Merger Form 8-K. | ||||||||||||||||
Arrow Midstream Holdings, LLC Acquisition | ||||||||||||||||
On October 8, 2013, the Company and its wholly-owned subsidiary, Crestwood Arrow Acquisition LLC ("Crestwood Arrow"), entered into an agreement to acquire Arrow Midstream Holdings, LLC ("Arrow"), a privately-held midstream company, for approximately $750 million, subject to customary capital expenditure and working capital adjustments. Under the merger agreement, Crestwood Arrow will merge with and into Arrow (the “Arrow Acquisition”), with Arrow continuing as the surviving entity and a wholly-owned subsidiary of the Company. The base merger consideration consists of $550 million in cash and 8,826,125 common units of the Company to be issued to the sellers, subject to adjustment. The transaction is expected to close on November 8, 2013. | ||||||||||||||||
Arrow, through its wholly-owned subsidiaries, owns and operates substantial crude oil, natural gas and water gathering systems located on the Fort Berthold Indian Reservation in the core of the Bakken Shale in McKenzie and Dunn Counties, North Dakota. The system today consists of over 460 miles of gathering pipeline including 150 miles of crude oil gathering pipeline, 160 miles of natural gas gathering pipeline, and 150 miles of water gathering lines. Current volumes on the system are approximately 50,000 Bbls/d of crude oil, 15 million MMcf/d of rich natural gas and 8,500 Bbls/d of water. The Arrow systems are currently being expanded to increase gathering capacities to 125,000 Bbls/d of crude oil, 100 MMcf/d of natural gas, and 40,000 Bbls/d of produced water. | ||||||||||||||||
Additionally, the acquired assets include salt water disposal wells and a 23-acre central delivery point with multiple pipeline take-away outlets and a fully-automated truck loading facility. | ||||||||||||||||
In connection with the Arrow Acquisition, on October 8, 2013, the Company obtained a commitment from a national banking institution to underwrite and arrange a senior unsecured bridge facility in aggregate principal amount up to $350 million. The Company does not plan to utilize the bridge facility due to expected successful debt and equity financing. The bridge commitment was arranged to fund part of the base merger consideration payable to the sellers in the Arrow Acquisition. | ||||||||||||||||
More detailed information about the Arrow Acquisition and the relating bridge facility commitment is contained in the Form 8-K filed by the Company with the Commission on October 15, 2013, and a copy of the merger agreement is being filed as an exhibit to this Form 10-Q. | ||||||||||||||||
The Company’s valuation of the assets and liabilities assumed has not been completed as the acquisition has not closed to date. The Company expects the significant components of the valuation to include property, plant and equipment, intangible contract assets and goodwill. | ||||||||||||||||
Equity Offering | ||||||||||||||||
On October 7, 2013, the Company sold 773,191 common units at $21.69 per unit pursuant to an underwriters’ option to purchase additional common units, as such option was granted to the underwriters by the Company in its September 2013 equity offering. The sale generated approximately $16.8 million of net proceeds after deducting underwriters’ discounts, commission and other offering expenses. Proceeds were used to repay borrowings under our new five-year $1 billion senior secured revolving credit facility. | ||||||||||||||||
On October 23, 2013, the Company sold 14,000,000 common units to underwriters at $21.19 per unit in a registered public offering generating net proceeds of approximately $296.4 million after deducting underwriters’ discounts, commission and other offering expenses. Proceeds will be used to pay a portion of the base merger consideration to the sellers in the Arrow Acquisition and to pay related fees and expenses. On October 30, 2013, the Company sold 2,100,000 common units at $21.19 per unit pursuant to an underwriters' option to purchase additional common units, as such option was granted to the underwriters by the Company in its October 23, 2013 equity offering. | ||||||||||||||||
Senior Notes Offering | ||||||||||||||||
On October 22, 2013, Crestwood Midstream Partners LP and Crestwood Midstream Finance Corp. announced an offering of $600 million in aggregate principal amount of 6.125% senior notes due 2022 in a private offering exempt from the registration requirements of the Securities Act of 1933. The notes will be guaranteed on a senior unsecured basis by substantially all of the Company’s existing and future domestic restricted subsidiaries (other than Finance Corp.), subject to certain exceptions. The Company expects to close the private placement on November 8, 2013. The Company anticipates using the net offering proceeds to fund a portion of the consideration payable in the Arrow Acquisition and to pay related fees and expenses, and to repay borrowings under the Company’s new $1 billion senior secured revolving credit facility. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Revenue Recognition | ' | ||
Revenue Recognition | |||
Revenue for natural gas and NGL firm storage is recognized ratably over the contract period regardless of the volume of natural gas or NGL stored by the Company's customers. Revenue from natural gas firm storage is affected to a lesser extent by volumes of stored gas received and or delivered by the Company's customers. Revenue for transportation services is recognized ratably over the contract period. Transportation revenue is derived from the sale of capacity that the Company has secured on certain third party pipelines, revenues for transportation on the East Pipeline and transportation revenue from placing the North-South Facilities and the MARC I Pipeline into service in fourth calendar quarter of 2011 and 2012, respectively. Revenue from transportation services is also affected to a lesser extent by volumes of gas transported during the period. Revenue from hub services is recognized ratably over the contract period. Revenues from the sale of salt are recognized when product is shipped to the customer or when certain contractual performance requirements have otherwise been met. Revenues from the COLT Hub are recognized when the contractual services are provided, such as loading of customer rail cars. | |||
Credit Risk and Concentrations | ' | ||
Credit Risk and Concentrations | |||
Inherent in the Company's contractual portfolio are certain credit risks. Credit risk is the risk of loss from nonperformance by suppliers, customers or financial counterparties to a contract. The Company takes an active role in managing credit risk and has established control procedures, which are reviewed on an ongoing basis. The Company attempts 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. | |||
One customer, ConEdison, accounted for approximately 10% and 13% of the Company's total revenue for the three months ended September 30, 2013 and 2012, respectively, and 10% and 14% of the Company's total revenue for the nine months ended September 30, 2013 and 2012, respectively. No other customer accounted for 10% or more of the Company's total revenue in those periods. All ConEdison revenues are captured in the storage and transportation segment. | |||
No customer accounted for 10% or more of the Company's consolidated accounts receivable at September 30, 2013 or December 31, 2012. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Actual results could differ from those estimates. | |||
Inventories | ' | ||
Inventories | |||
Inventories for storage and transportation operations, consisting primarily of natural gas, are stated at the lower of cost or market and are computed predominantly using the average cost method. Inventories for salt operations are stated at the lower of cost or market, cost being principally determined on the first-in, first-out method. All costs associated with the production of finished goods at the salt production facility are captured as inventory costs. | |||
Property, Plant and Equipment | ' | ||
Property, Plant and Equipment | |||
Property, plant and equipment are stated at historical cost less accumulated depreciation. The Company capitalizes all construction related direct labor and material costs as well as the cost of funds used during construction. Amounts capitalized for cost of funds used during construction amounted to $1.2 million and $1.3 million during the three months ended September 30, 2013, and 2012, respectively, and $3.3 million and $3.5 million during the nine months ended September 30, 2013, and 2012, respectively. Depreciation is computed by the straight-line method over the estimated useful lives of the assets, as follows: | |||
Years | |||
Buildings and improvements | 15-25 | ||
Office furniture and equipment | 7-Mar | ||
Vehicles | 5-Mar | ||
Pipelines | 15 | ||
Base gas | 10 | ||
Plant equipment | 20-Mar | ||
Salt deposits are depleted on a unit of production method. Maintenance and repairs are charged to expense as incurred. | |||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such events or changes in circumstances are present, a loss is recognized if the carrying value of the asset is in excess of the sum of the undiscounted cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company has not identified any indicators that suggest the carrying amount of an asset may not be recoverable for the period ended September 30, 2013. | |||
Identifiable Intangible Assets and Goodwill | ' | ||
Identifiable Intangible Assets | |||
Intangible assets acquired in the acquisition of a business are required to be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the intangible asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer's intent to do so. Deferred financing costs represent financing costs incurred in obtaining financing and are being amortized over the term of the related debt. | |||
The Company has recorded certain identifiable intangible assets, which are amortized over their estimated economic lives, as follows: | |||
Years | |||
Customer accounts | 15-20 | ||
Covenants not to compete | 5-Mar | ||
Deferred financing costs | 8-May | ||
Goodwill | |||
Goodwill is recognized for various acquisitions by the Company as the excess of the cost of the acquisitions over the fair value of the related net assets at the date of acquisition. Goodwill is subject to at least an annual assessment for impairment by applying a fair-value-based test. | |||
The Company completed its annual impairment test for each of its reporting units and determined that no impairment existed as of September 30, 2012. No indicators of impairment were identified requiring an interim impairment test during the period ended September 30, 2013. As discussed in Note 1, the Company's fiscal year-end was changed from September 30 to December 31. | |||
Income Taxes | ' | ||
Income Taxes | |||
The Company is generally not subject to federal or state income tax. Therefore, the earnings of the Company are included in the federal and state income tax returns of its common unitholders and, prior to CEQP's distribution of its common units of the Company, the limited partners of CEQP. Net earnings for financial statement purposes may differ significantly from taxable income reportable to unitholders as a result of differences between the tax basis and the financial reporting basis of assets and liabilities and the taxable income allocation requirements under the Company's partnership agreement. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
The Company defines cash equivalents as all highly liquid investments with maturities of three months or less when purchased. | |||
Income Per Unit | ' | ||
Income Per Unit | |||
The Company calculates basic net income per limited partner unit by utilizing the two class method. Earnings (net income available to partners) of US Salt are presented only for the period subsequent to the acquisition on May 14, 2012. Basic and diluted net income per unit are the same, as there were no potentially dilutive units outstanding at September 30, 2013 or 2012. | |||
Fair Value | ' | ||
Fair Value | |||
The carrying amounts of cash, accounts receivable and accounts payable approximate their fair value. As of September 30, 2013, the estimated fair value of the Company's fixed-rate senior notes, based on available trading information, totaled $497.8 million compared with the aggregate principal amount at maturity of $500.0 million. The fair value of debt was determined based on market quotes from Bloomberg. This valuation methodology is considered level 2 in the fair value hierarchy. At September 30, 2013, the Company's $600.0 million revolving credit facility had amounts outstanding of $37.0 million, which approximated fair value due primarily to the floating interest rate associated with borrowings under the credit facility. | |||
Allocation of Expenses | ' | ||
Allocation of Expenses | |||
The Company shares common management, operating and administrative and overhead costs with CEQP. The shared costs allocated to the Company totaled $4.9 million (including $3.0 million of unit-based compensation charges) and $4.6 million (including $2.7 million of unit-based compensation charges) for the three months ended September 30, 2013 and 2012, respectively, and $21.7 million (including $15.8 million of unit-based compensation charges) and $9.8 million (including $4.9 million of unit-based compensation charges) for the nine months ended September 30, 2013 and 2012, respectively. The increase in allocated unit-based compensation charges is due to the accelerated vesting of certain restricted stock units as a result of the Crestwood Merger and payment of cash to CEQP restricted unitholders in lieu of Inergy Midstream limited partner units to compensate for the distribution of 100% of the Company’s shares held by CEQP. In conjunction with its IPO, the Company entered into an Omnibus Agreement with CEQP that requires the Company to reimburse CEQP for all shared costs incurred on its behalf, except for certain unit based compensation which are treated as capital transactions. Due to the nature of these shared costs, it is not practicable to estimate what the costs would have been on a stand-alone basis. Accordingly, the accompanying financial statements may not necessarily be indicative of the conditions that would have existed, or the results of operations that would have occurred, if the Company had operated as a stand-alone entity. | |||
Comprehensive Income (Loss) | ' | ||
Comprehensive Income (Loss) | |||
Comprehensive income includes net income and other comprehensive income. Other comprehensive income includes the realized loss on a derivative instrument that the Company entered into to hedge the purchase of base gas for one storage facility. The amount included in other comprehensive income associated with this derivative is being reclassified to earnings over the same period that the hedged base gas is recorded in earnings. The amount reclassified to earnings for the nine-month periods ended September 30, 2013 and 2012 was $0.1 million. | |||
Property Tax Receivable | ' | ||
Property Tax Receivable | |||
The Company receives property tax benefits under New York's Empire State Development program. The amounts due to be refunded to the Company under this program amounted to $6.4 million and $4.8 million at September 30, 2013 and December 31, 2012, respectively. At September 30, 2013, $2.0 million of the amounts due to be refunded were classified in prepaid expenses and other current assets, and $4.4 million were classified in other long-term assets on the consolidated balance sheets. At December 31, 2012, $2.0 million of the amounts due to be refunded were classified in prepaid expenses and other current assets, and $2.8 million were classified in other long-term assets on the consolidated balance sheets. | |||
Prepaid Property Taxes | ' | ||
Prepaid Property Taxes | |||
The Company prepays property taxes in certain taxing jurisdictions and thus records the amount of taxes relating to future periods in prepaid expenses and other current assets, which totaled $2.2 million and $1.2 million at September 30, 2013 and December 31, 2012, respectively. | |||
Construction Work in Process Accrual | ' | ||
Property, Plant and Equipment Accrual | |||
The Company has accrued for property, plant and equipment, including certain construction work in process relating to construction efforts on various growth projects. At September 30, 2013 the Company had accrued $9.0 million relating to property, plant and equipment, of which $5.8 million was classified as accrued expenses and $3.2 million was classified as accounts payable on the consolidated balance sheets. At December 31, 2012 the Company had accrued $28.4 million relating to property, plant and equipment, of which $27.3 million was classified as accrued expenses and $1.1 million was classified as accounts payable on the consolidated balance sheets. | |||
Asset Retirement Obligations | ' | ||
Asset Retirement Obligations | |||
An asset retirement obligation ("ARO") is an estimated liability for the cost to retire a tangible asset. The fair value of these AROs could not be made as settlement dates (or range of dates) associated with these assets were not estimable. | |||
Accounting for Unit-Based Compensation | ' | ||
Accounting for Unit-Based Compensation | |||
The Company has a unit-based employee compensation plan and all share-based payments to employees, including grants of employee stock options, are recognized in the income statement based on their fair values. The amount of compensation expense recorded by the Company during the three months ended September 30, 2013 was $4.1 million ($3.0 million allocated by CEQP for CEQP units and $1.1 million for the Company units). The amount of compensation expense allocated to the Company during the three months ended September 30, 2012 was $3.4 million ($2.7 million allocated by CEQP for CEQP units and $0.7 million for the Company units). The amount of compensation expense recorded by the Company during the nine months ended September 30, 2013 was $18.7 million ($15.8 million allocated by CEQP for CEQP units and $2.9 million for the Company units). The amount of compensation expense allocated to the Company during the nine months ended September 30, 2012 was $5.6 million ($4.9 million allocated by CEQP for CEQP units and $0.7 million for the Company units). | |||
Segment Information | ' | ||
Segment Information | |||
There are certain accounting requirements that establish standards for reporting information about operating segments, as well as related disclosures about products and services, geographic areas and major customers. Further, they define operating segments as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. In determining its operating segments, the Company examined the way it organizes its business internally for making operating decisions and assessing business performance. See Note 9 for disclosures related to the Company's three operating and reporting segments. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Estimated Useful Lives of Assets | ' | ||
Depreciation is computed by the straight-line method over the estimated useful lives of the assets, as follows: | |||
Years | |||
Buildings and improvements | 15-25 | ||
Office furniture and equipment | 7-Mar | ||
Vehicles | 5-Mar | ||
Pipelines | 15 | ||
Base gas | 10 | ||
Plant equipment | 20-Mar | ||
Estimated Economic Lives of Identifiable Intangible Assets | ' | ||
The Company has recorded certain identifiable intangible assets, which are amortized over their estimated economic lives, as follows: | |||
Years | |||
Customer accounts | 15-20 | ||
Covenants not to compete | 5-Mar | ||
Deferred financing costs | 8-May |
Certain_Balance_Sheet_Informat1
Certain Balance Sheet Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Components of Inventories | ' | |||||||
Inventory consisted of the following at September 30, 2013 and December 31, 2012, respectively (in millions): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Parts and supplies | $ | 4.6 | $ | 4.4 | ||||
Natural gas | 0.1 | 0.5 | ||||||
Raw materials | 0.5 | 0.3 | ||||||
Finished goods | 0.7 | 0.9 | ||||||
Total inventory | $ | 5.9 | $ | 6.1 | ||||
Components of Property, Plant and Equipment | ' | |||||||
Property, plant and equipment consisted of the following at September 30, 2013 and December 31, 2012, respectively (in millions): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Plant equipment | $ | 336.6 | $ | 326.3 | ||||
Salt deposits | 41.6 | 41.6 | ||||||
Land and buildings | 250.1 | 261 | ||||||
Pipelines | 427.6 | 407.8 | ||||||
Vehicles | 3.5 | 3.1 | ||||||
Construction in process | 116.7 | 81.2 | ||||||
Base gas | 73.4 | 73.1 | ||||||
Office furniture and equipment | 2.5 | 2.5 | ||||||
1,252.00 | 1,196.60 | |||||||
Less: accumulated depreciation | 269.2 | 214.8 | ||||||
Total property, plant and equipment, net | $ | 982.8 | $ | 981.8 | ||||
Components of Intangible Assets | ' | |||||||
Intangible assets consisted of the following at September 30, 2013 and December 31, 2012, respectively (in millions): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Customer accounts | $ | 191.3 | $ | 191.5 | ||||
Covenants not to compete | 4.4 | 4 | ||||||
Deferred financing and other costs | 16.5 | 16 | ||||||
212.2 | 211.5 | |||||||
Less: accumulated amortization | 39.4 | 15.8 | ||||||
Total intangible assets, net | $ | 172.8 | $ | 195.7 | ||||
Business_Acquisitions_Tables
Business Acquisitions (Tables) (Rangeland Energy, LLC) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Rangeland Energy, LLC | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Pro Forma Consolidated Statements of Operations | ' | |||||||
The following represents the pro forma consolidated statements of operations as if the COLT Hub had been included in the consolidated results of the Company for the three-month and nine-month periods ended September 30, 2012 (in millions, except per unit data): | ||||||||
(Unaudited) Pro Forma Consolidated | ||||||||
Statement of Operations | ||||||||
Three Months Ended | Nine Months Ended | |||||||
30-Sep-12 | 30-Sep-12 | |||||||
Revenue | $ | 50.7 | $ | 146.3 | ||||
Net income | $ | 5.3 | $ | 18.6 | ||||
Net income per limited partner unit: | ||||||||
Basic | $ | 0.05 | $ | 0.14 | ||||
Diluted | $ | 0.05 | $ | 0.14 | ||||
Partners_Capital_Tables
Partners' Capital (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Partners' Capital [Abstract] | ' | |||||||||
Schedule of Distributions Made to Members or Limited Partners, by Distribution | ' | |||||||||
A summary of the Company’s limited partner quarterly distributions for the nine months ended September 30, 2013 and 2012, are presented below: | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||
Record Date | Payment Date | Per Unit Rate | Distribution Amount | |||||||
(in millions) | ||||||||||
February 7, 2013 | February 14, 2013 | $ | 0.39 | $ | 33.6 | |||||
May 8, 2013 | May 15, 2013 | $ | 0.395 | 34 | ||||||
August 7, 2013 | August 14, 2013 | $ | 0.4 | 34.2 | ||||||
$ | 101.8 | |||||||||
Nine Months Ended September 30, 2012 | ||||||||||
Record Date | Payment Date | Per Unit Rate | Distribution Amount | |||||||
(in millions) | ||||||||||
February 7, 2012 | February 14, 2012 | $ | 0.04 | (a) | $ | 3 | ||||
May 8, 2012 | May 15, 2012 | $ | 0.37 | 27.6 | ||||||
August 7, 2012 | August 14, 2012 | $ | 0.38 | 29.3 | ||||||
$ | 59.9 | |||||||||
(a) | The Company declared a pro-rated distribution, which corresponded to an initial quarterly cash distribution of $0.370 per quarter and represented the prorated distribution for the period of time from December 21, 2011, the closing of the Company's initial public offering, through December 31, 2011, the end of the fourth quarter of 2011. |
Segments_Tables
Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Reportable Segments | ' | |||||||||||||||
Revenues, gross profit, identifiable assets, goodwill, property, plant and equipment, total assets and expenditures for property, plant and equipment for each of the Company's reporting segments are presented below (in millions): | ||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
Storage and | Salt | Crude | Total | |||||||||||||
Transportation | Operations | Operations | ||||||||||||||
Operations | ||||||||||||||||
Firm storage revenues | $ | 25 | $ | — | $ | — | $ | 25 | ||||||||
Salt revenues | — | 11.8 | — | 11.8 | ||||||||||||
Crude revenues | — | — | 11.7 | 11.7 | ||||||||||||
Transportation revenues | 17 | — | — | 17 | ||||||||||||
Hub services revenues | 3.5 | — | — | 3.5 | ||||||||||||
Gross profit (excluding depreciation and amortization) | 41.5 | 3.9 | 9.9 | 55.3 | ||||||||||||
Identifiable assets | 16.4 | 11.8 | 4 | 32.2 | ||||||||||||
Goodwill | 90.2 | 6.3 | 163.1 | 259.6 | ||||||||||||
Property, plant and equipment | 998.8 | 123.1 | 130.1 | 1,252.00 | ||||||||||||
Total assets | 916.1 | 115 | 452 | 1,483.10 | ||||||||||||
Expenditures for property, plant and equipment | 4.2 | 1.4 | 17.6 | 23.2 | ||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||
Storage and | Salt | Crude | Total | |||||||||||||
Transportation | Operations | Operations | ||||||||||||||
Operations | ||||||||||||||||
Firm storage revenues | $ | 24 | $ | — | $ | — | $ | 24 | ||||||||
Salt revenues | — | 12.5 | — | 12.5 | ||||||||||||
Transportation revenues | 7.2 | — | — | 7.2 | ||||||||||||
Hub services revenues | 3.8 | — | — | 3.8 | ||||||||||||
Gross profit (excluding depreciation and amortization) | 31.9 | 5.3 | — | 37.2 | ||||||||||||
Identifiable assets | 14 | 10.9 | — | 24.9 | ||||||||||||
Goodwill | 90.2 | 6.3 | — | 96.5 | ||||||||||||
Property, plant and equipment | 953.3 | 115.4 | — | 1,068.70 | ||||||||||||
Total assets | 915.7 | 112.2 | — | 1,027.90 | ||||||||||||
Expenditures for property, plant and equipment | 100.4 | 2.1 | — | 102.5 | ||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Storage and | Salt | Crude | Total | |||||||||||||
Transportation | Operations | Operations | ||||||||||||||
Operations | ||||||||||||||||
Firm storage revenues | $ | 74.6 | $ | — | $ | — | $ | 74.6 | ||||||||
Salt revenues | — | 34.8 | — | 34.8 | ||||||||||||
Crude revenues | — | — | 36 | 36 | ||||||||||||
Transportation revenues | 49.5 | — | — | 49.5 | ||||||||||||
Hub services revenues | 8.4 | — | — | 8.4 | ||||||||||||
Gross profit (excluding depreciation and amortization) | 120.3 | 12 | 30.7 | 163 | ||||||||||||
Identifiable assets | 16.4 | 11.8 | 4 | 32.2 | ||||||||||||
Goodwill | 90.2 | 6.3 | 163.1 | 259.6 | ||||||||||||
Property, plant and equipment | 998.8 | 123.1 | 130.1 | 1,252.00 | ||||||||||||
Total assets | 916.1 | 115 | 452 | 1,483.10 | ||||||||||||
Expenditures for property, plant and equipment | 21.2 | 5.5 | 27.4 | 54.1 | ||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Storage and | Salt | Crude | Total | |||||||||||||
Transportation | Operations | Operations | ||||||||||||||
Operations | ||||||||||||||||
Firm storage revenues | $ | 71.6 | $ | — | $ | — | $ | 71.6 | ||||||||
Salt revenues | — | 38.9 | — | 38.9 | ||||||||||||
Transportation revenues | 21.9 | — | — | 21.9 | ||||||||||||
Hub services revenues | 10.6 | — | — | 10.6 | ||||||||||||
Gross profit (excluding depreciation and amortization) | 96.6 | 16.1 | — | 112.7 | ||||||||||||
Identifiable assets | 14 | 10.9 | — | 24.9 | ||||||||||||
Goodwill | 90.2 | 6.3 | — | 96.5 | ||||||||||||
Property, plant and equipment | 953.3 | 115.4 | — | 1,068.70 | ||||||||||||
Total assets | 915.7 | 112.2 | — | 1,027.90 | ||||||||||||
Expenditures for property, plant and equipment | 209.5 | 4.7 | — | 214.2 | ||||||||||||
Subsequent_Events_Tables
Subsequent Events (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Subsequent Events [Abstract] | ' | |||||||||||||||
Business Acquisition, Merger, Pro Forma | ' | |||||||||||||||
The following represents the pro forma consolidated statements of operations as if the Crestwood Merger occurred on January 1, 2012, and thus had been included in the consolidated results of the Company for the three-month and nine-month periods ended September 30, 2013 and 2012, respectively (in millions, except per unit data): | ||||||||||||||||
(Unaudited) Pro Forma Consolidated | ||||||||||||||||
Statement of Operations | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 (a) | 2013 | 2012 (a) | |||||||||||||
Revenue | $ | 140.1 | $ | 113.8 | $ | 418 | $ | 318.3 | ||||||||
Net income | $ | 11.5 | $ | 24.1 | $ | 39.7 | $ | 62.7 | ||||||||
Net income per limited partner unit: | ||||||||||||||||
Basic | $ | 0.02 | $ | 0.15 | $ | 0.17 | $ | 0.4 | ||||||||
Diluted | $ | 0.02 | $ | 0.15 | $ | 0.17 | $ | 0.4 | ||||||||
(a) Amounts reflect the pro forma adjustments for the COLT Hub, which was acquired by the Company on December 7, 2012. See Note 4 for additional information regarding the COLT Hub acquisition. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Details) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||
In Millions, unless otherwise specified | Nov. 25, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 25, 2011 | 5-May-13 | Jun. 19, 2013 | Jun. 19, 2013 | Sep. 30, 2013 |
Subsidiaries | segment | Stagecoach | Thomas Corners | Steuben | Seneca Lake | Bath | Stagecoach North And South Laterals | Marc I Pipeline | New York | COLT Hub | COLT Hub | COLT Hub | US Salt LLC And Tres Palacios Gas Storage LLC | CMLP | Affiliated Entity | Crestwood Gas Services GP, LLC | Salt Products [Member] | |
MMcf | MMcf | MMcf | MMcf | bbl | MMcf | mi | mi | bbl | Boe | Railroad Transportation Equipment | Majority Shareholder | manufacturer | ||||||
MMcf | in | mi | bbl | ft | Unit Distribution | |||||||||||||
in | Boe | Transports | ||||||||||||||||
train_car_units | ||||||||||||||||||
truck_bays | ||||||||||||||||||
in | ||||||||||||||||||
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partnership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Number of subsidiaries | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Equity Interest Issued or Issuable, Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107.00% | ' | ' | ' |
Distribution Made to Limited Partner, Unit Distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56.4 | ' | ' |
Percentage of distribution entitled to receive | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Number of operating segments | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of major entities in industry | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 |
Capacity of natural gas storage facility (in MMcf) | ' | ' | 26,250 | 7,000 | 6,200 | 1,450 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capacity of transportation service (in MMcf) | ' | ' | ' | ' | ' | ' | ' | 325 | 550 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Length of natural gas pipeline (in miles) | ' | ' | ' | ' | ' | ' | ' | ' | 39 | 37.5 | 21 | ' | ' | ' | ' | ' | ' | ' |
Diameter of natural gas pipeline (in inches) | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 12 | 10 | ' | ' | ' | ' | ' | ' | ' |
Barrels of NGL storage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 720,000 | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Length of rail loops (in feet) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,700 | ' | ' | ' | ' | ' |
Number of car unit trains | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120 | ' | ' | ' | ' | ' | ' | ' |
Barrels of oil equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000 | ' | ' | ' | ' | ' | ' | ' |
Number of truck bays | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' |
Production Expansion, Barrels of Oil Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,000 | ' | ' | ' | ' | ' | ' |
Crude Oil Storage Capacity, Expansion (in barrels) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 07, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
segment | Prepaid expenses and other current assets | Prepaid expenses and other current assets | Other long term assets | Other long term assets | Accrued Liabilities | Accrued Liabilities | Accounts payable | Accounts payable | Revenue | Revenue | Revenue | Revenue | Revenue | Restricted units | Restricted units | Restricted units | Restricted units | Inergy | Inergy | Inergy | Inergy | Inergy Midstream | Inergy Midstream | Inergy Midstream | Inergy Midstream | Inergy | Inergy | Customer Concentration Risk | Credit Concentration Risk | Credit Concentration Risk | ||||||
Con Edison | Con Edison | Con Edison | Con Edison | Restricted units | Restricted units | Restricted units | Restricted units | Restricted units | Restricted units | Restricted units | Restricted units | Senior Notes | Revenue | Accounts Receivable | Accounts Receivable | |||||||||||||||||||||
customer | customer | customer | ||||||||||||||||||||||||||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 0 |
Percentage of concentration of risk | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | 13.00% | 10.00% | 14.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts capitalized for cost of funds used in construction | $1,200,000 | $1,300,000 | $3,300,000 | $3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 497,800,000 | ' | ' | ' |
Senior notes | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | 600,000,000 | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding balance on the credit facility | 37,000,000 | ' | 37,000,000 | ' | 179,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating, administrative and overhead cost | 4,900,000 | 4,600,000 | 21,700,000 | 9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reclassified to earnings | 0 | 0 | -100,000 | -100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unit-based compensation charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | 3,400,000 | 18,700,000 | 5,600,000 | 3,000,000 | 2,700,000 | 15,800,000 | 4,900,000 | 1,100,000 | 700,000 | 2,900,000 | 700,000 | ' | ' | ' | ' | ' |
Amount of property tax receivable | 6,400,000 | ' | 6,400,000 | ' | 4,800,000 | ' | 2,000,000 | 2,000,000 | 4,400,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid taxes | 2,200,000 | ' | 2,200,000 | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction payable | $9,000,000 | ' | $9,000,000 | ' | $28,400,000 | ' | ' | ' | ' | ' | $5,800,000 | $27,300,000 | $3,200,000 | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Estimated Useful Lives - Phantom) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Amounts capitalized for cost of funds used in construction | $1.20 | $1.30 | $3.30 | $3.50 |
Customer accounts | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of identifiable intangible assets | ' | ' | '15 years | ' |
Customer accounts | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of identifiable intangible assets | ' | ' | '20 years | ' |
Covenants not to compete | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of identifiable intangible assets | ' | ' | '3 years | ' |
Covenants not to compete | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of identifiable intangible assets | ' | ' | '5 years | ' |
Deferred financing costs | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of identifiable intangible assets | ' | ' | '5 years | ' |
Deferred financing costs | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of identifiable intangible assets | ' | ' | '8 years | ' |
Buildings and improvements | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of Property, Plant and Equipment | ' | ' | '15 years | ' |
Buildings and improvements | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of Property, Plant and Equipment | ' | ' | '25 years | ' |
Office furniture and equipment | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of Property, Plant and Equipment | ' | ' | '3 years | ' |
Office furniture and equipment | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of Property, Plant and Equipment | ' | ' | '7 years | ' |
Vehicles | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of Property, Plant and Equipment | ' | ' | '3 years | ' |
Vehicles | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of Property, Plant and Equipment | ' | ' | '5 years | ' |
Pipelines | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of Property, Plant and Equipment | ' | ' | '15 years | ' |
Pipelines | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of Property, Plant and Equipment | ' | ' | '15 years | ' |
Base gas | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of Property, Plant and Equipment | ' | ' | '10 years | ' |
Base gas | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of Property, Plant and Equipment | ' | ' | '10 years | ' |
Plant equipment | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of Property, Plant and Equipment | ' | ' | '3 years | ' |
Plant equipment | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of Property, Plant and Equipment | ' | ' | '20 years | ' |
Certain_Balance_Sheet_Informat2
Certain Balance Sheet Information (Inventories) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ' | ' |
Parts and supplies | $4.60 | $4.40 |
Natural gas | 0.1 | 0.5 |
Raw materials | 0.5 | 0.3 |
Finished goods | 0.7 | 0.9 |
Total inventory | $5.90 | $6.10 |
Certain_Balance_Sheet_Informat3
Certain Balance Sheet Information (Property Plant and Equipment) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Millions, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | $1,252 | $1,196.60 | $1,068.70 |
Less: accumulated depreciation | 269.2 | 214.8 | ' |
Total property, plant and equipment, net | 982.8 | 981.8 | ' |
Plant equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | 336.6 | 326.3 | ' |
Salt deposits | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | 41.6 | 41.6 | ' |
Land and buildings | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | 250.1 | 261 | ' |
Pipelines | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | 427.6 | 407.8 | ' |
Vehicles | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | 3.5 | 3.1 | ' |
Construction in process | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | 116.7 | 81.2 | ' |
Base gas | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | 73.4 | 73.1 | ' |
Office furniture and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | $2.50 | $2.50 | ' |
Certain_Balance_Sheet_Informat4
Certain Balance Sheet Information (Intangible Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross | $212.20 | $211.50 |
Less: accumulated amortization | 39.4 | 15.8 |
Total intangible assets, net | 172.8 | 195.7 |
Customer accounts | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross | 191.3 | 191.5 |
Covenants not to compete | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross | 4.4 | 4 |
Deferred financing and other costs | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross | $16.50 | $16 |
Business_Acquisitions_Details
Business Acquisitions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 04, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 07, 2012 |
COLT Hub | Majority Shareholder | Railroad Transportation Equipment | Rangeland Energy, LLC | Rangeland Energy, LLC | Rangeland Energy, LLC | Rangeland Energy, LLC | |||||
mi | COLT Hub | ||||||||||
bbl | Transports | ||||||||||
truck_bays | ft | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of voting interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Crude oil storage capacity (in barrels) | ' | ' | ' | ' | 720,000 | ' | ' | ' | ' | ' | ' |
Number of Transports | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Length of rail loops (in feet) | ' | ' | ' | ' | ' | ' | 8,700 | ' | ' | ' | ' |
Number of truck bays | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' |
Pipeline Length In Miles | ' | ' | ' | ' | 21 | ' | ' | ' | ' | ' | ' |
Payments for Previous Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | $0.70 | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | 50.01% | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 | ' | ' | ' | ' | ' | ' | ' | ' | 26.6 | ' | ' |
2014 | ' | ' | ' | ' | ' | ' | ' | ' | 29.2 | ' | ' |
2015 | ' | ' | ' | ' | ' | ' | ' | ' | 27.4 | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | 19.3 | ' | ' |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | 10.7 | ' | ' |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | 50.7 | ' | 146.3 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | $5.30 | ' | $18.60 | ' |
Basic (usd per unit) | ($0.07) | $0.17 | ($0.11) | $0.56 | ' | ' | ' | $0.05 | ' | $0.14 | ' |
Diluted (usd per unit) | ($0.07) | $0.17 | ($0.11) | $0.56 | ' | ' | ' | $0.05 | ' | $0.14 | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Sep. 30, 2013 | 22-May-13 | Dec. 31, 2012 | Dec. 07, 2012 | Oct. 07, 2013 | Oct. 22, 2013 | Oct. 07, 2013 |
Subsequent event | Senior Notes | Senior Notes | |||||
Subsequent event | Subsequent event | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | ' | $600,000,000 | ' | ' |
Outstanding balance on the credit facility | 37,000,000 | ' | 179,800,000 | ' | ' | ' | ' |
Senior notes | ' | ' | ' | 500,000,000 | ' | 600,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 6.00% | ' | 6.13% | ' |
Debt Instruments, Covenant Compliance, Consent Soliciations, Consents Not Revoked, Value | ' | 464,500,000 | ' | ' | ' | ' | ' |
Debt Instruments, Covenant Compliance, Consent Soliciations, Consents Not Revoked, Percent | ' | 92.90% | ' | ' | ' | ' | ' |
Senior Notes, Obligations Assumed in Merger | ' | ' | ' | ' | ' | ' | $350,000,000 |
Debt Instrument Assumed in Merger, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 7.75% |
Partners_Capital_Details
Partners' Capital (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||||||
In Millions, except Share data, unless otherwise specified | Oct. 07, 2013 | Sep. 13, 2013 | Nov. 14, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 30, 2013 | Oct. 26, 2013 | Oct. 24, 2013 | Oct. 07, 2013 | Nov. 14, 2012 | Oct. 26, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | |
Classes_of_Unitholders | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Cash distribution | Cash distribution | General Partner | General Partner | ||||||||||||
Subsequent event | ||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Partners' Capital Account, Units, Sold in Public Offering | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | |
Partners' Capital Account, Sale of Units, Per Unit | ' | 21.69 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.19 | ' | 21.19 | 21.69 | ' | ' | ' | ' | |
Proceeds from Issuance of Common Limited Partners Units | ' | $238.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $296.40 | $16.80 | ' | ' | ' | ' | |
Partners' Capital Account, Units, Underwriters Option for Additional Common Units | 773,191 | 1,650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | 773,191 | ' | ' | ' | ' | |
Partners' Capital Account, Period Underwriters May Option to Purchase Additional Units | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of Classes of Unitholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Maximum period for distribution of available cash after the end of each quarter | ' | ' | ' | ' | ' | ' | ' | ' | ' | '45 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of cash distributions entitled to receive from operating surplus | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Disclosure Partners Capital Summary Of Quarterly Distributions Of Available Cash [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Distribution to limited partner, record date | ' | ' | 7-Nov-12 | 7-Aug-13 | 8-May-13 | 7-Feb-13 | 7-Aug-12 | 8-May-12 | 7-Feb-12 | ' | ' | ' | ' | ' | ' | 14-Nov-12 | 7-Nov-13 | ' | ' | |
Distribution to limited partner, distribution date | ' | ' | ' | 14-Aug-13 | 15-May-13 | 14-Feb-13 | 14-Aug-12 | 15-May-12 | 14-Feb-12 | ' | ' | ' | ' | ' | ' | ' | 14-Nov-13 | ' | ' | |
Per unit rate | ' | ' | ' | $0.40 | $0.40 | $0.39 | $0.38 | $0.37 | $0.04 | [1] | ' | ' | ' | ' | ' | ' | $0.39 | ' | ' | ' |
Distribution amount | ' | ' | ' | 34.2 | 34 | 33.6 | 29.3 | 27.6 | 3 | 101.8 | 59.9 | ' | ' | ' | ' | ' | ' | ' | ' | |
Incentive Distribution, Distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.40 | $0.80 | |
Distribution declared per limited partner unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.37 | ' | ' | ' | ' | ' | ' | $0.41 | ' | ' | |
Distribution Made to Member or Limited Partner, Declaration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24-Oct-13 | ' | ' | ' | ' | ' | ' | |
[1] | The Company declared a pro-rated distribution, which corresponded to an initial quarterly cash distribution of $0.370 per quarter and represented the prorated distribution for the period of time from December 21, 2011, the closing of the Company's initial public offering, through December 31, 2011, the end of the fourth quarter of 2011. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 23, 2011 | Jun. 30, 2010 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Watkins Glen NGL Development Project | Marc I Pipeline | Marc I Pipeline | Class Action Challenging Crestwood Merger | Class Action Challenging Crestwood Merger - Federal | |
bbl | Anadarko | Anadarko | Lawsuit | Lawsuit | ||
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Barrels of NGL storage (in bbl) | ' | 2,100,000 | ' | ' | ' | ' |
Purchase commitments expected to occur over next twelve months | $51.60 | ' | ' | ' | ' | ' |
Loss Contingency, Pending Claims, Number | ' | ' | ' | ' | 5 | 4 |
Counterparty Option To Purchase Maximum Ownership Interest | ' | ' | 25.00% | 25.00% | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Sales to CEQP | $3.40 | $3.30 | $10.10 | $9.80 | ' |
Increased in net income by sales relate to storage space leased | 2.3 | 2.2 | 6.9 | 6.7 | ' |
CEQP | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Sales to CEQP | 3.4 | 3.3 | 10.1 | 9.8 | ' |
Related party payable | 0.1 | ' | 0.1 | ' | ' |
Related party receivable | ' | ' | ' | ' | ($1.20) |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
segment | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | 3 | ' | ' |
Firm storage revenues | $25 | $24 | $74.60 | $71.60 | ' |
Salt revenues | 11.8 | 12.5 | 34.8 | 38.9 | ' |
Crude revenues | 11.7 | 0 | 36 | 0 | ' |
Transportation revenues | 17 | 7.2 | 49.5 | 21.9 | ' |
Hub services revenues | 3.5 | 3.8 | 8.4 | 10.6 | ' |
Gross profit (excluding depreciation and amortization) | 55.3 | 37.2 | 163 | 112.7 | ' |
Identifiable assets | 32.2 | 24.9 | 32.2 | 24.9 | ' |
Goodwill | 259.6 | 96.5 | 259.6 | 96.5 | 261.5 |
Property, plant and equipment | 1,252 | 1,068.70 | 1,252 | 1,068.70 | 1,196.60 |
Total assets | 1,483.10 | 1,027.90 | 1,483.10 | 1,027.90 | 1,480.80 |
Expenditures for property, plant and equipment | 23.2 | 102.5 | 54.1 | 214.2 | ' |
Storage and Transportation Operations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Firm storage revenues | 25 | 24 | 74.6 | 71.6 | ' |
Salt revenues | 0 | 0 | 0 | 0 | ' |
Crude revenues | 0 | ' | 0 | ' | ' |
Transportation revenues | 17 | 7.2 | 49.5 | 21.9 | ' |
Hub services revenues | 3.5 | 3.8 | 8.4 | 10.6 | ' |
Gross profit (excluding depreciation and amortization) | 41.5 | 31.9 | 120.3 | 96.6 | ' |
Identifiable assets | 16.4 | 14 | 16.4 | 14 | ' |
Goodwill | 90.2 | 90.2 | 90.2 | 90.2 | ' |
Property, plant and equipment | 998.8 | 953.3 | 998.8 | 953.3 | ' |
Total assets | 916.1 | 915.7 | 916.1 | 915.7 | ' |
Expenditures for property, plant and equipment | 4.2 | 100.4 | 21.2 | 209.5 | ' |
Salt Operations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Firm storage revenues | 0 | 0 | 0 | 0 | ' |
Salt revenues | 11.8 | 12.5 | 34.8 | 38.9 | ' |
Crude revenues | 0 | ' | 0 | ' | ' |
Transportation revenues | 0 | 0 | 0 | 0 | ' |
Hub services revenues | 0 | 0 | 0 | 0 | ' |
Gross profit (excluding depreciation and amortization) | 3.9 | 5.3 | 12 | 16.1 | ' |
Identifiable assets | 11.8 | 10.9 | 11.8 | 10.9 | ' |
Goodwill | 6.3 | 6.3 | 6.3 | 6.3 | ' |
Property, plant and equipment | 123.1 | 115.4 | 123.1 | 115.4 | ' |
Total assets | 115 | 112.2 | 115 | 112.2 | ' |
Expenditures for property, plant and equipment | 1.4 | 2.1 | 5.5 | 4.7 | ' |
Crude Operations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Firm storage revenues | 0 | 0 | 0 | 0 | ' |
Salt revenues | 0 | 0 | 0 | 0 | ' |
Crude revenues | 11.7 | ' | 36 | ' | ' |
Transportation revenues | 0 | 0 | 0 | 0 | ' |
Hub services revenues | 0 | 0 | 0 | 0 | ' |
Gross profit (excluding depreciation and amortization) | 9.9 | 0 | 30.7 | 0 | ' |
Identifiable assets | 4 | 0 | 4 | 0 | ' |
Goodwill | 163.1 | 0 | 163.1 | 0 | ' |
Property, plant and equipment | 130.1 | 0 | 130.1 | 0 | ' |
Total assets | 452 | 0 | 452 | 0 | ' |
Expenditures for property, plant and equipment | $17.60 | $0 | $27.40 | $0 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||||||||||
Oct. 07, 2013 | Sep. 13, 2013 | Nov. 14, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 07, 2012 | Oct. 30, 2013 | Oct. 26, 2013 | Oct. 24, 2013 | Oct. 07, 2013 | Oct. 08, 2013 | Nov. 14, 2012 | Oct. 26, 2013 | Oct. 31, 2013 | Oct. 08, 2013 | Oct. 07, 2013 | Oct. 07, 2013 | Oct. 22, 2013 | Oct. 07, 2013 | Oct. 07, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Cash distribution | Cash distribution | Arrow Midstream Holdings, LLC [Member] | Arrow Midstream Holdings, LLC [Member] | Line of Credit | Line of Credit | Senior Notes | Senior Notes | Revolving Loan Facility | CMLP | CMM Credit Facility | ||||||||||||||
Subsequent event | Subsequent event | Subsequent event | Minimum | Minimum | Subsequent event | Subsequent event | Subsequent event | Subsidiary of Common Parent | Subsidiary of Common Parent | ||||||||||||||||||||
acre | Subsequent event | CMLP | |||||||||||||||||||||||||||
ft3 | Subsequent event | ||||||||||||||||||||||||||||
mi | |||||||||||||||||||||||||||||
bbl | |||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution Made to Member or Limited Partner, Declaration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24-Oct-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution declared per limited partner unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.41 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | 14-Aug-13 | 15-May-13 | 14-Feb-13 | 14-Aug-12 | 15-May-12 | 14-Feb-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-Nov-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend record date | ' | ' | 7-Nov-12 | 7-Aug-13 | 8-May-13 | 7-Feb-13 | 7-Aug-12 | 8-May-12 | 7-Feb-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-Nov-12 | 7-Nov-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes, Obligations Assumed in Merger | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $350,000,000 | ' | ' | ' |
Debt Instrument Assumed in Merger, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75% | ' | ' | ' |
Line of Credit Facility, Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | 1,000,000,000 | ' | ' | ' | 550,000,000 | 200,000,000 |
Outstanding balance on the credit facility | ' | ' | ' | 37,000,000 | ' | ' | ' | ' | ' | 37,000,000 | ' | 179,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 623,600,000 | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' |
Cash paid for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 107,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 550,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital Account, Units, Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,826,125 | ' | ' | ' | ' | ' | ' | ' | ' |
Gathering Pipeline Acquired (in miles) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 460 | ' | ' | ' | ' | ' | ' | ' |
Crude Oil Gathering Pipeline Acquired (in miles) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | ' | ' | ' | ' | ' | ' | ' |
Natural Gas Gathering Pipeline Acquired (in miles) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160 | ' | ' | ' | ' | ' | ' | ' |
Water Gathering Pipeline Acquired (in miles) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | ' | ' | ' | ' | ' | ' | ' |
Volume of Crude Oil for System Acquired, Per Day (in barrels) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' |
Volume of Natural Gas for System Acquired, Per Day (in cubic feet) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' |
Volume of Water for System Acquired, Per Day (in barrels) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Volume of Crude Oil for System Acquired, Expansion, Per Day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Volume of Natural Gas for System Acquired, Expansion, Per Day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Volume of Water for System Acquired, Expansion, Per Day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' |
Central Delivery Point Acquired Asset, Area (in acres) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23 | ' | ' | ' | ' | ' | ' | ' |
Commitment by Vendor, Senior Unsecured Bridge Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital Account, Units, Underwriters Option for Additional Common Units | 773,191 | 1,650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | 773,191 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital Account, Sale of Units, Per Unit | ' | 21.69 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.19 | ' | 21.19 | 21.69 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Limited Partners Units | ' | 238,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 296,400,000 | 16,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital Account, Units, Sold in Public Offering | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000,000 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.13% | ' | ' | ' | ' |
Subsequent_Events_Pro_Forma_De
Subsequent Events (Pro Forma) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Subsequent Events [Abstract] | ' | ' | ' | ' | ||
Revenue | $140.10 | $113.80 | [1] | $418 | $318.30 | [1] |
Net income | $11.50 | $24.10 | [1] | $39.70 | $62.70 | [1] |
Basic (usd per unit) | $0.02 | $0.15 | [1] | $0.17 | $0.40 | [1] |
Diluted (usd per unit) | $0.02 | $0.15 | [1] | $0.17 | $0.40 | [1] |
[1] | Amounts reflect the pro forma adjustments for the COLT Hub, which was acquired by the Company on December 7, 2012. See Note 4 for additional information regarding the COLT Hub acquisition. |