Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 04, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38260 | |
Entity Registrant Name | BP Midstream Partners LP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-1646447 | |
Entity Address, Address Line One | 501 Westlake Park Boulevard | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77079 | |
City Area Code | 281 | |
Local Phone Number | 366-2000 | |
Title of 12(b) Security | Common Units, Representing Limited Partner Interests | |
Trading Symbol | BPMP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001708301 | |
Common Units | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 104,794,540 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 137,300 | $ 126,900 |
Accounts receivable – third parties | 0 | 200 |
Accounts receivable – related parties | 10,000 | 11,000 |
Prepaid expenses | 2,400 | 6,600 |
Other current assets | 2,900 | 2,900 |
Total current assets | 152,600 | 147,600 |
Equity method investments (Note 3) | 515,700 | 519,900 |
Property, plant and equipment, net (Note 4) | 74,800 | 67,900 |
Other assets | 3,500 | 3,500 |
Total assets | 746,600 | 738,900 |
Current liabilities | ||
Accounts payable – third parties | 2,700 | 1,900 |
Accounts payable – related parties | 2,000 | 1,900 |
Deferred revenues and credits – related parties | 2,300 | 1,800 |
Other current liabilities (Note 5) | 8,200 | 7,800 |
Total current liabilities | 15,200 | 13,400 |
Long-term debt – related parties (Note 6) | 468,000 | 468,000 |
Other liabilities | 3,500 | 3,500 |
Total liabilities | 486,700 | 484,900 |
Commitments and contingencies (Note 10) | ||
EQUITY | ||
General partner | 1,200 | 1,200 |
Total partner's capital | 128,900 | 121,500 |
Non-controlling interests | 131,000 | 132,500 |
Total equity | 259,900 | 254,000 |
Total liabilities and equity | 746,600 | 738,900 |
Common Units | Public | ||
EQUITY | ||
Common stock | 127,700 | 800,500 |
Subordinated Units | BP Holdco | ||
EQUITY | ||
Common stock | $ 0 | $ (680,200) |
CONSOLIDATED BALANCE SHEEETS (P
CONSOLIDATED BALANCE SHEEETS (Parenthetical) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
Public | Common Units | ||
Units outstanding (in shares) | 47,837,828 | 47,806,563 |
Units issued (in shares) | 47,837,828 | 47,806,563 |
BP Holdco | Common Units | ||
Units outstanding (in shares) | 56,956,712 | 4,581,177 |
Units issued (in shares) | 56,956,712 | 4,581,177 |
BP Holdco | Subordinated Units | ||
Units outstanding (in shares) | 0 | 52,375,535 |
Units issued (in shares) | 0 | 52,375,535 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | ||||
Third parties | $ 800 | $ 800 | $ 1,600 | $ 1,800 |
Related parties | 28,500 | 30,700 | 57,300 | 60,400 |
Total revenue | 29,300 | 31,500 | 58,900 | 62,200 |
Costs and expenses | ||||
Operating expenses – third parties | 3,800 | 3,100 | 7,300 | 6,800 |
Operating expenses – related parties | 1,400 | 1,300 | 2,600 | 2,800 |
Maintenance expenses – related parties | 100 | 100 | 100 | 200 |
General and administrative – third parties | 600 | 700 | 1,200 | 1,600 |
General and administrative – related parties | 3,900 | 3,600 | 7,900 | 7,500 |
Depreciation | 600 | 600 | 1,300 | 1,300 |
Property and other taxes | 200 | 200 | 400 | 300 |
Total costs and expenses | 10,900 | 11,000 | 21,900 | 22,100 |
Operating income | 18,400 | 20,500 | 37,000 | 40,100 |
Income from equity method investments | 28,600 | 26,800 | 58,900 | 58,100 |
Interest expense, net | 1,100 | 1,900 | 2,200 | 5,300 |
Net income | 45,900 | 45,400 | 93,700 | 92,900 |
Less: Net income attributable to non-controlling interests | 5,400 | 4,800 | 11,200 | 10,600 |
Net income attributable to the Partnership | 40,500 | 40,600 | 82,500 | 82,300 |
Limited Partners Common Units | ||||
Costs and expenses | ||||
Net income attributable to the Partnership | $ 39,300 | $ 19,700 | $ 70,600 | $ 40,000 |
Net income attributable to the Partnership per limited partner unit – basic and diluted (in dollars): | ||||
Net income attributable to the Partnership per limited partner unit – basic and diluted (in dollars per share) | $ 0.37 | $ 0.38 | $ 0.76 | $ 0.77 |
Limited Partners Subordinated Units | ||||
Costs and expenses | ||||
Net income attributable to the Partnership | $ 0 | $ 19,700 | $ 9,500 | $ 39,900 |
Net income attributable to the Partnership per limited partner unit – basic and diluted (in dollars): | ||||
Net income attributable to the Partnership per limited partner unit – basic and diluted (in dollars per share) | $ 0 | $ 0.38 | $ 0.18 | $ 0.77 |
Common Units Public | ||||
Weighted average number of limited partner units outstanding – basic and diluted (in millions): | ||||
Weighted average number of limited partner units outstanding - basic and diluted (in shares) | 47.8 | 47.8 | 47.8 | 47.8 |
BP Holdco | Common Units BP Holdco | ||||
Weighted average number of limited partner units outstanding – basic and diluted (in millions): | ||||
Weighted average number of limited partner units outstanding - basic and diluted (in shares) | 57 | 4.6 | 44.8 | 4.6 |
BP Holdco | Subordinated Units | ||||
Weighted average number of limited partner units outstanding – basic and diluted (in millions): | ||||
Weighted average number of limited partner units outstanding - basic and diluted (in shares) | 0 | 52.4 | 52.4 | 52.4 |
Maintenance | ||||
Costs and expenses | ||||
Maintenance expenses – third parties | $ 300 | $ 1,400 | $ 1,100 | $ 1,600 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Noncontrolling Interest [Member] | Common UnitsMember Units [Member]General Public | Subordinated UnitsMember Units [Member]BP Holdco | General Partner |
Beginning Balance at Dec. 31, 2019 | $ 240.2 | $ 136.9 | $ 791.3 | $ (689.2) | $ 1.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 92.9 | ||||
Ending Balance at Jun. 30, 2020 | 1.2 | ||||
Beginning Balance at Dec. 31, 2020 | 254 | $ 132.5 | $ 800.5 | $ (680.2) | $ 1.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 93.7 | ||||
Ending Balance at Jun. 30, 2021 | $ 259.9 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 |
Statement of Stockholders' Equity [Abstract] | ||||
Cash distributions per unit paid (in dollars per unit) | $ 0.3475 | $ 0.3475 | $ 0.3126 | $ 0.3015 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net income | $ 93.7 | $ 92.9 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation | 1.3 | 1.3 |
Non-cash expenses | 0.1 | 0.1 |
Income from equity method investments | (58.9) | (58.1) |
Distributions of earnings received from equity method investments | 58.8 | 60.7 |
Changes in operating assets and liabilities | ||
Accounts receivable | 1.1 | 1 |
Prepaid expenses and other current assets | 4.3 | 3.1 |
Accounts payable | 1 | (0.1) |
Deferred revenues and credits – related parties | 0.5 | 0.1 |
Other | (0.4) | (1.5) |
Net cash provided by operating activities | 101.5 | 99.5 |
Cash flows from investing activities | ||
Capital expenditures | (7.5) | (1.3) |
Distributions in excess of earnings from equity method investments | 4.3 | 5.3 |
Net cash (used in) provided by investing activities | (3.2) | 4 |
Cash flows from financing activities | ||
Proceeds from issuance of debt – related parties | 0 | (468) |
Distributions to unitholders and general partner | (75.2) | (75.2) |
Distributions to non-controlling interests | (12.7) | (12.2) |
Net cash used in financing activities | (87.9) | (87.4) |
Net change in cash and cash equivalents | 10.4 | 16.1 |
Cash and cash equivalents at beginning of the period | 126.9 | 98.8 |
Cash and cash equivalents at end of the period | 137.3 | 114.9 |
Supplemental cash flow information | ||
Cash paid for interest | 2.3 | 8.3 |
Non-cash investing transactions | ||
Accrued capital expenditures | 5.1 | 0.5 |
Proceeds from Issuance of Long-term Debt | $ 0 | $ 468 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation BP Midstream Partners LP (either individually or together with its subsidiaries, as the context requires, the “Partnership”) is a Delaware limited partnership formed on May 22, 2017 by BP Pipelines (North America) Inc. (“BP Pipelines”), an indirect wholly owned subsidiary of BP p.l.c. (“BP”), a “foreign private issuer” within the meaning of the Securities Exchange Act of 1934, as amended. Unless otherwise stated or the context otherwise indicates, all references to “we,” “our,” “us,” or similar expressions refer to the legal entity BP Midstream Partners LP. The term “our Parent” refers to BP Pipelines; any entity that wholly owns BP Pipelines, indirectly or directly, including BP and BP America Inc. (“BPA”), an indirect wholly owned subsidiary of BP; and any entity that is wholly owned by the aforementioned entities, excluding BP Midstream Partners LP. Business BP Midstream Partners LP is a master limited partnership formed by BP Pipelines to own, operate, develop and acquire pipelines and other midstream assets. The Partnership's assets consist of interests in entities that own crude oil, natural gas, refined products and diluent pipelines and refined product terminals serving as key infrastructure for BP and other customers to transport onshore crude oil production to BP’s refinery in Whiting, Indiana (the “Whiting Refinery”) and offshore crude oil and natural gas production to key refining markets and trading and distribution hubs. Certain assets deliver refined products and diluent from the Whiting Refinery and other U.S. supply hubs to major demand centers. As of June 30, 2021, the Partnership's assets consisted of the following: • BP Two Pipeline Company LLC, which owns the BP#2 crude oil pipeline system (“BP2”). • BP River Rouge Pipeline Company LLC, which owns the Whiting to River Rouge refined products pipeline system (“River Rouge”). • BP D-B Pipeline Company LLC, which owns the Diamondback diluent pipeline system (“Diamondback”). BP2, River Rouge, and Diamondback, together, are referred to as the "Wholly Owned Assets". • 28.5% ownership interest in Mars Oil Pipeline Company, LLC (“Mars”), which owns a major corridor crude oil pipeline system in the Gulf of Mexico. • 65% ownership interest and 100% managing member interest in Mardi Gras Transportation System Company, LLC ("Mardi Gras"), which holds the following investments in joint ventures located in the Gulf of Mexico: • 56% ownership interest in Caesar Oil Pipeline Company, LLC (“Caesar”), • 53% ownership interest in Cleopatra Gas Gathering Company, LLC (“Cleopatra”), • 65% ownership interest in Proteus Oil Pipeline Company, LLC (“Proteus”), and, • 65% ownership interest in Endymion Oil Pipeline Company, LLC (“Endymion”). • Together Endymion, Caesar, Cleopatra and Proteus are referred to as the “Mardi Gras Joint Ventures.” • 22.7% ownership interest in Ursa Oil Pipeline Company, LLC ("Ursa"). • 25% ownership interest in KM Phoenix Holdings, LLC ("KM Phoenix"). We generate a majority of revenue by charging fees for the transportation of crude oil, refined products and diluent through our pipelines under agreements with minimum volume commitments ("MVC"). We do not engage in the marketing and trading of any commodities. All operations are conducted in the United States, and all long-lived assets are located in the United States. Partnership operations consist of one reportable segment. Certain Partnership businesses are subject to regulation by various authorities including, but not limited to the Federal Energy Regulatory Commission ("FERC"). Regulatory bodies exercise statutory authority over matters such as common carrier tariffs, construction, rates and ratemaking and agreements with customers. Basis of Presentation Condensed consolidated financial statements have been prepared under the rules and regulations of the Securities and Exchange Commission (“SEC”). These rules and regulations conform to the accounting principles contained in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, the single source of accounting principles generally accepted in the United States (“GAAP”). Certain information and footnote disclosures normally included in the annual consolidated financial statements have been condensed or omitted from these condensed consolidated financial statements. The condensed consolidated financial statements as of June 30, 2021, and for the three and six months ended June 30, 2021 and 2020, included herein, are unaudited. These financial statements include all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of our condensed consolidated financial position, results of operations and cash flows. Unless otherwise specified, all such adjustments are of a normal and recurring nature. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 (the "Partnership's 2020 10-K"). Partnership financial position, results of operations and cash flows consist of consolidated BP Midstream Partners LP activities and balances. All intercompany accounts and transactions within the financial statements have been eliminated for all periods presented. Subordinated Unit Conversion On February 11, 2021, we paid a cash distribution of $0.3475 per limited partner unit to unitholders of record on January 28, 2021, for the three months ended December 31, 2020. Following payment of the distribution, the board of directors of our General Partner confirmed and approved that the financial tests required for conversion of our subordinated units had been met under the terms of the partnership agreement. As a result, on February 12, 2021, all of the Partnership's subordinated units were converted into common units on a one-for-one basis and the subordination period was terminated. Refer to Note 8 - Net Income Per Limited Partner Unit for additional information. As a result of the completion of this conversion event, common units are presented on a combined basis in the condensed consolidated balance sheets and the condensed consolidated statements of changes in equity as of and for the period ended June 30, 2021. Prior periods have been reclassified in the comparative periods to conform to current period presentation in the condensed consolidated balance sheets and the condensed consolidated statements of changes in equity. Summary of Significant Accounting Policies There have been no significant changes to accounting policies as disclosed in Note 2 - Summary of Significant Accounting Policies in the Partnership's 2020 10-K. |
Equity Method Investments
Equity Method Investments | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method Investments We account for ownership interests in Mars, the Mardi Gras Joint Ventures, Ursa, and KM Phoenix using the equity method for financial reporting purposes. Financial results include the Partnership's proportionate share of Mars, the Mardi Gras Joint Ventures, Ursa and KM Phoenix, which is reflected in Income from equity method investments on the condensed consolidated statements of operations. We did not record any impairment loss on equity method investments during the three and six months ended June 30, 2021 and 2020. The table below summarizes the balances and activities related for each equity method investment ("EMI") recorded as of and for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Percentage Ownership Distributions Received Income from EMI Carrying Value Percentage Ownership Distributions Received Income from EMI Carrying Value Mars 28.5% $ (12.1) $ 10.3 $ 53.1 28.5% $ (13.7) $ 11.6 $ 54.3 Caesar 56.0% (5.3) 4.2 115.3 56.0% (3.4) 3.7 117.3 Cleopatra 53.0% (2.6) 1.9 113.1 53.0% (2.4) 1.2 115.5 Proteus 65.0% (3.4) 3.1 67.4 65.0% (5.2) 3.6 72.3 Endymion 65.0% (6.6) 6.4 78.6 65.0% (4.8) 5.2 81.5 Others (1) Various (2.9) 2.7 88.2 Various (2.3) 1.5 85.6 Total Equity Investments $ (32.9) $ 28.6 $ 515.7 $ (31.8) $ 26.8 $ 526.5 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Percentage Ownership Distributions Received Income from EMI Carrying Value Percentage Ownership Distributions Received Income from EMI Carrying Value Mars 28.5% $ (23.1) $ 22.1 $ 53.1 28.5% $ (26.7) $ 24.1 $ 54.3 Caesar 56.0% (9.2) 8.0 115.3 56.0% (8.3) 8.2 117.3 Cleopatra 53.0% (4.2) 3.0 113.1 53.0% (5.3) 3.2 115.5 Proteus 65.0% (8.1) 7.1 67.4 65.0% (10.7) 7.7 72.3 Endymion 65.0% (14.6) 13.9 78.6 65.0% (10.7) 11.2 81.5 Others (1) Various (3.9) 4.8 88.2 Various (4.3) 3.7 85.6 Total Equity Investments $ (63.1) $ 58.9 $ 515.7 $ (66.0) $ 58.1 $ 526.5 (1) Includes ownership in Ursa (22.7%) and KM Phoenix (25%). The following table presents aggregated selected income statement data for equity method investments on a 100% basis for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, 2021 2020 Statement of operations Revenue $ 128.7 $ 127.0 Operating expenses 56.2 57.1 Net income 72.6 70.0 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following: June 30, 2021 December 31, 2020 Land $ 0.2 $ 0.2 Rights-of-way assets 1.4 1.4 Buildings and improvements 6.9 6.9 Pipelines and equipment 95.5 95.3 Other 0.9 0.8 Construction in progress 15.0 7.1 Property, plant and equipment 119.9 111.7 Less: Accumulated depreciation (45.1) (43.8) Property, plant and equipment, net $ 74.8 $ 67.9 There were no impairments on property, plant and equipment for the three and six months ended June 30, 2021 and 2020. |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Other Current Liabilities | Other Current Liabilities Other current liabilities consisted of the following: June 30, 2021 December 31, 2020 Accrued capital expenditures $ 5.1 $ 4.1 Accrued interest payable – related parties 0.8 0.9 Current portion of environmental remediation obligation 0.5 0.4 Current portion of lease liabilities 0.1 0.1 Accrued liabilities 1.7 2.3 Other current liabilities $ 8.2 $ 7.8 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt On February 24, 2020, we entered i nto a $468 million Term Loan Facility Agreement ("term loan") with an affiliate of BP. On March 13, 2020, proceeds were used to repay outstanding borrowings under the exist ing credit facility ("credit facility"). Refer to Note 9 - Debt in the Partnership's 2020 10-K for additional information. The term loan has a final repayment date of Februa ry 24, 2025, and provides for certain covenants, including the requirement to maintain a consolidated leverage ratio, which is calculated as total indebtedness to consolidated EBITDA, not to exceed 5.0 to 1.0, subject to a temporary increase in such ratio to 5.5 to 1.0 in connection with certain material acquisitions. Simultaneous with this transaction, we entered into a First Amendment to Short Term Credit Facility Agreement whereby the lender added a provision that indebtedness under both the term loan and the credit facility shall not exceed $600 million. All other terms of the credit facility remain the same. As of June 30, 2021, the Partnership was in compliance with the covenants contained in the term loan facility and the credit facility. There were $468 million of outstanding borrowi ngs under the term loan at June 30, 2021 and December 31, 2020. Interest charges and fees were $1.1 million and $2.2 million for the three and six months ended June 3 0 , 20 21, respectively. Interest charges and fees were $2.0 million and $5.6 million for the three and six months ended June 30, 2020, respectively. Indebtedness under the term loan bears interest at the 3-month LIBOR plus 0.73%. For the three and six months ended June 30, 2021, the weighted average interest rates for our long-term debt were 0.92% an d 0.93% , respectively. For the three and six months ended June 30, 2020, the weighted average interest rates for our long-term debt were 1.69% an d 2.28 % , respectively. |
Net Income Per Limited Partner
Net Income Per Limited Partner Unit | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Limited Partner Unit | Net Income Per Limited Partner Unit The following table details the distributions declared and/or paid for the periods presented: Three Months Ended Date Paid or General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions per Limited Partner Unit (in dollars) December 31, 2019 February 13, 2020 $ 1.2 $ 18.2 $ 18.2 $ 37.6 $ 0.3475 March 31, 2020 May 14, 2020 1.2 18.2 18.2 37.6 0.3475 June 30, 2020 August 13, 2020 1.2 18.2 18.2 37.6 0.3475 December 31, 2020 February 11, 2021 1.2 18.2 18.2 37.6 0.3475 March 31, 2021 May 13, 2021 1.2 36.4 — 37.6 0.3475 June 30, 2021 August 12, 2021 1.2 36.4 — 37.6 0.3475 Earnings in excess of distributions are allocated to the limited partners based on their respective percentage interests. Payments made to the Partnership’s unitholders are determined in relation to actual distributions declared and are not based on the net income allocations used in the calculation of net income per unit. In addition to the common and subordinated units, the Partnership also identified the incentive distribution rights ("IDRs") currently held by the General Partner as a participating security and uses the two-class method when calculating the net income per unit applicable to limited partners that is based on the weighted-average number of common units outstanding during the period. Following the payment of the distribution on February 11, 2021, the financial tests required for the conversion of our subordinated units were satisfied under the terms of our partnership agreement. As a result, on February 12, 2021, all of the Partnership's subordinated units were converted into common units on a one-for-one basis and the subordination period was terminated. Following the conversion, we continue to use the two-class method when calculating the net income per unit applicable to limited partners. The remaining classes of participating securities are common units and IDRs. When calculating basic earnings per unit under the two-class method for a master limited partnership, net income for the current reporting period is reduced by the amount of available cash that will be distributed to the General Partner and limited partners for that reporting period. The following tables show the allocation of net income to arrive at net income per limited partner unit for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income attributable to the Partnership $ 40.5 $ 40.6 $ 82.5 $ 82.3 Less: Incentive distribution rights currently held by the General Partner 1.2 1.2 2.4 2.4 Limited partners' distribution declared on common units 36.4 18.2 72.8 36.4 Limited partners' distribution declared on subordinated units — 18.2 — 36.4 Net income attributable to the Partnership in excess of distributions $ 2.9 $ 3.0 $ 7.3 $ 7.1 Three Months Ended June 30, 2021 General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions declared $ 1.2 $ 36.4 $ — $ 37.6 Net income attributable to the Partnership in excess of distributions — 2.9 — 2.9 Net income attributable to the Partnership $ 1.2 $ 39.3 $ — $ 40.5 Weighted average units outstanding: Basic and Diluted 104.8 — Net income per limited partner unit (in dollars): Basic and Diluted $ 0.37 $ — Six Months Ended June 30, 2021 General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions declared $ 2.4 $ 72.8 $ — $ 75.2 Net income attributable to the Partnership in excess of distributions — (2.2) 9.5 7.3 Net income attributable to the Partnership $ 2.4 $ 70.6 $ 9.5 $ 82.5 Weighted average units outstanding: Basic and Diluted (1) 92.6 52.4 Net income per limited partner unit (in dollars): Basic and Diluted (1) $ 0.76 $ 0.18 (1) The 52.4 million weighted average subordinated units outstanding and $0.18 net income per limited partner unit have been calculated only for the period prior to conversion. All of the subordinated units were converted into common units on February 12, 2021. On April 15, 2021, the Partnership declared a cash distribution of $0.3475 per limited partner unit to unitholders of record on April 29, 2021, for the three months ended March 31, 2021. All of the subordinated units were converted into common units on February 12, 2021. As a result, on the date of record, there were no subordinated units outstanding, and therefore, no portion of the cash distribution was allocated to the limited partners' subordinated units. However, pursuant to the requirements of the two-class method, and as stated above, the net income per unit amount applicable to the subordinated units has been calculated for the period of time the units were outstanding prior to their conversion. Three Months Ended June 30, 2020 General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions declared $ 1.2 $ 18.2 $ 18.2 $ 37.6 Net income attributable to the Partnership in excess of distributions — 1.5 1.5 3.0 Net income attributable to the Partnership $ 1.2 $ 19.7 $ 19.7 $ 40.6 Weighted average units outstanding: Basic and Diluted 52.4 52.4 Net income per limited partner unit (in dollars): Basic and Diluted $ 0.38 $ 0.38 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying amounts of accounts receivable, other current assets, accounts payable, and other current liabilities approximate their fair values due to their short-term nature. The carrying value of borrowings under the term loan as of June 30, 2021 and December 31, 2020 approximate fair value as the interest rates are reflective of market rates. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings The Partnership is a party to ongoing legal proceedings in the ordinary course of business. For each outstanding legal matter, if any, we will evaluate the merits of the case, exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. While the outcome of these proceedings cannot be predicted with certainty, we do not believe the results of these proceedings, individually or in the aggregate, will have a material adverse effect on the Partnership's business, financial condition, results of operations or liquidity. Indemnification Under our omnibus agreement, our Parent will indemnify us for certain environmental liabilities, litigation and other matters attributable to the ownership or operation of our assets prior to our ownership. For the purposes of determining the indemnified amount of any loss suffered or incurred by the Partnership, the Partnership’s ownership of 28.5% in Mars, and 65% in Mardi Gras, and Mardi Gras’ 56% ownership in Caesar, 53% ownership in Cleopatra, 65% ownership in Endymion and 65% ownership in Proteus will be considered. Indemnification for certain identified environmental liabilities is subject to a cap of $25 million without any deductible. Other matters covered by the omnibus agreement are subject to a cap of $15.0 million and an aggregate deductible of $0.5 million before we are entitled to indemnification. Indemnification for any unknown environmental liabilities was limited to liabilities due to occurrences on or before October 30, 2017, which were identified prior to October 30, 2020. We continue to maintain indemnification by our General Partner for matters previously discovered. To the extent that unknown environmental liabilities arise relating to prior ownership, the Partnership will be liable. The Interest Purchase Agreement contains customary representations, warranties and covenants of our Parent and the Partnership. Our Parent, on the one hand, and the Partnership, on the other hand, have agreed to indemnify each other and their respective affiliates, officers, directors and other representatives against certain losses, including those resulting from any breach of their representations, warranties or covenants contained in the Interest Purchase Agreement, subject to certain limitations and survival periods. This agreement covers the Partnership’s ownership of 22.7% in Ursa and 25% in KM Phoenix. Environmental Matters We are subject to federal, state, and local environmental laws and regulations. We record provisions for environmental liabilities based on management’s best estimates, using all information that is available at the time. In making environmental liability estimations, we consider the material effect of environmental compliance, pending legal actions against us and potential third-party liability claims. Often, as the remediation evaluation and effort progress, additional information is obtained, requiring revisions to estimated costs. We are indemnified by our Parent under the omnibus agreement against environmental cleanup costs for incidents that occurred prior to Partnership ownership. Revisions to the estimated environmental liability for conditions that are not indemnified under the omnibus agreement with our Parent are reflected in the Partnership's condensed consolidated statements of operations in the year in which they are probable and reasonably estimable. We accru ed $3.5 million and $3.4 million for environmental liabilities at June 30, 2021 and December 31, 2020, respectively. These balances are broken down on the condensed consolidated balance sheets as follows: Balance sheet location June 30, 2021 December 31, 2020 Current portion of environmental remediation obligations Other current liabilities $ 0.5 $ 0.4 Long-term portion of environmental remediation obligations Other liabilities 3.0 3.0 Total $ 3.5 $ 3.4 The balances are related to incidents that occurre d prior to our ownership and are entirely indemnified by our Parent. As a result, we recorded corresponding indemnification assets $3.5 million and $3.4 million at June 30, 2021 and December 31, 2020, respectively. These balances are broken down on the condensed consolidated balance sheets as follows: Balance sheet location June 30, 2021 December 31, 2020 Current portion of indemnification assets Other current assets $ 0.5 $ 0.4 Non-current portion of indemnification assets Other assets 3.0 3.0 Total $ 3.5 $ 3.4 Griffith Station Incident |
Unit-Based Compensation
Unit-Based Compensation | 3 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Unit-Based Compensation | 11. Unit-Based Compensation Long-Term Incentive Plan On October 26, 2017, the General Partner adopted the BP Midstream Partners LP 2017 Long Term Incentive Plan (the “LTIP”). Awards under the LTIP are available for eligible officers, directors, employees and consultants of the General Partner and its affiliates, who perform services for the Partnership. The LTIP allows the Partnership to grant unit options, unit appreciation rights, restricted units, phantom units, unit awards, cash awards, performance awards, distribution equivalent rights, substitute awards and other unit-based awards. The maximum aggregate number of common units that may be issued pursuant to the awards granted under the LTIP shall not exceed 5,502,271, subject to proportionate adjustment in the event of unit splits and similar events. Unit-Based Awards under the LTIP The following is a summary of phantom unit award activities of the Partnership’s common units for the six months ended June 30, 2021: Phantom Units Number of Units (in units) Weighted Average Grant Date Fair Value per Unit (in dollars) Outstanding at December 31, 2020 16,038 $ 14.03 Granted 18,534 12.00 Vested (16,038) 14.03 Outstanding at June 30, 2021 18,534 $ 12.00 For the three and six months ended June 30, 2021, total compensation expense recognized for phantom unit awards were approximately $56 thousand and $111 thousand, respectively. For the three and six months ended June 30, 2020, total compensation expense recognized for phantom unit awards was approximately $56 thousand and $119 thousand, respectively. The unrecognized compensation cost related to phantom unit awards was approximately $146 thousand at June 30, 2021, which is expected to be recognized over a weighted average period of 0.7 |
Variable Interest Entity
Variable Interest Entity | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entity | 12. Variable Interest Entity Mardi Gras is a Delaware limited liability company and a pass-through entity for U.S. federal and state income tax purposes. Mardi Gras holds equity interests in the Mardi Gras Joint Ventures and accounts for them as equity method investments. Mardi Gras does not have any other operations or activities. The remaining interests in each of the Mardi Gras Joint Ventures are owned by unaffiliated third-party investors. Each of the Mardi Gras Joint Ventures is managed by its respective management committee, and decisions made by these management committees require approval of two or more members that are not affiliates with equity interest holdings meeting certain thresholds. We have 65% ownership interest and 100% managing member interest in Mardi Gras. The remainder of the economic interest in Mardi Gras was held 34% by BP Pipelines and 1% by an affiliate of BP. Through our managing member interest in Mardi Gras, we have the right to vote 100% of Mardi Gras’ interest in each of the Mardi Gras Joint Ventures. We determined that Mardi Gras is a variable interest entity because (i) we hold disproportional voting rights as compared to our economic interest in Mardi Gras, and (ii) substantially all of Mardi Gras’ activities involve or are conducted on behalf of our Parent, which holds disproportionately few voting rights. The managing member interest in Mardi Gras provides us with the unilateral power to direct the activities of Mardi Gras that most significantly impact its economic performance including the right to exercise the voting rights of BP for each of the Mardi Gras Joint Ventures. In addition, our obligations to absorb the expected losses of and the right to receive the residual returns from Mardi Gras relative to our economic ownership is significant to Mardi Gras. As a result, we are the primary beneficiary of Mardi Gras and consolidate Mardi Gras. We have the obligation to provide financial support to Mardi Gras if all members unanimously determine that additional capital contributions are necessary to fund Mardi Gras’ operations. The assets of Mardi Gras can only be used to satisfy its own obligations, which were zero at June 30, 2021 and December 31, 2020. Under the current limited liability company agreement of Mardi Gras, creditors of Mardi Gras, if any, do not have any recourse to the general credit of the Partnership. The financial position of Mardi Gras at June 30, 2021 and December 31, 2020, its financial performance for the three and six months ended June 30, 2021 and 2020 and cash flows for the six months ended June 30, 2021 and 2020, as reflected in the condensed consolidated financial statements, are as follows: June 30, 2021 December 31, 2020 Balance sheet Equity method investments $ 374.4 $ 378.5 Non-controlling interests 131.0 132.5 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Statement of operations Income from equity method investments $ 15.6 $ 13.7 $ 32.0 $ 30.3 Less: Net income attributable to non-controlling interests 5.4 4.8 11.2 10.6 Net impact on Net income attributable to the Partnership $ 10.2 $ 8.9 $ 20.8 $ 19.7 Six Months Ended June 30, 2021 2020 Statement of cash flows Cash flows from operating activities Distributions of earnings received from equity method investments $ 31.9 $ 29.8 Cash flows from investing activities Distribution in excess of earnings from equity method investments 4.2 5.2 Cash flows from financing activities Distributions to non-controlling interests (12.7) (12.2) Net change on the Partnership's cash and cash equivalents $ 23.4 $ 22.8 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events We have evaluated subsequent events through the issuance of these condensed consolidated financial statements. Based on this evaluation, it was determined that no subsequent events occurred, other than the items noted below, that require recognition or disclosure in the condensed consolidated financial statements. Distribution |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Condensed consolidated financial statements have been prepared under the rules and regulations of the Securities and Exchange Commission (“SEC”). These rules and regulations conform to the accounting principles contained in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, the single source of accounting principles generally accepted in the United States (“GAAP”). Certain information and footnote disclosures normally included in the annual consolidated financial statements have been condensed or omitted from these condensed consolidated financial statements. The condensed consolidated financial statements as of June 30, 2021, and for the three and six months ended June 30, 2021 and 2020, included herein, are unaudited. These financial statements include all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of our condensed consolidated financial position, results of operations and cash flows. Unless otherwise specified, all such adjustments are of a normal and recurring nature. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 (the "Partnership's 2020 10-K"). Partnership financial position, results of operations and cash flows consist of consolidated BP Midstream Partners LP activities and balances. All intercompany accounts and transactions within the financial statements have been eliminated for all periods presented. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Transportation services revenue – third parties $ 0.8 $ 0.8 $ 1.6 $ 1.8 Transportation services revenue – related parties 28.5 30.7 57.3 60.4 Total revenue $ 29.3 $ 31.5 $ 58.9 $ 62.2 |
Summary of Remaining Performance Obligation, Expected Timing of Satisfaction | As of June 30, 2021 Remainder of 2021 $ 55.2 2022 102.0 2023 98.2 Total $ 255.4 As of June 30, 2021 we have executed a Capital Recovery Fee Agreement with BP Products and commenced construction of an onshore capacity increase project. The agreement calls for fees of $6.0 million per year (payable in equal monthly installments) over a four-year period, beginning when the increased capacity becomes available for use. |
Summary of Contract with Customer, Assets and Liabilities | The following table provides information about receivables from contracts with customers, contract assets and contract liabilities: June 30, 2021 December 31, 2020 Receivables from contracts with customers – third parties $ — $ 0.2 Receivables from contracts with customers – related parties 10.0 11.0 Deferred revenues and credits – related parties 2.3 1.8 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Percentage Ownership Distributions Received Income from EMI Carrying Value Percentage Ownership Distributions Received Income from EMI Carrying Value Mars 28.5% $ (12.1) $ 10.3 $ 53.1 28.5% $ (13.7) $ 11.6 $ 54.3 Caesar 56.0% (5.3) 4.2 115.3 56.0% (3.4) 3.7 117.3 Cleopatra 53.0% (2.6) 1.9 113.1 53.0% (2.4) 1.2 115.5 Proteus 65.0% (3.4) 3.1 67.4 65.0% (5.2) 3.6 72.3 Endymion 65.0% (6.6) 6.4 78.6 65.0% (4.8) 5.2 81.5 Others (1) Various (2.9) 2.7 88.2 Various (2.3) 1.5 85.6 Total Equity Investments $ (32.9) $ 28.6 $ 515.7 $ (31.8) $ 26.8 $ 526.5 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Percentage Ownership Distributions Received Income from EMI Carrying Value Percentage Ownership Distributions Received Income from EMI Carrying Value Mars 28.5% $ (23.1) $ 22.1 $ 53.1 28.5% $ (26.7) $ 24.1 $ 54.3 Caesar 56.0% (9.2) 8.0 115.3 56.0% (8.3) 8.2 117.3 Cleopatra 53.0% (4.2) 3.0 113.1 53.0% (5.3) 3.2 115.5 Proteus 65.0% (8.1) 7.1 67.4 65.0% (10.7) 7.7 72.3 Endymion 65.0% (14.6) 13.9 78.6 65.0% (10.7) 11.2 81.5 Others (1) Various (3.9) 4.8 88.2 Various (4.3) 3.7 85.6 Total Equity Investments $ (63.1) $ 58.9 $ 515.7 $ (66.0) $ 58.1 $ 526.5 (1) Includes ownership in Ursa (22.7%) and KM Phoenix (25%). The following table presents aggregated selected income statement data for equity method investments on a 100% basis for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, 2021 2020 Statement of operations Revenue $ 128.7 $ 127.0 Operating expenses 56.2 57.1 Net income 72.6 70.0 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | Property, plant and equipment consisted of the following: June 30, 2021 December 31, 2020 Land $ 0.2 $ 0.2 Rights-of-way assets 1.4 1.4 Buildings and improvements 6.9 6.9 Pipelines and equipment 95.5 95.3 Other 0.9 0.8 Construction in progress 15.0 7.1 Property, plant and equipment 119.9 111.7 Less: Accumulated depreciation (45.1) (43.8) Property, plant and equipment, net $ 74.8 $ 67.9 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following: June 30, 2021 December 31, 2020 Accrued capital expenditures $ 5.1 $ 4.1 Accrued interest payable – related parties 0.8 0.9 Current portion of environmental remediation obligation 0.5 0.4 Current portion of lease liabilities 0.1 0.1 Accrued liabilities 1.7 2.3 Other current liabilities $ 8.2 $ 7.8 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating expenses—related parties $ 1.4 $ 1.3 $ 2.6 $ 2.8 Maintenance expenses—related parties 0.1 0.1 0.1 0.2 General and administrative—related parties 3.9 3.6 7.9 7.5 Total costs and expenses—related parties $ 5.4 $ 5.0 $ 10.6 $ 10.5 |
Net Income Per Limited Partne_2
Net Income Per Limited Partner Unit (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Distributions | The following table details the distributions declared and/or paid for the periods presented: Three Months Ended Date Paid or General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions per Limited Partner Unit (in dollars) December 31, 2019 February 13, 2020 $ 1.2 $ 18.2 $ 18.2 $ 37.6 $ 0.3475 March 31, 2020 May 14, 2020 1.2 18.2 18.2 37.6 0.3475 June 30, 2020 August 13, 2020 1.2 18.2 18.2 37.6 0.3475 December 31, 2020 February 11, 2021 1.2 18.2 18.2 37.6 0.3475 March 31, 2021 May 13, 2021 1.2 36.4 — 37.6 0.3475 June 30, 2021 August 12, 2021 1.2 36.4 — 37.6 0.3475 |
Schedule of Earnings Per Share | The following tables show the allocation of net income to arrive at net income per limited partner unit for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income attributable to the Partnership $ 40.5 $ 40.6 $ 82.5 $ 82.3 Less: Incentive distribution rights currently held by the General Partner 1.2 1.2 2.4 2.4 Limited partners' distribution declared on common units 36.4 18.2 72.8 36.4 Limited partners' distribution declared on subordinated units — 18.2 — 36.4 Net income attributable to the Partnership in excess of distributions $ 2.9 $ 3.0 $ 7.3 $ 7.1 Three Months Ended June 30, 2021 General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions declared $ 1.2 $ 36.4 $ — $ 37.6 Net income attributable to the Partnership in excess of distributions — 2.9 — 2.9 Net income attributable to the Partnership $ 1.2 $ 39.3 $ — $ 40.5 Weighted average units outstanding: Basic and Diluted 104.8 — Net income per limited partner unit (in dollars): Basic and Diluted $ 0.37 $ — Six Months Ended June 30, 2021 General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions declared $ 2.4 $ 72.8 $ — $ 75.2 Net income attributable to the Partnership in excess of distributions — (2.2) 9.5 7.3 Net income attributable to the Partnership $ 2.4 $ 70.6 $ 9.5 $ 82.5 Weighted average units outstanding: Basic and Diluted (1) 92.6 52.4 Net income per limited partner unit (in dollars): Basic and Diluted (1) $ 0.76 $ 0.18 (1) The 52.4 million weighted average subordinated units outstanding and $0.18 net income per limited partner unit have been calculated only for the period prior to conversion. All of the subordinated units were converted into common units on February 12, 2021. On April 15, 2021, the Partnership declared a cash distribution of $0.3475 per limited partner unit to unitholders of record on April 29, 2021, for the three months ended March 31, 2021. All of the subordinated units were converted into common units on February 12, 2021. As a result, on the date of record, there were no subordinated units outstanding, and therefore, no portion of the cash distribution was allocated to the limited partners' subordinated units. However, pursuant to the requirements of the two-class method, and as stated above, the net income per unit amount applicable to the subordinated units has been calculated for the period of time the units were outstanding prior to their conversion. Three Months Ended June 30, 2020 General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions declared $ 1.2 $ 18.2 $ 18.2 $ 37.6 Net income attributable to the Partnership in excess of distributions — 1.5 1.5 3.0 Net income attributable to the Partnership $ 1.2 $ 19.7 $ 19.7 $ 40.6 Weighted average units outstanding: Basic and Diluted 52.4 52.4 Net income per limited partner unit (in dollars): Basic and Diluted $ 0.38 $ 0.38 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Balance Sheet Classification of Environmental Liabilities | These balances are broken down on the condensed consolidated balance sheets as follows: Balance sheet location June 30, 2021 December 31, 2020 Current portion of environmental remediation obligations Other current liabilities $ 0.5 $ 0.4 Long-term portion of environmental remediation obligations Other liabilities 3.0 3.0 Total $ 3.5 $ 3.4 |
Schedule Of Indemnification Asset For Environmental Loss Contingencies | These balances are broken down on the condensed consolidated balance sheets as follows: Balance sheet location June 30, 2021 December 31, 2020 Current portion of indemnification assets Other current assets $ 0.5 $ 0.4 Non-current portion of indemnification assets Other assets 3.0 3.0 Total $ 3.5 $ 3.4 |
Unit-Based Compensation (Tables
Unit-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Phantom Units Activity | The following is a summary of phantom unit award activities of the Partnership’s common units for the six months ended June 30, 2021: Phantom Units Number of Units (in units) Weighted Average Grant Date Fair Value per Unit (in dollars) Outstanding at December 31, 2020 16,038 $ 14.03 Granted 18,534 12.00 Vested (16,038) 14.03 Outstanding at June 30, 2021 18,534 $ 12.00 |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entity | The financial position of Mardi Gras at June 30, 2021 and December 31, 2020, its financial performance for the three and six months ended June 30, 2021 and 2020 and cash flows for the six months ended June 30, 2021 and 2020, as reflected in the condensed consolidated financial statements, are as follows: June 30, 2021 December 31, 2020 Balance sheet Equity method investments $ 374.4 $ 378.5 Non-controlling interests 131.0 132.5 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Statement of operations Income from equity method investments $ 15.6 $ 13.7 $ 32.0 $ 30.3 Less: Net income attributable to non-controlling interests 5.4 4.8 11.2 10.6 Net impact on Net income attributable to the Partnership $ 10.2 $ 8.9 $ 20.8 $ 19.7 Six Months Ended June 30, 2021 2020 Statement of cash flows Cash flows from operating activities Distributions of earnings received from equity method investments $ 31.9 $ 29.8 Cash flows from investing activities Distribution in excess of earnings from equity method investments 4.2 5.2 Cash flows from financing activities Distributions to non-controlling interests (12.7) (12.2) Net change on the Partnership's cash and cash equivalents $ 23.4 $ 22.8 |
Business and Basis of Present_3
Business and Basis of Presentation (Details) - segment | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Variable Interest Entity [Line Items] | ||
Number of reportable segments | 1 | |
KM Phoenix | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 25.00% | |
Total Mardi Gras Joint Ventures | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 65.00% | |
KM Phoenix | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 25.00% | |
Ursa | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 22.70% | |
Mars | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 28.50% | 28500000.00% |
Caesar | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 56.00% | 56000000.00% |
Cleopatra | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 53.00% | 53000000.00% |
Proteus | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 65.00% | 65000000.00% |
Endymion | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 65.00% | 65000000.00% |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Income related to FLA arrangements with Parent | $ 3,000,000 | $ 800,000 | $ 5,600,000 | $ 2,300,000 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Income related to FLA arrangements with Parent | 3,000,000 | 800,000 | 5,600,000 | 2,300,000 |
Related parties | 28,500,000 | 30,700,000 | 57,300,000 | 60,400,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Income related to FLA arrangements with Parent | 3,000,000 | 800,000 | 5,600,000 | 2,300,000 |
Disaggregation of Revenue [Line Items] | ||||
Income related to FLA arrangements with Parent | $ 3,000,000 | $ 800,000 | $ 5,600,000 | $ 2,300,000 |
Weighted average interest rate | 2.28% |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Transportation services revenue – third parties | $ 0.8 | $ 0.8 | $ 1.6 | $ 1.8 |
Transportation services revenue – related parties | 28.5 | 30.7 | 57.3 | 60.4 |
Total revenue | $ 29.3 | $ 31.5 | $ 58.9 | $ 62.2 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligation, Expected Timing of Satisfaction (Details) $ in Millions | Jun. 30, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | |
Unfulfilled performance obligations | $ 255.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue from Contract with Customer [Abstract] | |
Unfulfilled performance obligations | $ 55.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Unfulfilled performance obligations | 102 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Unfulfilled performance obligations | $ 98.2 |
Revenue Recognition - Contract
Revenue Recognition - Contract with Customer, Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables from contracts with customers | $ 0 | $ 0.2 |
Third parties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables from contracts with customers | 0 | 0.2 |
Related parties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables from contracts with customers | 10 | 11 |
Deferred revenue and credits | $ 2.3 | $ 1.8 |
Equity Method Investments - Nar
Equity Method Investments - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Impairment loss on equity method investments | $ 0 | $ 0 |
Equity Method Investments - Sch
Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Proceeds From Equity Method Investment, Dividends Or Distributions, Return On Capital And Return Of Capital | $ 32,900 | $ 31,800 | $ 63,100 | $ 66,000 | |
Income from equity method investments | 28,600 | 26,800 | 58,900 | 58,100 | |
Equity method investments | 515,700 | 526,500 | 515,700 | 526,500 | $ 519,900 |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Revenues | 128,700 | 127,000 | 262,700 | 271,600 | |
Operating expenses | 56,200 | 57,100 | 113,600 | 121,400 | |
Net income | $ 72,600 | $ 70,000 | $ 149,200 | $ 150,500 | |
Mars | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 28.50% | 28500000.00% | 28.50% | 28500000.00% | |
Proceeds From Equity Method Investment, Dividends Or Distributions, Return On Capital And Return Of Capital | $ 12,100 | $ 13,700 | $ 23,100 | $ 26,700 | |
Income from equity method investments | 10,300 | 11,600 | 22,100 | 24,100 | |
Equity method investments | $ 53,100 | $ 54,300 | $ 53,100 | $ 54,300 | |
Caesar | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 56.00% | 56000000.00% | 56.00% | 56000000.00% | |
Proceeds From Equity Method Investment, Dividends Or Distributions, Return On Capital And Return Of Capital | $ 5,300 | $ 3,400 | $ 9,200 | $ 8,300 | |
Income from equity method investments | 4,200 | 3,700 | 8,000 | 8,200 | |
Equity method investments | $ 115,300 | $ 117,300 | $ 115,300 | $ 117,300 | |
Cleopatra | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 53.00% | 53000000.00% | 53.00% | 53000000.00% | |
Proceeds From Equity Method Investment, Dividends Or Distributions, Return On Capital And Return Of Capital | $ 2,600 | $ 2,400 | $ 4,200 | $ 5,300 | |
Income from equity method investments | 1,900 | 1,200 | 3,000 | 3,200 | |
Equity method investments | $ 113,100 | $ 115,500 | $ 113,100 | $ 115,500 | |
Proteus | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 65.00% | 65000000.00% | 65.00% | 65000000.00% | |
Proceeds From Equity Method Investment, Dividends Or Distributions, Return On Capital And Return Of Capital | $ 3,400 | $ 5,200 | $ 8,100 | $ 10,700 | |
Income from equity method investments | 3,100 | 3,600 | 7,100 | 7,700 | |
Equity method investments | $ 67,400 | $ 72,300 | $ 67,400 | $ 72,300 | |
Endymion | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 65.00% | 65000000.00% | 65.00% | 65000000.00% | |
Proceeds From Equity Method Investment, Dividends Or Distributions, Return On Capital And Return Of Capital | $ 6,600 | $ 4,800 | $ 14,600 | $ 10,700 | |
Income from equity method investments | 6,400 | 5,200 | 13,900 | 11,200 | |
Equity method investments | 78,600 | 81,500 | 78,600 | 81,500 | |
Others | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Proceeds From Equity Method Investment, Dividends Or Distributions, Return On Capital And Return Of Capital | 2,900 | 2,300 | 3,900 | 4,300 | |
Income from equity method investments | 2,700 | 1,500 | 4,800 | 3,700 | |
Equity method investments | $ 88,200 | $ 85,600 | $ 88,200 | $ 85,600 | |
Total Mardi Gras Joint Ventures | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 65.00% | 65.00% | |||
Ursa | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 22.70% | 22.70% | |||
KM Phoenix | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 119,900 | $ 111,700 |
Less: Accumulated depreciation | (45,100) | (43,800) |
Property, plant and equipment, net | 74,800 | 67,900 |
Impairment charge | 0 | |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 200 | 200 |
Rights-of-way | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 1,400 | 1,400 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 6,900 | 6,900 |
Pipeline and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 95,500 | 95,300 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 900 | 800 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 15,000 | $ 7,100 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Current portion of environmental remediation obligations | $ 500 | $ 400 |
Accrued interest payable – related parties | 100 | 100 |
Current portion of environmental remediation obligation | 800 | 900 |
Current portion of lease liabilities | 1,700 | 2,300 |
Other current liabilities | 8,200 | 7,800 |
Accrued Liabilities and Other Liabilities | $ 5,100 | $ 4,100 |
Debt (Details)
Debt (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Line of Credit Facility [Line Items] | |||||
Weighted average interest rate | 2.28% | ||||
Long-term Debt, Gross | $ 468 | $ 468 | |||
Required consolidated leverage ratio | 5 | 5 | |||
Required consolidated leverage ratio temporary 1 | 5.5 | 5.5 | |||
Debt maximum borrowing capacity | $ 600 | $ 600 | |||
Balance spread on variable rate | 0.73% | ||||
Long-term Debt [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Weighted average interest rate | 0.92% | 0.93% | |||
Line of Credit | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Outstanding borrowing | $ 468,000,000 | $ 468,000,000 | $ 468,000,000 | ||
Interest expense | $ 1,100,000 | $ 2,000,000 | $ 2,200,000 | $ 5,600,000 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Related parties | $ 28,500,000 | $ 30,700,000 | $ 57,300,000 | $ 60,400,000 | |
Deferred revenues and credits – related parties | 2,300,000 | $ 2,300,000 | $ 1,800,000 | ||
BP Pipelines | |||||
Related Party Transaction [Line Items] | |||||
Annual fee paid to related party | $ 15,500,000 | 14,000,000 | |||
Total Mardi Gras Joint Ventures | |||||
Related Party Transaction [Line Items] | |||||
Noncontrolling interest, ownership percentage by Parent | 3500.00% | 3500.00% | |||
Parent | |||||
Related Party Transaction [Line Items] | |||||
Performance or restricted period | 3 years | ||||
Parent [Member] | |||||
Related Party Transaction [Line Items] | |||||
Performance or restricted period | 3 years | ||||
BP Products | |||||
Related Party Transaction [Line Items] | |||||
Deficiency revenue | $ 0 | $ 6,000,000 | $ 6,000,000 | $ 0 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transactions [Abstract] | ||||
Operating expenses—related parties | $ 1,400,000 | $ 1,300,000 | $ 2,600,000 | $ 2,800,000 |
Maintenance expenses—related parties | 100,000 | 100,000 | 100,000 | 200,000 |
General and administrative—related parties | 3,900,000 | 3,600,000 | 7,900,000 | 7,500,000 |
Total costs and expenses—related parties | 5,400,000 | 5,000,000 | 10,600,000 | 10,500,000 |
BP Products | ||||
Related Party Transaction [Line Items] | ||||
Deficiency revenue | $ 0 | $ 6,000,000 | $ 6,000,000 | $ 0 |
Net Income Per Limited Partne_3
Net Income Per Limited Partner Unit - Schedule of Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 13, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Distribution Made to Limited Partner [Line Items] | |||||
Partner distributions declared | $ 37,600 | $ 37,600 | $ 75,200 | $ 75,200 | |
General Partner | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Partner distributions declared | 1,200 | 1,200 | 2,400 | 2,400 | |
Limited Partners Common Units | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Partner distributions declared | 36,400 | 18,200 | 72,800 | 36,400 | |
Limited Partners Subordinated Units | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Partner distributions declared | $ 0 | $ 18,200 | $ 0 | $ 36,400 | |
Subsequent Event | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Dividends declared per share (in dollars per share) | $ 0.3475 |
Net Income Per Limited Partne_4
Net Income Per Limited Partner Unit - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Partner distributions declared | $ 37,600 | $ 37,600 | $ 75,200 | $ 75,200 |
Net income attributable to the Partnership in excess of distributions | 2,900 | 3,000 | 7,300 | 7,100 |
Net income attributable to the Partnership | 40,500 | 40,600 | 82,500 | 82,300 |
Incentive distribution rights currently held by the General Partner | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Partner distributions declared | 1,200 | 1,200 | 2,400 | 2,400 |
Net income attributable to the Partnership in excess of distributions | 0 | 0 | 0 | 0 |
Net income attributable to the Partnership | 1,200 | 1,200 | 2,400 | 2,400 |
Limited partners' distribution declared on common units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Partner distributions declared | 36,400 | 18,200 | 72,800 | 36,400 |
Net income attributable to the Partnership in excess of distributions | 2,900 | 1,500 | (2,200) | 3,600 |
Net income attributable to the Partnership | $ 39,300 | $ 19,700 | $ 70,600 | $ 40,000 |
Weighted average units outstanding: | ||||
Basic and Diluted (in shares) | 104.8 | 52.4 | 92.6 | 52.4 |
Net income per limited partner unit (in dollars): | ||||
Basic and Diluted (in dollars per share) | $ 0.37 | $ 0.38 | $ 0.76 | $ 0.77 |
Limited partners' distribution declared on subordinated units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Partner distributions declared | $ 0 | $ 18,200 | $ 0 | $ 36,400 |
Net income attributable to the Partnership in excess of distributions | 0 | 1,500 | 9,500 | 3,500 |
Net income attributable to the Partnership | $ 0 | $ 19,700 | $ 9,500 | $ 39,900 |
Weighted average units outstanding: | ||||
Basic and Diluted (in shares) | 0 | 52.4 | 52.4 | 52.4 |
Net income per limited partner unit (in dollars): | ||||
Basic and Diluted (in dollars per share) | $ 0 | $ 0.38 | $ 0.18 | $ 0.77 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Site Contingency [Line Items] | ||||
Environmental liabilities | $ 3,500 | $ 3,500 | $ 3,400 | |
Indemnification assets | 3,500 | 3,500 | $ 3,400 | |
Impairment charge | 0 | |||
Griffith Station [Member] | ||||
Site Contingency [Line Items] | ||||
Accrual for Environmental Loss Contingencies, Charges to Expense for New Losses | 100 | 200 | ||
Accrual for Environmental Loss Contingencies, Charges to Expense for New Losses | $ 100 | $ 200 | ||
Mars | ||||
Site Contingency [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 28.50% | 28.50% | 28500000.00% | |
Mardi Gras Transportation System Company LLC | ||||
Site Contingency [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 65.00% | 65.00% | ||
Caesar | ||||
Site Contingency [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 56.00% | 56.00% | 56000000.00% | |
Cleopatra | ||||
Site Contingency [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 53.00% | 53.00% | 53000000.00% | |
Endymion | ||||
Site Contingency [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 65.00% | 65.00% | 65000000.00% | |
Proteus | ||||
Site Contingency [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 65.00% | 65.00% | 65000000.00% | |
Ursa | ||||
Site Contingency [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 22.70% | 22.70% | ||
KM Phoenix | ||||
Site Contingency [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Balance Sheet Classification of Environmental Liabilities and Indemnification Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Current portion of environmental remediation obligations | $ 500 | $ 400 |
Long-term portion of environmental remediation obligations | 3,000 | 3,000 |
Total | 3,500 | 3,400 |
Current portion of indemnification assets | 500 | 400 |
Non-current portion of indemnification assets | 3,000 | 3,000 |
Total | $ 3,500 | $ 3,400 |
Unit-Based Compensation - Narra
Unit-Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average recognition period | 8 months 12 days | |||
Phantom Share Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation expense | $ 56,000 | $ 56,000 | $ 111,000 | $ 119,000 |
Unrecognized compensation cost related to phantom unit awards | $ 146,000 | $ 146,000 | ||
Phantom Share Units (PSUs) | BP Midstream Partners LP 2017 Long Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum aggregate number of common units that may be issued (in shares) | 5,502,271 | 5,502,271 |
Unit-Based Compensation - Phant
Unit-Based Compensation - Phantom Units Activity (Details) - Phantom Share Units (PSUs) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Number of Units (in units) | |
Beginning balance outstanding (shares) | shares | 16,038 |
Granted (in shares) | shares | 18,534 |
Vested (in shares) | shares | (16,038) |
Ending balance outstanding (shares) | shares | 18,534 |
Weighted Average Grant Date Fair Value per Unit (in dollars) | |
Beginning balance outstanding (in dollars per share) | $ / shares | $ 14.03 |
Granted (in dollars per share) | $ / shares | 12 |
Vested (in dollars per share) | $ / shares | 14.03 |
Ending balance outstanding (in dollars per share) | $ / shares | $ 12 |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) | Oct. 30, 2017 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||||||
Equity method investments | $ 515,700,000 | $ 526,500,000 | $ 515,700,000 | $ 526,500,000 | $ 519,900,000 | |
Non-controlling interests | 131,000,000 | 131,000,000 | 132,500,000 | |||
Statement of operations | ||||||
Income from equity method investments | 28,600,000 | 26,800,000 | 58,900,000 | 58,100,000 | ||
Less: Net income attributable to non-controlling interests | 5,400,000 | 4,800,000 | 11,200,000 | 10,600,000 | ||
Net income attributable to the Partnership | $ 40,500,000 | 40,600,000 | 82,500,000 | 82,300,000 | ||
Cash flows from operating activities | ||||||
Distributions of earnings received from equity method investments | 58,800,000 | 60,700,000 | ||||
Cash flows from financing activities | ||||||
Distributions to non-controlling interests | $ (12,700,000) | (12,200,000) | ||||
Mardi Gras Transportation System Company LLC | Variable Interest Entity, Primary Beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Managing member interest (as a percent) | 100.00% | |||||
Remainder of economic interest held by affiliate (as a percent) | 1.00% | |||||
Mardi Gras Transportation System Company LLC | ||||||
Cash flows from financing activities | ||||||
Equity Method Investment, Ownership Percentage | 65.00% | 65.00% | ||||
Mardi Gras Transportation System Company LLC | Variable Interest Entity, Primary Beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets of VIE | $ 0 | $ 0 | 0 | |||
Balance Sheet Related Disclosures [Abstract] | ||||||
Equity method investments | 374,400,000 | 374,400,000 | 378,500,000 | |||
Non-controlling interests | 131,000,000 | 131,000,000 | $ 132,500,000 | |||
Statement of operations | ||||||
Income from equity method investments | 15,600,000 | 13,700,000 | 32,000,000 | 30,300,000 | ||
Less: Net income attributable to non-controlling interests | 5,400,000 | 4,800,000 | 11,200,000 | 10,600,000 | ||
Net income attributable to the Partnership | $ 10,200,000 | $ 8,900,000 | 20,800,000 | 19,700,000 | ||
Cash flows from operating activities | ||||||
Distributions of earnings received from equity method investments | 31,900,000 | 29,800,000 | ||||
Cash flows from investing activities | ||||||
Distribution in excess of earnings from equity method investments | 4,200,000 | 5,200,000 | ||||
Cash flows from financing activities | ||||||
Distributions to non-controlling interests | (12,700,000) | (12,200,000) | ||||
Net change in cash and cash equivalents | $ 23,400,000 | $ 22,800,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Millions | Aug. 13, 2020USD ($)$ / shares |
Scenario, Forecast | |
Subsequent Event [Line Items] | |
Total distribution paid | $ 37.6 |
Dividends paid to non-affiliated common unitholders | 16.6 |
Net transfers to Parent | 21 |
Incentive distribution rights | $ 1.2 |
Subsequent Event | |
Subsequent Event [Line Items] | |
Dividends declared per share (in dollars per share) | $ / shares | $ 0.3475 |
Uncategorized Items - bpmp-2021
Label | Element | Value |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | $ 6,400,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 6,700,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 5,500,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 6,300,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 37,600,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 37,600,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 37,600,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 37,600,000 |
Partners' Capital Account, Unit-based Payment Arrangement, Amount | us-gaap_PartnersCapitalAccountUnitBasedCompensation | 100,000 |
Partners' Capital Account, Unit-based Payment Arrangement, Amount | us-gaap_PartnersCapitalAccountUnitBasedCompensation | 100,000 |
General Partner [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 1,200,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 1,200,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 1,200,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 1,200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 1,200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 1,200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 1,200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 1,200,000 |
Member Units [Member] | BP Holdco [Member] | Subordinated Units [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 9,500,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 20,200,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 19,700,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 18,200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 0 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 18,200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 18,200,000 |
Member Units [Member] | General Public [Member] | Common Units [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 19,700,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 20,300,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 31,300,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 39,300,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 18,200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 18,200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 18,200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 36,400,000 |
Partners' Capital Account, Unit-based Payment Arrangement, Amount | us-gaap_PartnersCapitalAccountUnitBasedCompensation | 100,000 |
Partners' Capital Account, Unit-based Payment Arrangement, Amount | us-gaap_PartnersCapitalAccountUnitBasedCompensation | 100,000 |
Noncontrolling Interest [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 5,800,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 5,400,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 5,800,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 4,800,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 6,300,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 6,700,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 6,400,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | $ 5,500,000 |