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As Of Filer Filing For·On·As Docs:Size 8/03/23 Crestwood Equity Partners LP 10-Q 6/30/23 90:11M Crestwood Midstream Partners LP |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 2.43M
2: EX-10.1 Material Contract HTML 41K
3: EX-10.2 Material Contract HTML 28K
4: EX-10.3 Material Contract HTML 28K
5: EX-10.4 Material Contract HTML 26K
6: EX-31.1 Certification -- §302 - SOA'02 HTML 28K
7: EX-31.2 Certification -- §302 - SOA'02 HTML 28K
8: EX-31.3 Certification -- §302 - SOA'02 HTML 28K
9: EX-31.4 Certification -- §302 - SOA'02 HTML 28K
10: EX-32.1 Certification -- §906 - SOA'02 HTML 25K
11: EX-32.2 Certification -- §906 - SOA'02 HTML 25K
12: EX-32.3 Certification -- §906 - SOA'02 HTML 25K
13: EX-32.4 Certification -- §906 - SOA'02 HTML 25K
19: R1 Cover Page HTML 90K
20: R2 Consolidated Balance Sheets HTML 150K
21: R3 Consolidated Balance Sheets (Parenthetical) HTML 34K
22: R4 Consolidated Statements of Operations HTML 148K
23: R5 Consolidated Statement of Partners' Capital HTML 100K
24: R6 Consolidated Statements of Cash Flows HTML 124K
25: R7 Organization and Business Description HTML 30K
26: R8 Basis of Presentation and Summary of Significant HTML 27K
Accounting Policies
27: R9 Acquisition and Divestitures HTML 28K
28: R10 Certain Balance Sheet Information HTML 56K
29: R11 Investments in Unconsolidated Affiliates HTML 72K
30: R12 Risk Management HTML 48K
31: R13 Fair Value Measurements HTML 114K
32: R14 Long-Term Debt HTML 43K
33: R15 Commitments and Contingencies HTML 41K
34: R16 Leases HTML 63K
35: R17 Partners' Capital HTML 53K
36: R18 Earnings Per Limited Partner Unit HTML 61K
37: R19 Segments HTML 217K
38: R20 Revenues HTML 269K
39: R21 Related Party Transactions HTML 55K
40: R22 Pay vs Performance Disclosure HTML 36K
41: R23 Insider Trading Arrangements HTML 30K
42: R24 Basis of Presentation and Summary of Significant HTML 26K
Accounting Policies (Policies)
43: R25 Certain Balance Sheet Information (Tables) HTML 57K
44: R26 Investments in Unconsolidated Affiliates (Tables) HTML 70K
45: R27 Risk Management (Tables) HTML 44K
46: R28 Fair Value Measurements (Tables) HTML 112K
47: R29 Long-Term Debt (Tables) HTML 42K
48: R30 Commitments and Contingencies (Tables) HTML 33K
49: R31 Leases (Tables) HTML 42K
50: R32 Partners' Capital (Tables) HTML 49K
51: R33 Earnings Per Limited Partner Unit (Tables) HTML 62K
52: R34 Segments (Tables) HTML 213K
53: R35 Revenue Recognition (Tables) HTML 268K
54: R36 Related Party Transactions (Tables) HTML 53K
55: R37 Organization and Business Description (Details) HTML 30K
56: R38 Acquisition and Divestitures (Details) HTML 59K
57: R39 Certain Balance Sheet Information (Details) HTML 67K
58: R40 Investments in Unconsolidated Affiliates HTML 34K
(Narrative) (Details)
59: R41 Investments in Unconsolidated Affiliates (Net HTML 72K
Investments In and Earnings (Loss) from
Unconsolidated Affiliates) (Details)
60: R42 Investments in Unconsolidated Affiliates HTML 41K
(Distributions and Contributions) (Details)
61: R43 Risk Management (Risk Management Activities) HTML 31K
(Details)
62: R44 Risk Management (Notional Amounts and Terms of HTML 35K
Company's Derivative Financial Instruments)
(Details)
63: R45 Risk Management (Schedule of Derivative HTML 26K
Instruments in Statement of Financial Position,
Fair Value) (Details)
64: R46 Risk Management (Narrative) (Details) HTML 29K
65: R47 Fair Value Measurements (Assets And Liabilities HTML 91K
Measured At Fair Value On Recurring Basis)
(Details)
66: R48 Fair Value Measurements (Schedule of Carrying HTML 47K
Values and Estimated Fair Values of Senior Notes)
(Details)
67: R49 Long-Term Debt (Components Of Long-Term Debt) HTML 70K
(Details)
68: R50 Long-Term Debt (Narrative) (Details) HTML 84K
69: R51 Commitments and Contingencies (Narrative) HTML 35K
(Details)
70: R52 Commitments and Contingencies (Environmental HTML 34K
Compliance) (Details)
71: R53 Commitments and Contingencies (Self Insurance) HTML 32K
(Details)
72: R54 Leases (Details) HTML 79K
73: R55 Partners' Capital (Schedule of Partners' Capital HTML 34K
Account, Distributions) (Details)
74: R56 Partners' Capital (Components of Net Income (Loss) HTML 28K
Attributable to Non-Controlling Interests)
(Details)
75: R57 Partners' Capital (Narrative) (Details) HTML 102K
76: R58 Partners' Capital (Rollforward of Non-controlling HTML 34K
Interest) (Details)
77: R59 Earnings Per Limited Partner Unit (Details) HTML 60K
78: R60 Segments (Reconciliation of Net Income (Loss) to HTML 66K
EBITDA) (Details)
79: R61 Segments (Summary Of Segment Information) HTML 134K
(Details)
80: R62 Segments (Narrative) (Details) HTML 29K
81: R63 Revenues (Narrative) (Details) HTML 25K
82: R64 Revenues (Contract Assets and Liabilities) HTML 34K
(Details)
83: R65 Revenues (Disaggregation of Revenue) (Details) HTML 188K
84: R66 Revenues (Remaining Performance Obligations) HTML 46K
(Details)
85: R67 Related Party Transactions (Details) HTML 102K
88: XML IDEA XML File -- Filing Summary XML 156K
86: XML XBRL Instance -- ceqp-20230630_htm XML 3.85M
87: EXCEL IDEA Workbook of Financial Report Info XLSX 166K
15: EX-101.CAL XBRL Calculations -- ceqp-20230630_cal XML 177K
16: EX-101.DEF XBRL Definitions -- ceqp-20230630_def XML 1.07M
17: EX-101.LAB XBRL Labels -- ceqp-20230630_lab XML 1.75M
18: EX-101.PRE XBRL Presentations -- ceqp-20230630_pre XML 1.26M
14: EX-101.SCH XBRL Schema -- ceqp-20230630 XSD 172K
89: JSON XBRL Instance as JSON Data -- MetaLinks 502± 728K
90: ZIP XBRL Zipped Folder -- 0001136352-23-000009-xbrl Zip 428K
| ceqp-20230630 |
| i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
| i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from to . | |||||
| (Exact name of registrant as specified in its charter) | Commission file number | State or other jurisdiction of incorporation or organization | (I.R.S. Employer Identification No.) | ||||||||
| i Crestwood Equity Partners LP | i 001-34664 | i Delaware | i 43-1918951 | ||||||||
| i Crestwood Midstream Partners LP | i 001-35377 | i Delaware | i 20-1647837 | ||||||||
| i 811 Main Street | i Suite 3400 | i Houston | i Texas | i 77002 | ||||||||||
| (Address of principal executive offices) | (Zip code) | |||||||||||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | |||||||||
| Crestwood Equity Partners LP | i Common Units representing limited partnership interests | i CEQP | i New York Stock Exchange | ||||||||
| Crestwood Equity Partners LP | i Preferred Units representing limited partnership interests | i CEQP-P | i New York Stock Exchange | ||||||||
| Crestwood Midstream Partners LP | None | None | None | ||||||||
| Crestwood Equity Partners LP | i Yes | ☒ | No | ☐ | ||||||||||||||||
| Crestwood Midstream Partners LP | i Yes | ☒ | No | ☐ | ||||||||||||||||
| Crestwood Equity Partners LP | i Yes | ☒ | No | ☐ | ||||||||||||||||
| Crestwood Midstream Partners LP | i Yes | ☒ | No | ☐ | ||||||||||||||||
| Crestwood Equity Partners LP | i Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | Emerging growth company | i ☐ | ||||||||||||||||||||||
| Crestwood Midstream Partners LP | Large accelerated filer | ☐ | Accelerated filer | ☐ | i Non-accelerated filer | ☒ | Smaller reporting company | i ☐ | Emerging growth company | i ☐ | ||||||||||||||||||||||
| Crestwood Equity Partners LP | ☐ | |||||||
| Crestwood Midstream Partners LP | ☐ | |||||||
| Crestwood Equity Partners LP | Yes | i ☐ | No | ☒ | ||||||||||||||||
| Crestwood Midstream Partners LP | Yes | i ☐ | No | ☒ | ||||||||||||||||
| Crestwood Equity Partners LP | i 105,242,300 | |||||||
| Crestwood Midstream Partners LP | i None | |||||||
| Page | |||||
| June
30, 2023 | December 31, 2022 | ||||||||||
| (unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash | $ | i 7.7 | $ | i 7.5 | |||||||
Accounts
receivable, less allowance for doubtful accounts of $ i 0.3 and $ i 0.5 at June 30, 2023 and December 31, 2022 | i 297.1 | i 432.2 | |||||||||
| Inventory | i 98.3 | i 122.6 | |||||||||
| Assets from price risk management activities | i 84.7 | i 72.8 | |||||||||
| Prepaid expenses and other current assets | i 11.1 | i 18.7 | |||||||||
| Total current assets | i 498.9 | i 653.8 | |||||||||
| Property, plant and equipment | i 5,444.7 | i 5,353.2 | |||||||||
| Less: accumulated depreciation | i 948.4 | i 822.8 | |||||||||
| Property, plant and equipment, net | i 4,496.3 | i 4,530.4 | |||||||||
| Intangible assets | i 1,306.3 | i 1,306.3 | |||||||||
| Less: accumulated amortization | i 334.6 | i 300.7 | |||||||||
| Intangible assets, net | i 971.7 | i 1,005.6 | |||||||||
| Goodwill | i 223.0 | i 223.0 | |||||||||
| Operating lease right-of-use assets, net | i 28.3 | i 24.4 | |||||||||
| Investments in unconsolidated affiliates | i 77.8 | i 119.5 | |||||||||
| Other non-current assets | i 10.5 | i 10.3 | |||||||||
| Total assets | $ | i 6,306.5 | $ | i 6,567.0 | |||||||
| Liabilities and capital | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | i 197.6 | $ | i 305.5 | |||||||
| Accrued expenses and other liabilities | i 157.3 | i 180.8 | |||||||||
| Liabilities from price risk management activities | i 9.2 | i 23.9 | |||||||||
| Total current liabilities | i 364.1 | i 510.2 | |||||||||
| Long-term debt, less current portion | i 3,259.1 | i 3,378.3 | |||||||||
| Other long-term liabilities | i 326.5 | i 333.4 | |||||||||
| Deferred income taxes | i 3.4 | i 3.5 | |||||||||
| Total liabilities | i 3,953.1 | i 4,225.4 | |||||||||
Commitments and contingencies (Note
9) | i | i | |||||||||
| Interest of non-controlling partner in subsidiary | i 434.2 | i 434.4 | |||||||||
| Partners’ capital: | |||||||||||
Crestwood Equity Partners LP partners’ capital ( i i 105,240,138 /
and i i 104,646,374 / common units issued
and outstanding at June 30, 2023 and December 31, 2022) | i 1,307.2 | i 1,295.2 | |||||||||
Preferred
units ( i i i i 71,257,445 / / /
units issued and outstanding at both June 30, 2023 and December 31, 2022) | i 612.0 | i 612.0 | |||||||||
| Total partners’ capital | i 1,919.2 | i 1,907.2 | |||||||||
| Total liabilities and capital | $ | i 6,306.5 | $ | i 6,567.0 | |||||||
CRESTWOOD
EQUITY PARTNERS LP CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per unit data) (unaudited) | ||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Product revenues | $ | i 880.0 | $ | i 1,215.0 | $ | i 2,002.3 | $ | i 2,605.5 | ||||||||||||||||||
Product
revenues - related party (Note 15) | i — | i 78.9 | i — | i 139.5 | ||||||||||||||||||||||
| Service revenues | i 141.2 | i 98.8 | i 282.0 | i 194.4 | ||||||||||||||||||||||
Service
revenues - related party (Note 15) | i — | i 55.3 | i — | i 92.4 | ||||||||||||||||||||||
| Total revenues | i 1,021.2 | i 1,448.0 | i 2,284.3 | i 3,031.8 | ||||||||||||||||||||||
Costs
of product/services sold (exclusive of items shown separately below): | ||||||||||||||||||||||||||
Product costs | i 779.0 | i 1,094.0 | i 1,770.0 | i 2,384.8 | ||||||||||||||||||||||
Product
costs - related party (Note 15) | i 0.1 | i 113.1 | i 0.5 | i 181.6 | ||||||||||||||||||||||
| Service costs | i 5.5 | i 6.1 | i 11.5 | i 11.2 | ||||||||||||||||||||||
| Total costs of products/services sold | i 784.6 | i 1,213.2 | i 1,782.0 | i 2,577.6 | ||||||||||||||||||||||
| Operating expenses and other: | ||||||||||||||||||||||||||
| Operations and maintenance | i 53.2 | i 46.6 | i 109.8 | i 89.0 | ||||||||||||||||||||||
| General and administrative | i 25.0 | i 26.5 | i 56.6 | i 69.9 | ||||||||||||||||||||||
| Depreciation, amortization and accretion | i 81.1 | i 80.6 | i 162.5 | i 155.4 | ||||||||||||||||||||||
| Loss on long-lived assets, net | i 1.8 | i 7.2 | i 2.2 | i 11.0 | ||||||||||||||||||||||
| i 161.1 | i 160.9 | i 331.1 | i 325.3 | |||||||||||||||||||||||
| Operating income | i 75.5 | i 73.9 | i 171.2 | i 128.9 | ||||||||||||||||||||||
| Earnings from unconsolidated affiliates, net | i 132.4 | i 6.0 | i 134.1 | i 9.0 | ||||||||||||||||||||||
| Interest and debt expense, net | ( i 55.4) | ( i 40.1) | ( i 111.0) | ( i 76.2) | ||||||||||||||||||||||
| Other income (expense), net | i — | ( i 0.1) | i 0.1 | i 0.2 | ||||||||||||||||||||||
| Income before income taxes | i 152.5 | i 39.7 | i 194.4 | i 61.9 | ||||||||||||||||||||||
| Provision for income taxes | ( i 0.6) | ( i 0.3) | ( i 0.9) | ( i 0.3) | ||||||||||||||||||||||
| Net income | i 151.9 | i 39.4 | i 193.5 | i 61.6 | ||||||||||||||||||||||
| Net income attributable to non-controlling partner | i 10.3 | i 10.3 | i 20.5 | i 20.5 | ||||||||||||||||||||||
| Net income attributable to Crestwood Equity Partners LP | i 141.6 | i 29.1 | i 173.0 | i 41.1 | ||||||||||||||||||||||
Net
income attributable to preferred units | i 15.0 | i 15.0 | i 30.0 | i 30.0 | ||||||||||||||||||||||
| Net income attributable to partners | $ | i 126.6 | $ | i 14.1 | $ | i 143.0 | $ | i 11.1 | ||||||||||||||||||
Net
income per limited partner unit: (Note 12) | ||||||||||||||||||||||||||
| Basic | $ | i 1.20 | $ | i 0.14 | $ | i 1.36 | $ | i 0.12 | ||||||||||||||||||
| Diluted | $ | i 1.16 | $ | i 0.14 | $ | i 1.31 | $ | i 0.11 | ||||||||||||||||||
Weighted-average
limited partners’ units outstanding: | ||||||||||||||||||||||||||
| Basic | i 105.3 | i 98.0 | i 105.2 | i 92.0 | ||||||||||||||||||||||
| Dilutive | i 4.1 | i 4.6 | i 4.2 | i 4.7 | ||||||||||||||||||||||
| Diluted | i 109.4 | i 102.6 | i 109.4 | i 96.7 | ||||||||||||||||||||||
| Preferred | Common | ||||||||||||||||||||||||||||
| Units | Capital | Units | Capital | Total Partners’ Capital | |||||||||||||||||||||||||
| Balance at December 31, 2022 | i 71.3 | $ | i 612.0 | i 104.6 | $ | i 1,295.2 | $ | i 1,907.2 | |||||||||||||||||||||
| Distributions to partners | — | ( i 15.0) | — | ( i 68.9) | ( i 83.9) | ||||||||||||||||||||||||
| Unit-based compensation | — | — | i 1.1 | i 11.8 | i 11.8 | ||||||||||||||||||||||||
| Taxes paid for unit-based compensation vesting | — | — | ( i 0.5) | ( i 14.8) | ( i 14.8) | ||||||||||||||||||||||||
| Other | — | — | i 0.1 | i 1.6 | i 1.6 | ||||||||||||||||||||||||
| Net income | — | i 15.0 | — | i 16.4 | i 31.4 | ||||||||||||||||||||||||
| Balance at March 31, 2023 | i 71.3 | $ | i 612.0 | i 105.3 | $ | i 1,241.3 | $ | i 1,853.3 | |||||||||||||||||||||
| Distributions to partners | — | ( i 15.0) | — | ( i 68.9) | ( i 83.9) | ||||||||||||||||||||||||
| Unit-based compensation | — | — | — | i 9.2 | i 9.2 | ||||||||||||||||||||||||
| Taxes paid for unit-based compensation vesting | — | — | ( i 0.1) | ( i 0.8) | ( i 0.8) | ||||||||||||||||||||||||
| Other | — | — | — | ( i 0.2) | ( i 0.2) | ||||||||||||||||||||||||
| Net income | — | i 15.0 | — | i 126.6 | i 141.6 | ||||||||||||||||||||||||
| Balance at June 30, 2023 | i 71.3 | $ | i 612.0 | i 105.2 | $ | i 1,307.2 | $ | i 1,919.2 | |||||||||||||||||||||
| Preferred | Common | ||||||||||||||||||||||||||||
| Units | Capital | Units | Capital | Total Partners’ Capital | |||||||||||||||||||||||||
| Balance at December 31, 2021 | i 71.3 | $ | i 612.0 | i 63.0 | $ | i 487.6 | $ | i 1,099.6 | |||||||||||||||||||||
| Distributions to partners | — | ( i 15.0) | — | ( i 60.9) | ( i 75.9) | ||||||||||||||||||||||||
Issuance
of common units (Note 3) | — | — | i 33.8 | i 930.0 | i 930.0 | ||||||||||||||||||||||||
| Unit-based compensation | — | — | i 1.6 | i 13.0 | i 13.0 | ||||||||||||||||||||||||
| Taxes paid for unit-based compensation vesting | — | — | ( i 0.5) | ( i 14.9) | ( i 14.9) | ||||||||||||||||||||||||
| Other | — | — | i 0.1 | i 2.2 | i 2.2 | ||||||||||||||||||||||||
| Net income (loss) | — | i 15.0 | — | ( i 3.0) | i 12.0 | ||||||||||||||||||||||||
| Balance at March 31, 2022 | i 71.3 | $ | i 612.0 | i 98.0 | $ | i 1,354.0 | $ | i 1,966.0 | |||||||||||||||||||||
| Distributions to partners | — | ( i 15.0) | — | ( i 64.2) | ( i 79.2) | ||||||||||||||||||||||||
| Unit-based compensation | — | — | — | i 8.6 | i 8.6 | ||||||||||||||||||||||||
| Taxes paid for unit-based compensation vesting | — | — | — | ( i 0.7) | ( i 0.7) | ||||||||||||||||||||||||
| Other | — | — | — | ( i 0.4) | ( i 0.4) | ||||||||||||||||||||||||
| Net income | — | i 15.0 | — | i 14.1 | i 29.1 | ||||||||||||||||||||||||
| Balance at June 30, 2022 | i 71.3 | $ | i 612.0 | i 98.0 | $ | i 1,311.4 | $ | i 1,923.4 | |||||||||||||||||||||
CRESTWOOD EQUITY PARTNERS LP CONSOLIDATED STATEMENTS OF CASH FLOWS (in
millions) (unaudited) | |||||||||||
| Six Months Ended | |||||||||||
| June 30, | |||||||||||
| 2023 | 2022 | ||||||||||
| Operating activities | |||||||||||
| Net income | $ | i 193.5 | $ | i 61.6 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation, amortization and accretion | i 162.5 | i 155.4 | |||||||||
| Amortization of debt-related deferred costs and fair value adjustment | i 1.6 | i 1.2 | |||||||||
| Unit-based compensation | i 19.2 | i 17.2 | |||||||||
| Loss on long-lived assets, net | i 2.2 | i 11.0 | |||||||||
| Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | ( i 133.2) | ( i 0.2) | |||||||||
| Deferred income taxes | i — | ( i 0.1) | |||||||||
| Other | ( i 0.1) | ( i 0.1) | |||||||||
| Changes in operating assets and liabilities | i 21.4 | i 6.0 | |||||||||
| Net cash provided by operating activities | i 267.1 | i 252.0 | |||||||||
| Investing activities | |||||||||||
Acquisition, net of cash acquired (Note 3) | i — | ( i 145.1) | |||||||||
| Purchases of property, plant and equipment | ( i 115.7) | ( i 78.2) | |||||||||
| Investments in unconsolidated affiliates | ( i 6.6) | ( i 15.0) | |||||||||
| Capital distributions from unconsolidated affiliates | i 3.1 | i 6.2 | |||||||||
| Net proceeds from sale of assets, including equity investments | i 178.7 | i 25.7 | |||||||||
| Net cash provided by (used in) investing activities | i 59.5 | ( i 206.4) | |||||||||
| Financing activities | |||||||||||
| Proceeds from the issuance of long-term debt | i 1,606.2 | i 1,649.8 | |||||||||
| Payments on long-term debt | ( i 1,717.9) | ( i 1,470.8) | |||||||||
| Payments on finance leases | ( i 1.4) | ( i 30.4) | |||||||||
| Payments for deferred financing costs | ( i 9.2) | ( i 1.7) | |||||||||
| Distributions to partners | ( i 137.8) | ( i 125.1) | |||||||||
| Distributions to non-controlling partner | ( i 20.7) | ( i 20.7) | |||||||||
| Distributions to preferred unitholders | ( i 30.0) | ( i 30.0) | |||||||||
| Taxes paid for unit-based compensation vesting | ( i 15.6) | ( i 15.6) | |||||||||
| Other | i — | ( i 0.6) | |||||||||
| Net cash used in financing activities | ( i 326.4) | ( i 45.1) | |||||||||
| Net change in cash | i 0.2 | i 0.5 | |||||||||
| Cash at beginning of period | i 7.5 | i 13.3 | |||||||||
| Cash at end of period | $ | i 7.7 | $ | i 13.8 | |||||||
| Supplemental schedule of noncash investing activities | |||||||||||
| Net change to property, plant and equipment through accounts payable and accrued expenses | $ | ( i 17.2) | $ | i 14.5 | |||||||
| June
30, 2023 | December 31, 2022 | ||||||||||
| (unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash | $ | i 7.3 | $ | i 7.1 | |||||||
Accounts
receivable, less allowance for doubtful accounts of $ i 0.3 and $ i 0.5 at June 30, 2023 and December 31, 2022 | i 297.0 | i 432.2 | |||||||||
| Inventory | i 98.3 | i 122.6 | |||||||||
| Assets from price risk management activities | i 84.7 | i 72.8 | |||||||||
| Prepaid expenses and other current assets | i 11.1 | i 18.7 | |||||||||
| Total current assets | i 498.4 | i 653.4 | |||||||||
| Property, plant and equipment | i 5,441.5 | i 5,350.0 | |||||||||
| Less: accumulated depreciation | i 948.1 | i 822.6 | |||||||||
| Property, plant and equipment, net | i 4,493.4 | i 4,527.4 | |||||||||
| Intangible assets | i 1,306.3 | i 1,306.3 | |||||||||
| Less: accumulated amortization | i 334.6 | i 300.7 | |||||||||
| Intangible assets, net | i 971.7 | i 1,005.6 | |||||||||
| Goodwill | i 223.0 | i 223.0 | |||||||||
| Operating lease right-of-use assets, net | i 28.3 | i 24.4 | |||||||||
| Investments in unconsolidated affiliates | i 77.8 | i 119.5 | |||||||||
| Other non-current assets | i 8.5 | i 8.1 | |||||||||
| Total assets | $ | i 6,301.1 | $ | i 6,561.4 | |||||||
| Liabilities and capital | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | i 197.6 | $ | i 305.4 | |||||||
| Accrued expenses and other liabilities | i 156.5 | i 179.5 | |||||||||
| Liabilities from price risk management activities | i 9.2 | i 23.9 | |||||||||
| Total current liabilities | i 363.3 | i 508.8 | |||||||||
| Long-term debt, less current portion | i 3,259.1 | i 3,378.3 | |||||||||
| Other long-term liabilities | i 324.8 | i 330.3 | |||||||||
| Deferred income taxes | i 2.4 | i 2.3 | |||||||||
| Total liabilities | i 3,949.6 | i 4,219.7 | |||||||||
Commitments and contingencies (Note
9) | i | i | |||||||||
| Interest of non-controlling partner in subsidiary | i 434.2 | i 434.4 | |||||||||
Partners’
capital | i 1,917.3 | i 1,907.3 | |||||||||
| Total liabilities and capital | $ | i 6,301.1 | $ | i 6,561.4 | |||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Product revenues | $ | i 880.0 | $ | i 1,215.0 | $ | i 2,002.3 | $ | i 2,605.5 | |||||||||||||||
Product
revenues - related party (Note 15) | i — | i 78.9 | i — | i 139.5 | |||||||||||||||||||
| Service revenues | i 141.2 | i 98.8 | i 282.0 | i 194.4 | |||||||||||||||||||
Service
revenues - related party (Note 15) | i — | i 55.3 | i — | i 92.4 | |||||||||||||||||||
| Total revenues | i 1,021.2 | i 1,448.0 | i 2,284.3 | i 3,031.8 | |||||||||||||||||||
Costs
of product/services sold (exclusive of items shown separately below): | |||||||||||||||||||||||
| Product costs | i 779.0 | i 1,094.0 | i 1,770.0 | i 2,384.8 | |||||||||||||||||||
Product
costs - related party (Note 15) | i 0.1 | i 113.1 | i 0.5 | i 181.6 | |||||||||||||||||||
| Service costs | i 5.5 | i 6.1 | i 11.5 | i 11.2 | |||||||||||||||||||
| Total costs of product/services sold | i 784.6 | i 1,213.2 | i 1,782.0 | i 2,577.6 | |||||||||||||||||||
| Operating expenses and other: | |||||||||||||||||||||||
| Operations and maintenance | i 53.2 | i 46.6 | i 109.8 | i 89.0 | |||||||||||||||||||
| General and administrative | i 23.6 | i 25.0 | i 53.8 | i 66.7 | |||||||||||||||||||
| Depreciation, amortization and accretion | i 81.1 | i 83.0 | i 162.4 | i 161.2 | |||||||||||||||||||
| Loss on long-lived assets, net | i 1.8 | i 60.5 | i 2.2 | i 64.3 | |||||||||||||||||||
| i 159.7 | i 215.1 | i 328.2 | i 381.2 | ||||||||||||||||||||
| Operating income | i 76.9 | i 19.7 | i 174.1 | i 73.0 | |||||||||||||||||||
| Earnings from unconsolidated affiliates, net | i 132.4 | i 6.0 | i 134.1 | i 9.0 | |||||||||||||||||||
| Interest and debt expense, net | ( i 55.4) | ( i 40.1) | ( i 111.0) | ( i 76.2) | |||||||||||||||||||
| Income (loss) before income taxes | i 153.9 | ( i 14.4) | i 197.2 | i 5.8 | |||||||||||||||||||
| Provision for income taxes | ( i 0.5) | ( i 0.2) | ( i 0.8) | ( i 0.2) | |||||||||||||||||||
| Net income (loss) | i 153.4 | ( i 14.6) | i 196.4 | i 5.6 | |||||||||||||||||||
| Net income attributable to non-controlling partner | i 10.3 | i 10.3 | i 20.5 | i 20.5 | |||||||||||||||||||
| Net income (loss) attributable to Crestwood Midstream Partners LP | $ | i 143.1 | $ | ( i 24.9) | $ | i 175.9 | $ | ( i 14.9) | |||||||||||||||
| Total Partners’ Capital | |||||
Balance at December 31, 2022 | $ | i 1,907.3 | |||
| Distributions to partners | ( i 85.9) | ||||
| Unit-based compensation | i 11.8 | ||||
| Taxes paid for unit-based compensation vesting | ( i 14.8) | ||||
| Net income | i 32.8 | ||||
| Balance at March 31, 2023 | $ | i 1,851.2 | |||
| Distributions to partners | ( i 85.4) | ||||
| Unit-based compensation | i 9.2 | ||||
| Taxes paid for unit-based compensation vesting | ( i 0.8) | ||||
| Net income | i 143.1 | ||||
| Balance at June 30, 2023 | $ | i 1,917.3 | |||
| Total Partners’ Capital | |||||
| Balance at December 31, 2021 | $ | i 1,232.3 | |||
Non-cash contribution from partner (Note 11) | i 1,075.1 | ||||
Cash
contribution from partner (Note 11) | i 14.9 | ||||
| Distributions to partners | ( i 238.1) | ||||
| Unit-based compensation | i 13.0 | ||||
| Taxes paid for unit-based compensation vesting | ( i 14.9) | ||||
| Other | i 0.1 | ||||
| Net income | i 10.0 | ||||
| Balance at March 31, 2022 | $ | i 2,092.4 | |||
| Distributions to partners | ( i 81.6) | ||||
| Unit-based compensation | i 8.6 | ||||
| Taxes paid for unit-based compensation vesting | ( i 0.7) | ||||
| Net loss | ( i 24.9) | ||||
| Balance at June 30, 2022 | $ | i 1,993.8 | |||
| Six Months Ended | |||||||||||
| June 30, | |||||||||||
| 2023 | 2022 | ||||||||||
| Operating activities | |||||||||||
| Net income | $ | i 196.4 | $ | i 5.6 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation, amortization and accretion | i 162.4 | i 161.2 | |||||||||
| Amortization of debt-related deferred costs and fair value adjustment | i 1.6 | i 1.2 | |||||||||
| Unit-based compensation | i 19.2 | i 17.2 | |||||||||
| Loss on long-lived assets, net | i 2.2 | i 64.3 | |||||||||
| Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | ( i 133.2) | ( i 0.2) | |||||||||
| Deferred income taxes | i 0.1 | i 0.1 | |||||||||
| Other | ( i 0.1) | ( i 0.1) | |||||||||
Changes
in operating assets and liabilities | i 22.0 | i 5.9 | |||||||||
| Net cash provided by operating activities | i 270.6 | i 255.2 | |||||||||
| Investing activities | |||||||||||
| Purchases of property, plant and equipment | ( i 115.7) | ( i 77.5) | |||||||||
| Investments in unconsolidated affiliates | ( i 6.6) | ( i 15.0) | |||||||||
| Capital distributions from unconsolidated affiliates | i 3.1 | i 6.2 | |||||||||
| Net proceeds from sale of assets, including equity investments | i 178.7 | i 25.7 | |||||||||
| Net cash provided by (used in) investing activities | i 59.5 | ( i 60.6) | |||||||||
| Financing activities | |||||||||||
Proceeds from the issuance of long-term debt | i 1,606.2 | i 1,649.8 | |||||||||
| Payments on long-term debt | ( i 1,717.9) | ( i 1,470.8) | |||||||||
| Payments on finance leases | ( i 1.4) | ( i 30.4) | |||||||||
| Payments for deferred financing costs | ( i 9.2) | ( i 1.7) | |||||||||
| Contributions from partner | i — | i 14.9 | |||||||||
| Distributions to partners | ( i 171.3) | ( i 319.7) | |||||||||
| Distributions to non-controlling partner | ( i 20.7) | ( i 20.7) | |||||||||
| Taxes paid for unit-based compensation vesting | ( i 15.6) | ( i 15.6) | |||||||||
| Net cash used in financing activities | ( i 329.9) | ( i 194.2) | |||||||||
| Net change in cash | i 0.2 | i 0.4 | |||||||||
| Cash at beginning of period | i 7.1 | i 12.9 | |||||||||
| Cash at end of period | $ | i 7.3 | $ | i 13.3 | |||||||
| Supplemental schedule of non-cash investing activities | |||||||||||
Net change to property, plant and equipment through accounts payable and accrued expenses | $ | ( i 17.2) | $ | i 14.5 | |||||||
| June 30, | December 31, | |||||||||||||
| 2023 | 2022 | |||||||||||||
| CMLP | ||||||||||||||
| Accrued expenses | $ | i 38.8 | $ | i 66.5 | ||||||||||
| Accrued property taxes | i 7.5 | i 8.4 | ||||||||||||
| Income tax payable | i 0.6 | i 0.9 | ||||||||||||
| Interest payable | i 62.5 | i 43.2 | ||||||||||||
| Accrued additions to property, plant and equipment | i 15.1 | i 35.6 | ||||||||||||
| Operating leases | i 12.1 | i 10.9 | ||||||||||||
| Finance leases | i 1.5 | i 1.9 | ||||||||||||
| Contract liabilities | i 17.6 | i 11.7 | ||||||||||||
| Asset retirement obligations | i 0.8 | i 0.4 | ||||||||||||
| Total CMLP accrued expenses and other liabilities | $ | i 156.5 | $ | i 179.5 | ||||||||||
| CEQP | ||||||||||||||
| Accrued expenses | i 0.8 | i 1.2 | ||||||||||||
| Income tax payable | i — | i 0.1 | ||||||||||||
| Total CEQP accrued expenses and other liabilities | $ | i 157.3 | $ | i 180.8 | ||||||||||
| June 30, | December 31, | ||||||||||
| 2023 | 2022 | ||||||||||
| CMLP | |||||||||||
| Contract liabilities | $ | i 206.4 | $ | i 212.3 | |||||||
| Intangible liabilities, net | i 47.0 | i 50.0 | |||||||||
| Asset retirement obligations | i 37.8 | i 36.4 | |||||||||
| Operating leases | i 19.7 | i 17.4 | |||||||||
| Other | i 13.9 | i 14.2 | |||||||||
| Total CMLP other long-term liabilities | $ | i 324.8 | $ | i 330.3 | |||||||
| CEQP | |||||||||||
| Other | i 1.7 | i 3.1 | |||||||||
| Total CEQP other long-term liabilities | $ | i 326.5 | $ | i 333.4 | |||||||
| Investment | Earnings
(Loss) from Unconsolidated Affiliates | Earnings (Loss) from Unconsolidated Affiliates | |||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
| June 30, | December 31, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Crestwood Permian Basin LLC(1) | $ | i 74.6 | $ | i 76.5 | $ | i 0.6 | $ | i — | $ | i 0.9 | $ | i — | |||||||||||||||||||||||||||||
Tres
Palacios Holdings LLC(2) | i — | i 39.8 | i 131.9 | i 1.3 | i 133.5 | i 1.9 | |||||||||||||||||||||||||||||||||||
Powder
River Basin Industrial Complex, LLC(3) | i 3.2 | i 3.2 | ( i 0.1) | ( i 0.1) | ( i 0.3) | ( i 0.3) | |||||||||||||||||||||||||||||||||||
Crestwood
Permian Basin Holdings LLC(4) | i — | i — | i — | i 4.8 | i — | i 7.4 | |||||||||||||||||||||||||||||||||||
| Total | $ | i 77.8 | $ | i 119.5 | $ | i 132.4 | $ | i 6.0 | $ | i 134.1 | $ | i 9.0 | |||||||||||||||||||||||||||||
| Distributions | Contributions | |||||||||||||||||||||||||||||||||||||
| Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||
| Crestwood Permian Basin | $ | i 4.0 | $ | i — | $ | i 1.2 | $ | i — | ||||||||||||||||||||||||||||||
| Tres Holdings | i — | i 1.4 | i 5.1 | i 6.5 | ||||||||||||||||||||||||||||||||||
| PRBIC | i — | i — | i 0.3 | i — | ||||||||||||||||||||||||||||||||||
| Crestwood Permian | i — | i 13.6 | i — | i 8.5 | ||||||||||||||||||||||||||||||||||
| Total | $ | i 4.0 | $ | i 15.0 | $ | i 6.6 | $ | i 15.0 | ||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Product revenues | $ | i 41.1 | $ | i 108.8 | $ | i 186.9 | $ | i 311.0 | |||||||||||||||
| Product costs, net | $ | ( i 24.3) | $ | i 3.7 | $ | ( i 31.5) | $ | i 51.3 | |||||||||||||||
| June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
| Fixed Price Payor | Fixed Price Receiver | Fixed Price Payor | Fixed Price Receiver | ||||||||||||||||||||
| Propane, ethane, butane, heating oil and crude oil (MMBbls) | i 81.1 | i 84.5 | i 67.2 | i 70.2 | |||||||||||||||||||
| Natural gas (Bcf) | i 17.1 | i 17.3 | i 44.2 | i 48.4 | |||||||||||||||||||
| June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Gross Fair Value | Contract Netting(1) | Collateral/Margin Received or Paid | Fair Value | |||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||
| Assets from price risk management | $ | i 10.2 | $ | i 610.6 | $ | i — | $ | i 620.8 | $ | ( i 534.4) | $ | ( i 1.7) | $ | i 84.7 | |||||||||||||||||||||||||||
Other
investments(2) | i 2.6 | i — | i — | i 2.6 | — | — | i 2.6 | ||||||||||||||||||||||||||||||||||
| Total assets at fair value | $ | i 12.8 | $ | i 610.6 | $ | i — | $ | i 623.4 | $ | ( i 534.4) | $ | ( i 1.7) | $ | i 87.3 | |||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||||||||
| Liabilities from price risk management with credit-risk-related contingent features | $ | i 7.4 | $ | i 563.6 | $ | i — | $ | i 571.0 | $ | ( i 534.4) | $ | ( i 33.1) | $ | i 3.5 | |||||||||||||||||||||||||||
| Liabilities from price risk management without credit-risk-related contingent features | i — | i 5.6 | i — | i 5.6 | — | i 0.1 | i 5.7 | ||||||||||||||||||||||||||||||||||
| Total liabilities at fair value | $ | i 7.4 | $ | i 569.2 | $ | i — | $ | i 576.6 | $ | ( i 534.4) | $ | ( i 33.0) | $ | i 9.2 | |||||||||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Gross Fair Value | Contract Netting(1) | Collateral/Margin Received or Paid | Fair Value | |||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||
| Assets from price risk management | $ | i 62.8 | $ | i 474.3 | $ | i — | $ | i 537.1 | $ | ( i 452.1) | $ | ( i 12.2) | $ | i 72.8 | |||||||||||||||||||||||||||
Other
investments(2) | i 2.6 | i — | i — | i 2.6 | — | — | i 2.6 | ||||||||||||||||||||||||||||||||||
| Total assets at fair value | $ | i 65.4 | $ | i 474.3 | $ | i — | $ | i 539.7 | $ | ( i 452.1) | $ | ( i 12.2) | $ | i 75.4 | |||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||||||||
| Liabilities from price risk management with credit-risk-related contingent features | $ | i 65.7 | $ | i 420.1 | $ | i — | $ | i 485.8 | $ | ( i 452.1) | $ | ( i 25.6) | $ | i 8.1 | |||||||||||||||||||||||||||
| Liabilities from price risk management without credit-risk-related contingent features | i — | i 11.9 | i — | i 11.9 | — | i 3.9 | i 15.8 | ||||||||||||||||||||||||||||||||||
| Total liabilities at fair value | $ | i 65.7 | $ | i 432.0 | $ | i — | $ | i 497.7 | $ | ( i 452.1) | $ | ( i 21.7) | $ | i 23.9 | |||||||||||||||||||||||||||
| June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
| Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
| 2025 Senior Notes | $ | i 498.1 | $ | i 493.9 | $ | i 497.6 | $ | i 486.7 | |||||||||||||||
| 2027 Senior Notes | $ | i 595.9 | $ | i 567.5 | $ | i 595.3 | $ | i 556.9 | |||||||||||||||
| February 2029 Senior Notes | $ | i 692.8 | $ | i 654.6 | $ | i 692.1 | $ | i 642.1 | |||||||||||||||
April
2029 Senior Notes(1) | $ | i 474.6 | $ | i 458.4 | $ | i 476.7 | $ | i 450.0 | |||||||||||||||
| 2031 Senior Notes | $ | i 591.3 | $ | i 593.5 | $ | i — | $ | i — | |||||||||||||||
| June 30, 2023 | December
31, 2022 | ||||||||||
| CMLP Credit Facility | $ | i 417.4 | $ | i 922.3 | |||||||
| CPBH Credit Facility | i — | i 206.8 | |||||||||
| 2025 Senior Notes | i 500.0 | i 500.0 | |||||||||
| 2027 Senior Notes | i 600.0 | i 600.0 | |||||||||
| February 2029 Senior Notes | i 700.0 | i 700.0 | |||||||||
| April 2029 Senior Notes | i 450.0 | i 450.0 | |||||||||
April 2029 Senior Notes fair value adjustment, net(1) | i 24.6 | i 26.7 | |||||||||
| 2031 Senior Notes | i 600.0 | i — | |||||||||
| Less: deferred financing costs, net | i 32.9 | i 27.5 | |||||||||
| Total long-term debt | $ | i 3,259.1 | $ | i 3,378.3 | |||||||
| CEQP | CMLP | ||||||||||||||||||||||
| June
30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||
Self-insurance reserves(1) | $ | i 5.5 | $ | i 5.6 | $ | i 4.7 | $ | i 4.8 | |||||||||||||||
| June 30, 2023 | December 31, 2022 | ||||||||||
| Operating Leases | |||||||||||
| Operating lease right-of-use assets, net | $ | i 28.3 | $ | i 24.4 | |||||||
| Accrued expenses and other liabilities | $ | i 12.1 | $ | i 10.9 | |||||||
| Other long-term liabilities | i 19.7 | i 17.4 | |||||||||
| Total operating lease liabilities | $ | i 31.8 | $ | i 28.3 | |||||||
| Finance Leases | |||||||||||
| Property, plant and equipment | $ | i 10.0 | $ | i 13.6 | |||||||
| Less: accumulated depreciation | i 6.0 | i 8.9 | |||||||||
| Property, plant and equipment, net | $ | i 4.0 | $ | i 4.7 | |||||||
| Accrued expenses and other liabilities | $ | i 1.5 | $ | i 1.9 | |||||||
| Other long-term liabilities | i 2.4 | i 2.7 | |||||||||
| Total finance lease liabilities | $ | i 3.9 | $ | i 4.6 | |||||||
| Record Date | Payment Date | Per Unit Rate | Cash
Distributions (in millions) | |||||||||||||||||
| 2023 | ||||||||||||||||||||
| i February 7, 2023 | i February 14, 2023 | $ | i 0.655 | $ | i 68.9 | |||||||||||||||
| i May 8, 2023 | i May 15, 2023 | $ | i 0.655 | i 68.9 | ||||||||||||||||
| $ | i 137.8 | |||||||||||||||||||
| 2022 | ||||||||||||||||||||
| i February 7, 2022 | i February 14, 2022 | $ | i 0.625 | $ | i 60.9 | |||||||||||||||
| i May 6, 2022 | i May 13, 2022 | $ | i 0.655 | i 64.2 | ||||||||||||||||
| $ | i 125.1 | |||||||||||||||||||
Balance at December 31, 2022 | $ | i 434.4 | ||||||
| Distributions to non-controlling partner | ( i 20.7) | |||||||
| Net income attributable to non-controlling partner | i 20.5 | |||||||
Balance
at June 30, 2023 | $ | i 434.2 | ||||||
Balance
at December 31, 2021 | $ | i 434.6 | ||||||
| Distributions to non-controlling partner | ( i 20.7) | |||||||
| Net income attributable to non-controlling partner | i 20.5 | |||||||
Balance at June 30, 2022 | $ | i 434.4 | ||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Preferred units(1) | i 7.1 | i 7.1 | i 7.1 | i 7.1 | |||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
| Common unitholders’ interest in net income | $ | i 126.6 | $ | i 14.1 | $ | i 143.0 | $ | i 11.1 | ||||||||||||||||||
| Diluted net income | $ | i 126.6 | $ | i 14.1 | $ | i 143.0 | $ | i 11.1 | ||||||||||||||||||
| Weighted-average limited partners’ units outstanding - basic | i 105.3 | i 98.0 | i 105.2 | i 92.0 | ||||||||||||||||||||||
Dilutive
effect of Crestwood Niobrara preferred units(1) | i 4.1 | i 4.5 | i 4.1 | i 4.5 | ||||||||||||||||||||||
Dilutive
effect of unit-based compensation performance units(1) | i — | i 0.1 | i 0.1 | i 0.2 | ||||||||||||||||||||||
| Weighted-average limited partners’ units outstanding - diluted | i 109.4 | i 102.6 | i 109.4 | i 96.7 | ||||||||||||||||||||||
| Net income per limited partner unit: | ||||||||||||||||||||||||||
| Basic | $ | i 1.20 | $ | i 0.14 | $ | i 1.36 | $ | i 0.12 | ||||||||||||||||||
| Diluted | $ | i 1.16 | $ | i 0.14 | $ | i 1.31 | $ | i 0.11 | ||||||||||||||||||
| CEQP | CMLP | ||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
| June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | i 151.9 | $ | i 39.4 | $ | i 193.5 | $ | i 61.6 | $ | i 153.4 | $ | ( i 14.6) | $ | i 196.4 | $ | i 5.6 | |||||||||||||||||||||||||||||||
| Add: | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest and debt expense, net | i 55.4 | i 40.1 | i 111.0 | i 76.2 | i 55.4 | i 40.1 | i 111.0 | i 76.2 | |||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | i 0.6 | i 0.3 | i 0.9 | i 0.3 | i 0.5 | i 0.2 | i 0.8 | i 0.2 | |||||||||||||||||||||||||||||||||||||||
| Depreciation, amortization and accretion | i 81.1 | i 80.6 | i 162.5 | i 155.4 | i 81.1 | i 83.0 | i 162.4 | i 161.2 | |||||||||||||||||||||||||||||||||||||||
| EBITDA | $ | i 289.0 | $ | i 160.4 | $ | i 467.9 | $ | i 293.5 | $ | i 290.4 | $ | i 108.7 | $ | i 470.6 | $ | i 243.2 | |||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||
| Gathering and Processing North | Gathering and Processing South | Storage and Logistics | Corporate | Total | |||||||||||||||||||||||||
| Crestwood Midstream | |||||||||||||||||||||||||||||
Revenues | $ | i 238.9 | $ | i 119.4 | $ | i 662.9 | $ | i — | $ | i 1,021.2 | |||||||||||||||||||
| Intersegment revenues, net | i 61.1 | i 32.5 | ( i 93.6) | i — | — | ||||||||||||||||||||||||
Costs
of product/services sold | i 136.9 | i 100.2 | i 547.5 | i — | i 784.6 | ||||||||||||||||||||||||
Operations
and maintenance expense | i 26.4 | i 15.2 | i 11.6 | i — | i 53.2 | ||||||||||||||||||||||||
General
and administrative expense | i — | i — | i — | i 23.6 | i 23.6 | ||||||||||||||||||||||||
| Gain (loss) on long-lived assets, net | i — | ( i 1.9) | i — | i 0.1 | ( i 1.8) | ||||||||||||||||||||||||
Earnings
from unconsolidated affiliates, net (1) | i — | i 0.6 | i 131.8 | i — | i 132.4 | ||||||||||||||||||||||||
| Crestwood Midstream EBITDA | $ | i 136.7 | $ | i 35.2 | $ | i 142.0 | $ | ( i 23.5) | $ | i 290.4 | |||||||||||||||||||
| Crestwood Equity | |||||||||||||||||||||||||||||
| General and administrative expense | i — | i — | i — | i 1.4 | i 1.4 | ||||||||||||||||||||||||
| Crestwood Equity EBITDA | $ | i 136.7 | $ | i 35.2 | $ | i 142.0 | $ | ( i 24.9) | $ | i 289.0 | |||||||||||||||||||
| Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
| Gathering and Processing North | Gathering and Processing South | Storage and Logistics | Corporate | Total | |||||||||||||||||||||||||
| Crestwood Midstream | |||||||||||||||||||||||||||||
| Revenues | $ | i 279.4 | $ | i 35.3 | $ | i 1,133.3 | $ | i — | $ | i 1,448.0 | |||||||||||||||||||
| Intersegment revenues, net | i 151.6 | i — | ( i 151.6) | i — | — | ||||||||||||||||||||||||
| Costs of product/services sold | i 250.8 | i 0.6 | i 961.8 | i — | i 1,213.2 | ||||||||||||||||||||||||
| Operations and maintenance expense | i 27.5 | i 7.6 | i 11.5 | i — | i 46.6 | ||||||||||||||||||||||||
| General and administrative expense | i — | i — | i — | i 25.0 | i 25.0 | ||||||||||||||||||||||||
| Loss on long-lived assets, net | i — | ( i 60.4) | ( i 0.1) | i — | ( i 60.5) | ||||||||||||||||||||||||
| Earnings from unconsolidated affiliates, net | i — | i 4.8 | i 1.2 | i — | i 6.0 | ||||||||||||||||||||||||
| Crestwood Midstream EBITDA | $ | i 152.7 | $ | ( i 28.5) | $ | i 9.5 | $ | ( i 25.0) | $ | i 108.7 | |||||||||||||||||||
| Crestwood Equity | |||||||||||||||||||||||||||||
| General and administrative expense | i — | i — | i — | i 1.5 | i 1.5 | ||||||||||||||||||||||||
Elimination
of loss on long-lived assets(1) | i — | i 53.3 | i — | i — | i 53.3 | ||||||||||||||||||||||||
| Other expense, net | i — | i — | i — | ( i 0.1) | ( i 0.1) | ||||||||||||||||||||||||
| Crestwood Equity EBITDA | $ | i 152.7 | $ | i 24.8 | $ | i 9.5 | $ | ( i 26.6) | $ | i 160.4 | |||||||||||||||||||
| Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||
| Gathering and Processing North | Gathering and Processing South | Storage and Logistics | Corporate | Total | |||||||||||||||||||||||||
| Crestwood Midstream | |||||||||||||||||||||||||||||
Revenues | $ | i 454.3 | $ | i 250.3 | $ | i 1,579.7 | $ | i — | $ | i 2,284.3 | |||||||||||||||||||
| Intersegment revenues, net | i 160.1 | i 66.7 | ( i 226.8) | i — | — | ||||||||||||||||||||||||
Costs
of product/services sold | i 289.3 | i 208.7 | i 1,284.0 | i — | i 1,782.0 | ||||||||||||||||||||||||
Operations
and maintenance expense | i 55.7 | i 30.3 | i 23.8 | i — | i 109.8 | ||||||||||||||||||||||||
General
and administrative expense | i — | i — | i — | i 53.8 | i 53.8 | ||||||||||||||||||||||||
| Gain (loss) on long-lived assets, net | i 0.1 | ( i 2.7) | i — | i 0.4 | ( i 2.2) | ||||||||||||||||||||||||
Earnings
from unconsolidated affiliates, net (1) | i — | i 0.9 | i 133.2 | i — | i 134.1 | ||||||||||||||||||||||||
| Crestwood Midstream EBITDA | $ | i 269.5 | $ | i 76.2 | $ | i 178.3 | $ | ( i 53.4) | $ | i 470.6 | |||||||||||||||||||
| Crestwood Equity | |||||||||||||||||||||||||||||
| General and administrative expense | i — | i — | i — | i 2.8 | i 2.8 | ||||||||||||||||||||||||
| Other income, net | i — | i — | i — | i 0.1 | i 0.1 | ||||||||||||||||||||||||
| Crestwood Equity EBITDA | $ | i 269.5 | $ | i 76.2 | $ | i 178.3 | $ | ( i 56.1) | $ | i 467.9 | |||||||||||||||||||
| Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
| Gathering and Processing North | Gathering and Processing South | Storage and Logistics | Corporate | Total | |||||||||||||||||||||||||
| Crestwood Midstream | |||||||||||||||||||||||||||||
| Revenues | $ | i 514.6 | $ | i 66.0 | $ | i 2,451.2 | $ | i — | $ | i 3,031.8 | |||||||||||||||||||
| Intersegment revenues, net | i 279.0 | i — | ( i 279.0) | i — | — | ||||||||||||||||||||||||
| Costs of product/services sold | i 456.4 | i — | i 2,121.2 | i — | i 2,577.6 | ||||||||||||||||||||||||
| Operations and maintenance expense | i 51.2 | i 14.3 | i 23.5 | i — | i 89.0 | ||||||||||||||||||||||||
| General and administrative expense | i — | i — | i — | i 66.7 | i 66.7 | ||||||||||||||||||||||||
| Loss on long-lived assets, net | i — | ( i 60.2) | ( i 4.1) | i — | ( i 64.3) | ||||||||||||||||||||||||
| Earnings from unconsolidated affiliates, net | i — | i 7.4 | i 1.6 | i — | i 9.0 | ||||||||||||||||||||||||
| Crestwood Midstream EBITDA | $ | i 286.0 | $ | ( i 1.1) | $ | i 25.0 | $ | ( i 66.7) | $ | i 243.2 | |||||||||||||||||||
| Crestwood Equity | |||||||||||||||||||||||||||||
| General and administrative expense | i — | i — | i — | i 3.2 | i 3.2 | ||||||||||||||||||||||||
Elimination
of loss on long-lived assets(1) | i — | i 53.3 | i — | i — | i 53.3 | ||||||||||||||||||||||||
| Other income, net | i — | i — | i — | i 0.2 | i 0.2 | ||||||||||||||||||||||||
| Crestwood Equity EBITDA | $ | i 286.0 | $ | i 52.2 | $ | i 25.0 | $ | ( i 69.7) | $ | i 293.5 | |||||||||||||||||||
| CEQP | CMLP | ||||||||||||||||||||||
| June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||
| Total Assets | |||||||||||||||||||||||
| Gathering and Processing North | $ | i 3,935.1 | $ | i 4,003.6 | $ | i 3,935.1 | $ | i 4,003.6 | |||||||||||||||
| Gathering and Processing South | i 1,451.6 | i 1,473.0 | i 1,451.6 | i 1,473.0 | |||||||||||||||||||
| Storage and Logistics | i 888.4 | i 1,057.6 | i 888.4 | i 1,057.6 | |||||||||||||||||||
| Corporate | i 31.4 | i 32.8 | i 26.0 | i 27.2 | |||||||||||||||||||
| Total assets | $ | i 6,306.5 | $ | i 6,567.0 | $ | i 6,301.1 | $ | i 6,561.4 | |||||||||||||||
| June 30, 2023 | December 31, 2022 | |||||||||||||
Contract assets (non-current) | $ | i 6.0 | $ | i 5.4 | ||||||||||
Contract
liabilities (current)(1) | $ | i 17.6 | $ | i 11.7 | ||||||||||
Contract
liabilities (non-current)(1) | $ | i 206.4 | $ | i 212.3 | ||||||||||
| Remainder of 2023 | $ | i 32.9 | |||
| 2024 | i 47.4 | ||||
| 2025 | i 6.6 | ||||
| 2026 | i 4.4 | ||||
| 2027 | i 2.1 | ||||
| Thereafter | i 1.1 | ||||
| Total | $ | i 94.5 | |||
| Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||
Gathering and Processing North | Gathering
and Processing South | Storage and Logistics | Intersegment Elimination | Total | |||||||||||||||||||||||||
Topic 606 revenues | |||||||||||||||||||||||||||||
Gathering | |||||||||||||||||||||||||||||
Natural
gas | $ | i 29.7 | $ | i 4.5 | $ | i — | $ | i — | $ | i 34.2 | |||||||||||||||||||
Crude
oil | i 15.2 | i 2.2 | i — | i — | i 17.4 | ||||||||||||||||||||||||
Water | i 46.4 | i 8.2 | i — | i — | i 54.6 | ||||||||||||||||||||||||
Processing | |||||||||||||||||||||||||||||
Natural
gas | i 17.4 | i 7.3 | i — | i — | i 24.7 | ||||||||||||||||||||||||
Storage | |||||||||||||||||||||||||||||
Crude
oil | i 0.5 | i — | i 0.1 | ( i 0.1) | i 0.5 | ||||||||||||||||||||||||
NGLs | i — | i — | i 2.1 | i — | i 2.1 | ||||||||||||||||||||||||
Pipeline | |||||||||||||||||||||||||||||
Crude
oil | i 1.2 | i 0.1 | i 0.5 | i — | i 1.8 | ||||||||||||||||||||||||
NGLs | i — | i 5.7 | i — | ( i 5.7) | i — | ||||||||||||||||||||||||
Transportation | |||||||||||||||||||||||||||||
NGLs | i — | i — | i 4.4 | i — | i 4.4 | ||||||||||||||||||||||||
Rail
Loading | |||||||||||||||||||||||||||||
Crude oil | i — | i — | i 0.2 | i — | i 0.2 | ||||||||||||||||||||||||
Product
Sales | |||||||||||||||||||||||||||||
Natural gas | i 22.5 | i 32.1 | i 55.0 | ( i 47.8) | i 61.8 | ||||||||||||||||||||||||
Crude
oil | i 128.5 | i 0.2 | i 323.4 | ( i 12.7) | i 439.4 | ||||||||||||||||||||||||
NGLs | i 36.8 | i 92.2 | i 235.1 | ( i 27.1) | i 337.0 | ||||||||||||||||||||||||
Water | i 0.9 | i — | i — | i — | i 0.9 | ||||||||||||||||||||||||
Other | i 0.3 | i — | i 0.8 | ( i 0.2) | i 0.9 | ||||||||||||||||||||||||
Total
Topic 606 revenues | i 299.4 | i 152.5 | i 621.6 | ( i 93.6) | i 979.9 | ||||||||||||||||||||||||
Non-Topic
606 revenues | i 0.6 | ( i 0.6) | i 41.3 | i — | i 41.3 | ||||||||||||||||||||||||
Total
revenues | $ | i 300.0 | $ | i 151.9 | $ | i 662.9 | $ | ( i 93.6) | $ | i 1,021.2 | |||||||||||||||||||
| Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
Gathering and Processing North | Gathering
and Processing South | Storage and Logistics | Intersegment Elimination | Total | |||||||||||||||||||||||||
Topic 606 revenues | |||||||||||||||||||||||||||||
Gathering | |||||||||||||||||||||||||||||
Natural
gas | $ | i 32.9 | $ | i 24.5 | $ | i — | $ | i — | $ | i 57.4 | |||||||||||||||||||
Crude
oil | i 14.1 | i 1.9 | i — | i — | i 16.0 | ||||||||||||||||||||||||
Water | i 41.2 | i 3.3 | i — | i — | i 44.5 | ||||||||||||||||||||||||
Processing | |||||||||||||||||||||||||||||
Natural
gas | i 19.7 | i 1.2 | i — | i — | i 20.9 | ||||||||||||||||||||||||
Compression | |||||||||||||||||||||||||||||
Natural
gas | i — | i 3.1 | i — | i — | i 3.1 | ||||||||||||||||||||||||
Storage | |||||||||||||||||||||||||||||
Crude
oil | i 0.6 | i — | i 0.3 | ( i 0.1) | i 0.8 | ||||||||||||||||||||||||
NGLs | i — | i — | i 1.9 | i — | i 1.9 | ||||||||||||||||||||||||
Pipeline | |||||||||||||||||||||||||||||
Crude
oil | i 1.5 | i 0.3 | i 0.4 | ( i 0.1) | i 2.1 | ||||||||||||||||||||||||
NGLs | i — | i — | i 0.1 | i — | i 0.1 | ||||||||||||||||||||||||
Transportation | |||||||||||||||||||||||||||||
NGLs | i — | i — | i 5.5 | i — | i 5.5 | ||||||||||||||||||||||||
Product
Sales | |||||||||||||||||||||||||||||
Natural gas | i 95.6 | i 0.6 | i 160.9 | ( i 73.5) | i 183.6 | ||||||||||||||||||||||||
Crude
oil | i 145.9 | i — | i 393.5 | ( i 12.9) | i 526.5 | ||||||||||||||||||||||||
NGLs | i 77.5 | i — | i 461.2 | ( i 65.0) | i 473.7 | ||||||||||||||||||||||||
| Water | i 1.3 | i — | i — | i — | i 1.3 | ||||||||||||||||||||||||
Other | i 0.4 | i — | i — | i — | i 0.4 | ||||||||||||||||||||||||
Total
Topic 606 revenues | i 430.7 | i 34.9 | i 1,023.8 | ( i 151.6) | i 1,337.8 | ||||||||||||||||||||||||
Non-Topic
606 revenues | i 0.3 | i 0.4 | i 109.5 | i — | i 110.2 | ||||||||||||||||||||||||
Total
revenues | $ | i 431.0 | $ | i 35.3 | $ | i 1,133.3 | $ | ( i 151.6) | $ | i 1,448.0 | |||||||||||||||||||
| Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||
Gathering and Processing North | Gathering
and Processing South | Storage and Logistics | Intersegment Elimination | Total | |||||||||||||||||||||||||
Topic 606 revenues | |||||||||||||||||||||||||||||
Gathering | |||||||||||||||||||||||||||||
Natural
gas | $ | i 63.3 | $ | i 8.8 | $ | i — | $ | i — | $ | i 72.1 | |||||||||||||||||||
Crude
oil | i 29.4 | i 4.1 | i — | i — | i 33.5 | ||||||||||||||||||||||||
Water | i 88.9 | i 16.8 | i — | i — | i 105.7 | ||||||||||||||||||||||||
Processing | |||||||||||||||||||||||||||||
Natural
gas | i 36.6 | i 12.7 | i — | i — | i 49.3 | ||||||||||||||||||||||||
Storage | |||||||||||||||||||||||||||||
Crude
oil | i 1.1 | i — | i 0.1 | ( i 0.2) | i 1.0 | ||||||||||||||||||||||||
NGLs | i — | i — | i 4.3 | i — | i 4.3 | ||||||||||||||||||||||||
Pipeline | |||||||||||||||||||||||||||||
Crude
oil | i 2.3 | i 0.3 | i 0.9 | i — | i 3.5 | ||||||||||||||||||||||||
NGLs | i — | i 10.9 | i 0.1 | ( i 10.9) | i 0.1 | ||||||||||||||||||||||||
Transportation | |||||||||||||||||||||||||||||
NGLs | i — | i — | i 10.2 | i — | i 10.2 | ||||||||||||||||||||||||
Rail
Loading | |||||||||||||||||||||||||||||
Crude oil | i — | i — | i 0.4 | i — | i 0.4 | ||||||||||||||||||||||||
Product
Sales | |||||||||||||||||||||||||||||
Natural gas | i 67.7 | i 66.1 | i 133.7 | ( i 112.8) | i 154.7 | ||||||||||||||||||||||||
Crude
oil | i 237.8 | i 0.3 | i 602.2 | ( i 42.7) | i 797.6 | ||||||||||||||||||||||||
NGLs | i 83.7 | i 198.1 | i 639.4 | ( i 60.0) | i 861.2 | ||||||||||||||||||||||||
Water | i 1.9 | i — | i — | i — | i 1.9 | ||||||||||||||||||||||||
Other | i 0.6 | i — | i 0.9 | ( i 0.2) | i 1.3 | ||||||||||||||||||||||||
Total
Topic 606 revenues | i 613.3 | i 318.1 | i 1,392.2 | ( i 226.8) | i 2,096.8 | ||||||||||||||||||||||||
Non-Topic
606 revenues | i 1.1 | ( i 1.1) | i 187.5 | i — | i 187.5 | ||||||||||||||||||||||||
Total
revenues | $ | i 614.4 | $ | i 317.0 | $ | i 1,579.7 | $ | ( i 226.8) | $ | i 2,284.3 | |||||||||||||||||||
| Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
Gathering and Processing North | Gathering
and Processing South | Storage and Logistics | Intersegment Elimination | Total | |||||||||||||||||||||||||
Topic 606 revenues | |||||||||||||||||||||||||||||
Gathering | |||||||||||||||||||||||||||||
Natural
gas | $ | i 58.8 | $ | i 46.9 | $ | i — | $ | i — | $ | i 105.7 | |||||||||||||||||||
Crude
oil | i 28.9 | i 2.9 | i — | i — | i 31.8 | ||||||||||||||||||||||||
Water | i 75.9 | i 5.5 | i — | i — | i 81.4 | ||||||||||||||||||||||||
Processing | |||||||||||||||||||||||||||||
Natural
gas | i 34.1 | i 2.3 | i — | i — | i 36.4 | ||||||||||||||||||||||||
Compression | |||||||||||||||||||||||||||||
Natural
gas | i — | i 6.6 | i — | i — | i 6.6 | ||||||||||||||||||||||||
Storage | |||||||||||||||||||||||||||||
Crude
oil | i 1.1 | i — | i 0.3 | ( i 0.2) | i 1.2 | ||||||||||||||||||||||||
NGLs | i — | i — | i 4.7 | i — | i 4.7 | ||||||||||||||||||||||||
Pipeline | |||||||||||||||||||||||||||||
Crude
oil | i 2.7 | i 0.4 | i 0.9 | ( i 0.1) | i 3.9 | ||||||||||||||||||||||||
NGLs | i — | i — | i 0.1 | i — | i 0.1 | ||||||||||||||||||||||||
Transportation | |||||||||||||||||||||||||||||
NGLs | i — | i — | i 11.3 | i — | i 11.3 | ||||||||||||||||||||||||
Rail
Loading | |||||||||||||||||||||||||||||
Crude oil | i — | i — | i 0.4 | i — | i 0.4 | ||||||||||||||||||||||||
Product
Sales | |||||||||||||||||||||||||||||
Natural gas | i 159.5 | i 0.9 | i 259.6 | ( i 125.6) | i 294.4 | ||||||||||||||||||||||||
Crude
oil | i 274.0 | i — | i 767.5 | ( i 24.1) | i 1,017.4 | ||||||||||||||||||||||||
NGLs | i 154.4 | i — | i 1,093.9 | ( i 129.0) | i 1,119.3 | ||||||||||||||||||||||||
| Water | i 2.9 | i — | i — | i — | i 2.9 | ||||||||||||||||||||||||
Other | i 0.6 | i — | i 0.3 | i — | i 0.9 | ||||||||||||||||||||||||
Total
Topic 606 revenues | i 792.9 | i 65.5 | i 2,139.0 | ( i 279.0) | i 2,718.4 | ||||||||||||||||||||||||
Non-Topic
606 revenues | i 0.7 | i 0.5 | i 312.2 | i — | i 313.4 | ||||||||||||||||||||||||
Total
revenues | $ | i 793.6 | $ | i 66.0 | $ | i 2,451.2 | $ | ( i 279.0) | $ | i 3,031.8 | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues at CEQP and CMLP(1) | $ | i — | $ | i 134.2 | $ | i — | $ | i 231.9 | |||||||||||||||
Costs
of product/services sold at CEQP and CMLP(2) | $ | i 0.1 | $ | i 113.1 | $ | i 0.5 | $ | i 181.6 | |||||||||||||||
Operations
and maintenance expenses at CEQP and CMLP(3) | $ | i 1.2 | $ | i 5.0 | $ | i 3.6 | $ | i 9.8 | |||||||||||||||
General
and administrative expenses charged by CEQP to CMLP, net(4) | $ | i 8.1 | $ | i 7.5 | $ | i 17.0 | $ | i 15.0 | |||||||||||||||
General
and administrative expenses at CEQP and CMLP(5) | $ | i — | $ | i 0.4 | $ | i — | $ | i 1.3 | |||||||||||||||
| June
30, 2023 | December 31, 2022 | ||||||||||
| Accounts receivable at CEQP and CMLP | $ | i 0.4 | $ | i 1.6 | |||||||
| Accounts payable at CEQP and CMLP | $ | i 0.1 | $ | i 3.0 | |||||||
| Crestwood Equity | Crestwood Midstream | ||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
| June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 1,021.2 | $ | 1,448.0 | $ | 2,284.3 | $ | 3,031.8 | $ | 1,021.2 | $ | 1,448.0 | $ | 2,284.3 | $ | 3,031.8 | |||||||||||||||||||||||||||||||
| Costs of product/services sold | 784.6 | 1,213.2 | 1,782.0 | 2,577.6 | 784.6 | 1,213.2 | 1,782.0 | 2,577.6 | |||||||||||||||||||||||||||||||||||||||
| Operations and maintenance expense | 53.2 | 46.6 | 109.8 | 89.0 | 53.2 | 46.6 | 109.8 | 89.0 | |||||||||||||||||||||||||||||||||||||||
| General and administrative expense | 25.0 | 26.5 | 56.6 | 69.9 | 23.6 | 25.0 | 53.8 | 66.7 | |||||||||||||||||||||||||||||||||||||||
| Depreciation, amortization and accretion | 81.1 | 80.6 | 162.5 | 155.4 | 81.1 | 83.0 | 162.4 | 161.2 | |||||||||||||||||||||||||||||||||||||||
| Loss on long-lived assets, net | 1.8 | 7.2 | 2.2 | 11.0 | 1.8 | 60.5 | 2.2 | 64.3 | |||||||||||||||||||||||||||||||||||||||
| Operating income | 75.5 | 73.9 | 171.2 | 128.9 | 76.9 | 19.7 | 174.1 | 73.0 | |||||||||||||||||||||||||||||||||||||||
| Earnings from unconsolidated affiliates, net | 132.4 | 6.0 | 134.1 | 9.0 | 132.4 | 6.0 | 134.1 | 9.0 | |||||||||||||||||||||||||||||||||||||||
| Interest and debt expense, net | (55.4) | (40.1) | (111.0) | (76.2) | (55.4) | (40.1) | (111.0) | (76.2) | |||||||||||||||||||||||||||||||||||||||
| Other income (expense), net | — | (0.1) | 0.1 | 0.2 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | (0.6) | (0.3) | (0.9) | (0.3) | (0.5) | (0.2) | (0.8) | (0.2) | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) | 151.9 | 39.4 | 193.5 | 61.6 | 153.4 | (14.6) | 196.4 | 5.6 | |||||||||||||||||||||||||||||||||||||||
| Add: | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest and debt expense, net | 55.4 | 40.1 | 111.0 | 76.2 | 55.4 | 40.1 | 111.0 | 76.2 | |||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | 0.6 | 0.3 | 0.9 | 0.3 | 0.5 | 0.2 | 0.8 | 0.2 | |||||||||||||||||||||||||||||||||||||||
| Depreciation, amortization and accretion | 81.1 | 80.6 | 162.5 | 155.4 | 81.1 | 83.0 | 162.4 | 161.2 | |||||||||||||||||||||||||||||||||||||||
| EBITDA | $ | 289.0 | $ | 160.4 | $ | 467.9 | $ | 293.5 | $ | 290.4 | $ | 108.7 | $ | 470.6 | $ | 243.2 | |||||||||||||||||||||||||||||||
| Unit-based compensation | 9.2 | 8.6 | 19.2 | 17.2 | 9.2 | 8.6 | 19.2 | 17.2 | |||||||||||||||||||||||||||||||||||||||
| Loss on long-lived assets, net | 1.8 | 7.2 | 2.2 | 11.0 | 1.8 | 60.5 | 2.2 | 64.3 | |||||||||||||||||||||||||||||||||||||||
| Earnings from unconsolidated affiliates, net | (132.4) | (6.0) | (134.1) | (9.0) | (132.4) | (6.0) | (134.1) | (9.0) | |||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA from unconsolidated affiliates, net | 2.0 | 10.9 | 6.2 | 18.5 | 2.0 | 10.9 | 6.2 | 18.5 | |||||||||||||||||||||||||||||||||||||||
| Change in fair value of commodity inventory-related derivative contracts | 3.0 | (4.9) | (0.5) | 0.8 | 3.0 | (4.9) | (0.5) | 0.8 | |||||||||||||||||||||||||||||||||||||||
| Significant transaction and environmental related costs and other items | 3.3 | 3.5 | 7.6 | 20.5 | 3.3 | 3.5 | 7.6 | 20.5 | |||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 175.9 | $ | 179.7 | $ | 368.5 | $ | 352.5 | $ | 177.3 | $ | 181.3 | $ | 371.2 | $ | 355.5 | |||||||||||||||||||||||||||||||
| Crestwood Equity | Crestwood Midstream | ||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
| June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
| Net cash provided by operating activities | $ | 21.2 | $ | 29.5 | $ | 267.1 | $ | 252.0 | $ | 22.6 | $ | 31.3 | $ | 270.6 | $ | 255.2 | |||||||||||||||||||||||||||||||
Net
changes in operating assets and liabilities | 91.7 | 106.9 | (21.4) | (6.0) | 91.8 | 106.9 | (22.0) | (5.9) | |||||||||||||||||||||||||||||||||||||||
| Amortization of debt-related deferred costs and fair value adjustment | (0.8) | (0.4) | (1.6) | (1.2) | (0.8) | (0.4) | (1.6) | (1.2) | |||||||||||||||||||||||||||||||||||||||
| Interest and debt expense, net | 55.4 | 40.1 | 111.0 | 76.2 | 55.4 | 40.1 | 111.0 | 76.2 | |||||||||||||||||||||||||||||||||||||||
| Unit-based compensation | (9.2) | (8.6) | (19.2) | (17.2) | (9.2) | (8.6) | (19.2) | (17.2) | |||||||||||||||||||||||||||||||||||||||
| Loss on long-lived assets, net | (1.8) | (7.2) | (2.2) | (11.0) | (1.8) | (60.5) | (2.2) | (64.3) | |||||||||||||||||||||||||||||||||||||||
| Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | 131.8 | (0.2) | 133.2 | 0.2 | 131.8 | (0.2) | 133.2 | 0.2 | |||||||||||||||||||||||||||||||||||||||
| Deferred income taxes | — | — | — | 0.1 | — | (0.1) | (0.1) | (0.1) | |||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | 0.6 | 0.3 | 0.9 | 0.3 | 0.5 | 0.2 | 0.8 | 0.2 | |||||||||||||||||||||||||||||||||||||||
| Other non-cash expense | 0.1 | — | 0.1 | 0.1 | 0.1 | — | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||
EBITDA | $ | 289.0 | $ | 160.4 | $ | 467.9 | $ | 293.5 | $ | 290.4 | $ | 108.7 | $ | 470.6 | $ | 243.2 | |||||||||||||||||||||||||||||||
| Unit-based compensation | 9.2 | 8.6 | 19.2 | 17.2 | 9.2 | 8.6 | 19.2 | 17.2 | |||||||||||||||||||||||||||||||||||||||
| Loss on long-lived assets, net | 1.8 | 7.2 | 2.2 | 11.0 | 1.8 | 60.5 | 2.2 | 64.3 | |||||||||||||||||||||||||||||||||||||||
| Earnings from unconsolidated affiliates, net | (132.4) | (6.0) | (134.1) | (9.0) | (132.4) | (6.0) | (134.1) | (9.0) | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA from
unconsolidated affiliates, net | 2.0 | 10.9 | 6.2 | 18.5 | 2.0 | 10.9 | 6.2 | 18.5 | |||||||||||||||||||||||||||||||||||||||
Change in fair value of commodity
inventory-related derivative contracts | 3.0 | (4.9) | (0.5) | 0.8 | 3.0 | (4.9) | (0.5) | 0.8 | |||||||||||||||||||||||||||||||||||||||
Significant transaction
and environmental related costs and other items | 3.3 | 3.5 | 7.6 | 20.5 | 3.3 | 3.5 | 7.6 | 20.5 | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 175.9 | $ | 179.7 | $ | 368.5 | $ | 352.5 | $ | 177.3 | $ | 181.3 | $ | 371.2 | $ | 355.5 | |||||||||||||||||||||||||||||||
| Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||
| June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||
| Gathering and Processing North | Gathering and Processing South | Storage and Logistics | Gathering and Processing North | Gathering and Processing South | Storage and Logistics | ||||||||||||||||||||||||||||||
| Revenues | $ | 238.9 | $ | 119.4 | $ | 662.9 | $ | 279.4 | $ | 35.3 | $ | 1,133.3 | |||||||||||||||||||||||
Intersegment
revenues | 61.1 | 32.5 | (93.6) | 151.6 | — | (151.6) | |||||||||||||||||||||||||||||
Costs of product/services sold | 136.9 | 100.2 | 547.5 | 250.8 | 0.6 | 961.8 | |||||||||||||||||||||||||||||
Operations
and maintenance expenses | 26.4 | 15.2 | 11.6 | 27.5 | 7.6 | 11.5 | |||||||||||||||||||||||||||||
| Gain (loss) on long-lived assets, net | — | (1.9) | — | — | (60.4) | (0.1) | |||||||||||||||||||||||||||||
| Earnings from unconsolidated affiliates, net | — | 0.6 | 131.8 | — | 4.8 | 1.2 | |||||||||||||||||||||||||||||
| Crestwood Midstream EBITDA | $ | 136.7 | $ | 35.2 | $ | 142.0 | $ | 152.7 | $ | (28.5) | $ | 9.5 | |||||||||||||||||||||||
Elimination
of loss on long-lived assets(1) | — | — | — | — | 53.3 | — | |||||||||||||||||||||||||||||
| Crestwood Equity EBITDA | $ | 136.7 | $ | 35.2 | $ | 142.0 | $ | 152.7 | $ | 24.8 | $ | 9.5 | |||||||||||||||||||||||
| Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
| June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||
| Gathering and Processing North | Gathering and Processing South | Storage and Logistics | Gathering and Processing North | Gathering and Processing South | Storage and Logistics | ||||||||||||||||||||||||||||||
| Revenues | $ | 454.3 | $ | 250.3 | $ | 1,579.7 | $ | 514.6 | $ | 66.0 | $ | 2,451.2 | |||||||||||||||||||||||
Intersegment
revenues | 160.1 | 66.7 | (226.8) | 279.0 | — | (279.0) | |||||||||||||||||||||||||||||
Costs of product/services sold | 289.3 | 208.7 | 1,284.0 | 456.4 | — | 2,121.2 | |||||||||||||||||||||||||||||
Operations
and maintenance expenses | 55.7 | 30.3 | 23.8 | 51.2 | 14.3 | 23.5 | |||||||||||||||||||||||||||||
| Gain (loss) on long-lived assets, net | 0.1 | (2.7) | — | — | (60.2) | (4.1) | |||||||||||||||||||||||||||||
| Earnings from unconsolidated affiliates, net | — | 0.9 | 133.2 | — | 7.4 | 1.6 | |||||||||||||||||||||||||||||
| Crestwood Midstream EBITDA | $ | 269.5 | $ | 76.2 | $ | 178.3 | $ | 286.0 | $ | (1.1) | $ | 25.0 | |||||||||||||||||||||||
Elimination
of loss on long-lived assets(1) | — | — | — | — | 53.3 | — | |||||||||||||||||||||||||||||
| Crestwood Equity EBITDA | $ | 269.5 | $ | 76.2 | $ | 178.3 | $ | 286.0 | $ | 52.2 | $ | 25.0 | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Credit facilities | $ | 8.8 | $ | 5.3 | $ | 20.4 | $ | 8.7 | |||||||||||||||
| Senior notes | 46.2 | 35.1 | 90.3 | 67.2 | |||||||||||||||||||
| Other, net | 1.1 | 0.4 | 2.1 | 1.3 | |||||||||||||||||||
Gross interest
and debt expense | 56.1 | 40.8 | 112.8 | 77.2 | |||||||||||||||||||
| Less: capitalized interest | 0.7 | 0.7 | 1.8 | 1.0 | |||||||||||||||||||
Interest
and debt expense, net | $ | 55.4 | $ | 40.1 | $ | 111.0 | $ | 76.2 | |||||||||||||||
| Six Months Ended | |||||||||||
| June 30, | |||||||||||
| 2023 | 2022 | ||||||||||
| Net cash provided by operating activities | $ | 267.1 | $ | 252.0 | |||||||
| Net cash provided by (used in) investing activities | $ | 59.5 | $ | (206.4) | |||||||
| Net cash used in financing activities | $ | (326.4) | $ | (45.1) | |||||||
Growth capital(1) | $ | 93.7 | |||
| Maintenance capital | 15.3 | ||||
Other(2) | 6.7 | ||||
| Purchases of property, plant and equipment | $ | 115.7 | |||
| June 30, 2023 | December 31, 2022 | ||||||||||
| Current assets | $ | 479.5 | $ | 588.4 | |||||||
| Current assets - affiliates | $ | 1.3 | $ | 1.3 | |||||||
| Property, plant and equipment, net | $ | 3,797.9 | $ | 3,295.8 | |||||||
| Non-current assets | $ | 996.5 | $ | 1,012.9 | |||||||
| Current liabilities | $ | 355.3 | $ | 466.1 | |||||||
| Current liabilities - affiliates | $ | 2.9 | $ | 41.5 | |||||||
| Long-term debt, less current portion | $ | 3,259.1 | $ | 3,171.5 | |||||||
| Non-current liabilities | $ | 198.2 | $ | 147.6 | |||||||
| Six Months Ended June 30, 2023 | |||||
| Revenues | $ | 2,247.7 | |||
| Revenues - affiliates | $ | 0.8 | |||
| Cost of products/services sold | $ | 1,773.1 | |||
| Cost of products/services sold - affiliates | $ | 9.4 | |||
Operations and maintenance
expenses(1) | $ | 99.7 | |||
General and administrative expenses(2) | $ | 53.8 | |||
| Operating income | $ | 178.7 | |||
| Net income | $ | 66.8 | |||
| Exhibit Number | Description | |||||||
| 2.1 | ||||||||
| 2.2 | ||||||||
| 2.3 | ||||||||
| 3.1 | ||||||||
| 3.2 | ||||||||
| 3.3 | ||||||||
| 3.4 | ||||||||
| 3.5 | ||||||||
| 3.6 | ||||||||
| 3.7 | ||||||||
| 3.8 | ||||||||
| 3.9 | ||||||||
| 3.10 | ||||||||
| 3.11 | ||||||||
| 3.12 | ||||||||
| 3.13 | ||||||||
| 3.14 | ||||||||
| 3.15 | ||||||||
| 3.16 | ||||||||
| 3.17 | ||||||||
| 3.18 | ||||||||
| *10.1 | ||||||||
| *10.2 | ||||||||
| *10.3 | ||||||||
| *10.4 | ||||||||
| *31.1 | ||||||||
| *31.2 | ||||||||
| *31.3 | ||||||||
| *31.4 | ||||||||
| *32.1 | ||||||||
| *32.2 | ||||||||
| *32.3 | ||||||||
| *32.4 | ||||||||
| **101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
| **101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
| **101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
| **101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
| **101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
| **101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
| 104 | Cover Page Interactive Data File (contained in Exhibit 101) | |||||||
| * | Filed herewith | ||||
| ** | Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. | ||||
| CRESTWOOD EQUITY PARTNERS LP | |||||||||||||||||
| By: | CRESTWOOD EQUITY GP LLC | ||||||||||||||||
| (its general partner) | |||||||||||||||||
| Date: | August 3, 2023 | By: | /s/ JOHN BLACK | ||||||||||||||
| John Black | |||||||||||||||||
| Executive Vice President and Chief Financial Officer | |||||||||||||||||
| (Duly Authorized Officer and Principal Financial Officer) | |||||||||||||||||
| CRESTWOOD MIDSTREAM PARTNERS LP | |||||||||||||||||
| By: | CRESTWOOD MIDSTREAM GP LLC | ||||||||||||||||
| (its general partner) | |||||||||||||||||
| Date: | August 3, 2023 | By: | /s/ JOHN BLACK | ||||||||||||||
| John Black | |||||||||||||||||
| Executive Vice President and Chief Financial Officer | |||||||||||||||||
| (Duly Authorized Officer and Principal Financial Officer) | |||||||||||||||||
| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 2/1/31 | ||||
| 12/31/23 | ||||
| 8/14/23 | ||||
| 8/7/23 | ||||
| Filed on: | 8/3/23 | 144 | ||
| 8/1/23 | 8-K | |||
| 7/28/23 | ||||
| 7/20/23 | ||||
| For Period end: | 6/30/23 | 4 | ||
| 5/15/23 | 8-K | |||
| 5/8/23 | ||||
| 4/3/23 | ||||
| 3/31/23 | 10-Q, ARS, DEF 14A, DEFA14A | |||
| 2/27/23 | 10-K | |||
| 2/20/23 | ||||
| 2/14/23 | 4 | |||
| 2/7/23 | ||||
| 1/13/23 | ||||
| 1/9/23 | ||||
| 12/31/22 | 10-K, ARS | |||
| 10/24/22 | ||||
| 6/30/22 | 10-Q | |||
| 6/17/22 | ||||
| 5/13/22 | ||||
| 5/6/22 | ||||
| 3/31/22 | 10-Q, DEFR14A | |||
| 2/14/22 | 4, S-3ASR | |||
| 2/7/22 | ||||
| 2/1/22 | 3, 4, 8-K | |||
| 12/31/21 | 10-K | |||
| 12/23/19 | ||||
| 8/1/12 | 8-K | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/29/23 Crestwood Equity Partners LP DEFM14A 1:3.1M Donnelley … Solutions/FA 9/29/23 Energy Transfer LP 424B3 1:2.9M Donnelley … Solutions/FA 9/27/23 Crestwood Equity Partners LP DEFM14A 1:330K Donnelley … Solutions/FA 9/27/23 Energy Transfer LP S-4/A 13:3.6M Donnelley … Solutions/FA 9/15/23 Crestwood Equity Partners LP PREM14A 9/14/23 1:325K Donnelley … Solutions/FA 9/15/23 Energy Transfer LP S-4 12:3M Donnelley … Solutions/FA |