x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2017 |
¨ | 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.) |
Crestwood Equity Partners LP | 001-34664 | Delaware | 43-1918951 |
Crestwood Midstream Partners LP | 001-35377 | Delaware | 20-1647837 |
700 Louisiana Street, Suite 2550 Houston, Texas | 77002 | |
(Address of principal executive offices) | (Zip code) |
Crestwood Equity Partners LP | Yes x No o | |
Crestwood Midstream Partners LP | Yes x No o |
Crestwood Equity Partners LP | Yes x No o | |
Crestwood Midstream Partners LP | Yes x No o |
Crestwood Equity Partners LP | Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | Emerging growth company o |
Crestwood Midstream Partners LP | Large accelerated filer o | Accelerated filer o | Non-accelerated filer x | Smaller reporting company o | Emerging growth company o |
Crestwood Equity Partners LP | o | |
Crestwood Midstream Partners LP | o |
Crestwood Equity Partners LP | Yes o No x | |
Crestwood Midstream Partners LP | Yes o No x |
Crestwood Equity Partners LP | 69,653,515 | |
Crestwood Midstream Partners LP | None |
Page | |
CRESTWOOD EQUITY PARTNERS LP CONSOLIDATED BALANCE SHEETS (in millions, except unit information) | |||||||
March 31, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash | $ | 1.0 | $ | 1.6 | |||
Accounts receivable, less allowance for doubtful accounts of $1.4 million and $1.9 million at March 31, 2017 and December 31, 2016 | 267.8 | 289.8 | |||||
Inventory | 58.8 | 66.0 | |||||
Assets from price risk management activities | 6.7 | 6.3 | |||||
Prepaid expenses and other current assets | 5.7 | 9.7 | |||||
Total current assets | 340.0 | 373.4 | |||||
Property, plant and equipment | 2,572.4 | 2,555.4 | |||||
Less: accumulated depreciation and depletion | 491.7 | 457.8 | |||||
Property, plant and equipment, net | 2,080.7 | 2,097.6 | |||||
Intangible assets | 898.6 | 898.6 | |||||
Less: accumulated amortization | 254.7 | 241.2 | |||||
Intangible assets, net | 643.9 | 657.4 | |||||
Goodwill | 199.0 | 199.0 | |||||
Investments in unconsolidated affiliates | 1,105.3 | 1,115.4 | |||||
Other assets | 5.9 | 6.1 | |||||
Total assets | $ | 4,374.8 | $ | 4,448.9 | |||
Liabilities and partners’ capital | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 193.7 | $ | 217.2 | |||
Accrued expenses and other liabilities | 78.1 | 90.5 | |||||
Liabilities from price risk management activities | 9.4 | 28.6 | |||||
Current portion of long-term debt | 14.8 | 1.0 | |||||
Total current liabilities | 296.0 | 337.3 | |||||
Long-term debt, less current portion | 1,550.3 | 1,522.7 | |||||
Other long-term liabilities | 46.5 | 44.6 | |||||
Deferred income taxes | 4.7 | 5.3 | |||||
Commitments and contingencies (Note 10) | |||||||
Partners’ capital: | |||||||
Crestwood Equity Partners LP partners’ capital (70,142,803 and 69,499,741 common and subordinated units issued and outstanding at March 31, 2017 and December 31, 2016) | 1,700.2 | 1,782.0 | |||||
Preferred units (68,072,226 and 66,533,415 units issued and outstanding at March 31, 2017 and December 31, 2016) | 582.3 | 564.5 | |||||
Total Crestwood Equity Partners LP partners’ capital | 2,282.5 | 2,346.5 | |||||
Interest of non-controlling partners in subsidiaries | 194.8 | 192.5 | |||||
Total partners’ capital | 2,477.3 | 2,539.0 | |||||
Total liabilities and partners’ capital | $ | 4,374.8 | $ | 4,448.9 |
CRESTWOOD EQUITY PARTNERS LP CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except unit and per unit data) (unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2017 | 2016 | |||||||
Revenues: | ||||||||
Product revenues: | ||||||||
Gathering and processing | $ | 293.1 | $ | 162.5 | ||||
Marketing, supply and logistics | 430.2 | 206.5 | ||||||
723.3 | 369.0 | |||||||
Services revenues: | ||||||||
Gathering and processing | 75.0 | 75.7 | ||||||
Storage and transportation | 10.0 | 59.4 | ||||||
Marketing, supply and logistics | 19.3 | 31.2 | ||||||
Related party (Note 11) | 0.5 | 0.7 | ||||||
104.8 | 167.0 | |||||||
Total revenues | 828.1 | 536.0 | ||||||
Costs of product/services sold (exclusive of items shown separately below): | ||||||||
Product costs: | ||||||||
Gathering and processing | 312.5 | 175.4 | ||||||
Marketing, supply and logistics | 354.2 | 166.0 | ||||||
Related party (Note 11) | 4.1 | 4.3 | ||||||
670.8 | 345.7 | |||||||
Service costs: | ||||||||
Gathering and processing | — | 0.1 | ||||||
Storage and transportation | — | 2.9 | ||||||
Marketing, supply and logistics | 12.7 | 14.7 | ||||||
12.7 | 17.7 | |||||||
Total costs of products/services sold | 683.5 | 363.4 | ||||||
Expenses: | ||||||||
Operations and maintenance | 33.7 | 41.8 | ||||||
General and administrative | 26.4 | 23.0 | ||||||
Depreciation, amortization and accretion | 48.4 | 62.3 | ||||||
108.5 | 127.1 | |||||||
Other operating expenses: | ||||||||
Goodwill impairment | — | (109.7 | ) | |||||
Operating income (loss) | 36.1 | (64.2 | ) |
CRESTWOOD EQUITY PARTNERS LP CONSOLIDATED STATEMENTS OF OPERATIONS (continued) (in millions, except unit and per unit data) (unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2017 | 2016 | |||||||
Earnings from unconsolidated affiliates, net | 8.1 | 6.5 | ||||||
Interest and debt expense, net | (26.5 | ) | (36.1 | ) | ||||
Loss on modification/extinguishment of debt | (37.3 | ) | — | |||||
Other income, net | 0.1 | 0.1 | ||||||
Loss before income taxes | (19.5 | ) | (93.7 | ) | ||||
Benefit for income taxes | 0.1 | — | ||||||
Net loss | (19.4 | ) | (93.7 | ) | ||||
Net income attributable to non-controlling partners | 6.1 | 5.9 | ||||||
Net loss attributable to Crestwood Equity Partners LP | (25.5 | ) | (99.6 | ) | ||||
Net income attributable to preferred units | 17.8 | 1.6 | ||||||
Net loss attributable to partners | $ | (43.3 | ) | $ | (101.2 | ) | ||
Subordinated unitholders' interest in net loss | $ | — | $ | — | ||||
Common unitholders' interest in net loss | $ | (43.3 | ) | $ | (101.2 | ) | ||
Net loss per limited partner unit: | ||||||||
Basic | $ | (0.62 | ) | $ | (1.47 | ) | ||
Diluted | $ | (0.62 | ) | $ | (1.47 | ) | ||
Weighted-average limited partners’ units outstanding (in thousands): | ||||||||
Basic | 69,697 | 68,912 | ||||||
Dilutive units | — | — | ||||||
Diluted | 69,697 | 68,912 |
CRESTWOOD EQUITY PARTNERS LP CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) (unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2017 | 2016 | |||||||
Net loss | $ | (19.4 | ) | $ | (93.7 | ) | ||
Change in fair value of Suburban Propane Partners, L.P. units | (0.4 | ) | 0.8 | |||||
Comprehensive loss | (19.8 | ) | (92.9 | ) | ||||
Comprehensive income attributable to non-controlling interest | 6.1 | 5.9 | ||||||
Comprehensive loss attributable to Crestwood Equity Partners LP | $ | (25.9 | ) | $ | (98.8 | ) |
CRESTWOOD EQUITY PARTNERS LP CONSOLIDATED STATEMENT OF PARTNERS’ CAPITAL (in millions) (unaudited) | ||||||||||||||||||||||||
Preferred | Partners | |||||||||||||||||||||||
Units | Capital | Common Units | Subordinated Units | Capital | Non-Controlling Partners | Total Partners’ Capital | ||||||||||||||||||
Balance at December 31, 2016 | 66.5 | $ | 564.5 | 69.1 | 0.4 | $ | 1,782.0 | $ | 192.5 | $ | 2,539.0 | |||||||||||||
Distributions to partners | 1.6 | — | — | — | (41.8 | ) | (3.8 | ) | (45.6 | ) | ||||||||||||||
Unit-based compensation charges | — | — | 0.7 | — | 7.3 | — | 7.3 | |||||||||||||||||
Taxes paid for unit-based compensation vesting | — | — | (0.1 | ) | — | (3.4 | ) | — | (3.4 | ) | ||||||||||||||
Change in fair value of Suburban Propane Partners, L.P. units | — | — | — | — | (0.4 | ) | — | (0.4 | ) | |||||||||||||||
Other | — | — | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||||
Net income (loss) | — | 17.8 | — | — | (43.3 | ) | 6.1 | (19.4 | ) | |||||||||||||||
Balance at March 31, 2017 | 68.1 | $ | 582.3 | 69.7 | 0.4 | $ | 1,700.2 | $ | 194.8 | $ | 2,477.3 |
CRESTWOOD EQUITY PARTNERS LP CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
Operating activities | |||||||
Net loss | $ | (19.4 | ) | $ | (93.7 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation, amortization and accretion | 48.4 | 62.3 | |||||
Amortization of debt-related deferred costs, discounts and premiums | 1.8 | 1.7 | |||||
Unit-based compensation charges | 7.3 | 4.5 | |||||
Goodwill impairment | — | 109.7 | |||||
Loss on modification/extinguishment of debt | 37.3 | — | |||||
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | (0.3 | ) | (0.8 | ) | |||
Deferred income taxes | (0.6 | ) | (0.1 | ) | |||
Other | (0.4 | ) | 0.1 | ||||
Changes in operating assets and liabilities | (15.2 | ) | 50.6 | ||||
Net cash provided by operating activities | 58.9 | 134.3 | |||||
Investing activities | |||||||
Purchases of property, plant and equipment | (22.7 | ) | (55.6 | ) | |||
Investment in unconsolidated affiliates | (0.1 | ) | (5.5 | ) | |||
Capital distributions from unconsolidated affiliates | 10.5 | — | |||||
Net proceeds from sale of assets | — | 0.8 | |||||
Net cash used in investing activities | (12.3 | ) | (60.3 | ) | |||
Financing activities | |||||||
Proceeds from the issuance of long-term debt | 1,154.5 | 313.5 | |||||
Payments on long-term debt | (1,143.7 | ) | (286.2 | ) | |||
Payments on capital leases | (0.4 | ) | (0.5 | ) | |||
Payments for debt-related deferred costs | (8.5 | ) | (0.1 | ) | |||
Distributions to partners | (41.8 | ) | (95.6 | ) | |||
Distributions paid to non-controlling partners | (3.8 | ) | (3.8 | ) | |||
Taxes paid for unit-based compensation vesting | (3.4 | ) | (0.6 | ) | |||
Other | (0.1 | ) | (0.1 | ) | |||
Net cash used in financing activities | (47.2 | ) | (73.4 | ) | |||
Net change in cash | (0.6 | ) | 0.6 | ||||
Cash at beginning of period | 1.6 | 0.5 | |||||
Cash at end of period | $ | 1.0 | $ | 1.1 | |||
Supplemental schedule of noncash investing and financing activities | |||||||
Net change to property, plant and equipment through accounts payable and accrued expenses | $ | (2.0 | ) | $ | (9.7 | ) |
CRESTWOOD MIDSTREAM PARTNERS LP CONSOLIDATED BALANCE SHEETS (in millions) | |||||||
March 31, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash | $ | 0.6 | $ | 1.3 | |||
Accounts receivable, less allowance for doubtful accounts of $1.4 million and $1.9 million at March 31, 2017 and December 31, 2016 | 267.8 | 289.8 | |||||
Inventory | 58.8 | 66.0 | |||||
Assets from price risk management activities | 6.7 | 6.3 | |||||
Prepaid expenses and other current assets | 5.7 | 9.7 | |||||
Total current assets | 339.6 | 373.1 | |||||
Property, plant and equipment | 2,902.5 | 2,885.5 | |||||
Less: accumulated depreciation and depletion | 624.5 | 587.1 | |||||
Property, plant and equipment, net | 2,278.0 | 2,298.4 | |||||
Intangible assets | 883.1 | 883.1 | |||||
Less: accumulated amortization | 243.0 | 230.2 | |||||
Intangible assets, net | 640.1 | 652.9 | |||||
Goodwill | 199.0 | 199.0 | |||||
Investments in unconsolidated affiliates | 1,105.3 | 1,115.4 | |||||
Other assets | 2.1 | 1.8 | |||||
Total assets | $ | 4,564.1 | $ | 4,640.6 | |||
Liabilities and partners’ capital | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 191.0 | $ | 214.5 | |||
Accrued expenses and other liabilities | 75.2 | 87.9 | |||||
Liabilities from price risk management activities | 9.4 | 28.6 | |||||
Current portion of long-term debt | 14.8 | 1.0 | |||||
Total current liabilities | 290.4 | 332.0 | |||||
Long-term debt, less current portion | 1,550.3 | 1,522.7 | |||||
Other long-term liabilities | 43.9 | 42.0 | |||||
Deferred income taxes | 0.7 | 0.7 | |||||
Commitments and contingencies (Note 10) | |||||||
Partners’ capital | 2,484.0 | 2,550.7 | |||||
Interest of non-controlling partners in subsidiary | 194.8 | 192.5 | |||||
Total partners’ capital | 2,678.8 | 2,743.2 | |||||
Total liabilities and partners’ capital | $ | 4,564.1 | $ | 4,640.6 |
CRESTWOOD MIDSTREAM PARTNERS LP CONSOLIDATED STATEMENTS OF OPERATIONS (in millions) (unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2017 | 2016 | |||||||
Revenues: | ||||||||
Product revenues: | ||||||||
Gathering and processing | $ | 293.1 | $ | 162.5 | ||||
Marketing, supply and logistics | 430.2 | 206.5 | ||||||
723.3 | 369.0 | |||||||
Service revenues: | ||||||||
Gathering and processing | 75.0 | 75.7 | ||||||
Storage and transportation | 10.0 | 59.4 | ||||||
Marketing, supply and logistics | 19.3 | 31.2 | ||||||
Related party (Note 11) | 0.5 | 0.7 | ||||||
104.8 | 167.0 | |||||||
Total revenues | 828.1 | 536.0 | ||||||
Costs of product/services sold (exclusive of items shown separately below): | ||||||||
Product costs: | ||||||||
Gathering and processing | 312.5 | 175.4 | ||||||
Marketing, supply and logistics | 354.2 | 166.0 | ||||||
Related party (Note 11) | 4.1 | 4.3 | ||||||
670.8 | 345.7 | |||||||
Service costs: | ||||||||
Gathering and processing | — | 0.1 | ||||||
Storage and transportation | — | 2.9 | ||||||
Marketing, supply and logistics | 12.7 | 14.7 | ||||||
12.7 | 17.7 | |||||||
Total costs of product/services sold | 683.5 | 363.4 | ||||||
Expenses: | ||||||||
Operations and maintenance | 33.7 | 41.7 | ||||||
General and administrative | 25.5 | 22.2 | ||||||
Depreciation, amortization and accretion | 51.2 | 64.9 | ||||||
110.4 | 128.8 | |||||||
Other operating expenses: | ||||||||
Goodwill impairment | — | (109.7 | ) | |||||
Operating income (loss) | 34.2 | (65.9 | ) |
CRESTWOOD MIDSTREAM PARTNERS LP CONSOLIDATED STATEMENTS OF OPERATIONS (continued) (in millions) (unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2017 | 2016 | |||||||
Earnings from unconsolidated affiliates, net | 8.1 | 6.5 | ||||||
Interest and debt expense, net | (26.5 | ) | (36.1 | ) | ||||
Loss on modification/extinguishment of debt | (37.3 | ) | — | |||||
Loss before income taxes | (21.5 | ) | (95.5 | ) | ||||
Benefit for income taxes | 0.1 | 0.2 | ||||||
Net loss | (21.4 | ) | (95.3 | ) | ||||
Net income attributable to non-controlling partners | 6.1 | 5.9 | ||||||
Net loss attributable to Crestwood Midstream Partners LP | $ | (27.5 | ) | $ | (101.2 | ) |
CRESTWOOD MIDSTREAM PARTNERS LP CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL (in millions) (unaudited) | ||||||||||||
Partners | Non-Controlling Partners | Total Partners’ Capital | ||||||||||
Balance at December 31, 2016 | $ | 2,550.7 | $ | 192.5 | $ | 2,743.2 | ||||||
Distributions to partners | (43.1 | ) | (3.8 | ) | (46.9 | ) | ||||||
Unit-based compensation charges | 7.3 | — | 7.3 | |||||||||
Taxes paid for unit-based compensation vesting | (3.4 | ) | — | (3.4 | ) | |||||||
Net income (loss) | (27.5 | ) | 6.1 | (21.4 | ) | |||||||
Balance at March 31, 2017 | $ | 2,484.0 | $ | 194.8 | $ | 2,678.8 |
CRESTWOOD MIDSTREAM PARTNERS LP CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
Operating activities | |||||||
Net loss | $ | (21.4 | ) | $ | (95.3 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation, amortization and accretion | 51.2 | 64.9 | |||||
Amortization of debt-related deferred costs and premiums | 1.8 | 1.7 | |||||
Unit-based compensation charges | 7.3 | 4.5 | |||||
Goodwill impairment | — | 109.7 | |||||
Loss on modification/extinguishment of debt | 37.3 | — | |||||
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | (0.3 | ) | (0.8 | ) | |||
Deferred income taxes | — | 0.2 | |||||
Other | (0.4 | ) | 0.1 | ||||
Changes in operating assets and liabilities | (15.5 | ) | 50.7 | ||||
Net cash provided by operating activities | 60.0 | 135.7 | |||||
Investing activities | |||||||
Purchases of property, plant and equipment | (22.7 | ) | (55.6 | ) | |||
Investment in unconsolidated affiliates | (0.1 | ) | (5.5 | ) | |||
Capital distributions from unconsolidated affiliates | 10.5 | — | |||||
Net proceeds from sale of assets | — | 0.8 | |||||
Net cash used in investing activities | (12.3 | ) | (60.3 | ) | |||
Financing activities | |||||||
Proceeds from the issuance of long-term debt | 1,154.5 | 313.5 | |||||
Payments on long-term debt | (1,143.7 | ) | (286.0 | ) | |||
Payments on capital leases | (0.4 | ) | (0.5 | ) | |||
Payments for debt-related deferred costs | (8.5 | ) | (0.1 | ) | |||
Distributions to partners | (46.9 | ) | (101.0 | ) | |||
Taxes paid for unit-based compensation vesting | (3.4 | ) | (0.6 | ) | |||
Net cash used in financing activities | (48.4 | ) | (74.7 | ) | |||
Net change in cash | (0.7 | ) | 0.7 | ||||
Cash at beginning of period | 1.3 | 0.1 | |||||
Cash at end of period | $ | 0.6 | $ | 0.8 | |||
Supplemental schedule of non-cash investing and financing activities | |||||||
Net change to property, plant and equipment through accounts payable and accrued expenses | $ | (2.0 | ) | $ | (9.7 | ) |
Gathering and Processing | |||
Marcellus | $ | 8.6 | |
Storage and Transportation | |||
COLT | 13.7 | ||
Marketing, Supply and Logistics | |||
Supply and Logistics | 65.5 | ||
Storage and Terminals | 14.1 | ||
Trucking | 7.8 | ||
Total | $ | 109.7 |
CEQP | CMLP | ||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Accrued expenses | $ | 32.6 | $ | 46.9 | $ | 31.4 | $ | 45.5 | |||||||
Accrued property taxes | 4.9 | 4.2 | 4.9 | 4.2 | |||||||||||
Accrued natural gas purchases | 3.8 | 4.9 | 3.8 | 4.9 | |||||||||||
Tax payable | 1.7 | 1.2 | — | — | |||||||||||
Interest payable | 26.1 | 22.8 | 26.1 | 22.8 | |||||||||||
Accrued additions to property, plant and equipment | 1.6 | 1.7 | 1.6 | 1.7 | |||||||||||
Capital leases | 1.2 | 1.3 | 1.2 | 1.3 | |||||||||||
Deferred revenue | 6.2 | 7.5 | 6.2 | 7.5 | |||||||||||
Total accrued expenses and other liabilities | $ | 78.1 | $ | 90.5 | $ | 75.2 | $ | 87.9 |
Ownership Percentage | Investment | Earnings (Loss) from Unconsolidated Affiliates | ||||||||||||||||
March 31, | March 31, | December 31, | Three Months Ended March 31, | |||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
Stagecoach Gas Services LLC(1) | 50.00 | % | $ | 864.9 | $ | 871.0 | $ | 6.0 | $ | — | ||||||||
Jackalope Gas Gathering Services, L.L.C.(2) | 50.00 | % | (3) | 193.2 | 197.2 | 1.8 | 5.1 | |||||||||||
Tres Palacios Holdings LLC(4) | 50.01 | % | 39.5 | 39.0 | 0.5 | 0.8 | ||||||||||||
Powder River Basin Industrial Complex, LLC(5) | 50.01 | % | 8.4 | 8.7 | — | 0.6 | ||||||||||||
Crestwood Permian Basin Holdings LLC(6) | 50.00 | % | (0.7 | ) | (0.5 | ) | (0.2 | ) | — | |||||||||
Total | $ | 1,105.3 | $ | 1,115.4 | $ | 8.1 | $ | 6.5 |
(1) | As of March 31, 2017, our equity in the underlying net assets of Stagecoach Gas Services LLC (Stagecoach Gas) exceeded our investment balance by approximately $51.4 million. This excess amount is entirely attributable to goodwill and, as such, is not subject to amortization. Our Stagecoach Gas investment is included in our storage and transportation segment. |
(2) | As of March 31, 2017, our equity in the underlying net assets of Jackalope Gas Gathering Services, L.L.C. (Jackalope) exceeded our investment balance by approximately $0.8 million. We amortize this amount over 20 years, which represents the life of Jackalope’s gathering agreement with Chesapeake Energy Corporation (Chesapeake), and we reflect the amortization as an increase in our earnings from unconsolidated affiliates. Our Jackalope investment is included in our gathering and processing segment. |
(3) | Excludes non-controlling interests related to our investment in Jackalope. |
(4) | As of March 31, 2017, our equity in the underlying net assets of Tres Palacios Holdings LLC (Tres Holdings) exceeded our investment balance by approximately $27.5 million. We amortize this amount over the life of the Tres Palacios Gas Storage LLC (Tres Palacios) sublease agreement, and we reflect the amortization as an increase in our earnings from unconsolidated affiliates. Our Tres Holdings investment is included in our storage and transportation segment. |
(5) | As of March 31, 2017, our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC) exceeded our investment balance by approximately $15.1 million. We amortize a portion of this amount over the life of PRBIC's property, plant and equipment and its agreement with Chesapeake, and we reflect the amortization as an increase in our earnings from unconsolidated affiliates. Our PRBIC investment is included in our storage and transportation segment. |
(6) | As of March 31, 2017, our equity in the underlying net assets of Crestwood Permian approximated our investment balance. Our Crestwood Permian investment is included in our gathering and processing segment. |
Three Months Ended March 31, | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
Operating Revenues | Operating Expenses | Net Income (Loss) | Operating Revenues | Operating Expenses | Net Income | ||||||||||||||||||
Stagecoach Gas | $ | 42.0 | $ | 19.4 | $ | 22.6 | $ | — | $ | — | $ | — | |||||||||||
Other(1) | 19.9 | 16.2 | 3.7 | 30.4 | 18.9 | 11.5 | |||||||||||||||||
Total | $ | 61.9 | $ | 35.6 | $ | 26.3 | $ | 30.4 | $ | 18.9 | $ | 11.5 |
(1) | Includes our Jackalope, Tres Holdings, PRBIC and Crestwood Permian equity investments. We amortize the excess basis in our equity investments as an increase in our earnings from unconsolidated affiliates. We recorded amortization of the excess basis in our Jackalope equity investment of less than $0.1 million for both the three months ended March 31, 2017 and 2016. We recorded amortization of the excess basis in our Tres Holdings equity investment of approximately $0.3 million for both the three months ended March 31, 2017 and 2016. We recorded amortization of the excess basis in our PRBIC equity investment of approximately $0.2 million and $0.4 million for the three months ended March 31, 2017 and 2016. |
Distributions | Contributions | |||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Stagecoach Gas(1) | $ | 12.1 | $ | — | $ | — | $ | — | ||||||||
Jackalope | 5.9 | 5.1 | 0.1 | — | ||||||||||||
Tres Holdings(1) | — | — | — | 5.5 | ||||||||||||
PRBIC | 0.3 | 0.6 | — | — | ||||||||||||
Crestwood Permian | — | — | — | — | ||||||||||||
Total | $ | 18.3 | $ | 5.7 | $ | 0.1 | $ | 5.5 |
March 31, 2017 | December 31, 2016 | ||||||||||
Fixed Price Payor | Fixed Price Receiver | Fixed Price Payor | Fixed Price Receiver | ||||||||
Propane, crude and heating oil (MMBbls) | 12.8 | 14.0 | 13.1 | 15.1 |
• | Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed equities and US government treasury securities. |
• | Level 2—Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various |
• | Level 3—Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. |
March 31, 2017 | December 31, 2016 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
2020 Senior Notes | $ | 13.9 | $ | 14.2 | $ | 340.6 | $ | 350.2 | |||||||
2022 Senior Notes | $ | — | $ | — | $ | 429.3 | $ | 447.3 | |||||||
2023 Senior Notes | $ | 691.0 | $ | 728.6 | $ | 690.6 | $ | 722.6 | |||||||
2025 Senior Notes | $ | 491.6 | $ | 511.3 | $ | — | $ | — |
March 31, 2017 | |||||||||||||||||||||||||||
Fair Value of Derivatives | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Gross Fair Value | Contract Netting(1) | Collateral/Margin Received or Paid | Recorded in Balance Sheet | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Assets from price risk management | $ | 1.3 | $ | 39.9 | $ | — | $ | 41.2 | $ | (34.3 | ) | $ | (0.2 | ) | $ | 6.7 | |||||||||||
Suburban Propane Partners, L.P. units(2) | 3.9 | — | — | 3.9 | — | — | 3.9 | ||||||||||||||||||||
Total assets at fair value | $ | 5.2 | $ | 39.9 | $ | — | $ | 45.1 | $ | (34.3 | ) | $ | (0.2 | ) | $ | 10.6 | |||||||||||
Liabilities | |||||||||||||||||||||||||||
Liabilities from price risk management | $ | 1.5 | $ | 41.3 | $ | — | $ | 42.8 | $ | (34.3 | ) | $ | 0.9 | $ | 9.4 | ||||||||||||
Total liabilities at fair value | $ | 1.5 | $ | 41.3 | $ | — | $ | 42.8 | $ | (34.3 | ) | $ | 0.9 | $ | 9.4 | ||||||||||||
December 31, 2016 | |||||||||||||||||||||||||||
Fair Value of Derivatives | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Gross Fair Value | Contract Netting(1) | Collateral/Margin Received or Paid | Recorded in Balance Sheet | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Assets from price risk management | $ | 0.6 | $ | 84.4 | $ | — | $ | 85.0 | $ | (67.8 | ) | $ | (10.9 | ) | $ | 6.3 | |||||||||||
Suburban Propane Partners, L.P. units(2) | 4.3 | — | — | 4.3 | — | — | 4.3 | ||||||||||||||||||||
Total assets at fair value | $ | 4.9 | $ | 84.4 | $ | — | $ | 89.3 | $ | (67.8 | ) | $ | (10.9 | ) | $ | 10.6 | |||||||||||
Liabilities | |||||||||||||||||||||||||||
Liabilities from price risk management | $ | 2.7 | $ | 90.2 | $ | — | $ | 92.9 | $ | (67.8 | ) | $ | 3.5 | $ | 28.6 | ||||||||||||
Total liabilities at fair value | $ | 2.7 | $ | 90.2 | $ | — | $ | 92.9 | $ | (67.8 | ) | $ | 3.5 | $ | 28.6 |
(1) | Amounts represent the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions as well as cash collateral held or placed with the same counterparties. |
(2) | Amount is reflected in other assets on CEQP's consolidated balance sheets. |
March 31, 2017 | December 31, 2016 | ||||||
Credit Facility | $ | 381.7 | $ | 77.0 | |||
2020 Senior Notes | 13.8 | 338.8 | |||||
Fair value adjustment of 2020 Senior Notes | 0.1 | 1.8 | |||||
2022 Senior Notes | — | 436.4 | |||||
2023 Senior Notes | 700.0 | 700.0 | |||||
2025 Senior Notes | 500.0 | — | |||||
Other | 3.3 | 3.7 | |||||
Less: deferred financing costs, net | 33.8 | 34.0 | |||||
Total debt | 1,565.1 | 1,523.7 | |||||
Less: current portion | 14.8 | 1.0 | |||||
Total long-term debt, less current portion | $ | 1,550.3 | $ | 1,522.7 |
Record Date | Payment Date | Per Unit Rate | Cash Distributions (in millions) | |||||||
2017 | ||||||||||
February 7, 2017 | February 14, 2017 | $ | 0.60 | $ | 41.8 | |||||
2016 | ||||||||||
February 5, 2016 | February 12, 2016 | $ | 1.375 | $ | 95.6 |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
Gathering and processing revenues at CEQP and CMLP | $ | 0.5 | $ | 0.7 | |||
Gathering and processing costs of product/services sold at CEQP and CMLP(1) | $ | 4.1 | $ | 4.3 | |||
Operations and maintenance expenses at CEQP and CMLP(2) | $ | 4.7 | $ | 0.7 | |||
General and administrative expenses charged by CEQP to CMLP, net(3) | $ | 5.5 | $ | 3.7 | |||
General and administrative expenses at CEQP charged to (from) Crestwood Holdings, net(4) | $ | (0.8 | ) | $ | 0.1 |
(1) | Represents natural gas purchases from Sabine. |
(2) | Includes $2.6 million, $0.9 million and $1.2 million of operations and maintenance expenses charged to Stagecoach Gas, Tres Palacios and Crestwood Permian, respectively, in accordance with their respective operating agreements with us for the three months ended March 31, 2017. During the three months ended March 31, 2016, we charged Tres Palacios $0.7 million of operations and maintenance expenses in accordance with its operating agreement with us. |
(3) | Includes $6.3 million and $4.5 million of net unit-based compensation charges allocated from CEQP to CMLP for the three months ended March 31, 2017 and 2016. In addition, CMLP shares common management, general and administrative and overhead costs with CEQP. During both the three months ended March 31, 2017 and 2016, CMLP allocated $0.8 million of general and administrative costs to CEQP. |
(4) | Includes $1.0 million and less than $0.1 million unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP during the three months ended March 31, 2017 and 2016 . |
March 31, 2017 | December 31, 2016 | ||||||
Accounts receivable at CEQP and CMLP | $ | 7.8 | $ | 5.6 | |||
Accounts payable at CEQP | $ | 2.5 | $ | 2.5 |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
Net loss | $ | (19.4 | ) | $ | (93.7 | ) | |
Add: | |||||||
Interest and debt expense, net | 26.5 | 36.1 | |||||
Loss on modification/extinguishment of debt | 37.3 | — | |||||
Benefit for income taxes | (0.1 | ) | — | ||||
Depreciation, amortization and accretion | 48.4 | 62.3 | |||||
EBITDA | $ | 92.7 | $ | 4.7 |
Three Months Ended March 31, 2017 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||
Revenues | $ | 368.6 | $ | 10.0 | $ | 449.5 | $ | — | $ | 828.1 | |||||||||
Intersegment revenues | 30.3 | 1.8 | (32.1 | ) | — | — | |||||||||||||
Costs of product/services sold | 316.6 | — | 366.9 | — | 683.5 | ||||||||||||||
Operations and maintenance expense | 17.4 | 1.1 | 15.2 | — | 33.7 | ||||||||||||||
General and administrative expense | — | — | — | 26.4 | 26.4 | ||||||||||||||
Earnings from unconsolidated affiliates, net | 1.6 | 6.5 | — | — | 8.1 | ||||||||||||||
Other income, net | — | — | — | 0.1 | 0.1 | ||||||||||||||
EBITDA | $ | 66.5 | $ | 17.2 | $ | 35.3 | $ | (26.3 | ) | $ | 92.7 | ||||||||
Goodwill | $ | 45.9 | $ | — | $ | 153.1 | $ | — | $ | 199.0 | |||||||||
Total assets | $ | 2,363.8 | $ | 1,080.7 | $ | 906.1 | $ | 24.2 | $ | 4,374.8 |
Three Months Ended March 31, 2016 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||
Revenues | $ | 238.9 | $ | 59.4 | $ | 237.7 | $ | — | $ | 536.0 | |||||||||
Intersegment revenues | 20.5 | 0.4 | (20.9 | ) | — | — | |||||||||||||
Costs of product/services sold | 179.8 | 2.9 | 180.7 | — | 363.4 | ||||||||||||||
Operations and maintenance expense | 17.8 | 7.2 | 16.8 | — | 41.8 | ||||||||||||||
General and administrative expense | — | — | — | 23.0 | 23.0 | ||||||||||||||
Goodwill impairment | (8.6 | ) | (13.7 | ) | (87.4 | ) | — | (109.7 | ) | ||||||||||
Earnings from unconsolidated affiliates, net | 5.1 | 1.4 | — | — | 6.5 | ||||||||||||||
Other income, net | — | — | — | 0.1 | 0.1 | ||||||||||||||
EBITDA | $ | 58.3 | $ | 37.4 | $ | (68.1 | ) | $ | (22.9 | ) | $ | 4.7 |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
Net loss | $ | (21.4 | ) | $ | (95.3 | ) | |
Add: | |||||||
Interest and debt expense, net | 26.5 | 36.1 | |||||
Loss on modification/extinguishment of debt | 37.3 | — | |||||
Benefit for income taxes | (0.1 | ) | (0.2 | ) | |||
Depreciation, amortization and accretion | 51.2 | 64.9 | |||||
EBITDA | $ | 93.5 | $ | 5.5 |
Three Months Ended March 31, 2017 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||
Revenues | $ | 368.6 | $ | 10.0 | $ | 449.5 | $ | — | $ | 828.1 | |||||||||
Intersegment revenues | 30.3 | 1.8 | (32.1 | ) | — | — | |||||||||||||
Costs of product/services sold | 316.6 | — | 366.9 | — | 683.5 | ||||||||||||||
Operations and maintenance expense | 17.4 | 1.1 | 15.2 | — | 33.7 | ||||||||||||||
General and administrative expense | — | — | — | 25.5 | 25.5 | ||||||||||||||
Earnings from unconsolidated affiliates, net | 1.6 | 6.5 | — | — | 8.1 | ||||||||||||||
EBITDA | $ | 66.5 | $ | 17.2 | $ | 35.3 | $ | (25.5 | ) | $ | 93.5 | ||||||||
Goodwill | $ | 45.9 | $ | — | $ | 153.1 | $ | — | $ | 199.0 | |||||||||
Total assets | $ | 2,562.4 | $ | 1,080.7 | $ | 906.1 | $ | 14.9 | $ | 4,564.1 |
Three Months Ended March 31, 2016 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||
Revenues | $ | 238.9 | $ | 59.4 | $ | 237.7 | $ | — | $ | 536.0 | |||||||||
Intersegment revenues | 20.5 | 0.4 | (20.9 | ) | — | — | |||||||||||||
Costs of product/services sold | 179.8 | 2.9 | 180.7 | — | 363.4 | ||||||||||||||
Operations and maintenance expense | 17.8 | 7.1 | 16.8 | — | 41.7 | ||||||||||||||
General and administrative expense | — | — | — | 22.2 | 22.2 | ||||||||||||||
Goodwill impairment | (8.6 | ) | (13.7 | ) | (87.4 | ) | — | (109.7 | ) | ||||||||||
Earnings from unconsolidated affiliates, net | 5.1 | 1.4 | — | — | 6.5 | ||||||||||||||
EBITDA | $ | 58.3 | $ | 37.5 | $ | (68.1 | ) | $ | (22.2 | ) | $ | 5.5 |
Crestwood Midstream Partners LP | |||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||
March 31, 2017 | |||||||||||||||||||
(in millions) | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash | $ | 0.6 | $ | — | $ | — | $ | — | $ | 0.6 | |||||||||
Accounts receivable | — | 264.8 | 3.0 | — | 267.8 | ||||||||||||||
Inventory | — | 58.8 | — | — | 58.8 | ||||||||||||||
Other current assets | — | 12.4 | — | — | 12.4 | ||||||||||||||
Total current assets | 0.6 | 336.0 | 3.0 | — | 339.6 | ||||||||||||||
Property, plant and equipment, net | — | 2,278.0 | — | — | 2,278.0 | ||||||||||||||
Goodwill and intangible assets, net | — | 839.1 | — | — | 839.1 | ||||||||||||||
Investment in consolidated affiliates | 4,072.8 | — | — | (4,072.8 | ) | — | |||||||||||||
Investment in unconsolidated affiliates | — | — | 1,105.3 | — | 1,105.3 | ||||||||||||||
Other assets | — | 2.1 | — | — | 2.1 | ||||||||||||||
Total assets | $ | 4,073.4 | $ | 3,455.2 | $ | 1,108.3 | $ | (4,072.8 | ) | $ | 4,564.1 | ||||||||
Liabilities and partners' capital | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | — | $ | 191.0 | $ | — | $ | — | $ | 191.0 | |||||||||
Other current liabilities | 40.2 | 59.2 | — | — | 99.4 | ||||||||||||||
Total current liabilities | 40.2 | 250.2 | — | — | 290.4 | ||||||||||||||
Long-term liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,549.2 | 1.1 | — | — | 1,550.3 | ||||||||||||||
Other long-term liabilities | — | 43.9 | — | — | 43.9 | ||||||||||||||
Deferred income taxes | — | 0.7 | — | — | 0.7 | ||||||||||||||
Partners' capital | 2,484.0 | 3,159.3 | 913.5 | (4,072.8 | ) | 2,484.0 | |||||||||||||
Interest of non-controlling partners in subsidiaries | — | — | 194.8 | — | 194.8 | ||||||||||||||
Total partners' capital | 2,484.0 | 3,159.3 | 1,108.3 | (4,072.8 | ) | 2,678.8 | |||||||||||||
Total liabilities and partners' capital | $ | 4,073.4 | $ | 3,455.2 | $ | 1,108.3 | $ | (4,072.8 | ) | $ | 4,564.1 |
Crestwood Midstream Partners LP | |||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||
December 31, 2016 | |||||||||||||||||||
(in millions) | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash | $ | 1.3 | $ | — | $ | — | $ | — | $ | 1.3 | |||||||||
Accounts receivable | — | 289.3 | 0.5 | — | 289.8 | ||||||||||||||
Inventory | — | 66.0 | — | — | 66.0 | ||||||||||||||
Other current assets | — | 16.0 | — | — | 16.0 | ||||||||||||||
Total current assets | 1.3 | 371.3 | 0.5 | — | 373.1 | ||||||||||||||
Property, plant and equipment, net | — | 2,298.4 | — | — | 2,298.4 | ||||||||||||||
Goodwill and intangible assets, net | — | 851.9 | — | — | 851.9 | ||||||||||||||
Investment in consolidated affiliates | 4,093.7 | — | — | (4,093.7 | ) | — | |||||||||||||
Investment in unconsolidated affiliates | — | — | 1,115.4 | — | 1,115.4 | ||||||||||||||
Other assets | — | 1.8 | — | — | 1.8 | ||||||||||||||
Total assets | $ | 4,095.0 | $ | 3,523.4 | $ | 1,115.9 | $ | (4,093.7 | ) | $ | 4,640.6 | ||||||||
Liabilities and partners' capital | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | — | $ | 214.5 | $ | — | $ | — | $ | 214.5 | |||||||||
Other current liabilities | 23.1 | 94.4 | — | — | 117.5 | ||||||||||||||
Total current liabilities | 23.1 | 308.9 | — | — | 332.0 | ||||||||||||||
Long-term liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,521.2 | 1.5 | — | — | 1,522.7 | ||||||||||||||
Other long-term liabilities | — | 42.0 | — | — | 42.0 | ||||||||||||||
Deferred income taxes | — | 0.7 | — | — | 0.7 | ||||||||||||||
Partners' capital | 2,550.7 | 3,170.3 | 923.4 | (4,093.7 | ) | 2,550.7 | |||||||||||||
Interest of non-controlling partners in subsidiaries | — | — | 192.5 | — | 192.5 | ||||||||||||||
Total partners' capital | 2,550.7 | 3,170.3 | 1,115.9 | (4,093.7 | ) | 2,743.2 | |||||||||||||
Total liabilities and partners' capital | $ | 4,095.0 | $ | 3,523.4 | $ | 1,115.9 | $ | (4,093.7 | ) | $ | 4,640.6 |
Crestwood Midstream Partners LP | |||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||
Three Months Ended March 31, 2017 | |||||||||||||||||||
(in millions) | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 828.1 | $ | — | $ | — | $ | 828.1 | |||||||||
Costs of product/services sold | — | 683.5 | — | — | 683.5 | ||||||||||||||
Expenses: | |||||||||||||||||||
Operations and maintenance | — | 33.7 | — | — | 33.7 | ||||||||||||||
General and administrative | 18.3 | 7.2 | — | — | 25.5 | ||||||||||||||
Depreciation, amortization and accretion | — | 51.2 | — | — | 51.2 | ||||||||||||||
18.3 | 92.1 | — | — | 110.4 | |||||||||||||||
Operating income (loss) | (18.3 | ) | 52.5 | — | — | 34.2 | |||||||||||||
Earnings from unconsolidated affiliates, net | — | — | 8.1 | — | 8.1 | ||||||||||||||
Interest and debt expense, net | (26.5 | ) | — | — | — | (26.5 | ) | ||||||||||||
Loss on modification/extinguishment of debt | (37.3 | ) | — | — | — | (37.3 | ) | ||||||||||||
Equity in net income (loss) of subsidiary | 54.6 | — | — | (54.6 | ) | — | |||||||||||||
Income (loss) before income taxes | (27.5 | ) | 52.5 | 8.1 | (54.6 | ) | (21.5 | ) | |||||||||||
Benefit for income taxes | — | 0.1 | — | — | 0.1 | ||||||||||||||
Net income (loss) | (27.5 | ) | 52.6 | 8.1 | (54.6 | ) | (21.4 | ) | |||||||||||
Net income attributable to non-controlling partners in subsidiaries | — | — | 6.1 | — | 6.1 | ||||||||||||||
Net income (loss) attributable to Crestwood Midstream Partners LP | $ | (27.5 | ) | $ | 52.6 | $ | 2.0 | $ | (54.6 | ) | $ | (27.5 | ) |
Crestwood Midstream Partners LP | |||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||
Three Months Ended March 31, 2016 | |||||||||||||||||||
(in millions) | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 536.0 | $ | — | $ | — | $ | 536.0 | |||||||||
Costs of product/services sold | — | 363.4 | — | — | 363.4 | ||||||||||||||
Expenses: | |||||||||||||||||||
Operations and maintenance | — | 41.7 | — | — | 41.7 | ||||||||||||||
General and administrative | 17.7 | 4.5 | — | — | 22.2 | ||||||||||||||
Depreciation, amortization and accretion | — | 64.9 | — | — | 64.9 | ||||||||||||||
17.7 | 111.1 | — | — | 128.8 | |||||||||||||||
Other operating expense: | |||||||||||||||||||
Goodwill Impairment | — | (109.7 | ) | — | — | (109.7 | ) | ||||||||||||
Operating loss | (17.7 | ) | (48.2 | ) | — | — | (65.9 | ) | |||||||||||
Earnings from unconsolidated affiliates, net | — | — | 6.5 | — | 6.5 | ||||||||||||||
Interest and debt expense, net | (36.1 | ) | — | — | — | (36.1 | ) | ||||||||||||
Equity in net income (loss) of subsidiary | (47.4 | ) | — | — | 47.4 | — | |||||||||||||
Income (loss) before income taxes | (101.2 | ) | (48.2 | ) | 6.5 | 47.4 | (95.5 | ) | |||||||||||
Benefit for income taxes | — | 0.2 | — | — | 0.2 | ||||||||||||||
Net income (loss) | (101.2 | ) | (48.0 | ) | 6.5 | 47.4 | (95.3 | ) | |||||||||||
Net income attributable to non-controlling partners in subsidiaries | — | — | 5.9 | — | 5.9 | ||||||||||||||
Net income (loss) attributable to Crestwood Midstream Partners LP | $ | (101.2 | ) | $ | (48.0 | ) | $ | 0.6 | $ | 47.4 | $ | (101.2 | ) |
Crestwood Midstream Partners LP | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||
Three Months Ended March 31, 2017 | |||||||||||||||||||
(in millions) | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Cash flows from operating activities: | $ | (39.7 | ) | $ | 94.4 | $ | 5.3 | $ | — | $ | 60.0 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchases of property, plant and equipment | (0.1 | ) | (22.6 | ) | — | — | (22.7 | ) | |||||||||||
Investment in unconsolidated affiliates | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||
Capital distributions from unconsolidated affiliates | — | — | 10.5 | — | 10.5 | ||||||||||||||
Capital distributions from consolidated affiliates | 11.9 | — | — | (11.9 | ) | — | |||||||||||||
Net cash provided by (used in) investing activities | 11.8 | (22.6 | ) | 10.4 | (11.9 | ) | (12.3 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from the issuance of long-term debt | 1,154.5 | — | — | — | 1,154.5 | ||||||||||||||
Payments on long-term debt | (1,143.3 | ) | (0.4 | ) | — | — | (1,143.7 | ) | |||||||||||
Payments on capital leases | — | (0.4 | ) | — | — | (0.4 | ) | ||||||||||||
Payments for debt-related deferred costs | (8.5 | ) | — | — | — | (8.5 | ) | ||||||||||||
Distributions paid | (43.1 | ) | — | (3.8 | ) | — | (46.9 | ) | |||||||||||
Distributions to parent | — | — | (11.9 | ) | 11.9 | — | |||||||||||||
Taxes paid for unit-based compensation vesting | — | (3.4 | ) | — | — | (3.4 | ) | ||||||||||||
Change in intercompany balances | 67.6 | (67.6 | ) | — | — | — | |||||||||||||
Net cash provided by (used in) financing activities | 27.2 | (71.8 | ) | (15.7 | ) | 11.9 | (48.4 | ) | |||||||||||
Net change in cash | (0.7 | ) | — | — | — | (0.7 | ) | ||||||||||||
Cash at beginning of period | 1.3 | — | — | — | 1.3 | ||||||||||||||
Cash at end of period | $ | 0.6 | $ | — | $ | — | $ | — | $ | 0.6 |
Crestwood Midstream Partners LP | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||
Three Months Ended March 31, 2016 | |||||||||||||||||||
(in millions) | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Cash flows from operating activities: | $ | (42.7 | ) | $ | 172.8 | $ | 5.6 | $ | — | $ | 135.7 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchases of property, plant and equipment | (0.9 | ) | (54.7 | ) | — | — | (55.6 | ) | |||||||||||
Investment in unconsolidated affiliates | — | — | (5.5 | ) | — | (5.5 | ) | ||||||||||||
Proceeds from the sale of assets | — | 0.8 | — | — | 0.8 | ||||||||||||||
Capital contributions to consolidated affiliates | (3.7 | ) | — | — | 3.7 | — | |||||||||||||
Net cash provided by (used in) investing activities | (4.6 | ) | (53.9 | ) | (5.5 | ) | 3.7 | (60.3 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from the issuance of long-term debt | 313.5 | — | — | — | 313.5 | ||||||||||||||
Principal payments on long-term debt | (286.0 | ) | — | — | — | (286.0 | ) | ||||||||||||
Payments on capital leases | — | (0.5 | ) | — | — | (0.5 | ) | ||||||||||||
Payments for debt-related deferred costs | (0.1 | ) | — | — | — | (0.1 | ) | ||||||||||||
Distributions paid | (97.2 | ) | — | (3.8 | ) | — | (101.0 | ) | |||||||||||
Contributions from parent | — | — | 3.7 | (3.7 | ) | — | |||||||||||||
Taxes paid for unit-based compensation vesting | — | (0.6 | ) | — | — | (0.6 | ) | ||||||||||||
Change in intercompany balances | 117.8 | (117.8 | ) | — | — | — | |||||||||||||
Net cash provided by (used in) financing activities | 48.0 | (118.9 | ) | (0.1 | ) | (3.7 | ) | (74.7 | ) | ||||||||||
Net change in cash | 0.7 | — | — | — | 0.7 | ||||||||||||||
Cash at beginning of period | 0.1 | — | — | — | 0.1 | ||||||||||||||
Cash at end of period | $ | 0.8 | $ | — | $ | — | $ | — | $ | 0.8 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
• | statements that are not historical in nature, including, but not limited to: (i) our belief that anticipated cash from operations, cash distributions from entities that we control, and borrowing capacity under our credit facility will be sufficient to meet our anticipated liquidity needs for the foreseeable future; (ii) our belief that we do not have material potential liability in connection with legal proceedings that would have a significant financial impact on our consolidated financial condition, results of operations or cash flows; and (iii) our belief that our assets will continue to benefit from the development of unconventional shale plays as significant supply basins; and |
• | statements preceded by, followed by or that contain forward-looking terminology including the words “believe,” “expect,” “may,” “will,” “should,” “could,” “anticipate,” “estimate,” “intend” or the negation thereof, or similar expressions. |
• | our ability to successfully implement our business plan for our assets and operations; |
• | governmental legislation and regulations; |
• | industry factors that influence the supply of and demand for crude oil, natural gas and NGLs; |
• | industry factors that influence the demand for services in the markets (particularly unconventional shale plays) in which we provide services; |
• | weather conditions; |
• | the availability of crude oil, natural gas and NGLs, and the price of those commodities, to consumers relative to the price of alternative and competing fuels; |
• | economic conditions; |
• | costs or difficulties related to the integration of our existing businesses and acquisitions; |
• | environmental claims; |
• | operating hazards and other risks incidental to the provision of midstream services, including gathering, compressing, treating, processing, fractionating, transporting and storing energy products (i.e., crude oil, NGLs and natural gas) and related products (i.e., produced water); |
• | interest rates; |
• | the price and availability of debt and equity financing; and |
• | the ability to sell or monetize assets in the current market, to reduce indebtedness or for other general partnership purposes. |
Crestwood Equity | Crestwood Midstream | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues | $ | 828.1 | $ | 536.0 | $ | 828.1 | $ | 536.0 | ||||||||
Costs of product/services sold | 683.5 | 363.4 | 683.5 | 363.4 | ||||||||||||
Operations and maintenance expense | 33.7 | 41.8 | 33.7 | 41.7 | ||||||||||||
General and administrative expense | 26.4 | 23.0 | 25.5 | 22.2 | ||||||||||||
Depreciation, amortization and accretion | 48.4 | 62.3 | 51.2 | 64.9 | ||||||||||||
Goodwill impairment | — | (109.7 | ) | — | (109.7 | ) | ||||||||||
Operating income (loss) | 36.1 | (64.2 | ) | 34.2 | (65.9 | ) | ||||||||||
Earnings from unconsolidated affiliates, net | 8.1 | 6.5 | 8.1 | 6.5 | ||||||||||||
Interest and debt expense, net | (26.5 | ) | (36.1 | ) | (26.5 | ) | (36.1 | ) | ||||||||
Loss on modification/extinguishment of debt | (37.3 | ) | — | (37.3 | ) | — | ||||||||||
Other income, net | 0.1 | 0.1 | — | — | ||||||||||||
Benefit for income taxes | 0.1 | — | 0.1 | 0.2 | ||||||||||||
Net loss | (19.4 | ) | (93.7 | ) | (21.4 | ) | (95.3 | ) | ||||||||
Add: | ||||||||||||||||
Interest and debt expense, net | 26.5 | 36.1 | 26.5 | 36.1 | ||||||||||||
Loss on modification/extinguishment of debt | 37.3 | — | 37.3 | — | ||||||||||||
Benefit for income taxes | (0.1 | ) | — | (0.1 | ) | (0.2 | ) | |||||||||
Depreciation, amortization and accretion | 48.4 | 62.3 | 51.2 | 64.9 | ||||||||||||
EBITDA | 92.7 | 4.7 | 93.5 | 5.5 | ||||||||||||
Unit-based compensation charges | 7.3 | 4.5 | 7.3 | 4.5 | ||||||||||||
Goodwill impairment | — | 109.7 | — | 109.7 | ||||||||||||
Earnings from unconsolidated affiliates, net | (8.1 | ) | (6.5 | ) | (8.1 | ) | (6.5 | ) | ||||||||
Adjusted EBITDA from unconsolidated affiliates, net | 15.6 | 9.1 | 15.6 | 9.1 | ||||||||||||
Change in fair value of commodity inventory-related derivative contracts | (18.6 | ) | (2.7 | ) | (18.6 | ) | (2.7 | ) | ||||||||
Significant transaction and environmental related costs and other items | 2.0 | 1.2 | 2.0 | 1.2 | ||||||||||||
Adjusted EBITDA | $ | 90.9 | $ | 120.0 | $ | 91.7 | $ | 120.8 |
Crestwood Equity | Crestwood Midstream | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net cash provided by operating activities | $ | 58.9 | $ | 134.3 | $ | 60.0 | $ | 135.7 | ||||||||
Net changes in operating assets and liabilities | 15.2 | (50.6 | ) | 15.5 | (50.7 | ) | ||||||||||
Amortization of debt-related deferred costs, discounts and premiums | (1.8 | ) | (1.7 | ) | (1.8 | ) | (1.7 | ) | ||||||||
Interest and debt expense, net | 26.5 | 36.1 | 26.5 | 36.1 | ||||||||||||
Unit-based compensation charges | (7.3 | ) | (4.5 | ) | (7.3 | ) | (4.5 | ) | ||||||||
Goodwill impairment | — | (109.7 | ) | — | (109.7 | ) | ||||||||||
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | 0.3 | 0.8 | 0.3 | 0.8 | ||||||||||||
Deferred income taxes | 0.6 | 0.1 | — | (0.2 | ) | |||||||||||
Benefit for income taxes | (0.1 | ) | — | (0.1 | ) | (0.2 | ) | |||||||||
Other non-cash (income) expense | 0.4 | (0.1 | ) | 0.4 | (0.1 | ) | ||||||||||
EBITDA | 92.7 | 4.7 | 93.5 | 5.5 | ||||||||||||
Unit-based compensation charges | 7.3 | 4.5 | 7.3 | 4.5 | ||||||||||||
Goodwill impairment | — | 109.7 | — | 109.7 | ||||||||||||
Earnings from unconsolidated affiliates, net | (8.1 | ) | (6.5 | ) | (8.1 | ) | (6.5 | ) | ||||||||
Adjusted EBITDA from unconsolidated affiliates, net | 15.6 | 9.1 | 15.6 | 9.1 | ||||||||||||
Change in fair value of commodity inventory-related derivative contracts | (18.6 | ) | (2.7 | ) | (18.6 | ) | (2.7 | ) | ||||||||
Significant transaction and environmental related costs and other items | 2.0 | 1.2 | 2.0 | 1.2 | ||||||||||||
Adjusted EBITDA | $ | 90.9 | $ | 120.0 | $ | 91.7 | $ | 120.8 |
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
March 31, 2017 | March 31, 2016 | ||||||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | ||||||||||||||||||
Revenues | $ | 368.6 | $ | 10.0 | $ | 449.5 | $ | 238.9 | $ | 59.4 | $ | 237.7 | |||||||||||
Intersegment revenues | 30.3 | 1.8 | (32.1 | ) | 20.5 | 0.4 | (20.9 | ) | |||||||||||||||
Costs of product/services sold | 316.6 | — | 366.9 | 179.8 | 2.9 | 180.7 | |||||||||||||||||
Operations and maintenance expense | 17.4 | 1.1 | 15.2 | 17.8 | 7.2 | 16.8 | |||||||||||||||||
Goodwill impairment | — | — | — | (8.6 | ) | (13.7 | ) | (87.4 | ) | ||||||||||||||
Earnings from unconsolidated affiliates, net | 1.6 | 6.5 | — | 5.1 | 1.4 | — | |||||||||||||||||
EBITDA | $ | 66.5 | $ | 17.2 | $ | 35.3 | $ | 58.3 | $ | 37.4 | $ | (68.1 | ) |
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
March 31, 2017 | March 31, 2016 | ||||||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | ||||||||||||||||||
Revenues | $ | 368.6 | $ | 10.0 | $ | 449.5 | $ | 238.9 | $ | 59.4 | $ | 237.7 | |||||||||||
Intersegment revenues | 30.3 | 1.8 | (32.1 | ) | 20.5 | 0.4 | (20.9 | ) | |||||||||||||||
Costs of product/services sold | 316.6 | — | 366.9 | 179.8 | 2.9 | 180.7 | |||||||||||||||||
Operations and maintenance expense | 17.4 | 1.1 | 15.2 | 17.8 | 7.1 | 16.8 | |||||||||||||||||
Goodwill impairment | — | — | — | (8.6 | ) | (13.7 | ) | (87.4 | ) | ||||||||||||||
Earnings from unconsolidated affiliates, net | 1.6 | 6.5 | — | 5.1 | 1.4 | — | |||||||||||||||||
EBITDA | $ | 66.5 | $ | 17.2 | $ | 35.3 | $ | 58.3 | $ | 37.5 | $ | (68.1 | ) |
Three Months Ended | |||||||||
March 31, | |||||||||
2017 | 2016 | ||||||||
Credit facility | $ | 3.0 | $ | 7.0 | |||||
Senior notes | 22.0 | 27.7 | |||||||
Other debt-related costs | 1.8 | 1.7 | |||||||
Gross interest and debt expense | 26.8 | 36.4 | |||||||
Less: capitalized interest | 0.3 | 0.3 | |||||||
Interest and debt expense, net | $ | 26.5 | $ | 36.1 |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
Net cash provided by operating activities | $ | 58.9 | $ | 134.3 | |||
Net cash used in investing activities | (12.3 | ) | (60.3 | ) | |||
Net cash used in financing activities | (47.2 | ) | (73.4 | ) |
• | growth capital expenditures, which are made to construct additional assets, expand and upgrade existing systems, or acquire additional assets; or |
• | maintenance capital expenditures, which are made to replace partially or fully depreciated assets, to maintain the existing operating capacity of our assets, extend their useful lives or comply with regulatory requirements. |
Growth capital | $ | 13.9 | |
Maintenance capital | 2.3 | ||
Other (1) | 6.5 | ||
Purchases of property, plant and equipment | 22.7 | ||
Reimbursements of property, plant and equipment | (2.7 | ) | |
Net | $ | 20.0 |
• | Decrease in distributions to partners of approximately $53.8 million primarily due to the reduction in distributions paid per limited partner unit from $1.375 per unit in 2016 compared to $0.60 in 2017; and |
• | Increase in taxes paid for unit-based compensation vesting of approximately $2.8 million primarily due to higher vesting of unit-based compensation awards in the first quarter of 2017 compared to the same period in 2016. |
• | $25 million decrease in net proceeds less repayments related to our long-term debt instruments; see Item 1. Financial Statements, Note 7 for a further discussion of debt issuances and repayments. |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
Exhibit Number | Description | |
2.1 | Contribution Agreement, dated as of April 20, 2016, by and between Crestwood Pipeline and Storage Northeast LLC and Con Edison Gas Pipeline and Storage Northeast, LLC (incorporated by reference to Exhibit 2.1 to Crestwood Equity Partners LP's Form 8-K filed on April 22, 2016) | |
3.1 | Certificate of Limited Partnership of Inergy, L.P. (incorporated by reference to Exhibit 3.1 to Inergy, L.P.'s Registration Statement on Form S-1 filed on March 14, 2001) | |
3.2 | Certificate of Correction of Certificate of Limited Partnership of Inergy, L.P. (incorporated by reference to Exhibit 3.1 to Inergy, L.P.'s Form 10-Q filed on May 12, 2003) | |
3.3 | Amendment to the Certificate of Limited Partnership of Crestwood Equity Partners LP (the “Company”) (f/k/a Inergy, L.P.) dated as of October 7, 2013 (incorporated herein by reference to Exhibit 3.2 to Crestwood Equity Partners LP's Form 8-K filed on October 10, 2013) | |
3.4 | Certificate of Formation of Inergy GP, LLC (incorporated by reference to Exhibit 3.5 to Inergy, L.P.'s Registration Statement on Form S-1/A filed on May 7, 2001) | |
3.5 | Certificate of Amendment of Crestwood Equity GP LLC (the “General Partner”) (f/k/a Inergy GP, LLC) dated as of October 7, 2013 (incorporated by reference to Exhibit 3.3A to Crestwood Equity Partners LP's Form 10-Q filed on November 8, 2013) | |
3.6 | First Amended and Restated Limited Liability Company Agreement of Inergy GP, LLC dated as of September 27, 2012 (incorporated by reference to Exhibit 3.1 to Inergy, L.P.'s Form 8-K filed on September 27, 2012) | |
3.7 | Amendment No. 1 to the First Amended and Restated Limited Liability Company Agreement of the General Partner dated as of October 7, 2013 (incorporated by reference to Exhibit 3.4A to Crestwood Equity Partners LP's Form 10-Q filed on November 8, 2013) | |
3.8 | Fifth Amended and Restated Agreement of Limited Partnership of Crestwood Equity Partners LP dated as of April 11, 2014 (incorporated herein by reference to Exhibit 3.1 to Crestwood Equity Partners LP's Form 8-K filed on April 11, 2014) | |
3.9 | First Amendment to the Fifth Amended and Restated Agreement of Limited Partnership of Crestwood Equity Partners LP entered into and effective as of September 30. 2015 (incorporated by reference to Exhibit 3.1 to Crestwood Equity Partner LP’s Form 8-K filed on October 1, 2015) | |
3.10 | Second Amended and Restated Agreement of Limited Partnership of Crestwood Midstream Partners LP, dated as of September 30, 2015 (incorporated by reference to Exhibit 3.1 to Crestwood Midstream Partners LP's Form 8-K filed on September 30, 2015) | |
3.11 | Certificate of Formation of NRGM GP, LLC (incorporated herein by reference to Exhibit 3.7 to Inergy Midstream, L.P.'s Form S-1/A filed on November 21, 2011) | |
3.12 | Amended and Restated Limited Liability Company Agreement of NRGM GP, LLC, dated December 21, 2011 (incorporated herein by reference to Exhibit 3.2 to Inergy Midstream, L.P.'s Form 8-K filed on December 22, 2011) | |
3.13 | Amendment No. 1 to the Amended and Restated Limited Liability Company Agreement of Crestwood Midstream GP LLC (f/k/a NRGM GP, LLC) (incorporated herein by reference to Exhibit 3.39 to Crestwood Midstream Partners LP's Form S-4 filed on October 28, 2013) | |
4.1 | Indenture, dated as of March 14, 2017, among Crestwood Midstream Partners LP, Crestwood Midstream Finance Corp., the guarantors named therein and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to Crestwood Midstream’s Form 8- K filed on March 15, 2017) | |
4.2 | Form of 5.75% Senior Note due 2025 (included in Exhibit 4.1) | |
4.3 | Registration Rights Agreement, dated as of March 14, 2017, by and among Crestwood Midstream Partners LP, Crestwood Midstream Finance Corp., the guarantors named therein and J.P. Morgan Securities LLC, as representative of the several initial purchasers, with respect to the 5.75% Senior Notes due 2025 (incorporated by reference to Exhibit 4.1 to Crestwood Midstream’s Form 8- K filed on March 15, 2017) | |
*10.1 | Form of Performance Unit Grant Agreement | |
10.2 | Guaranty, dated as of April 20, 2016, made by Crestwood Equity Partners LP in favor of Con Edison Gas Pipeline and Storage Northeast, LLC (incorporated by reference to Exhibit 10.1 to Crestwood Equity Partners LP's Form 8-K filed on April 22, 2016) | |
10.3 | Amendment to Amended and Restated Credit Agreement, dated as of April 20, 2016, among Crestwood Midstream Partners LP, as borrower, certain guarantors and financial institutions party thereto, and Wells Fargo Bank, National Association, as administrative agent and collateral agent (incorporated by reference to Exhibit 10.2 to Crestwood Equity Partners LP's Form 8-K filed on April 22, 2016) | |
*12.1 | Computation of ratio of earnings to fixed charges - Crestwood Equity Partners LP | |
*12.2 | Computation of ratio of earnings to fixed charges - Crestwood Midstream Partners LP | |
*31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended - Crestwood Equity Partners LP | |
*31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended - Crestwood Equity Partners LP | |
*31.3 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended - Crestwood Midstream Partners LP | |
*31.4 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended - Crestwood Midstream Partners LP | |
*32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Crestwood Equity Partners LP | |
*32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Crestwood Equity Partners LP | |
*32.3 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Crestwood Midstream Partners LP | |
*32.4 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Crestwood Midstream Partners LP | |
**101.INS | XBRL Instance Document | |
**101.SCH | XBRL Taxonomy Extension Schema Document | |
**101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
**101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
**101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
**101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
* | 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: | May 4, 2017 | By: | /s/ ROBERT T. HALPIN | ||
Robert T. Halpin | |||||
Senior 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: | May 4, 2017 | By: | /s/ ROBERT T. HALPIN | ||
Robert T. Halpin | |||||
Senior Vice President and Chief Financial Officer | |||||
(Duly Authorized Officer and Principal Financial Officer) |
(i) | if there are less than twelve months left prior to the end of the Restriction Period, the Performance Units credited to the Service Provider’s Performance Unit Account that have not vested will vest at the end of the Restriction Period at a multiple of the Performance Multiplier based on the actual performance results for the Restriction Period; and |
(ii) | if there are twelve months or more left prior to the end of the Restriction Period, the Performance Units credited to the Service Provider’s Performance Unit Account that have not vested will vest on the date of the Service Provider’s termination of employment or service based on a payout multiplier of one hundred percent (100%). |
BY APPROVAL OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF CRESTWOOD EQUITY GP LLC: | ||
Crestwood Equity Partners LP | ||
By: Crestwood Equity GP LLC, as its general partner | ||
By: | ||
Joel C. Lambert | ||
Senior Vice President, General Counsel & | ||
Secretary | ||
Date: February 15, 2017 |
Service Provider: | |||
Date: | |||
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Earnings: | |||||||
Pre-tax loss from continuing operations before adjustment for non-controlling interest and equity earnings (including amortization of excess cost of equity investment) per statements of income | $ | (27.6 | ) | $ | (100.2 | ) | |
Add: | |||||||
Fixed charges | 29.2 | 39.3 | |||||
Amortized capitalized interest | 0.1 | 0.1 | |||||
Distributed income of equity investees | 7.8 | 5.6 | |||||
Less: | |||||||
Capitalized interest | (0.3 | ) | (0.2 | ) | |||
Non-controlling interest in pre-tax income of subsidiary with no fixed charges | (6.1 | ) | (5.9 | ) | |||
Total earnings available for fixed charges | $ | 3.1 | $ | (61.3 | ) | ||
Fixed charges: | |||||||
Interest and debt expense | 26.8 | 36.3 | |||||
Interest component of rent | 2.4 | 3.0 | |||||
Total fixed charges | $ | 29.2 | $ | 39.3 | |||
Ratio of earnings to fixed charges (1) (2) | — | — |
(1) | For purposes of computing the ratio of earnings to fixed charges, "earnings" consists of pretax income from continuing operations before adjustment for non-controlling interest and income from equity investee plus fixed charges (excluding capitalized interest) and amortized capitalized interest. "Fixed charges" represents interest incurred (whether expensed or capitalized), amortization of debt costs and that portion of rental expense on operating leases deemed to be the equivalent of interest. |
(2) | Earnings for the three months ended March 31, 2017 and 2016 were inadequate to cover fixed charges by approximately $26.1 million and $100.6 million. |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Earnings: | |||||||
Pre-tax loss from continuing operations before adjustment for non-controlling interest and equity earnings (including amortization of excess cost of equity investment) per statements of income | $ | (29.6 | ) | $ | (102.0 | ) | |
Add: | |||||||
Fixed charges | 29.2 | 39.3 | |||||
Amortized capitalized interest | 0.1 | 0.1 | |||||
Distributed income of equity investees | 7.8 | 5.6 | |||||
Less: | |||||||
Capitalized interest | (0.3 | ) | (0.2 | ) | |||
Non-controlling interest in pre-tax income of subsidiary with no fixed charges | (6.1 | ) | (5.9 | ) | |||
Total earnings available for fixed charges | $ | 1.1 | $ | (63.1 | ) | ||
Fixed charges: | |||||||
Interest and debt expense | 26.8 | 36.3 | |||||
Interest component of rent | 2.4 | 3.0 | |||||
Total fixed charges | $ | 29.2 | $ | 39.3 | |||
Ratio of earnings to fixed charges(1) (2) | — | — |
(1) | For purposes of computing the ratio of earnings to fixed charges, "earnings" consists of pretax income from continuing operations before adjustment for non-controlling interest and income from equity investee plus fixed charges (excluding capitalized interest) and amortized capitalized interest. "Fixed charges" represents interest incurred (whether expensed or capitalized), amortization of debt costs and that portion of rental expense on operating leases deemed to be the equivalent of interest. |
(2) | Earnings for the three months ended March 31, 2017 and 2016 were inadequate to cover fixed charges by approximately $28.1 million and $102.4 million. |
1. | I have reviewed this quarterly report on Form 10-Q of Crestwood Equity Partners LP (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d - 15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Robert G. Phillips |
Robert G. Phillips |
Chairman, President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Crestwood Equity Partners LP (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d - 15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Robert T. Halpin |
Robert T. Halpin |
Senior Vice President and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Crestwood Midstream Partners LP (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d - 15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Robert G. Phillips |
Robert G. Phillips |
Chairman, President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Crestwood Midstream Partners LP (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d - 15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Robert T. Halpin |
Robert T. Halpin |
Senior Vice President and Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Robert G. Phillips | |
May 4, 2017 | Robert G. Phillips Chief Executive Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Robert T. Halpin | |
May 4, 2017 | Robert T. Halpin Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Robert G. Phillips | |
May 4, 2017 | Robert G. Phillips Chief Executive Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Robert T. Halpin | |
May 4, 2017 | Robert T. Halpin Chief Financial Officer |
Document and Entity Information - shares |
3 Months Ended | |
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Mar. 31, 2017 |
May 01, 2017 |
|
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CEQP | |
Entity Registrant Name | Crestwood Equity Partners LP | |
Entity Central Index Key | 0001136352 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 69,653,515 | |
Crestwood Midstream Partners LP | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Crestwood Midstream Partners LP | |
Entity Central Index Key | 0001304464 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Allowance for doubtful accounts | $ 1.4 | $ 1.9 |
Limited Partners' Capital Account, Units Issued | 70,142,803 | 69,499,741 |
Limited Partners' Capital Account, Units Outstanding | 70,142,803 | 69,499,741 |
Preferred Units, Issued | 68,072,226 | 66,533,415 |
Preferred Units, Outstanding | 68,072,226 | 66,533,415 |
Crestwood Midstream Partners LP | ||
Allowance for doubtful accounts | $ 1.4 | $ 1.9 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (19.4) | $ (93.7) |
Change in fair value of Suburban Propane Partners, L.P. units | (0.4) | 0.8 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (19.8) | (92.9) |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 6.1 | 5.9 |
Comprehensive loss attributable to Crestwood Equity Partners LP | $ (25.9) | $ (98.8) |
Consolidated Statement of Partners' Capital - USD ($) $ in Millions |
Total |
Preferred Units |
Common unit |
Non-Controlling Partners |
Partners' Capital |
Crestwood Midstream Partners LP |
Crestwood Midstream Partners LP
Common unit
|
Crestwood Midstream Partners LP
Non-Controlling Partners
|
Crestwood Midstream Partners LP
Partners' Capital
|
Common Units |
Preferred Units |
Subordinated Units |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Common Unit, Outstanding | 69,100,000 | 400,000 | ||||||||||
Preferred Units, Outstanding | 66,533,415 | 66,500,000 | ||||||||||
Preferred Stock Dividends, Shares | 1,538,811 | 1,600,000 | ||||||||||
Balance at December 31, 2016 at Dec. 31, 2016 | $ 2,346.5 | $ 564.5 | $ 1,782.0 | $ 192.5 | $ 2,539.0 | $ 2,550.7 | $ 2,550.7 | $ 192.5 | $ 2,743.2 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Distributions to partners | 0.0 | (41.8) | (3.8) | (45.6) | (46.9) | (43.1) | (3.8) | (46.9) | ||||
Change in fair value of Suburban Propane Partners, L.P. units | (0.4) | 0.0 | (0.4) | 0.0 | (0.4) | |||||||
Unit-based compensation charges | 0.0 | 7.3 | 0.0 | 7.3 | 7.3 | 0.0 | 7.3 | |||||
Partners' Capital Account, Units, Unit-based Compensation | 700,000 | |||||||||||
Taxes paid for unit-based compensation vesting | 0.0 | (3.4) | 0.0 | (3.4) | (3.4) | 0.0 | (3.4) | |||||
Shares Paid for Tax Withholding for Share Based Compensation | (100,000) | |||||||||||
Other | 0.0 | (0.2) | 0.0 | (0.2) | ||||||||
Net income (loss) attributable to preferred unit holders | 17.8 | 17.8 | ||||||||||
Net loss attributable to partners | (43.3) | (43.3) | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 6.1 | 6.1 | 6.1 | |||||||||
Net loss | (19.4) | (19.4) | (21.4) | (27.5) | (21.4) | |||||||
Balance at March 31, 2017 at Mar. 31, 2017 | $ 2,282.5 | $ 582.3 | $ 1,700.2 | $ 194.8 | $ 2,477.3 | $ 2,484.0 | $ 2,484.0 | $ 194.8 | $ 2,678.8 | |||
Common Unit, Outstanding | 69,700,000 | 400,000 | ||||||||||
Preferred Units, Outstanding | 68,072,226 | 68,100,000 |
Organization and Business Description |
3 Months Ended |
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Mar. 31, 2017 | |
Disclosure Partnership Organization And Basis Of Presentation Narrative [Abstract] | |
Organization and Business Description | Organization and Business Description The accompanying notes to the consolidated financial statements apply to Crestwood Equity Partners LP and Crestwood Midstream Partners LP, unless otherwise indicated. References in this report to “we,” “us,” “our,” “ours,” “our company,” the “partnership,” the “Company,” "Crestwood Equity," “CEQP,” and similar terms refer to either Crestwood Equity Partners LP itself or Crestwood Equity Partners LP and its consolidated subsidiaries, as the context requires. Unless otherwise indicated, references to "Crestwood Midstream" and "CMLP" refer to Crestwood Midstream Partners LP and its consolidated subsidiaries. The accompanying consolidated financial statements and related notes should be read in conjunction with our 2016 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 27, 2017. The financial information as of March 31, 2017, and for the three months ended March 31, 2017 and 2016, is unaudited. The consolidated balance sheets as of December 31, 2016, were derived from the audited balance sheets filed in our 2016 Annual Report on Form 10-K. Organization Crestwood Equity is a publicly-traded (NYSE: CEQP) Delaware limited partnership that develops, acquires, owns or controls, and operates primarily fee-based assets and operations within the energy midstream sector. We provide broad-ranging infrastructure solutions across the value chain to service premier liquids-rich natural gas and crude oil shale plays across the United States. We own and operate a diversified portfolio of crude oil and natural gas gathering, processing, storage and transportation assets and connect fundamental energy supply with energy demand across North America. Crestwood Equity is a holding company and all of its consolidated operating assets are owned by or through its wholly-owned subsidiary, Crestwood Midstream, a Delaware limited partnership. |
Summary of Significant Accounting Policies |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation Our consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and include the accounts of all consolidated subsidiaries after the elimination of all intercompany accounts and transactions. In management’s opinion, all necessary adjustments to fairly present our results of operations, financial position and cash flows for the periods presented have been made and all such adjustments are of a normal and recurring nature. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. Significant Accounting Policies There were no material changes in our significant accounting policies from those described in our 2016 Annual Report on Form 10-K. Below is an update of our accounting policies related to Goodwill and Unit-Based Compensation, and a description of Crestwood Equity's 2017 Long Term Incentive Plan. Goodwill. The goodwill impairments recorded during the three months ended March 31, 2016, primarily resulted from increasing the discount rates utilized in determining the fair value of the reporting units considering the significant, sustained decrease in the market price of our common units and the continued decrease in commodity prices and its impact on the midstream industry and our customers during that period. We utilized the income approach to determine the fair value of our reporting units given the limited availability of comparable market-based transactions as of March 31, 2016, and we utilized discount rates ranging from 10% to 19% in applying the income approach to determine the fair value of our reporting units with goodwill as of March 31, 2016. The following table summarizes goodwill impairments of certain of our reporting units recorded during the three months ended March 31, 2016 (in millions):
Unit-Based Compensation. Effective January 1, 2017, we adopted the provisions of Accounting Standards Update (ASU) 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting for share-based payment award transactions, including the classification of awards as either equity or liabilities and the presentation on the statement of cash flows. The adoption of this accounting standard did not have a material impact on our consolidated financial statements. Crestwood Equity 2017 Long Term Incentive Plan. In February 2017, Crestwood Equity issued 381,704 performance units under the Crestwood Equity Partners LP Long Term Incentive Plan (Crestwood LTIP). The performance units are designed to provide an incentive for continuous employment to certain key employees. The vesting of performance units is subject to the attainment of certain performance and market goals over a three-year period, and entitle a participant to receive common units of Crestwood Equity without payment of an exercise price upon vesting. As of March 31, 2017, we had total unamortized compensation expense of approximately $10.6 million related to these performance units, which we expect will be amortized during the next three years. We recognized compensation expense of approximately $0.4 million under the Crestwood LTIP related to these performance units during the three months ended March 31, 2017, which is included in general and administrative expenses on our consolidated statements of operations. New Accounting Pronouncements Issued But Not Yet Adopted As of March 31, 2017, the following accounting standards had not yet been adopted by us: In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. We anticipate utilizing the modified retrospective method to adopt the provisions of this standard effective January 1, 2018 and are currently applying the provisions of the standard to our aggregated listing of gathering and processing, storage and transportation, and marketing, supply and logistics revenue contracts that involve revenue generating activities that occur after January 1, 2018. We are also in the process of implementing appropriate changes to our processes, systems and controls to support the accounting and disclosure requirements of the new standard. We are currently evaluating the impact that this standard will have on our consolidated financial statements, especially on contractual arrangements that involve either non-cash consideration or involve reimbursements of capital expenditures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which revises the accounting for leases by requiring certain leases to be recognized as assets and liabilities on the balance sheet, and requiring companies to disclose additional information about their leasing arrangements. We expect to adopt the provisions of this standard effective January 1, 2019 and are currently evaluating the impact that this standard will have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. We expect to adopt the provisions of this standard effective January 1, 2018 and are currently evaluating the impact that this standard may have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which changes the annual quantitative goodwill impairment test to eliminate the current two step method and replace it with a single test to determine if goodwill is impaired and the amount of any impairment. We expect to adopt the provisions of this standard effective January 1, 2020 and are currently evaluating the impact that this standard may have on our consolidated financial statements. |
Certain Balance Sheet Information |
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Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certain Balance Sheet Information | Certain Balance Sheet Information Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following at March 31, 2017 and December 31, 2016 (in millions):
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Investments in Unconsolidated Affiliates |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates Crestwood Permian Basin Holdings LLC In October 2016, Crestwood Infrastructure, our wholly-owned subsidiary, and an affiliate of First Reserve formed a joint venture, Crestwood Permian Basin Holdings LLC (Crestwood Permian), to fund and own the Nautilus gathering system (described below) and other potential investments in the Delaware Permian. As part of this transaction, we transferred to the joint venture 100% of the equity interest of the Crestwood entity that will construct and own the Nautilus gathering system. We manage and we account for our 50% ownership interest in Crestwood Permian, which is a VIE, under the equity method of accounting as we exercise significant influence, but do not control Crestwood Permian and we are not its primary beneficiary due to First Reserve’s rights to exercise control over the entity. Crestwood Permian has a long-term agreement with SWEPI LP (SWEPI), a subsidiary of Royal Dutch Shell plc, to construct, own and operate a natural gas gathering system in SWEPI’s operated position in the Delaware Permian. SWEPI has dedicated to Crestwood Permian approximately 100,000 acres and gathering rights for SWEPI’s gas production across a large acreage position in Loving, Reeves and Ward Counties, Texas. The initial gathering system (the Nautilus gathering system) is designed for gas production of approximately 250 MMcf/d and will include 194 miles of low pressure gathering lines, 36 miles of high pressure trunklines, and centralized compression facilities which are expandable over time as production increases. Crestwood Permian will provide gathering, dehydration, compression and liquids handling services on a fixed fee basis. In conjunction with this growth project, we granted SWEPI an option to purchase up to a 50% equity interest in Crestwood Permian’s wholly-owned subsidiary, Crestwood Permian Basin LLC, that will own the Nautilus gathering system. The purchase option expires on September 1, 2017. Under the joint venture, First Reserve will fund up to $37.5 million of the capital requirements during the early-stage build-out of the Nautilus gathering system, after which we will fund the next $37.5 million, and then both parties will fund the remaining capital requirements on a pro rata basis. The targeted initial in-service date is on or before July 1, 2017. We did not make any capital contributions to Crestwood Permian during the three months ended March 31, 2017. CEQP issued a guarantee in conjunction with the Crestwood Permian gas gathering agreement with SWEPI described above, under which CEQP has agreed to fund 100% of the costs to build the Nautilus gathering system (which is currently estimated to cost approximately $180 million) if Crestwood Permian fails to do so. We do not believe this guarantee is probable of resulting in future losses based on our assessment of the nature of the guarantee, the financial condition of the guaranteed party and the period of time that the guarantee has been outstanding, and as a result, we have not recorded a liability on our balance sheet at March 31, 2017 and December 31, 2016. Net Investments and Earnings Our net investments in and earnings from our unconsolidated affiliates are as follows (in millions, unless otherwise stated):
Summarized Financial Information of Unconsolidated Affiliates Below is the summarized operating results for our significant unconsolidated affiliates (in millions; amounts represent 100% of unconsolidated affiliate information):
Distributions and Contributions
(1) In May 2017, we received a cash distribution from Stagecoach Gas and Tres Holdings of approximately $11.7 million and $2.7 million, respectively. |
Risk Management |
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Risk Management - Notional Amounts and Terms of Companys Derivative Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management | Risk Management We are exposed to certain market risks related to our ongoing business operations. These risks include exposure to changing commodity prices. We utilize derivative instruments to manage our exposure to fluctuations in commodity prices, which is discussed below. Additional information related to our derivatives is discussed in Note 6. Commodity Derivative Instruments and Price Risk Management Risk Management Activities We sell NGLs and crude oil to energy related businesses and may use a variety of financial and other instruments including forward contracts involving physical delivery of NGLs, heating oil and crude oil. We periodically enter into offsetting positions to economically hedge against the exposure our customer contracts create. Certain of these contracts and positions are derivative instruments. We do not designate any of our commodity-based derivatives as hedging instruments for accounting purposes. Our commodity-based derivatives are reflected at fair value in the consolidated balance sheets, and changes in the fair value of these derivatives that impact the consolidated statements of operations are reflected in costs of product/services sold. During the three months ended March 31, 2017 and 2016, the impact to our consolidated statements of operations related to our commodity-based derivatives reflected in costs of product/services sold was a loss of $5.4 million and a gain of $1.2 million. We attempt to balance our contractual portfolio in terms of notional amounts and timing of performance and delivery obligations. This balance in the contractual portfolio significantly reduces the volatility in costs of product/services sold related to these instruments. Commodity Price and Credit Risk Notional Amounts and Terms The notional amounts and terms of our derivative financial instruments include the following at March 31, 2017 and December 31, 2016:
Notional amounts reflect the volume of transactions, but do not represent the amounts exchanged by the parties to the financial instruments. Accordingly, notional amounts do not reflect our monetary exposure to market or credit risks. All contracts subject to price risk had a maturity of 36 months or less; however, 81% of the contracted volumes will be delivered or settled within 12 months. Credit Risk Inherent in our contractual portfolio are certain credit risks. Credit risk is the risk of loss from nonperformance by suppliers, customers or financial counterparties to a contract. We take an active role in managing credit risk and have established control procedures, which are reviewed on an ongoing basis. We attempt to minimize credit risk exposure through credit policies and periodic monitoring procedures as well as through customer deposits, letters of credit and entering into netting agreements that allow for offsetting counterparty receivable and payable balances for certain financial transactions, as deemed appropriate. The counterparties associated with our price risk management activities are primarily energy marketers and propane retailers, resellers and dealers. Certain of our derivative instruments have credit limits that require us to post collateral. The amount of collateral required to be posted is a function of the net liability position of the derivative as well as our established credit limit with the respective counterparty. If our credit rating were to change, the counterparties could require us to post additional collateral. The amount of additional collateral that would be required to be posted would vary depending on the extent of change in our credit rating as well as the requirements of the individual counterparty. The aggregate fair value of all commodity derivative instruments with credit-risk-related contingent features that were in a liability position at March 31, 2017 and December 31, 2016 was $4.8 million and $13.9 million. At March 31, 2017 and December 31, 2016, we posted less than $0.1 million of collateral for our commodity derivative instruments with credit-risk-related contingent features. In addition, at March 31, 2017 and December 31, 2016, we had a New York Mercantile Exchange (NYMEX) related net derivative asset position of $4.6 million and $14.3 million, for which we posted $0.9 million and $4.2 million of cash collateral in the normal course of business. At March 31, 2017 and December 31, 2016, we also received collateral of $2.0 million and $4.3 million in the normal course of business. All collateral amounts have been netted against the asset or liability with the respective counterparty and are reflected in our consolidated balance sheets as assets and liabilities from price risk management activities. |
Fair Value Measurements |
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Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The accounting standard for fair value measurement establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows:
Cash, Accounts Receivable and Accounts Payable As of March 31, 2017 and December 31, 2016, the carrying amounts of cash, accounts receivable and accounts payable approximate fair value based on the short-term nature of these instruments. Credit Facility The fair value of the amounts outstanding under our CMLP credit facility approximates the carrying amounts as of March 31, 2017 and December 31, 2016, due primarily to the variable nature of the interest rate of the instrument, which is considered a Level 2 fair value measurement. Senior Notes We estimate the fair value of our senior notes primarily based on quoted market prices for the same or similar issuances (representing a Level 2 fair value measurement). The following table reflects the carrying value (reduced for deferred financing costs associated with the respective notes) and fair value of our senior notes (in millions):
Financial Assets and Liabilities As of March 31, 2017 and December 31, 2016, we held certain assets and liabilities that are required to be measured at fair value on a recurring basis, which include our derivative instruments related to heating oil, crude oil, and NGLs. Our derivative instruments consist of forwards, swaps, futures, physical exchanges and options. Our derivative instruments that are traded on the NYMEX have been categorized as Level 1. Our derivative instruments also include OTC contracts, which are not traded on a public exchange. The fair values of these derivative instruments are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. These instruments have been categorized as Level 2. Our OTC options are valued based on the Black Scholes option pricing model that considers time value and volatility of the underlying commodity. The inputs utilized in the model are based on publicly available information as well as broker quotes. These options have been categorized as Level 2. Our financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following tables set forth by level within the fair value hierarchy, our financial instruments that were accounted for at fair value on a recurring basis at March 31, 2017 and December 31, 2016 (in millions):
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Long-Term Debt |
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Long-Term Debt | Long-Term Debt Long-term debt consisted of the following at March 31, 2017 and December 31, 2016 (in millions):
Credit Facility At March 31, 2017, Crestwood Midstream had $644.4 million of available capacity under its credit facility considering the most restrictive debt covenants in its credit agreement. At March 31, 2017 and December 31, 2016, Crestwood Midstream's outstanding standby letters of credit were $70.8 million and $64.0 million. Borrowings under the CMLP credit facility accrue interest at prime or Eurodollar based rates plus applicable spreads, which resulted in interest rates between 3.15% and 5.25% at March 31, 2017 and 3.21% and 5.25% at December 31, 2016. The weighted-average interest rate as of March 31, 2017 and December 31, 2016 was 3.36% and 3.23%. Crestwood Midstream is required under its credit agreement to maintain a net debt to consolidated EBITDA ratio (as defined in its credit agreement) of not more than 5.50 to 1.0, a consolidated EBITDA to consolidated interest expense ratio (as defined in its credit agreement) of not less than 2.50 to 1.0, and a senior secured leverage ratio (as defined in its credit agreement) of not more than 3.75 to 1.0. At March 31, 2017, the net debt to consolidated EBITDA was approximately 3.92 to 1.0, the consolidated EBITDA to consolidated interest expense was approximately 3.90 to 1.0, and the senior secured leverage ratio was 0.94 to 1.0. The CMLP credit facility allows Crestwood Midstream to increase its available borrowings under the facility by $350.0 million, subject to lender approval and the satisfaction of certain other conditions, as described in the CMLP credit agreement. In March 2017, Crestwood Midstream obtained the lender consent necessary under its credit agreement to borrow up to $325 million to fund the repurchase or redemption of senior notes outstanding. Senior Notes Repayments. In March 2017, Crestwood Midstream paid approximately $793.5 million to purchase, redeem and/or cancel all of the principal amount outstanding under the 2022 Senior Notes and $325.0 million of the principal amount outstanding under the 2020 Senior Notes. Crestwood Midstream funded the repayments with a combination of net proceeds from the issuance of the 2025 Senior Notes described below and borrowings under the CMLP credit facility. In conjunction with these note repayments, Crestwood Midstream (i) recognized a loss on extinguishment of debt of approximately $37.3 million (including the write off of approximately $6.8 million of deferred financing costs associated with the 2022 Senior Notes); and (ii) paid $4.8 million and $1.0 million of accrued interest on the 2020 Senior Notes and 2022 Senior Notes, respectively, on the date they were tendered. In March 2017, Crestwood Midstream delivered the irrevocable notice necessary to redeem the remaining $13.8 million of principal outstanding under the 2020 Senior Notes. In April 2017, Crestwood Midstream paid approximately $14.2 million to redeem the remaining 2020 Senior Notes and recognized a loss on extinguishment of debt associated with the 2020 Senior Notes of approximately $0.3 million. Crestwood Midstream funded the repayment with borrowings under its credit facility. 2025 Senior Notes. In March 2017, Crestwood Midstream issued $500 million of 5.75% unsecured senior notes due 2025 (the 2025 Senior Notes). The 2025 Senior Notes will mature on April 1, 2025, and interest is payable semiannually in arrears on April 1 and October 1 of each year, beginning October 1, 2017. The net proceeds from this offering of approximately $492.0 million were used to repay amounts outstanding under the 2020 Senior Notes and the 2022 Senior Notes. At March 31, 2017, Crestwood Midstream was in compliance with all of its debt covenants applicable to the CMLP credit facility and its senior notes. |
Earnings Per Limited Partner Unit |
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Earnings Per Share [Abstract] | |
Earnings Per Limited Partner Unit | Earnings Per Limited Partner Unit Our net income (loss) attributable to Crestwood Equity Partners is allocated to the subordinated and limited partner unitholders based on their ownership percentage after giving effect to net income attributable to the Class A preferred units. We calculate basic net income per limited partner unit using the two-class method. Diluted net income per limited partner unit is computed using the treasury stock method, which considers the impact to net income attributable to Crestwood Equity Partners and limited partner units from the potential issuance of limited partner units. We exclude potentially dilutive securities from the determination of diluted earnings per unit (as well as their related income statement impacts) when their impact on net income attributable to Crestwood Equity Partners per limited partner unit is anti-dilutive. During the three months ended March 31, 2017, we excluded a weighted-average of 6,807,223 common units (representing preferred units), a weighted-average of 7,117,610 common units (representing Crestwood Niobrara's preferred units), and a weighted-average of 438,789 common units (representing subordinated units). During the three months ended March 31, 2016, we excluded a weighted-average of 6,212,256 common units (representing preferred units), and a weighted-average of 19,262,780 common units (representing Crestwood Niobrara's preferred units) and a weighted-average of 438,789 common units (representing subordinated units). See Note 9 for additional information regarding the potential conversion of our preferred units and Crestwood Niobrara's preferred units to common units. |
Partners' Capital |
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Statement of Partners' Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital | Partners’ Capital Preferred Units Subject to certain conditions, the holders of the Preferred Units have the right to convert their Preferred Units into (i) common units on a 1-for-10 basis after June 17, 2017, or (ii) a number of common units determined pursuant to a conversion ratio set forth in Crestwood Equity's partnership agreement upon the occurrence of certain events, such as a change in control. The Preferred Units have voting rights that are identical to the voting rights of the common units and will vote with the common units as a single class, with each Preferred Unit entitled to one vote for each common unit into which such Preferred Unit is convertible, except that the Preferred Units are entitled to vote as a separate class on any matter on which all unitholders are entitled to vote that adversely affects the rights, powers, privileges or preferences of the Preferred Units in relation to Crestwood Equity's other securities outstanding. Distributions Crestwood Equity Limited Partners. A summary of CEQP's limited partner quarterly cash distributions for the three months ended March 31, 2017 and 2016 is presented below:
On April 20, 2017, we declared a distribution of $0.60 per limited partner unit to be paid on May 15, 2017, to unitholders of record on May 8, 2017 with respect to the first quarter of 2017. Preferred Unit Holders. We are required to make quarterly distributions to our preferred unitholders. During the three months ended March 31, 2017 and 2016, we issued 1,538,811 and 1,404,317 Preferred Units to our preferred unitholders in lieu of paying cash distributions of $14.0 million and $12.8 million, respectively. On April 20, 2017, the board of directors of our general partner authorized the issuance of 1,574,404 Preferred Units to our preferred unit holders for the quarter ended March 31, 2017 in lieu of paying a cash distribution of $14.4 million. Crestwood Midstream During the three months ended March 31, 2017 and 2016, Crestwood Midstream paid cash distributions of $43.1 million and $97.2 million to Crestwood Equity. Non-Controlling Partners Crestwood Niobrara issued a preferred interest to a subsidiary of General Electric Capital Corporation and GE Structured Finance, Inc. (collectively, GE) in conjunction with the acquisition of its investment in Jackalope, which is reflected as non-controlling interest in our consolidated financial statements. During the three months ended March 31, 2017 and 2016, net income attributable to non-controlling partners was approximately $6.1 million and $5.9 million. During both the three months ended March 31, 2017 and 2016, Crestwood Niobrara paid cash distributions of $3.8 million to GE. In April 2017, Crestwood Niobrara paid a cash distribution of $3.8 million to GE for the quarter ended March 31, 2017. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings Simplification Merger Lawsuits. On May 20, 2015, Lawrence G. Farber, a purported unitholder of Crestwood Midstream, filed a complaint in the Southern District of the United States, Houston Division, as a putative class action on behalf of Crestwood Midstream's unitholders, entitled Lawrence G. Farber, individually and on behalf of all others similarly situated v. Crestwood Midstream Partners LP, Crestwood Midstream GP LLC, Robert G. Phillips, Alvin Bledsoe, Michael G. France, Philip D. Gettig, Warren H. Gfellar, David Lumpkins, John J. Sherman, David Wood, Crestwood Equity Partners LP, Crestwood Equity GP LLC, CEQP ST Sub LLC, MGP GP, LLC, Crestwood Midstream Holdings LP, and Crestwood Gas Services GP LLC. This complaint alleges, among other things, that Crestwood Midstream's general partner breached its fiduciary duties, certain individual defendants breached their fiduciary duties of loyalty and due care, and that other defendants aided and abetted such breaches. On July 21, 2015, Isaac Aron, another purported unitholder of Crestwood Midstream, filed a complaint in the Southern District of the United States, Houston Division, as a putative class action on behalf of Crestwood Midstream's unitholders, entitled Isaac Aron, individually and on behalf of all others similarly situated vs. Robert G. Phillps, Alvin Bledsoe, Michael G. France, Philip D. Getting, Warren H. Gfeller, David Lumpkins, John J. Sherman, David Wood, Crestwood Midstream Partners, LP Crestwood Midstream Holdings LP, Crestwood Midstream GP LLC, Crestwood Gas Services GP, LLC, Crestwood Equity Partners LP, Crestwood Equity GP LLC, CEQP ST Sub LLC and MGP GP, LLC. The complaint alleges, among other things, that Crestwood Midstream's general partner and certain individual defendants violated Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and Rule 14a-9 by filing an alleged incomplete and misleading Form S-4 Registration Statement with the SEC. On August 12, 2015, the defendants filed a motion to consolidate the Farber and Aron cases, which the court granted on September 4, 2015. Farber subsequently dismissed his claims against all the defendants on September 16, 2015. Aron filed a motion for temporary restraining order and requested an expedited preliminary injunction hearing, which had been scheduled for September 23, 2015. On September 22, 2015, however, the parties entered into a memorandum of understanding (MOU) with respect to a proposed settlement of the Aron lawsuit. The settlement contemplated by the MOU is subject to a number of conditions, including notice to the class, limited confirmatory discovery and final court approval of the settlement. In October 2016, the court approved the settlement. On November 7, 2016, a unitholder filed an appeal of the settlement and a hearing is scheduled in June 2017. If the appeal is denied, the settlement will become final. We do not expect the settlement to have a material impact to our consolidated financial statements. General. We are periodically involved in litigation proceedings. If we determine that a negative outcome is probable and the amount of loss is reasonably estimable, then we accrue the estimated amount. The results of litigation proceedings cannot be predicted with certainty. We could incur judgments, enter into settlements or revise our expectations regarding the outcome of certain matters, and such developments could have a material adverse effect on our results of operations or cash flows in the period in which the amounts are paid and/or accrued. As of March 31, 2017 and December 31, 2016, both CEQP and CMLP had less than $0.1 million accrued for outstanding legal matters. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures for which we can estimate will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Any loss estimates are inherently subjective, based on currently available information, and are subject to management's judgment and various assumptions. Due to the inherently subjective nature of these estimates and the uncertainty and unpredictability surrounding the outcome of legal proceedings, actual results may differ materially from any amounts that have been accrued. Regulatory Compliance In the ordinary course of our business, we are subject to various laws and regulations. In the opinion of our management, compliance with current laws and regulations will not have a material effect on our results of operations, cash flows or financial condition. Environmental Compliance Our operations are subject to stringent and complex laws and regulations pertaining to worker health, safety, and the environment. We are subject to laws and regulations at the federal, state, regional and local levels that relate to air and water quality, hazardous and solid waste management and disposal and other environmental matters. The cost of planning, designing, constructing and operating our facilities must incorporate compliance with environmental laws and regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures. During 2014, we experienced three releases totaling approximately 28,000 barrels of produced water on our Arrow water gathering system located on the Fort Berthold Indian Reservation in North Dakota. We immediately notified the National Response Center, the Three Affiliated Tribes and numerous other regulatory authorities, and thereafter contained and cleaned up the releases completely and placed the impacted segments of these water lines back into service. In May 2015, we experienced a release of approximately 5,200 barrels of produced water on our Arrow water gathering system, immediately notified numerous regulatory authorities and other third parties, and thereafter contained and cleaned up the releases. In October 2014, we received data requests from the Environmental Protection Agency (EPA) related to the 2014 water releases and we responded to the requests during the first half of 2015. In April 2015, the EPA issued a Notice of Potential Violation (NOPV) under the Clean Water Act relating to the largest of the 2014 water releases. We responded to the NOPV in May 2015, and in April 2017, we entered into an Administrative Order on Consent (the Order) with the EPA. The Order requires us to continue to remediate and monitor the impacted area for no less than four years unless all goals of the Order are satisfied earlier. The Order does not preclude the EPA from seeking to impose fines and penalties as a result of the water releases. On March 3, 2015, we received a grand jury subpoena from the United States Attorney’s Office in Bismarck, North Dakota, seeking documents and information relating to the largest of the three 2014 water releases. We provided the requested information during the second quarter of 2015 and provided key employees to be interviewed by the United States’ Attorney in December 2015. We have not received any further requests for additional information or interviews and it is unclear whether the government will continue to pursue this matter. In August 2015, we received a notice of violation from the Three Affiliated Tribes' Environmental Division related to our 2014 produced water releases on the Fort Berthold Indian Reservation. The notice of violation imposes fines and requests reimbursements exceeding $1.1 million; however, the notice of violation was stayed on September 15, 2015, upon our posting of a performance bond for the amount contemplated by the notice and pending the outcome of ongoing settlement discussions with the regulatory agencies asserting jurisdiction over the 2014 produced water releases. We will continue our remediation efforts to ensure the impacted lands are restored to their prior state. We believe these releases are insurable events under our policies, and we have notified our carriers of these events. We have not recorded an insurance receivable as of March 31, 2017. At March 31, 2017 and December 31, 2016, our accrual of approximately $2.1 million is based on our undiscounted estimate of amounts we will spend on compliance with environmental and other regulations, and any associated fines or penalties. We estimate that our potential liability for reasonably possible outcomes related to our environmental exposures (including the Arrow water releases described above) could range from approximately $2.1 million to $3.6 million at March 31, 2017. Self-Insurance We utilize third-party insurance subject to varying retention levels of self-insurance, which management considers prudent. Such self-insurance relates to losses and liabilities primarily associated with medical claims, workers' compensation claims and general, product, vehicle and environmental liability. At March 31, 2017 and December 31, 2016, CEQP's self-insurance reserves were $17.0 million and $15.6 million. We estimate that $10.6 million of this balance will be paid subsequent to March 31, 2018. As such, CEQP has classified $10.6 million in other long-term liabilities on its consolidated balance sheet at March 31, 2017. At March 31, 2017 and December 31, 2016, CMLP's self insurance reserves were $13.7 million and $12.2 million. CMLP estimates that $8.0 million of this balance will be paid subsequent to March 31, 2018. As such, CMLP has classified $8.0 million in other long-term liabilities on its consolidated balance sheet at March 31, 2017. Guarantees and Indemnifications. We are involved in various joint ventures that sometimes require financial and performance guarantees. In a financial guarantee, we are obligated to make payments if the guaranteed party fails to make payments under, or violates the terms of, the financial arrangement. In a performance guarantee, we provide assurance that the guaranteed party will execute on the terms of the contract. If they do not, we are required to perform on their behalf. We also periodically provide indemnification arrangements related to assets or businesses we have sold. For a further description of our guarantees associated with our joint ventures, see Note 4, and for a further description of our guarantees associated with our assets or businesses we have sold, see our 2016 Annual Report on Form 10-K. Our potential exposure under guarantee and indemnification arrangements can range from a specified amount to an unlimited dollar amount, depending on the nature of the claim, specificity as to duration, and the particular transaction. As of March 31, 2017 and December 31, 2016, we have no amounts accrued for these guarantees. |
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Related Party Transactions | Related Party Transactions Crestwood Holdings indirectly owns both CEQP's and CMLP's general partner. The affiliates of Crestwood Holdings and its owners are considered CEQP's and CMLP's related parties, including Sabine Oil and Gas LLC (Sabine) and Mountaineer Keystone LLC. CEQP and CMLP enter into transactions with their affiliates within the ordinary course of business, including gas gathering and processing services under long-term contracts, product purchases and various operating agreements. The following table shows transactions with our affiliates which are reflected in our consolidated statements of operations for the three months ended March 31, 2017 and 2016 (in millions):
The following table shows accounts receivable and accounts payable from our affiliates as of March 31, 2017 and December 31, 2016 (in millions):
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Segments | Segments Financial Information We have three operating and reportable segments: (i) gathering and processing operations; (ii) storage and transportation operations; and (iii) marketing, supply and logistics operations. Our corporate operations include all general and administrative expenses that are not allocated to our reportable segments. We assess the performance of our operating segments based on EBITDA, which is defined as income before income taxes, plus debt-related costs (net interest and debt expense and loss on modification/extinguishment of debt) and depreciation, amortization and accretion expense. Below is a reconciliation of CEQP's net loss to EBITDA (in millions):
The following tables summarize CEQP's reportable segment data for the three months ended March 31, 2017 and 2016 (in millions). Intersegment revenues included in the following tables are accounted for as arms-length transactions that apply our revenue recognition policies described in our 2016 Annual Report on Form 10-K. Included in earnings from unconsolidated affiliates, net below was approximately $7.5 million and $2.6 million of depreciation and amortization expense and gains (losses) on long-lived assets, net related to our equity investments for the three months ended March 31, 2017 and 2016.
Below is a reconciliation of CMLP's net loss to EBITDA (in millions):
The following tables summarize CMLP's reportable segment data for the three months ended March 31, 2017 and 2016 (in millions). Intersegment revenues included in the following tables are accounted for as arms-length transactions that apply our revenue recognition policies described in our 2016 Annual Report on Form 10-K. Included in earnings from unconsolidated affiliates, net below was approximately $7.5 million and $2.6 million of depreciation and amortization expense and gains (losses) on long-lived assets, net related to our equity investments for the three months ended March 31, 2017 and 2016.
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Crestwood Midstream is a holding company (Parent) and owns no operating assets and has no significant operations independent of its subsidiaries. Obligations under Crestwood Midstream's senior notes and its credit facility are jointly and severally guaranteed by substantially all of its subsidiaries, except for Crestwood Infrastructure Holdings LLC, Crestwood Niobrara, Crestwood Pipeline and Storage Northeast LLC (Crestwood Northeast), PRBIC and Tres Holdings and their respective subsidiaries (collectively, Non-Guarantor Subsidiaries). Crestwood Midstream Finance Corp., the co-issuer of its senior notes, is Crestwood Midstream's 100% owned subsidiary and has no material assets, operations, revenues or cash flows other than those related to its service as co-issuer of the Crestwood Midstream senior notes. The tables below present condensed consolidating financial statements for Crestwood Midstream as Parent on a stand-alone, unconsolidated basis, and Crestwood Midstream's combined guarantor and combined non-guarantor subsidiaries as of March 31, 2017 and December 31, 2016, and for the three months ended March 31, 2017 and 2016. The financial information may not necessarily be indicative of the results of operations, cash flows or financial position had the subsidiaries operated as independent entities. The condensed consolidating financial statements for the three months ended March 31, 2016 include reclassifications that were made to conform to the current year presentation, none of which impacted previously reported net income (loss) or partners’ capital. In particular, the condensed consolidating statement of operations was modified to consider the impact of net income (loss) attributable to non-controlling partners in subsidiaries in arriving at equity in net income (loss) of subsidiaries in the parent and eliminations columns of those statements.
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
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Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies There were no material changes in our significant accounting policies from those described in our 2016 Annual Report on Form 10-K. |
New Accounting Pronouncements Issued But Not Yet Adopted | New Accounting Pronouncements Issued But Not Yet Adopted As of March 31, 2017, the following accounting standards had not yet been adopted by us: In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. We anticipate utilizing the modified retrospective method to adopt the provisions of this standard effective January 1, 2018 and are currently applying the provisions of the standard to our aggregated listing of gathering and processing, storage and transportation, and marketing, supply and logistics revenue contracts that involve revenue generating activities that occur after January 1, 2018. We are also in the process of implementing appropriate changes to our processes, systems and controls to support the accounting and disclosure requirements of the new standard. We are currently evaluating the impact that this standard will have on our consolidated financial statements, especially on contractual arrangements that involve either non-cash consideration or involve reimbursements of capital expenditures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which revises the accounting for leases by requiring certain leases to be recognized as assets and liabilities on the balance sheet, and requiring companies to disclose additional information about their leasing arrangements. We expect to adopt the provisions of this standard effective January 1, 2019 and are currently evaluating the impact that this standard will have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. We expect to adopt the provisions of this standard effective January 1, 2018 and are currently evaluating the impact that this standard may have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which changes the annual quantitative goodwill impairment test to eliminate the current two step method and replace it with a single test to determine if goodwill is impaired and the amount of any impairment. We expect to adopt the provisions of this standard effective January 1, 2020 and are currently evaluating the impact that this standard may have on our consolidated financial statements. |
Basis of Presentation and Summary of Significant Accounting Policies Goodwill (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The following table summarizes goodwill impairments of certain of our reporting units recorded during the three months ended March 31, 2016 (in millions):
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Certain Balance Sheet Information (Tables) |
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Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Accrued expenses and other liabilities consisted of the following at March 31, 2017 and December 31, 2016 (in millions):
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Investments in Unconsolidated Affiliates (Tables) |
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Equity Method Investments | Distributions and Contributions
(1) In May 2017, we received a cash distribution from Stagecoach Gas and Tres Holdings of approximately $11.7 million and $2.7 million, respectively. Summarized Financial Information of Unconsolidated Affiliates Below is the summarized operating results for our significant unconsolidated affiliates (in millions; amounts represent 100% of unconsolidated affiliate information):
Net Investments and Earnings Our net investments in and earnings from our unconsolidated affiliates are as follows (in millions, unless otherwise stated):
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Risk Management (Tables) |
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Notional Amounts And Terms Of Company's Derivative Financial Instruments | The notional amounts and terms of our derivative financial instruments include the following at March 31, 2017 and December 31, 2016:
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Fair Value Measurements (Tables) |
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Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | We estimate the fair value of our senior notes primarily based on quoted market prices for the same or similar issuances (representing a Level 2 fair value measurement). The following table reflects the carrying value (reduced for deferred financing costs associated with the respective notes) and fair value of our senior notes (in millions):
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Assets And Liabilities Measured At Fair Value On Recurring Basis | The following tables set forth by level within the fair value hierarchy, our financial instruments that were accounted for at fair value on a recurring basis at March 31, 2017 and December 31, 2016 (in millions):
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Long-Term Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Long-Term Debt | Long-term debt consisted of the following at March 31, 2017 and December 31, 2016 (in millions):
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Partners' Capital (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of Partners' Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Distributions Made to Members or Limited Partners, by Distribution | A summary of CEQP's limited partner quarterly cash distributions for the three months ended March 31, 2017 and 2016 is presented below:
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Related Party Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | The following table shows transactions with our affiliates which are reflected in our consolidated statements of operations for the three months ended March 31, 2017 and 2016 (in millions):
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Schedule of Related Party Receivables and Payables | The following table shows accounts receivable and accounts payable from our affiliates as of March 31, 2017 and December 31, 2016 (in millions):
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Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Net Income (Loss) to Earnings Before Interest, Taxes, Depreciation and Amortization | Below is a reconciliation of CEQP's net loss to EBITDA (in millions):
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Summary Of Segment Information |
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Crestwood Midstream Partners LP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Net Income (Loss) to Earnings Before Interest, Taxes, Depreciation and Amortization | Below is a reconciliation of CMLP's net loss to EBITDA (in millions):
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Summary Of Segment Information |
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Condensed Consolidating Financial Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet |
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Condensed Income Statement |
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Condensed Cash Flow Statement |
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Risk Management (Notional Amounts and Terms of Company's Derivative Financial Instruments) (Details) - Propane Crude And Heating Oil - bbl bbl in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | 12.8 | 13.1 |
Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | 14.0 | 15.1 |
Risk Management (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Derivative [Line Items] | |||
Collateral posted for commodity derivative instruments | $ 2.0 | $ 4.3 | |
Commodity contract | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments not designated as hedging | 5.4 | $ 1.2 | |
Collateral posted for commodity derivative instruments | 0.1 | ||
Commodity contract with credit contingent features | |||
Derivative [Line Items] | |||
Aggregate fair value of commodity derivative instruments | 4.8 | 13.9 | |
NYMEX Derivative Liability | |||
Derivative [Line Items] | |||
Aggregate fair value of commodity derivative instruments | 14.3 | ||
Derivative Asset | 4.6 | ||
NYMEX Margin Deposit | |||
Derivative [Line Items] | |||
NYMEX margin deposits | $ 0.9 | $ 4.2 | |
ERROR in label resolution. | Maximum | |||
Derivative [Line Items] | |||
Remaining maturity | 36 months | ||
Percent of contracts expiring in the next twelve months | 81.00% |
Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Senior Notes) (Details) - Crestwood Midstream Partners LP - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Senior Notes, 2020 | ||
Debt Instrument [Line Items] | ||
Carrying amount | $ 13.9 | $ 340.6 |
Fair value | 14.2 | 350.2 |
Senior Notes, 2022 | ||
Debt Instrument [Line Items] | ||
Carrying amount | 0.0 | 429.3 |
Fair value | 0.0 | 447.3 |
Senior Notes, 2023 | ||
Debt Instrument [Line Items] | ||
Carrying amount | 691.0 | 690.6 |
Fair value | 728.6 | 722.6 |
Senior Notes, 2025 | ||
Debt Instrument [Line Items] | ||
Carrying amount | 491.6 | 0.0 |
Fair value | $ 511.3 | $ 0.0 |
Earnings Per Limited Partner Unit (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Preferred Units | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Units excluded from dilutive earnings per share | 6,807,223 | 6,212,256 |
Preferred Units | Crestwood Niobrara LLC | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Units excluded from dilutive earnings per share | 7,117,610 | 19,262,780 |
Subordinated Units | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Units excluded from dilutive earnings per share | 438,789 | 438,789 |
Partners' Capital (Schedule of Partners' Capital Account, Distriubtions) (Details) - USD ($) $ / shares in Units, $ in Millions |
Feb. 14, 2017 |
Feb. 07, 2017 |
Feb. 12, 2016 |
Feb. 05, 2016 |
---|---|---|---|---|
Distribution Made to Limited Partner [Line Items] | ||||
Distribution Made to Limited Partner, Date of Record | Feb. 07, 2017 | Feb. 05, 2016 | ||
Distribution Made to Limited Partner, Distribution Date | Feb. 14, 2017 | Feb. 12, 2016 | ||
Distribution Made to Member or Limited Partner, Distributions Paid, Per Unit | $ 0.6 | $ 1.375 | ||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 41.8 | $ 95.6 |
Partners' Capital (Components of Net Income (Loss) Attributable to Non-Controlling Interests) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Distribution Made to Limited Partner [Line Items] | ||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 3.8 | $ 3.8 |
Net income attributable to non-controlling partners in subsidiaries | (6.1) | (5.9) |
Crestwood Midstream Partners LP | ||
Distribution Made to Limited Partner [Line Items] | ||
Net income attributable to non-controlling partners in subsidiaries | (6.1) | (5.9) |
Crestwood Niobrara LLC | ||
Distribution Made to Limited Partner [Line Items] | ||
Payments of Ordinary Dividends, Noncontrolling Interest | 3.8 | |
Net income attributable to non-controlling partners in subsidiaries | $ 6.1 | $ 5.9 |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Self Insurance Reserve | $ 17.0 | $ 15.6 |
Self Insurance Reserve Expected To Be Paid Subsequent To Next Fiscal Year | 10.6 | |
Accrued property taxes | 4.9 | 4.2 |
Loss Contingency Accrual, at Carrying Value | 0.1 | |
Crestwood Midstream Partners LP | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Self Insurance Reserve | 13.7 | 12.2 |
Self Insurance Reserve Expected To Be Paid Subsequent To Next Fiscal Year | 8.0 | |
Accrued property taxes | $ 4.9 | $ 4.2 |
Commitments and Contingencies Environmental Compliance (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2014
Release
|
Dec. 31, 2016
USD ($)
bbl
|
Sep. 15, 2015
USD ($)
|
May 06, 2015
bbl
|
|
Fort Berthold Indian Reservation | |||||
Site Contingency [Line Items] | |||||
Site Contingency, Loss Exposure, Number of Releases of Produced Water | Release | 3 | ||||
Site Contingency, Loss Exposure, Release of Produced Water | bbl | 28,000 | 5,200 | |||
Accrual for Environmental Loss Contingencies | $ 2.1 | ||||
Maximum | |||||
Site Contingency [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | $ 1.1 | ||||
Maximum | Fort Berthold Indian Reservation | |||||
Site Contingency [Line Items] | |||||
Site Contingency, Loss Exposure in Excess of Accrual, Best Estimate | $ 3.6 | ||||
Minimum | Fort Berthold Indian Reservation | |||||
Site Contingency [Line Items] | |||||
Site Contingency, Loss Exposure in Excess of Accrual, Best Estimate | $ 2.1 |
Segments (Reconciliation of Net Income (Loss) to EBITDA) (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017
USD ($)
segment
|
Mar. 31, 2016
USD ($)
|
|
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Number of Operating Segments | segment | 3 | |
Net loss | $ (19.4) | $ (93.7) |
Interest and debt expense, net | 26.5 | 36.1 |
Gains (Losses) on Extinguishment of Debt | 37.3 | 0.0 |
Benefit for income taxes | (0.1) | 0.0 |
Depreciation, amortization and accretion | 48.4 | 62.3 |
EBITDA | 92.7 | 4.7 |
Crestwood Midstream Partners LP | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net loss | (21.4) | (95.3) |
Interest and debt expense, net | 26.5 | 36.1 |
Gains (Losses) on Extinguishment of Debt | 37.3 | 0.0 |
Benefit for income taxes | (0.1) | (0.2) |
Depreciation, amortization and accretion | 51.2 | 64.9 |
EBITDA | $ 93.5 | $ 5.5 |
Segments (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Crestwood Equity Partners LP | ||
Segment Reporting Information [Line Items] | ||
Interest, Taxes, Depreciation and Amortization included in Earnings from Equity Method Investments | $ 7.5 | $ 2.6 |
Crestwood Midstream Partners LP | ||
Segment Reporting Information [Line Items] | ||
Interest, Taxes, Depreciation and Amortization included in Earnings from Equity Method Investments | $ 7.5 | $ 2.6 |
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