QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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.) |
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | |
Crestwood Equity Partners LP | |||
Crestwood Equity Partners LP | |||
Crestwood Midstream Partners LP | None | None | None |
Crestwood Equity Partners LP | ☒ | No | ☐ | |||
Crestwood Midstream Partners LP | ☒ | No | ☐ |
Crestwood Equity Partners LP | ☒ | No | ☐ | |||
Crestwood Midstream Partners LP | ☒ | No | ☐ |
Crestwood Equity Partners LP | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company | |||
Crestwood Midstream Partners LP | Large accelerated filer | ☐ | Accelerated filer | ☐ | ☒ | Smaller reporting company | Emerging growth company |
Crestwood Equity Partners LP | ☐ | |
Crestwood Midstream Partners LP | ☐ |
Crestwood Equity Partners LP | Yes | No | ☒ | |||
Crestwood Midstream Partners LP | Yes | No | ☒ |
Crestwood Equity Partners LP | ||
Crestwood Midstream Partners LP |
Page | |
CRESTWOOD EQUITY PARTNERS LP CONSOLIDATED BALANCE SHEETS (in millions, except unit information) | |||||||
June 30, 2020 | December 31, 2019 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash | $ | $ | |||||
Accounts receivable, less allowance for doubtful accounts of $0.6 million and $0.3 million at June 30, 2020 and December 31, 2019 | |||||||
Inventory | |||||||
Assets from price risk management activities | |||||||
Prepaid expenses and other current assets | |||||||
Total current assets | |||||||
Property, plant and equipment | |||||||
Less: accumulated depreciation | |||||||
Property, plant and equipment, net | |||||||
Intangible assets | |||||||
Less: accumulated amortization | |||||||
Intangible assets, net | |||||||
Goodwill | |||||||
Operating lease right-of-use assets, net | |||||||
Investments in unconsolidated affiliates | |||||||
Other non-current assets | |||||||
Total assets | $ | $ | |||||
Liabilities and capital | |||||||
Current liabilities: | |||||||
Accounts payable | $ | $ | |||||
Accrued expenses and other liabilities | |||||||
Liabilities from price risk management activities | |||||||
Current portion of long-term debt | |||||||
Total current liabilities | |||||||
Long-term debt, less current portion | |||||||
Other long-term liabilities | |||||||
Deferred income taxes | |||||||
Total liabilities | |||||||
Commitments and contingencies (Note 11) | |||||||
Interest of non-controlling partner in subsidiary (Note 10) | |||||||
Crestwood Equity Partners LP partners’ capital (73,605,008 and 72,282,942 common and subordinated units issued and outstanding at June 30, 2020 and December 31, 2019) | |||||||
Preferred units (71,257,445 units issued and outstanding at both June 30, 2020 and December 31, 2019) | |||||||
Total partners’ capital | |||||||
Total liabilities and capital | $ | $ |
CRESTWOOD EQUITY PARTNERS LP CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per unit data) (unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues: | |||||||||||||||
Product revenues: | |||||||||||||||
Gathering and processing | $ | $ | $ | $ | |||||||||||
Marketing, supply and logistics | |||||||||||||||
Related party (Note 12) | |||||||||||||||
Services revenues: | |||||||||||||||
Gathering and processing | |||||||||||||||
Storage and transportation | |||||||||||||||
Marketing, supply and logistics | |||||||||||||||
Related party (Note 12) | |||||||||||||||
Total revenues | |||||||||||||||
Costs of product/services sold (exclusive of items shown separately below): | |||||||||||||||
Product costs | |||||||||||||||
Product costs - related party (Note 12) | |||||||||||||||
Service costs | |||||||||||||||
Total costs of products/services sold | |||||||||||||||
Operating expenses and other: | |||||||||||||||
Operations and maintenance | |||||||||||||||
General and administrative | |||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||
Loss on long-lived assets, net | |||||||||||||||
Goodwill impairment | |||||||||||||||
Gain on acquisition | ( | ) | ( | ) | |||||||||||
( | ) | ||||||||||||||
Operating income |
CRESTWOOD EQUITY PARTNERS LP CONSOLIDATED STATEMENTS OF OPERATIONS (continued) (in millions, except per unit data) (unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Earnings from unconsolidated affiliates, net | |||||||||||||||
Interest and debt expense, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Other income, net | |||||||||||||||
Income (loss) before income taxes | ( | ) | ( | ) | |||||||||||
(Provision) benefit for income taxes | ( | ) | ( | ) | |||||||||||
Net income (loss) | ( | ) | ( | ) | |||||||||||
Net income attributable to non-controlling partner | |||||||||||||||
Net income (loss) attributable to Crestwood Equity Partners LP | ( | ) | ( | ) | |||||||||||
Net income attributable to preferred units | |||||||||||||||
Net income (loss) attributable to partners | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Subordinated unitholders’ interest in net income | $ | $ | $ | $ | |||||||||||
Common unitholders’ interest in net income (loss) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Net income (loss) per limited partner unit: | |||||||||||||||
Basic | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Diluted | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Weighted-average limited partners’ units outstanding: | |||||||||||||||
Basic | |||||||||||||||
Dilutive | |||||||||||||||
Diluted |
CRESTWOOD EQUITY PARTNERS LP CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) (unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income (loss) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Change in fair value of Suburban Propane Partners, L.P. units | ( | ) | |||||||||||||
Comprehensive income (loss) | ( | ) | ( | ) | |||||||||||
Comprehensive income attributable to non-controlling partner | |||||||||||||||
Comprehensive income (loss) attributable to Crestwood Equity Partners LP | $ | ( | ) | $ | $ | ( | ) | $ |
CRESTWOOD EQUITY PARTNERS LP CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL (in millions) (unaudited) | ||||||||||||||||||||
Preferred | Partners | |||||||||||||||||||
Units | Capital | Common Units | Subordinated Units | Capital | Total Partners’ Capital | |||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | |||||||||||||||||
Distributions to partners | — | ( | ) | — | — | ( | ) | ( | ) | |||||||||||
Unit-based compensation charges | — | — | — | |||||||||||||||||
Taxes paid for unit-based compensation vesting | — | — | ( | ) | — | ( | ) | ( | ) | |||||||||||
Change in fair value of Suburban Propane Partners, L.P. units | — | — | — | — | ( | ) | ( | ) | ||||||||||||
Other | — | — | — | |||||||||||||||||
Net income (loss) | — | — | — | ( | ) | ( | ) | |||||||||||||
Balance at March 31, 2020 | ||||||||||||||||||||
Distributions to partners | — | ( | ) | — | — | ( | ) | ( | ) | |||||||||||
Unit-based compensation charges | — | — | — | |||||||||||||||||
Taxes paid for unit-based compensation vesting | — | — | ( | ) | — | ( | ) | ( | ) | |||||||||||
Other | — | — | — | ( | ) | ( | ) | |||||||||||||
Net income (loss) | — | — | — | ( | ) | ( | ) | |||||||||||||
Balance at June 30, 2020 | $ | $ | $ |
CRESTWOOD EQUITY PARTNERS LP CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL (continued) (in millions) (unaudited) | ||||||||||||||||||||||||
Preferred | Partners | |||||||||||||||||||||||
Units | Capital | Common Units | Subordinated Units | Capital | Non-Controlling Partner | Total Partners’ Capital | ||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | ||||||||||||||||||||
Distributions to partners | — | ( | ) | — | — | ( | ) | ( | ) | ( | ) | |||||||||||||
Unit-based compensation charges | — | — | — | — | ||||||||||||||||||||
Taxes paid for unit-based compensation vesting | — | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||||||
Change in fair value of Suburban Propane Partners, L.P. units | — | — | — | — | — | |||||||||||||||||||
Other | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||
Net income (loss) | — | — | — | ( | ) | |||||||||||||||||||
Balance at March 31, 2019 | ||||||||||||||||||||||||
Distributions to partners | — | ( | ) | — | — | ( | ) | ( | ) | ( | ) | |||||||||||||
Unit-based compensation charges | — | — | — | — | — | |||||||||||||||||||
Taxes paid for unit-based compensation vesting | — | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||||||
Change in fair value of Suburban Propane Partners, L.P. units | — | — | — | — | — | |||||||||||||||||||
Non-controlling interest reclassification (Note 10) | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||
Other | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ |
CRESTWOOD EQUITY PARTNERS LP CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) | |||||||
Six Months Ended | |||||||
June 30, | |||||||
2020 | 2019 | ||||||
Operating activities | |||||||
Net income (loss) | $ | ( | ) | $ | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation, amortization and accretion | |||||||
Amortization of debt-related deferred costs | |||||||
Unit-based compensation charges | |||||||
Loss on long-lived assets, net | |||||||
Gain on acquisition | ( | ) | |||||
Goodwill impairment | |||||||
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | |||||||
Deferred income taxes | ( | ) | |||||
Changes in operating assets and liabilities | |||||||
Net cash provided by operating activities | |||||||
Investing activities | |||||||
Acquisitions, net of cash acquired (Note 3) | ( | ) | ( | ) | |||
Purchases of property, plant and equipment | ( | ) | ( | ) | |||
Investments in unconsolidated affiliates | ( | ) | ( | ) | |||
Capital distributions from unconsolidated affiliates | |||||||
Other | ( | ) | ( | ) | |||
Net cash used in investing activities | ( | ) | ( | ) | |||
Financing activities | |||||||
Proceeds from the issuance of long-term debt | |||||||
Payments on long-term debt | ( | ) | ( | ) | |||
Payments on finance leases | ( | ) | ( | ) | |||
Payments for deferred financing costs | ( | ) | |||||
Net proceeds from issuance of non-controlling interest | |||||||
Distributions to partners | ( | ) | ( | ) | |||
Distributions to non-controlling partner | ( | ) | ( | ) | |||
Distributions to preferred unitholders | ( | ) | ( | ) | |||
Taxes paid for unit-based compensation vesting | ( | ) | ( | ) | |||
Other | ( | ) | |||||
Net cash provided by financing activities | |||||||
Net change in cash | ( | ) | ( | ) | |||
Cash at beginning of period | |||||||
Cash at end of period | $ | $ | |||||
Supplemental schedule of noncash investing activities | |||||||
Net change to property, plant and equipment through accounts payable and accrued expenses | $ | $ | ( | ) |
CRESTWOOD MIDSTREAM PARTNERS LP CONSOLIDATED BALANCE SHEETS (in millions) | |||||||
June 30, 2020 | December 31, 2019 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash | $ | $ | |||||
Accounts receivable, less allowance for doubtful accounts of $0.6 million and $0.3 million at June 30, 2020 and December 31, 2019 | |||||||
Inventory | |||||||
Assets from price risk management activities | |||||||
Prepaid expenses and other current assets | |||||||
Total current assets | |||||||
Property, plant and equipment | |||||||
Less: accumulated depreciation | |||||||
Property, plant and equipment, net | |||||||
Intangible assets | |||||||
Less: accumulated amortization | |||||||
Intangible assets, net | |||||||
Goodwill | |||||||
Operating lease right-of-use assets, net | |||||||
Investments in unconsolidated affiliates | |||||||
Other non-current assets | |||||||
Total assets | $ | $ | |||||
Liabilities and capital | |||||||
Current liabilities: | |||||||
Accounts payable | $ | $ | |||||
Accrued expenses and other liabilities | |||||||
Liabilities from price risk management activities | |||||||
Current portion of long-term debt | |||||||
Total current liabilities | |||||||
Long-term debt, less current portion | |||||||
Other long-term liabilities | |||||||
Deferred income taxes | |||||||
Total liabilities | |||||||
Commitments and contingencies (Note 11) | |||||||
Interest of non-controlling partner in subsidiary (Note 10) | |||||||
Partners’ capital | |||||||
Total liabilities and capital | $ | $ |
CRESTWOOD MIDSTREAM PARTNERS LP CONSOLIDATED STATEMENTS OF OPERATIONS (in millions) (unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues: | |||||||||||||||
Product revenues: | |||||||||||||||
Gathering and processing | $ | $ | $ | $ | |||||||||||
Marketing, supply and logistics | |||||||||||||||
Related party (Note 12) | |||||||||||||||
Service revenues: | |||||||||||||||
Gathering and processing | |||||||||||||||
Storage and transportation | |||||||||||||||
Marketing, supply and logistics | |||||||||||||||
Related party (Note 12) | |||||||||||||||
Total revenues | |||||||||||||||
Costs of product/services sold (exclusive of items shown separately below): | |||||||||||||||
Product costs | |||||||||||||||
Product costs - related party (Note 12) | |||||||||||||||
Service costs | |||||||||||||||
Total costs of product/services sold | |||||||||||||||
Operating expenses and other: | |||||||||||||||
Operations and maintenance | |||||||||||||||
General and administrative | |||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||
Loss on long-lived assets, net | |||||||||||||||
Goodwill impairment | |||||||||||||||
Gain on acquisition | ( | ) | ( | ) | |||||||||||
( | ) | ||||||||||||||
Operating income (loss) | ( | ) | |||||||||||||
Earnings from unconsolidated affiliates, net | |||||||||||||||
Interest and debt expense, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Income (loss) before income taxes | ( | ) | ( | ) | |||||||||||
(Provision) benefit for income taxes | ( | ) | ( | ) | |||||||||||
Net income (loss) | ( | ) | ( | ) | |||||||||||
Net income attributable to non-controlling partner | |||||||||||||||
Net income (loss) attributable to Crestwood Midstream Partners LP | $ | ( | ) | $ | $ | ( | ) | $ |
CRESTWOOD MIDSTREAM PARTNERS LP CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL (in millions) (unaudited) | ||||
Total Partners’ Capital | ||||
Balance at December 31, 2019 | $ | |||
Distributions to partners | ( | ) | ||
Unit-based compensation charges | ( | ) | ||
Taxes paid for unit-based compensation vesting | ( | ) | ||
Other | ( | ) | ||
Net loss | ( | ) | ||
Balance at March 31, 2020 | ||||
Distributions to partners | ( | ) | ||
Unit-based compensation charges | ||||
Taxes paid for unit-based compensation vesting | ( | ) | ||
Other | ||||
Net loss | ( | ) | ||
Balance at June 30, 2020 | $ |
Partners | Non-Controlling Partner | Total Partners’ Capital | ||||||||||
Balance at December 31, 2018 | $ | $ | $ | |||||||||
Distributions to partners | ( | ) | ( | ) | ( | ) | ||||||
Unit-based compensation charges | — | |||||||||||
Taxes paid for unit-based compensation vesting | ( | ) | — | ( | ) | |||||||
Other | ( | ) | — | ( | ) | |||||||
Net income | ||||||||||||
Balance at March 31, 2019 | ||||||||||||
Distributions to partners | ( | ) | ( | ) | ( | ) | ||||||
Unit-based compensation charges | — | |||||||||||
Taxes paid for unit-based compensation vesting | ( | ) | — | ( | ) | |||||||
Non-controlling interest reclassification (Note 10) | — | ( | ) | ( | ) | |||||||
Other | ( | ) | ||||||||||
Net income | ||||||||||||
Balance at June 30, 2019 | $ | $ | $ |
CRESTWOOD MIDSTREAM PARTNERS LP CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) | |||||||
Six Months Ended | |||||||
June 30, | |||||||
2020 | 2019 | ||||||
Operating activities | |||||||
Net income (loss) | $ | ( | ) | $ | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation, amortization and accretion | |||||||
Amortization of debt-related deferred costs | |||||||
Unit-based compensation charges | |||||||
Loss on long-lived assets, net | |||||||
Goodwill impairment | |||||||
Gain on acquisition | ( | ) | |||||
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | |||||||
Deferred income taxes | ( | ) | |||||
Changes in operating assets and liabilities | |||||||
Net cash provided by operating activities | |||||||
Investing activities | |||||||
Acquisitions, net of cash acquired (Note 3) | ( | ) | ( | ) | |||
Purchases of property, plant and equipment | ( | ) | ( | ) | |||
Investments in unconsolidated affiliates | ( | ) | ( | ) | |||
Capital distributions from unconsolidated affiliates | |||||||
Other | ( | ) | ( | ) | |||
Net cash used in investing activities | ( | ) | ( | ) | |||
Financing activities | |||||||
Proceeds from the issuance of long-term debt | |||||||
Payments on long-term debt | ( | ) | ( | ) | |||
Payments on finance leases | ( | ) | ( | ) | |||
Payments for deferred financing costs | ( | ) | |||||
Net proceeds from issuance of non-controlling interest | |||||||
Distributions to partners | ( | ) | ( | ) | |||
Distributions to non-controlling partner | ( | ) | ( | ) | |||
Taxes paid for unit-based compensation vesting | ( | ) | ( | ) | |||
Net cash provided by financing activities | |||||||
Net change in cash | ( | ) | ( | ) | |||
Cash at beginning of period | |||||||
Cash at end of period | $ | $ | |||||
Supplemental schedule of noncash investing activities | |||||||
Net change to property, plant and equipment through accounts payable and accrued expenses | $ | $ | ( | ) |
Impairment during the six months ended | |||||||||||
December 31, 2019 | June 30, 2020 | June 30, 2020 | |||||||||
Gathering and Processing | |||||||||||
Arrow | $ | $ | $ | ||||||||
Powder River Basin | |||||||||||
Marketing, Supply and Logistics | |||||||||||
NGL Marketing and Logistics | |||||||||||
Total | $ | $ | $ |
CEQP | CMLP | ||||||||||||||
June 30, | December 31, | June 30, | December 31, | ||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Accrued expenses | $ | $ | $ | $ | |||||||||||
Accrued property taxes | |||||||||||||||
Income tax payable | |||||||||||||||
Interest payable | |||||||||||||||
Accrued additions to property, plant and equipment | |||||||||||||||
Contingent consideration | |||||||||||||||
Operating leases | |||||||||||||||
Finance leases | |||||||||||||||
Deferred revenue | |||||||||||||||
Total accrued expenses and other liabilities | $ | $ | $ | $ |
CEQP | CMLP | ||||||||||||||
June 30, | December 31, | June 30, | December 31, | ||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Contract liabilities | $ | $ | $ | $ | |||||||||||
Contingent consideration | |||||||||||||||
Operating leases | |||||||||||||||
Asset retirement obligations | |||||||||||||||
Other | |||||||||||||||
Total other long-term liabilities | $ | $ | $ | $ |
Investment | Earnings (Loss) from Unconsolidated Affiliates | Earnings (Loss) from Unconsolidated Affiliates | |||||||||||||||||||||
June 30, | December 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
Stagecoach Gas Services LLC(1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Crestwood Permian Basin Holdings LLC(2) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Tres Palacios Holdings LLC(3) | |||||||||||||||||||||||
Powder River Basin Industrial Complex, LLC(4) | ( | ) | ( | ) | |||||||||||||||||||
Jackalope Gas Gathering Services, L.L.C.(5) | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(1) | As of June 30, 2020, our equity in the underlying net assets of Stagecoach Gas Services LLC (Stagecoach Gas) exceeded our investment balance by approximately $ |
(2) | As of June 30, 2020, our equity in the underlying net assets of Crestwood Permian exceeded our investment balance by $ |
(3) | As of June 30, 2020, our equity in the underlying net assets of Tres Palacios Holdings LLC (Tres Holdings) exceeded our investment balance by approximately $ |
(4) | As of June 30, 2020, our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC) approximates our investment balance. During the first quarter of 2020, we recorded our share of a long-lived asset impairment recorded by our PRBIC equity investment, which eliminated our $ |
(5) | On April 9, 2019, Crestwood Niobrara acquired Williams |
Six Months Ended June 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Operating Revenues | Operating Expenses | Net Income (Loss) | Operating Revenues | Operating Expenses | Net Income (Loss) | ||||||||||||||||||
Stagecoach Gas | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Other(1) | ( | ) | ( | ) | |||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(1) | Includes our Crestwood Permian, Tres Holdings and PRBIC equity investments during the six months ended June 30, 2020 and 2019, and our Jackalope equity investment during the six months ended June 30, 2019 (prior to the acquisition of the remaining |
Distributions(1) | Contributions | |||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Stagecoach Gas | $ | $ | $ | $ | ||||||||||||
Crestwood Permian | ||||||||||||||||
Tres Holdings | ||||||||||||||||
PRBIC | ||||||||||||||||
Jackalope | ||||||||||||||||
Total | $ | $ | $ | $ |
(1) | In July 2020, we received cash distributions from Stagecoach Gas, Crestwood Permian and Tres Holdings of approximately $ |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Product revenues | $ | $ | $ | $ | ||||||||||||
Gain reflected in costs of product/services sold | $ | $ | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||
Fixed Price Payor | Fixed Price Receiver | Fixed Price Payor | Fixed Price Receiver | ||||||||
Propane, ethane, butane, heating oil and crude oil (MMBbls) | |||||||||||
Natural gas (Bcf) |
June 30, 2020 | December 31, 2019 | ||||||
Aggregate fair value of derivative instruments with credit-risk-related contingent features(1) | $ | $ | |||||
NYMEX-related net derivative asset (liability) position | $ | $ | ( | ) | |||
NYMEX-related cash collateral posted | $ | $ | |||||
Cash collateral received, net | $ | $ |
(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 assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange-traded derivatives such as over the counter (OTC) forwards, options and physical exchanges. |
• | 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. |
June 30, 2020 | December 31, 2019 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
2023 Senior Notes | $ | $ | $ | $ | |||||||||||
2025 Senior Notes | $ | $ | $ | $ | |||||||||||
2027 Senior Notes | $ | $ | $ | $ |
June 30, 2020 | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Gross Fair Value | Contract Netting(1) | Collateral/Margin Received or Paid | Fair Value | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Assets from price risk management | $ | $ | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||||
Suburban Propane Partners, L.P. units(2) | — | — | |||||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||
Liabilities from price risk management | $ | $ | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||||
Total liabilities at fair value | $ | $ | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Gross Fair Value | Contract Netting(1) | Collateral/Margin Received or Paid | Fair Value | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Assets from price risk management | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||
Suburban Propane Partners, L.P. units(2) | — | — | |||||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||
Liabilities | |||||||||||||||||||||||||||
Liabilities from price risk management | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||
Total liabilities at fair value | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ |
(1) | Amounts represent the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions. |
(2) | Amount is reflected in other assets on CEQP’s consolidated balance sheets. |
June 30, 2020 | December 31, 2019 | ||||||
Credit Facility | $ | $ | |||||
2023 Senior Notes | |||||||
2025 Senior Notes | |||||||
2027 Senior Notes | |||||||
Other | |||||||
Less: deferred financing costs, net | |||||||
Total debt | |||||||
Less: current portion | |||||||
Total long-term debt, less current portion | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
Preferred units (1) | |||||||||||
Crestwood Niobrara’s preferred units(1) | |||||||||||
Unit-based compensation performance units(1) | |||||||||||
Subordinated units(1) |
(1) | For additional information regarding the potential conversion/redemption of our preferred units and Crestwood Niobrara’s preferred units to CEQP common units, and of our performance units and subordinated units, see our 2019 Annual Report on Form 10-K. |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Common unitholders’ interest in net income (loss) | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
Dilutive effect of net income attributable to preferred units | ||||||||||||||||
Dilutive effect of net income attributable to subordinated units | ||||||||||||||||
Diluted net income (loss) | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
Weighted-average limited partners’ units outstanding - basic | ||||||||||||||||
Dilutive effect of preferred units | ||||||||||||||||
Dilutive effect of Crestwood Niobrara preferred units | ||||||||||||||||
Dilutive effect of stock-based compensation performance units | ||||||||||||||||
Dilutive effect of subordinated units | ||||||||||||||||
Weighted-average limited partners’ units outstanding - diluted | ||||||||||||||||
Basic earnings per unit: | ||||||||||||||||
Net income (loss) per limited partner unit | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
Diluted earnings per unit: | ||||||||||||||||
Net income (loss) per limited partner unit | $ | ( | ) | $ | $ | ( | ) | $ |
Record Date | Payment Date | Per Unit Rate | Cash Distributions (in millions) | |||||||
2020 | ||||||||||
$ | $ | |||||||||
$ | ||||||||||
2019 | ||||||||||
$ | $ | |||||||||
$ |
Balance at December 31, 2019 | $ | |||
Contributions from non-controlling partner | ||||
Distributions to non-controlling partner | ( | ) | ||
Net income attributable to non-controlling partner | ||||
Balance at June 30, 2020 | $ |
Balance at December 31, 2018 | $ | |||
Reclassification of Series A-2 Preferred Units | ||||
Issuance of Series A-3 Preferred Units | ||||
Net income attributable to non-controlling partner | ||||
Balance at June 30, 2019 | $ |
CEQP | CMLP | ||||||||||||||
June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | ||||||||||||
Self-insurance reserves(1) | $ | $ | $ | $ |
(1) | At June 30, 2020, CEQP and CMLP classified approximately $ |
June 30, | December 31, | ||||||
2020 | 2019 | ||||||
Operating Leases | |||||||
Operating lease right-of-use assets, net | $ | $ | |||||
Accrued expenses and other liabilities | $ | $ | |||||
Long-term operating lease liabilities | |||||||
Total operating lease liabilities | $ | $ | |||||
Finance Leases | |||||||
Property, plant and equipment | $ | $ | |||||
Less: accumulated depreciation | |||||||
Property, plant and equipment, net | $ | $ | |||||
Accrued expenses and other liabilities | $ | $ | |||||
Other long-term liabilities | |||||||
Total finance lease liabilities | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues at CEQP and CMLP(1) | $ | $ | $ | $ | |||||||||||
Costs of product/services sold at CEQP and CMLP(2) | $ | $ | $ | $ | |||||||||||
Operations and maintenance expenses charged by CEQP and CMLP(3) | $ | $ | $ | $ | |||||||||||
General and administrative expenses charged by CEQP to CMLP, net(4) | $ | $ | $ | $ | |||||||||||
General and administrative expenses at CEQP charged to (from) Crestwood Holdings, net(5) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) |
(1) | Includes $ |
(2) | Includes (i) $ |
(3) | We have operating agreements with certain of our unconsolidated affiliates pursuant to which we charge them operations and maintenance expenses in accordance with their respective agreements, and these charges are reflected as a reduction of operations and maintenance expenses in our consolidated statements of operations. During the three and six months ended June 30, 2020, we charged $ |
(4) | Includes $ |
(5) | Includes $ |
June 30, 2020 | December 31, 2019 | ||||||
Accounts receivable at CEQP and CMLP | $ | $ | |||||
Accounts payable at CEQP | $ | $ | |||||
Accounts payable at CMLP | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income (loss) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Add: | |||||||||||||||
Interest and debt expense, net | |||||||||||||||
Provision (benefit) for income taxes | ( | ) | ( | ) | |||||||||||
Depreciation, amortization and accretion | |||||||||||||||
EBITDA | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income (loss) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Add: | |||||||||||||||
Interest and debt expense, net | |||||||||||||||
Provision (benefit) for income taxes | ( | ) | ( | ) | |||||||||||
Depreciation, amortization and accretion | |||||||||||||||
EBITDA | $ | $ | $ | $ |
Three Months Ended June 30, 2020 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Intersegment revenues | ( | ) | — | ||||||||||||||||
Costs of product/services sold | |||||||||||||||||||
Operations and maintenance expense | |||||||||||||||||||
General and administrative expense | |||||||||||||||||||
Loss on long-lived assets, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Earnings (loss) from unconsolidated affiliates, net | ( | ) | |||||||||||||||||
Other income, net | |||||||||||||||||||
EBITDA | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Goodwill | $ | $ | $ | $ | $ | ||||||||||||||
Total assets | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2019 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Intersegment revenues | ( | ) | — | ||||||||||||||||
Costs of product/services sold | |||||||||||||||||||
Operations and maintenance expense | |||||||||||||||||||
General and administrative expense | |||||||||||||||||||
Gain (loss) on long-lived assets, net | ( | ) | |||||||||||||||||
Gain on acquisition | |||||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net | ( | ) | |||||||||||||||||
Other income, net | |||||||||||||||||||
EBITDA | $ | $ | $ | $ | ( | ) | $ |
Six Months Ended June 30, 2020 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Intersegment revenues | ( | ) | — | ||||||||||||||||
Costs of product/services sold | |||||||||||||||||||
Operations and maintenance expense | |||||||||||||||||||
General and administrative expense | |||||||||||||||||||
Loss on long-lived assets, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Goodwill impairment | ( | ) | ( | ) | |||||||||||||||
Earnings (loss) from unconsolidated affiliates, net | ( | ) | |||||||||||||||||
Other income, net | |||||||||||||||||||
EBITDA | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Goodwill | $ | $ | $ | $ | $ | ||||||||||||||
Total assets | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2019 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Intersegment revenues | ( | ) | — | ||||||||||||||||
Costs of product/services sold | |||||||||||||||||||
Operations and maintenance expense | |||||||||||||||||||
General and administrative expense | |||||||||||||||||||
Gain (loss) on long-lived assets, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Gain on acquisition | |||||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net | ( | ) | |||||||||||||||||
Other income, net | |||||||||||||||||||
EBITDA | $ | $ | $ | $ | ( | ) | $ |
Three Months Ended June 30, 2020 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Intersegment revenues | ( | ) | — | ||||||||||||||||
Costs of product/services sold | |||||||||||||||||||
Operations and maintenance expense | |||||||||||||||||||
General and administrative expense | |||||||||||||||||||
Loss on long-lived assets, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Earnings (loss) from unconsolidated affiliates, net | ( | ) | |||||||||||||||||
EBITDA | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Goodwill | $ | $ | $ | $ | $ | ||||||||||||||
Total assets | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2019 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Intersegment revenues | ( | ) | — | ||||||||||||||||
Costs of product/services sold | |||||||||||||||||||
Operations and maintenance expense | |||||||||||||||||||
General and administrative expense | |||||||||||||||||||
Gain (loss) on long-lived assets, net | ( | ) | |||||||||||||||||
Gain on acquisition | |||||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net | ( | ) | |||||||||||||||||
EBITDA | $ | $ | $ | $ | ( | ) | $ |
Six Months Ended June 30, 2020 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Intersegment revenues | ( | ) | — | ||||||||||||||||
Costs of product/services sold | |||||||||||||||||||
Operations and maintenance expense | |||||||||||||||||||
General and administrative expense | |||||||||||||||||||
Loss on long-lived assets, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Goodwill impairment | ( | ) | ( | ) | |||||||||||||||
Earnings (loss) from unconsolidated affiliates, net | ( | ) | |||||||||||||||||
EBITDA | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Goodwill | $ | $ | $ | $ | $ | ||||||||||||||
Total assets | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2019 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Corporate | Total | |||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Intersegment revenues | ( | ) | — | ||||||||||||||||
Costs of product/services sold | |||||||||||||||||||
Operations and maintenance expense | |||||||||||||||||||
General and administrative expense | |||||||||||||||||||
Gain (loss) on long-lived assets, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Gain on acquisition | |||||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net | ( | ) | |||||||||||||||||
EBITDA | $ | $ | $ | $ | ( | ) | $ |
June 30, 2020 | December 31, 2019 | |||||||
Contract assets (non-current) | $ | $ | ||||||
Contract liabilities (current)(1) | $ | $ | ||||||
Contract liabilities (non-current)(1) | $ | $ |
(1) | During the three and six months ended June 30, 2020, we recognized revenues of approximately $ |
Remainder of 2020 | $ | ||
2021 | |||
2022 | |||
2023 | |||
2024 | |||
Total | $ |
Three Months Ended June 30, 2020 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Intersegment Elimination | Total | |||||||||||||||
Topic 606 revenues | |||||||||||||||||||
Gathering | |||||||||||||||||||
Natural gas | $ | $ | $ | $ | $ | ||||||||||||||
Crude oil | |||||||||||||||||||
Water | |||||||||||||||||||
Processing | |||||||||||||||||||
Natural gas | |||||||||||||||||||
Compression | |||||||||||||||||||
Natural gas | |||||||||||||||||||
Storage | |||||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
NGLs | |||||||||||||||||||
Pipeline | |||||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
NGLs | |||||||||||||||||||
Transportation | |||||||||||||||||||
Crude oil | |||||||||||||||||||
NGLs | |||||||||||||||||||
Rail Loading | |||||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
Product Sales | |||||||||||||||||||
Natural gas | ( | ) | |||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
NGLs | ( | ) | |||||||||||||||||
Other | ( | ) | |||||||||||||||||
Total Topic 606 revenues | ( | ) | |||||||||||||||||
Non-Topic 606 revenues(1) | |||||||||||||||||||
Total revenues | $ | $ | $ | $ | ( | ) | $ |
(1) | Represents revenues primarily related to our commodity-based derivatives. See Note 6 for additional information related to our price risk management activities. |
Three Months Ended June 30, 2019 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Intersegment Elimination | Total | |||||||||||||||
Topic 606 revenues | |||||||||||||||||||
Gathering | |||||||||||||||||||
Natural gas | $ | $ | $ | $ | $ | ||||||||||||||
Crude oil | |||||||||||||||||||
Water | |||||||||||||||||||
Processing | |||||||||||||||||||
Natural gas | |||||||||||||||||||
Compression | |||||||||||||||||||
Natural gas | |||||||||||||||||||
Storage | |||||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
NGLs | |||||||||||||||||||
Pipeline | |||||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
Transportation | |||||||||||||||||||
Crude oil | |||||||||||||||||||
NGLs | |||||||||||||||||||
Rail Loading | |||||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
Product Sales | |||||||||||||||||||
Natural gas | ( | ) | |||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
NGLs | ( | ) | |||||||||||||||||
Other | ( | ) | |||||||||||||||||
Total Topic 606 revenues | ( | ) | |||||||||||||||||
Non-Topic 606 revenues(1) | |||||||||||||||||||
Total revenues | $ | $ | $ | $ | ( | ) | $ |
(1) | Represents revenues primarily related to our commodity-based derivatives. See Note 6 for additional information related to our price risk management activities. |
Six Months Ended June 30, 2020 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Intersegment Elimination | Total | |||||||||||||||
Topic 606 revenues | |||||||||||||||||||
Gathering | |||||||||||||||||||
Natural gas | $ | $ | $ | $ | $ | ||||||||||||||
Crude oil | |||||||||||||||||||
Water | |||||||||||||||||||
Processing | |||||||||||||||||||
Natural gas | |||||||||||||||||||
Compression | |||||||||||||||||||
Natural gas | |||||||||||||||||||
Storage | |||||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
NGLs | |||||||||||||||||||
Pipeline | |||||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
NGLs | |||||||||||||||||||
Transportation | |||||||||||||||||||
Crude oil | |||||||||||||||||||
NGLs | |||||||||||||||||||
Rail Loading | |||||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
Product Sales | |||||||||||||||||||
Natural gas | ( | ) | |||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
NGLs | ( | ) | |||||||||||||||||
Other | ( | ) | |||||||||||||||||
Total Topic 606 revenues | ( | ) | |||||||||||||||||
Non-Topic 606 revenues(1) | |||||||||||||||||||
Total revenues | $ | $ | $ | $ | ( | ) | $ |
(1) | Represents revenues primarily related to our commodity-based derivatives. See Note 6 for additional information related to our price risk management activities. |
Six Months Ended June 30, 2019 | |||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Intersegment Elimination | Total | |||||||||||||||
Topic 606 revenues | |||||||||||||||||||
Gathering | |||||||||||||||||||
Natural gas | $ | $ | $ | $ | $ | ||||||||||||||
Crude oil | |||||||||||||||||||
Water | |||||||||||||||||||
Processing | |||||||||||||||||||
Natural gas | |||||||||||||||||||
Compression | |||||||||||||||||||
Natural gas | |||||||||||||||||||
Storage | |||||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
NGLs | |||||||||||||||||||
Pipeline | |||||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
Transportation | |||||||||||||||||||
Crude oil | |||||||||||||||||||
NGLs | |||||||||||||||||||
Rail Loading | |||||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
Product Sales | |||||||||||||||||||
Natural gas | ( | ) | |||||||||||||||||
Crude oil | ( | ) | |||||||||||||||||
NGLs | ( | ) | |||||||||||||||||
Other | ( | ) | |||||||||||||||||
Total Topic 606 revenues | ( | ) | |||||||||||||||||
Non-Topic 606 revenues(1) | |||||||||||||||||||
Total revenues | $ | $ | $ | $ | ( | ) | $ |
(1) | Represents revenues primarily related to our commodity-based derivatives. See Note 6 for additional information related to our price risk management activities. |
Crestwood Midstream Partners LP | |||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||
June 30, 2020 | |||||||||||||||||||
(in millions) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash | $ | $ | $ | $ | $ | ||||||||||||||
Accounts receivable | |||||||||||||||||||
Inventory | |||||||||||||||||||
Other current assets | |||||||||||||||||||
Total current assets | |||||||||||||||||||
Property, plant and equipment, net | |||||||||||||||||||
Goodwill and intangible assets, net | |||||||||||||||||||
Operating lease right-of-use assets, net | |||||||||||||||||||
Investments in consolidated affiliates | ( | ) | |||||||||||||||||
Investments in unconsolidated affiliates | |||||||||||||||||||
Other non-current assets | |||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Liabilities and capital | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | $ | $ | $ | $ | ||||||||||||||
Other current liabilities | |||||||||||||||||||
Total current liabilities | |||||||||||||||||||
Long-term liabilities: | |||||||||||||||||||
Long-term debt, less current portion | |||||||||||||||||||
Other long-term liabilities | |||||||||||||||||||
Deferred income taxes | |||||||||||||||||||
Total liabilities | |||||||||||||||||||
Interest of non-controlling partner in subsidiary | |||||||||||||||||||
Partners’ capital | ( | ) | |||||||||||||||||
Total liabilities and capital | $ | $ | $ | $ | ( | ) | $ |
Crestwood Midstream Partners LP | |||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||
December 31, 2019 | |||||||||||||||||||
(in millions) | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash | $ | $ | $ | $ | $ | ||||||||||||||
Accounts receivable | |||||||||||||||||||
Inventory | |||||||||||||||||||
Other current assets | |||||||||||||||||||
Total current assets | |||||||||||||||||||
Property, plant and equipment, net | |||||||||||||||||||
Goodwill and intangible assets, net | |||||||||||||||||||
Operating lease right-of-use assets, net | |||||||||||||||||||
Investments in consolidated affiliates | ( | ) | |||||||||||||||||
Investments in unconsolidated affiliates | |||||||||||||||||||
Other non-current assets | |||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Liabilities and capital | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | $ | $ | $ | $ | ||||||||||||||
Other current liabilities | |||||||||||||||||||
Total current liabilities | |||||||||||||||||||
Long-term liabilities: | |||||||||||||||||||
Long-term debt, less current portion | |||||||||||||||||||
Other long-term liabilities | |||||||||||||||||||
Deferred income taxes | |||||||||||||||||||
Total liabilities | |||||||||||||||||||
Interest of non-controlling partner in subsidiary | |||||||||||||||||||
Partners’ capital | ( | ) | |||||||||||||||||
Total liabilities and capital | $ | $ | $ | $ | ( | ) | $ |
Crestwood Midstream Partners LP | |||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||
(in millions) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Costs of product/services sold | |||||||||||||||||||
Operating expenses and other: | |||||||||||||||||||
Operations and maintenance | |||||||||||||||||||
General and administrative | |||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||
Loss on long-lived assets, net | |||||||||||||||||||
Operating income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||
Earnings from unconsolidated affiliates, net | |||||||||||||||||||
Interest and debt expense, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Equity in net income (loss) of subsidiaries | ( | ) | |||||||||||||||||
Income (loss) before income taxes | ( | ) | ( | ) | ( | ) | |||||||||||||
Benefit for income taxes | |||||||||||||||||||
Net income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||
Net income attributable to non-controlling partner in subsidiary | |||||||||||||||||||
Net income (loss) attributable to Crestwood Midstream Partners LP | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Crestwood Midstream Partners LP | |||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||
(in millions) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Costs of product/services sold | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||
Operations and maintenance | |||||||||||||||||||
General and administrative | |||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||
Gain on acquisition | ( | ) | ( | ) | |||||||||||||||
( | ) | ( | ) | ||||||||||||||||
Operating income (loss) | ( | ) | |||||||||||||||||
Earnings from unconsolidated affiliates, net | |||||||||||||||||||
Interest and debt expense, net | ( | ) | ( | ) | |||||||||||||||
Equity in net income (loss) of subsidiaries | ( | ) | |||||||||||||||||
Income (loss) before income taxes | ( | ) | |||||||||||||||||
Provision for income taxes | ( | ) | ( | ) | |||||||||||||||
Net income (loss) | ( | ) | |||||||||||||||||
Net income attributable to non-controlling partner in subsidiary | |||||||||||||||||||
Net income (loss) attributable to Crestwood Midstream Partners LP | $ | $ | $ | $ | ( | ) | $ |
Crestwood Midstream Partners LP | |||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||
(in millions) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Costs of product/services sold | |||||||||||||||||||
Operating expenses and other: | |||||||||||||||||||
Operations and maintenance | |||||||||||||||||||
General and administrative | |||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||
Loss on long-lived assets, net | |||||||||||||||||||
Goodwill impairment | |||||||||||||||||||
Operating income (loss) | ( | ) | ( | ) | |||||||||||||||
Earnings from unconsolidated affiliates, net | |||||||||||||||||||
Interest and debt expense, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Equity in net income (loss) of subsidiaries | ( | ) | |||||||||||||||||
Income (loss) before income taxes | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Benefit for income taxes | |||||||||||||||||||
Net income (loss) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Net income attributable to non-controlling partner | |||||||||||||||||||
Net income (loss) attributable to Crestwood Midstream Partners LP | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Crestwood Midstream Partners LP | |||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||
(in millions) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Costs of product/services sold | |||||||||||||||||||
Operating expenses and other: | |||||||||||||||||||
Operations and maintenance | |||||||||||||||||||
General and administrative | |||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||
Loss on long-lived assets, net | |||||||||||||||||||
Gain on acquisition | ( | ) | ( | ) | |||||||||||||||
( | ) | ||||||||||||||||||
Operating income (loss) | ( | ) | |||||||||||||||||
Earnings from unconsolidated affiliates, net | |||||||||||||||||||
Interest and debt expense, net | ( | ) | ( | ) | |||||||||||||||
Equity in net income (loss) of subsidiaries | ( | ) | |||||||||||||||||
Income (loss) before income taxes | ( | ) | |||||||||||||||||
Provision for income taxes | ( | ) | ( | ) | |||||||||||||||
Net income (loss) | ( | ) | |||||||||||||||||
Net income attributable to non-controlling partner in subsidiary | |||||||||||||||||||
Net income (loss) attributable to Crestwood Midstream Partners LP | $ | $ | $ | $ | ( | ) | $ |
Crestwood Midstream Partners LP | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||
(in millions) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Cash flows from operating activities | $ | ( | ) | $ | $ | $ | $ | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Acquisition, net of cash acquired | ( | ) | ( | ) | |||||||||||||||
Purchases of property, plant and equipment | ( | ) | ( | ) | ( | ) | |||||||||||||
Investment in unconsolidated affiliates | ( | ) | ( | ) | |||||||||||||||
Capital distributions from unconsolidated affiliates | |||||||||||||||||||
Capital distributions from consolidated affiliates | ( | ) | |||||||||||||||||
Other | ( | ) | ( | ) | |||||||||||||||
Net cash provided by (used in) investing activities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from the issuance of long-term debt | |||||||||||||||||||
Payments on long-term debt | ( | ) | ( | ) | |||||||||||||||
Payments on finance leases | ( | ) | ( | ) | |||||||||||||||
Net proceeds from issuance of non-controlling interest | |||||||||||||||||||
Distributions to partners | ( | ) | ( | ) | ( | ) | |||||||||||||
Distributions to parent | ( | ) | |||||||||||||||||
Taxes paid for unit-based compensation vesting | ( | ) | ( | ) | |||||||||||||||
Change in intercompany balances | ( | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | ( | ) | |||||||||||||||||
Net change in cash | ( | ) | ( | ) | ( | ) | |||||||||||||
Cash at beginning of period | |||||||||||||||||||
Cash at end of period | $ | $ | $ | $ | $ |
Crestwood Midstream Partners LP | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||
(in millions) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Cash flows from operating activities | $ | ( | ) | $ | $ | ( | ) | $ | $ | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Acquisition, net of cash acquired | ( | ) | ( | ) | |||||||||||||||
Purchases of property, plant and equipment | ( | ) | ( | ) | ( | ) | |||||||||||||
Investment in unconsolidated affiliates | ( | ) | ( | ) | |||||||||||||||
Capital distributions from unconsolidated affiliates | |||||||||||||||||||
Capital contributions to consolidated affiliates | ( | ) | |||||||||||||||||
Other | ( | ) | ( | ) | |||||||||||||||
Net cash provided by (used in) investing activities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from the issuance of long-term debt | |||||||||||||||||||
Payments on long-term debt | ( | ) | ( | ) | ( | ) | |||||||||||||
Payments on finance leases | ( | ) | ( | ) | |||||||||||||||
Payments for debt-related deferred costs | ( | ) | ( | ) | |||||||||||||||
Net proceeds from the issuance of non-controlling interest | |||||||||||||||||||
Distributions to partners | ( | ) | ( | ) | ( | ) | |||||||||||||
Contributions from parent | ( | ) | |||||||||||||||||
Taxes paid for unit-based compensation vesting | ( | ) | ( | ) | |||||||||||||||
Change in intercompany balances | ( | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | ( | ) | ( | ) | |||||||||||||||
Net change in cash | ( | ) | ( | ) | |||||||||||||||
Cash at beginning of period | |||||||||||||||||||
Cash at end of period | $ | $ | $ | $ | $ |
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; |
• | outbreak of illness, pandemic or any other public health crisis, including the COVID-19 pandemic; |
• | 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; |
• | the availability of storage for hydrocarbons; |
• | the ability of members of the Organization of Petroleum Exporting Countries (OPEC) and other oil-producing countries to agree and maintain oil price and production controls; |
• | economic conditions; |
• | costs or difficulties related to the integration of acquisitions and success of our joint ventures’ operations; |
• | 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, including our ability to raise capital through alternatives like joint ventures; and |
• | the ability to sell or monetize assets, to reduce indebtedness, to repurchase our equity securities, to make strategic investments, or for other general partnership purposes. |
Impairment during the six months ended | |||||||||||
December 31, 2019 | June 30, 2020 | June 30, 2020 | |||||||||
Gathering and Processing | |||||||||||
Arrow | $ | 45.9 | $ | — | $ | 45.9 | |||||
Powder River Basin | 80.3 | 80.3 | — | ||||||||
Marketing, Supply and Logistics | |||||||||||
NGL Marketing and Logistics | 92.7 | — | 92.7 | ||||||||
Total | $ | 218.9 | $ | 80.3 | $ | 138.6 |
Crestwood Equity | Crestwood Midstream | ||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||
Revenues | $ | 352.7 | $ | 683.4 | $ | 1,080.6 | $ | 1,518.6 | $ | 352.7 | $ | 683.4 | $ | 1,080.6 | $ | 1,518.6 | |||||||||||||||
Costs of product/services sold | 225.7 | 537.2 | 760.1 | 1,232.8 | 225.7 | 537.2 | 760.1 | 1,232.8 | |||||||||||||||||||||||
Operations and maintenance expense | 31.6 | 34.7 | 69.2 | 63.3 | 31.6 | 34.7 | 69.2 | 63.3 | |||||||||||||||||||||||
General and administrative expense | 29.5 | 22.3 | 44.4 | 59.5 | 28.4 | 20.9 | 41.9 | 56.9 | |||||||||||||||||||||||
Depreciation, amortization and accretion | 61.0 | 49.3 | 117.1 | 89.1 | 64.6 | 52.7 | 124.2 | 96.1 | |||||||||||||||||||||||
Loss on long-lived assets, net | 3.8 | — | 4.8 | 2.0 | 3.8 | — | 4.8 | 2.0 | |||||||||||||||||||||||
Gain on acquisition | — | 209.4 | — | 209.4 | — | 209.4 | — | 209.4 | |||||||||||||||||||||||
Goodwill impairment | — | — | 80.3 | — | — | — | 80.3 | — | |||||||||||||||||||||||
Operating income (loss) | 1.1 | 249.3 | 4.7 | 281.3 | (1.4 | ) | 247.3 | 0.1 | 276.9 | ||||||||||||||||||||||
Earnings from unconsolidated affiliates, net | 8.4 | 3.7 | 13.9 | 10.6 | 8.4 | 3.7 | 13.9 | 10.6 | |||||||||||||||||||||||
Interest and debt expense, net | (34.0 | ) | (27.8 | ) | (66.6 | ) | (52.7 | ) | (34.0 | ) | (27.8 | ) | (66.6 | ) | (52.7 | ) | |||||||||||||||
Other income, net | 0.1 | 0.1 | 0.2 | 0.2 | — | — | — | — | |||||||||||||||||||||||
(Provision) benefit for income taxes | 0.1 | (0.3 | ) | 0.1 | (0.3 | ) | 0.2 | (0.3 | ) | 0.2 | (0.3 | ) | |||||||||||||||||||
Net income (loss) | (24.3 | ) | 225.0 | (47.7 | ) | 239.1 | (26.8 | ) | 222.9 | (52.4 | ) | 234.5 | |||||||||||||||||||
Add: | |||||||||||||||||||||||||||||||
Interest and debt expense, net | 34.0 | 27.8 | 66.6 | 52.7 | 34.0 | 27.8 | 66.6 | 52.7 | |||||||||||||||||||||||
Provision (benefit) for income taxes | (0.1 | ) | 0.3 | (0.1 | ) | 0.3 | (0.2 | ) | 0.3 | (0.2 | ) | 0.3 | |||||||||||||||||||
Depreciation, amortization and accretion | 61.0 | 49.3 | 117.1 | 89.1 | 64.6 | 52.7 | 124.2 | 96.1 | |||||||||||||||||||||||
EBITDA | 70.6 | 302.4 | 135.9 | 381.2 | 71.6 | 303.7 | 138.2 | 383.6 | |||||||||||||||||||||||
Unit-based compensation charges | 13.6 | 11.3 | 9.2 | 28.6 | 13.6 | 11.3 | 9.2 | 28.6 | |||||||||||||||||||||||
Loss on long-lived assets, net | 3.8 | — | 4.8 | 2.0 | 3.8 | — | 4.8 | 2.0 | |||||||||||||||||||||||
Gain on acquisition | — | (209.4 | ) | — | (209.4 | ) | — | (209.4 | ) | — | (209.4 | ) | |||||||||||||||||||
Goodwill impairment | — | — | 80.3 | — | — | — | 80.3 | — | |||||||||||||||||||||||
Earnings from unconsolidated affiliates, net | (8.4 | ) | (3.7 | ) | (13.9 | ) | (10.6 | ) | (8.4 | ) | (3.7 | ) | (13.9 | ) | (10.6 | ) | |||||||||||||||
Adjusted EBITDA from unconsolidated affiliates, net | 17.9 | 14.0 | 37.2 | 33.6 | 17.9 | 14.0 | 37.2 | 33.6 | |||||||||||||||||||||||
Change in fair value of commodity inventory-related derivative contracts | 21.5 | 3.7 | 15.7 | 4.8 | 21.5 | 3.7 | 15.7 | 4.8 | |||||||||||||||||||||||
Significant transaction and environmental related costs and other items | 8.8 | 3.0 | 10.0 | 6.4 | 8.8 | 3.0 | 10.0 | 6.4 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 127.8 | $ | 121.3 | $ | 279.2 | $ | 236.6 | $ | 128.8 | $ | 122.6 | $ | 281.5 | $ | 239.0 |
Crestwood Equity | Crestwood Midstream | ||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 64.2 | $ | 63.0 | $ | 183.4 | $ | 193.9 | $ | 65.3 | $ | 64.2 | $ | 181.1 | $ | 195.1 | |||||||||||||||
Net changes in operating assets and liabilities | (7.7 | ) | 17.8 | (11.4 | ) | (35.0 | ) | (7.7 | ) | 18.0 | (6.5 | ) | (33.9 | ) | |||||||||||||||||
Amortization of debt-related deferred costs | (1.6 | ) | (1.5 | ) | (3.2 | ) | (2.9 | ) | (1.6 | ) | (1.5 | ) | (3.2 | ) | (2.9 | ) | |||||||||||||||
Interest and debt expense, net | 34.0 | 27.8 | 66.6 | 52.7 | 34.0 | 27.8 | 66.6 | 52.7 | |||||||||||||||||||||||
Unit-based compensation charges | (13.6 | ) | (11.3 | ) | (9.2 | ) | (28.6 | ) | (13.6 | ) | (11.3 | ) | (9.2 | ) | (28.6 | ) | |||||||||||||||
Loss on long-lived assets, net | (3.8 | ) | — | (4.8 | ) | (2.0 | ) | (3.8 | ) | — | (4.8 | ) | (2.0 | ) | |||||||||||||||||
Gain on acquisition | — | 209.4 | — | 209.4 | — | 209.4 | — | 209.4 | |||||||||||||||||||||||
Goodwill impairment | — | — | (80.3 | ) | — | — | — | (80.3 | ) | — | |||||||||||||||||||||
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | (0.9 | ) | (3.0 | ) | (5.4 | ) | (6.3 | ) | (0.9 | ) | (3.0 | ) | (5.4 | ) | (6.3 | ) | |||||||||||||||
Deferred income taxes | 0.1 | (0.1 | ) | 0.3 | (0.3 | ) | 0.1 | (0.2 | ) | 0.1 | (0.2 | ) | |||||||||||||||||||
Provision (benefit) for income taxes | (0.1 | ) | 0.3 | (0.1 | ) | 0.3 | (0.2 | ) | 0.3 | (0.2 | ) | 0.3 | |||||||||||||||||||
EBITDA | 70.6 | 302.4 | 135.9 | 381.2 | 71.6 | 303.7 | 138.2 | 383.6 | |||||||||||||||||||||||
Unit-based compensation charges | 13.6 | 11.3 | 9.2 | 28.6 | 13.6 | 11.3 | 9.2 | 28.6 | |||||||||||||||||||||||
Loss on long-lived assets, net | 3.8 | — | 4.8 | 2.0 | 3.8 | — | 4.8 | 2.0 | |||||||||||||||||||||||
Gain on acquisition | — | (209.4 | ) | — | (209.4 | ) | — | (209.4 | ) | — | (209.4 | ) | |||||||||||||||||||
Goodwill impairment | — | — | 80.3 | — | — | — | 80.3 | — | |||||||||||||||||||||||
Earnings from unconsolidated affiliates, net | (8.4 | ) | (3.7 | ) | (13.9 | ) | (10.6 | ) | (8.4 | ) | (3.7 | ) | (13.9 | ) | (10.6 | ) | |||||||||||||||
Adjusted EBITDA from unconsolidated affiliates, net | 17.9 | 14.0 | 37.2 | 33.6 | 17.9 | 14.0 | 37.2 | 33.6 | |||||||||||||||||||||||
Change in fair value of commodity inventory-related derivative contracts | 21.5 | 3.7 | 15.7 | 4.8 | 21.5 | 3.7 | 15.7 | 4.8 | |||||||||||||||||||||||
Significant transaction and environmental related costs and other items | 8.8 | 3.0 | 10.0 | 6.4 | 8.8 | 3.0 | 10.0 | 6.4 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 127.8 | $ | 121.3 | $ | 279.2 | $ | 236.6 | $ | 128.8 | $ | 122.6 | $ | 281.5 | $ | 239.0 |
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | ||||||||||||||||||
Revenues | $ | 114.5 | $ | 3.1 | $ | 235.1 | $ | 199.7 | $ | 4.9 | $ | 478.8 | |||||||||||
Intersegment revenues | 14.3 | 2.4 | (16.7 | ) | 25.4 | 3.2 | (28.6 | ) | |||||||||||||||
Costs of product/services sold | 21.3 | 0.1 | 204.3 | 108.9 | — | 428.3 | |||||||||||||||||
Operations and maintenance expenses | 19.3 | 0.7 | 11.6 | 24.6 | 0.9 | 9.2 | |||||||||||||||||
Loss on long-lived assets, net | (3.6 | ) | — | (0.2 | ) | (0.2 | ) | — | — | ||||||||||||||
Gain on acquisition | — | — | — | 209.4 | — | — | |||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net | (1.0 | ) | 9.4 | — | (2.8 | ) | 6.5 | — | |||||||||||||||
EBITDA | $ | 83.6 | $ | 14.1 | $ | 2.3 | $ | 298.0 | $ | 13.7 | $ | 12.7 |
Six Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||
Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | Gathering and Processing | Storage and Transportation | Marketing, Supply and Logistics | ||||||||||||||||||
Revenues | $ | 329.4 | $ | 6.6 | $ | 744.6 | $ | 382.0 | $ | 12.7 | $ | 1,123.9 | |||||||||||
Intersegment revenues | 54.3 | 5.0 | (59.3 | ) | 78.2 | 6.8 | (85.0 | ) | |||||||||||||||
Costs of product/services sold | 129.6 | 0.3 | 630.2 | 246.9 | — | 985.9 | |||||||||||||||||
Operations and maintenance expenses | 46.3 | 2.1 | 20.8 | 42.7 | 1.9 | 18.7 | |||||||||||||||||
Loss on long-lived assets, net | (4.6 | ) | — | (0.2 | ) | (2.0 | ) | — | (0.2 | ) | |||||||||||||
Goodwill impairment | (80.3 | ) | — | — | — | — | — | ||||||||||||||||
Gain on acquisition | — | — | — | 209.4 | — | — | |||||||||||||||||
Earnings (loss) from unconsolidated affiliates, net | (0.2 | ) | 14.1 | — | (3.0 | ) | 13.6 | — | |||||||||||||||
EBITDA | $ | 122.7 | $ | 23.3 | $ | 34.1 | $ | 375.0 | $ | 31.2 | $ | 34.1 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Credit facility | $ | 6.1 | $ | 5.7 | $ | 12.5 | $ | 13.6 | |||||||
Senior notes | 26.5 | 25.2 | 53.1 | 43.3 | |||||||||||
Other debt-related costs | 1.8 | 1.6 | 3.6 | 3.2 | |||||||||||
Gross interest and debt expense | 34.4 | 32.5 | 69.2 | 60.1 | |||||||||||
Less: capitalized interest | 0.4 | 4.7 | 2.6 | 7.4 | |||||||||||
Interest and debt expense, net | $ | 34.0 | $ | 27.8 | $ | 66.6 | $ | 52.7 |
Six Months Ended | |||||||
June 30, | |||||||
2020 | 2019 | ||||||
Net cash provided by operating activities | $ | 183.4 | $ | 193.9 | |||
Net cash used in investing activities | $ | (292.9 | ) | $ | (684.0 | ) | |
Net cash provided by financing activities | $ | 90.5 | $ | 475.0 |
• | 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 | $ | 127.2 | |
Maintenance capital | 6.4 | ||
Other (1) | 9.6 | ||
Purchases of property, plant and equipment | $ | 143.2 |
• | During the six months ended June 30, 2020, distributions to our partners increased by $4.8 million compared to the same period in 2019, primarily due to the increase in our distribution per limited partner unit from $0.60 per limited partner unit to $0.625 per limited partner unit; |
• | During the six months ended June 30, 2020 and 2019, Crestwood Niobrara paid cash distributions of $18.5 million and $6.6 million to its non-controlling partner. In addition, during the six months ended June 30, 2020, Crestwood Niobrara received contributions of $2.8 million from its non-controlling partner; |
• | During the six months ended June 30, 2019, Crestwood Niobrara issued $235 million in new Series A-3 Preferred Units to Jackalope Holdings in conjunction with Crestwood Niobrara’s acquisition of the remaining 50% equity interest in Jackalope from Williams. For a further discussion of this transaction, see Item 1. Financial Statements, Note 10; |
• | During the six months ended June 30, 2020, our taxes paid from unit-based compensation vesting increased by $4.9 million compared to the same period in 2019, primarily due to higher vesting of unit-based compensation awards; and |
• | During the six months ended June 30, 2020, our debt-related transactions resulted in net proceeds of approximately $244.3 million compared to net proceeds of $375.5 million during the six months ended June 30, 2019. |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
• | changes in general domestic and global economic and political conditions; |
• | changes in domestic regulations that could impact the supply or demand for oil and gas; |
• | technological advancements that may drive further increases in production and reduction in costs of developing shale plays; |
• | competition from imported supplies and alternate fuels; |
• | commodity price changes, including the recent decline in crude oil and natural gas prices, that could negatively impact the supply of, or the demand for these products; |
• | outbreak of illness, pandemic or any other public health crisis, including the COVID-19 pandemic; |
• | the availability of hydrocarbon storage; |
• | increased costs to explore for, develop, produce, gather, process or transport commodities; |
• | impact of interest rates on economic activity; |
• | shareholder activism and activities by non-governmental organizations to limit sources of funding for the energy sector or restrict the exploration, development and production of oil and gas: |
• | operational hazards, including terrorism, cyber-attacks or domestic vandalism; |
• | adoption of various energy efficiency and conservation measures; and |
• | perceptions of customers on the availability and price volatility of our services, particularly customers’ perceptions on the volatility of commodity prices over the longer-term. |
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 | ||
2.2 | ||
3.1 | ||
3.2 | ||
3.3 | ||
3.4 | ||
3.5 | ||
3.6 | ||
3.7 | ||
3.8 | ||
3.9 | ||
3.10 | ||
3.11 | ||
3.12 | ||
3.13 | ||
3.14 | ||
3.15 | ||
3.16 | ||
*10.1 | ||
*31.1 | ||
*31.2 | ||
*31.3 | ||
*31.4 | ||
*32.1 | ||
*32.2 | ||
*32.3 | ||
*32.4 | ||
**101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
**101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
**101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
**101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
**101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
**101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
104 | Cover Page Interactive Data File (contained in Exhibit 101) |
* | Filed herewith |
** | Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. |
CRESTWOOD EQUITY PARTNERS LP | |||||
By: | CRESTWOOD EQUITY GP LLC | ||||
(its general partner) | |||||
Date: | August 6, 2020 | By: | /s/ ROBERT T. HALPIN | ||
Robert T. Halpin | |||||
Executive Vice President and Chief Financial Officer | |||||
(Duly Authorized Officer and Principal Financial Officer) | |||||
CRESTWOOD MIDSTREAM PARTNERS LP | |||||
By: | CRESTWOOD MIDSTREAM GP LLC | ||||
(its general partner) | |||||
Date: | August 6, 2020 | By: | /s/ ROBERT T. HALPIN | ||
Robert T. Halpin | |||||
Executive Vice President and Chief Financial Officer | |||||
(Duly Authorized Officer and Principal Financial Officer) |
CRESTWOOD EQUITY GP LLC 811 Main Street, Suite 3400 Houston, Texas 77002 | ||||
By: | ||||
Name | ||||
Title: | ||||
[DIRECTOR/OFFICER] [ADDRESS] [ADDRESS] [ADDRESS] [CITY, STATE, ZIP CODE] | ||||
[NAME] | ||||
Very truly yours, | |
________________ Name: [Title:] |
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 |
Executive 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 |
Executive 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 | |
August 6, 2020 | 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 | |
August 6, 2020 | 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 | |
August 6, 2020 | 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 | |
August 6, 2020 | Robert T. Halpin Chief Financial Officer |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Allowance for doubtful accounts | $ 0.6 | $ 0.3 |
Limited Partners' Capital Account, Units Issued | 73,605,008 | 72,282,942 |
Limited Partners' Capital Account, Units Outstanding | 73,605,008 | 72,282,942 |
Preferred Units, Issued | 71,257,445 | 71,257,445 |
Preferred Units, Outstanding | 71,257,445 | 71,257,445 |
Crestwood Midstream Partners LP | ||
Allowance for doubtful accounts | $ 0.6 | $ 0.3 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (24.3) | $ 225.0 | $ (47.7) | $ 239.1 |
Change in fair value of Suburban Propane Partners, L.P. units | 0.0 | 0.3 | (1.1) | 0.7 |
Comprehensive income (loss) | (24.3) | 225.3 | (48.8) | 239.8 |
Comprehensive income attributable to non-controlling partner | 10.2 | 10.6 | 20.1 | 14.6 |
Comprehensive income (loss) attributable to Crestwood Equity Partners LP | $ (34.5) | $ 214.7 | $ (68.9) | $ 225.2 |
Organization and Business Description |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Disclosure Partnership Organization And Basis Of Presentation Narrative [Abstract] | |
Organization and Business Description | Organization and Business Description Organization 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 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 21, 2020. The financial information as of June 30, 2020, and for the three and six months ended June 30, 2020 and 2019, is unaudited. The consolidated balance sheets as of December 31, 2019, were derived from the audited balance sheets filed in our 2019 Annual Report on Form 10-K. Business Description Crestwood Equity is a publicly-traded 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 that connect fundamental energy supply with energy demand across the United States. 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 |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and 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 2019 Annual Report on Form 10-K. Below is an update of our accounting policies related to Goodwill and Accounts Receivable. Goodwill Our goodwill represents the excess of the amount we paid for a business over the fair value of the net identifiable assets acquired. We evaluate goodwill for impairment annually on December 31, and whenever events indicate that it is more likely than not that the fair value of a reporting unit could be less than its carrying amount. This evaluation requires us to compare the fair value of each of our reporting units to its carrying value (including goodwill). If the fair value exceeds the carrying amount, goodwill of the reporting unit is not considered impaired. We estimate the fair value of our reporting units based on a number of factors, including discount rates, projected cash flows and the potential value we would receive if we sold the reporting unit. Estimating projected cash flows requires us to make certain assumptions as it relates to the future operating performance of each of our reporting units (which includes assumptions, among others, about estimating future operating margins and related future growth in those margins, contracting efforts and the cost and timing of facility expansions) and assumptions related to our customers, such as their future capital and operating plans and their financial condition. When considering operating performance, various factors are considered such as current and changing economic conditions and the commodity price environment, among others. Due to the imprecise nature of these projections and assumptions, actual results can and often do, differ from our estimates. If the assumptions embodied in the projections prove inaccurate, we could incur a future impairment charge. In addition, the use of the income approach to determine the fair value of our reporting units (see further discussion of the use of the income approach below) could result in a different fair value if we had utilized a market approach, or a combination thereof. The following table summarizes the goodwill of our various reporting units (in millions):
During the first quarter of 2020, current and forward commodity prices significantly declined from their levels at December 31, 2019 due primarily to the decreases in energy demand as a result of the outbreak of the COVID-19 pandemic and actions taken by the Organization of the Petroleum Exporting Countries, Russia, the United States and other oil-producing countries relating to the oversupply of oil. We currently anticipate that the decrease in commodity prices will have a negative impact on certain of our customers in our gathering and processing segment, which could adversely impact the financial performance of certain of the reporting units within those operations. Upon acquisition, we are required to record the assets, liabilities and goodwill of a reporting unit at its fair value on the date of acquisition. As a result, any level of decrease in the forecasted cash flows of these businesses or increases in the discount rates utilized to value those businesses from their respective acquisition dates would likely result in the fair value of the reporting unit falling below the carrying value of the reporting unit, and could result in an assessment of whether that reporting unit's goodwill is impaired. We acquired our Powder River Basin reporting unit in 2019 and recorded it at fair value at that time. Based on the events that occurred during the first quarter of 2020 described above, we determined that the forecasted cash flows, and therefore the fair value, of our Powder River Basin reporting unit significantly decreased during the first quarter of 2020, and accordingly performed a quantitative impairment assessment of the goodwill related to that reporting unit during that period. Based on our quantitative assessment, which utilized the income approach, we determined that the goodwill associated with the Powder River Basin reporting unit should be fully impaired during the first quarter of 2020, and accordingly recorded an $80.3 million impairment of the goodwill attributed to that reporting unit during the first quarter of 2020. We did not record any impairments of the goodwill associated with our Arrow or NGL Marketing and Logistics reporting units during the six months ended June 30, 2020, as we do not have indicators that it is more likely than not that the fair value of those reporting units has declined to below their carrying value at June 30, 2020. Accounts Receivable Effective January 1, 2020, we adopted the provision of Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326), which provides revised guidance on evaluating accounts and notes receivable and other financial instruments for impairment. We record accounts receivable when products or services are delivered and it is probable that payment will be received for those products or services, and we do not record any interest or penalties on accounts receivable that are past due under the terms of the related arrangement or invoice until those amounts are received. Topic 326 requires companies to evaluate their financial instruments for impairment by recording an allowance for doubtful accounts and/or bad debt expense based on certain categories of instruments rather than a specific identification approach. We adopted the provisions of this standard using a method to estimate the allowance for doubtful accounts that considered both the aging of our accounts receivable and the projected loss rate of our receivables. We write off accounts receivable, and the related allowance for doubtful accounts, when it becomes remote that payment for products or services will be received. On January 1, 2020, we recorded a $0.7 million increase to our allowance for doubtful accounts and a $0.7 million decrease to partners’ capital to reflect the cumulative effect of adopting the new standard. In addition, on January 1, 2020, Crestwood Permian Basin Holdings LLC (Crestwood Permian), our 50% equity investment, also adopted the provisions of Topic 326 and we recorded a decrease of approximately $0.2 million to our equity investment and a corresponding decrease to our partners’ capital to reflect our proportionate share of the cumulative effect of accounting change recorded by the equity investment related to the new standard. The adoption of this standard was not material to our other equity investments.
|
Acquisitions |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions NGL Asset Acquisition In April 2020, we acquired several NGL storage and rail-to-truck liquid petroleum gas (LPG) terminals from Plains All American Pipeline, L.P. (Plains) for approximately $162 million. The acquired assets include 7 MMBbls of NGL storage and seven LPG terminals, and resulted in an increase of approximately $160 million in our property, plant and equipment and intangible assets and an increase of approximately $2 million to our other assets and liabilities, net during the three months ended June 30, 2020. We allocated the purchase price to these assets and liabilities based on their fair values, which are Level 3 fair value measurements and were developed by management with the assistance of a third-party valuation firm utilizing market-related information about the property, plant and equipment and customer relationships acquired. These assets are included in our marketing, supply and logistics segment. The transaction costs related to this acquisition were not material for the three and six months ended June 30, 2020. Jackalope Acquisition On April 9, 2019, Crestwood Niobrara LLC (Crestwood Niobrara), our consolidated subsidiary, acquired Williams Partners LP’s (Williams) 50% equity interest in Jackalope Gas Gathering Services, L.L.C. (Jackalope) for approximately $484.6 million (Jackalope Acquisition). The acquisition was funded through a combination of borrowings under the CMLP credit facility and the issuance of $235 million of new preferred units to CN Jackalope Holdings LLC (Jackalope Holdings) (see Note 10 for a further discussion of the issuance of the new preferred units). Prior to the Jackalope Acquisition, Crestwood Niobrara owned a 50% equity interest in Jackalope, which we accounted for under the equity method of accounting. As a result of this transaction, Crestwood Niobrara controls and owns 100% of the equity interests in Jackalope. The financial results of Jackalope are included in our gathering and processing segment from the date of the acquisition. The fair value of the assets acquired and liabilities assumed in the Jackalope Acquisition exceeded the sum of the cash consideration paid and the historical book value of our 50% equity interest in Jackalope (which was remeasured at fair value and derecognized) and, as a result, we recognized a gain of approximately $209.4 million. This gain is included in gain on acquisition in our consolidated statements of operations.
|
Certain Balance Sheet Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 (in millions):
Other Long-Term Liabilities Other long-term liabilities consisted of the following (in millions):
|
Investments in Unconsolidated Affiliates |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates Variable Interest Entity Crestwood Permian is a joint venture owned by Crestwood Infrastructure Holdings LLC (Crestwood Infrastructure), our wholly-owned subsidiary, and an affiliate of First Reserve Management, L.P. (First Reserve). We manage and account for our 50% ownership interest in Crestwood Permian, which is a variable interest entity, 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. Net Investments and Earnings Our net investments in and earnings from our unconsolidated affiliates are as follows (in millions):
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 The following table summarizes our distributions from and contributions to our unconsolidated affiliates (in millions):
Other Contingent Consideration. Pursuant to the Stagecoach Gas limited liability company agreement, we may be required to make payments of up to $57 million to Con Edison Gas Pipeline and Storage Northeast, LLC after December 31, 2020 if certain criteria are not met by Stagecoach Gas by December 31, 2020, including achieving certain performance targets on growth capital projects. These growth capital projects depend on the construction of third-party expansion projects, and those third-party projects experienced regulatory and other delays that caused Stagecoach Gas to delay its growth capital projects. As a result, our consolidated balance sheet at June 30, 2020 reflects a $19 million current liability included in accrued expenses and other liabilities and a $38 million other long-term liability related to the anticipated settlement of this obligation. |
Risk Management |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 7. Commodity Derivative Instruments and Price Risk Management Risk Management Activities We sell NGLs (such as propane, ethane, butane and heating oil), crude oil and natural gas to energy-related businesses and may use a variety of financial and other instruments including forward contracts involving physical delivery of NGLs, crude oil and natural gas. 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 our 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. Our commodity-based derivatives that are settled with physical commodities are reflected as an increase to product revenues, and the commodity inventory that is utilized to satisfy those physical obligations is reflected as an increase to costs of product sold in our consolidated statements of operations. The following table summarizes the impact to our consolidated statements of operations related to our commodity-based derivatives reflected in operating revenues and costs of product/services sold during the three and six months ended June 30, 2020 and 2019 (in millions):
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:
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 37 months or less; however, 83% 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. For example, in June 2020, Chesapeake Energy Corporation (Chesapeake), our major customer in the Powder River Basin, filed for protection under Chapter 11 of the U.S. Bankruptcy Code and in July 2020, Bruin E&P Partners, LLC (Bruin), our major customer in the Bakken also filed for protection under Chapter 11 of the U.S. Bankruptcy Code. Chesapeake and Bruin were current on all amounts due to us as of June 30, 2020 and we obtained letters of credit from Chesapeake to provide additional cash flow protection related to their credit risk. 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 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. In addition, we have margin requirements with a New York Mercantile Exchange (NYMEX) broker related to our net asset or liability position with such broker. 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. The following table presents the fair value of our commodity derivative instruments with credit-risk related contingent features and their associated collateral (in millions):
(1) At June 30, 2020 and December 31, 2019, we posted less than $0.1 million of collateral associated with these derivatives.
|
Fair Value Measurements |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [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 June 30, 2020 and December 31, 2019, 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 Crestwood Midstream credit facility approximates the carrying amounts as of June 30, 2020 and December 31, 2019, 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 represents the carrying amount (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 June 30, 2020 and December 31, 2019, 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, NGLs and natural gas. 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 June 30, 2020 and December 31, 2019 (in millions):
(2) Amount is reflected in other assets on CEQP’s consolidated balance sheets.
|
Long-Term Debt |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following at June 30, 2020 and December 31, 2019 (in millions):
Credit Facility At June 30, 2020, Crestwood Midstream had $424.9 million of available capacity under its credit facility considering the most restrictive debt covenants in its credit agreement. At June 30, 2020 and December 31, 2019, Crestwood Midstream’s outstanding standby letters of credit were $23.9 million and $31.7 million. Borrowings under the credit facility accrue interest at prime or Eurodollar based rates plus applicable spreads, which resulted in interest rates between 2.43% and 4.50% at June 30, 2020 and 3.96% and 6.00% at December 31, 2019. The weighted-average interest rate on outstanding borrowings as of June 30, 2020 and December 31, 2019 was 2.44% and 4.00%. 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 June 30, 2020, the net debt to consolidated EBITDA ratio was approximately 4.16 to 1.0, the consolidated EBITDA to consolidated interest expense ratio was approximately 4.62 to 1.0, and the senior secured leverage ratio was 1.28 to 1.0. Senior Notes In April 2019, Crestwood Midstream issued $600 million of 5.625% unsecured senior notes due 2027 (the 2027 Senior Notes). The 2027 Senior Notes mature on May 1, 2027, and interest is payable semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2019. The net proceeds from this offering of approximately $591.1 million were used to repay a portion of the outstanding borrowings under our credit facility, which included approximately $250 million which was used to fund the acquisition of the remaining 50% equity interest in Jackalope.
|
Earnings Per Limited Partner Unit |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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. The following table summarizes information regarding the weighted-average of common units excluded during the three and six months ended June 30, 2020 and 2019 (in millions):
The table below shows CEQP’s net income per limited partner unit based on the number of basic and diluted limited partner units outstanding for the three and six months ended June 30, 2020 and 2019 (in millions, except for per unit data):
|
Partners' Capital |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of Partners' Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital | Partners’ Capital Common Units Effective April 1, 2020, we suspended the equity distribution program with certain financial institutions under which we were allowed to offer and sell, from time to time through one or more of these financial institutions, common units having an aggregate offering price of up to $250 million. We did not issue any common units under this program during the six months ended June 30, 2020 and 2019. Distributions Crestwood Equity Limited Partners. A summary of CEQP’s limited partner quarterly cash distributions for the six months ended June 30, 2020 and 2019 is presented below:
On July 16, 2020, we declared a distribution of $0.625 per limited partner unit to be paid on August 14, 2020 to unitholders of record on August 7, 2020 with respect to the quarter ended June 30, 2020. Preferred Unitholders. During the six months ended June 30, 2020 and 2019, we made cash distributions to our preferred unitholders of approximately $30.0 million in both periods. On July 16, 2020, the board of directors of our general partner authorized a cash distribution to our preferred unitholders of approximately $15.0 million for the quarter ended June 30, 2020. Crestwood Midstream During the six months ended June 30, 2020 and 2019, Crestwood Midstream paid cash distributions of $119.0 million and $117.5 million to Crestwood Equity. Non-Controlling Partner Crestwood Niobrara issued preferred interests to Jackalope Holdings, which are reflected as non-controlling interest in subsidiary apart from partners’ capital (i.e., temporary equity) on our consolidated balance sheets. In April 2019, Crestwood Niobrara issued $235 million in new preferred interests (Series A-3 Preferred Units) to Jackalope Holdings in conjunction with Crestwood Niobrara’s acquisition of the remaining 50% equity interest in Jackalope from Williams, at which time we began classifying our non-controlling interest in subsidiary apart from partners’ capital. We adjust the carrying amount of our non-controlling interest to its redemption value each period through net income attributable to non-controlling partner. The following table shows the change in our non-controlling interest in subsidiary at June 30, 2020 and 2019 (in millions):
Crestwood Niobrara makes quarterly cash distributions on its preferred interests within 30 days after the end of each quarter. During the six months ended June 30, 2020 and 2019, Crestwood Niobrara paid cash distributions of $18.5 million and $6.6 million to Jackalope Holdings. In July 2020, Crestwood Niobrara paid cash distributions to Jackalope Holdings of approximately$9.3 million for the quarter ended June 30, 2020. During the six months ended June 30, 2020, we received contributions of $2.8 million from our non-controlling partner to fund our Jackalope expansion projects. Other In February 2020, Crestwood Equity issued 184,528 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 June 30, 2020, we had total unamortized compensation expense of approximately $3.7 million related to these performance units, which we expect will be amortized during the next three years. During the three and six months ended June 30, 2020, we recognized compensation expense of approximately $0.6 million and $0.8 million related to these performance units, which is included in general and administrative expenses on our consolidated statements of operations. |
Commitments and Contingencies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings Linde Lawsuit. On December 23, 2019, Linde Engineering North America Inc. (Linde) filed a lawsuit in the District Court of Harris County, Texas alleging that Arrow Field Services, LLC, our consolidated subsidiary, and Crestwood Midstream breached a contract entered into in March 2018 under which Linde was to provide engineering, procurement and construction services to us related to the completion of the construction of the Bear Den II cryogenic processing plant. Linde claims damages of $55 million in unpaid invoices and other damages. This matter is not an insurable event based on our insurance policies, and we are unable to predict the outcome for this matter. 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 June 30, 2020 and December 31, 2019, we had approximately $10.9 million and $10.7 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. Thereafter, we contained and cleaned up the releases, 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 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. Our discussions regarding the notice of violation continue with the Three Affiliated Tribes. During September 2019, we experienced two produced water releases totaling approximately 5,000 barrels on our Arrow system located on the Fort Berthold Indian Reservation in North Dakota. We immediately notified the National Response Center, the State of North Dakota, the Three Affiliated Tribes, affected landowners and numerous other regulatory authorities. We are substantially complete with the remediation efforts and continue to monitor the impact of both spills. In response to the water releases on our Arrow system, we removed approximately 30 miles of water gathering pipeline from service. In addition, we are currently in the process of replacing certain sections of our water gathering pipeline with pipeline composed of higher capacity material that is more suitable to the environment and climate conditions in the Bakken, which will increase water gathering capacity on the Arrow system and further our commitment to sustainability and environmental stewardship in the areas where we live and operate. 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 June 30, 2020. At June 30, 2020 and December 31, 2019, our accrual of approximately $3.8 million and $6.7 million was 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 could range from approximately $3.8 million to $8.0 million at June 30, 2020. 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. Losses are accrued based upon management’s estimates of the aggregate liability for claims incurred using certain assumptions followed in the insurance industry and based on past experience. The primary assumption utilized is actuarially determined loss development factors. The loss development factors are based primarily on historical data. Our self insurance reserves could be affected if future claim developments differ from the historical trends. We believe changes in health care costs, trends in health care claims of our employee base, accident frequency and severity and other factors could materially affect the estimate for these liabilities. We continually monitor changes in employee demographics, incident and claim type and evaluate our insurance accruals and adjust our accruals based on our evaluation of these qualitative data points. We are liable for the development of claims for our disposed retail propane operations, provided they were reported prior to August 1, 2012. The following table summarizes CEQP’s and CMLP’s self-insurance reserves at June 30, 2020 and December 31, 2019 (in millions):
Leases The following table summarizes the balance sheet information related to our operating and finance leases at June 30, 2020 and December 31, 2019 (in millions):
Lease expense. Our operating lease expense, net totaled $7.1 million and $7.3 million for the three months ended June 30, 2020 and 2019 and $14.6 million for both the six months ended June 30, 2020 and 2019. Our finance lease expense totaled $1.1 million for both the three months ended June 30, 2020 and 2019 and $2.2 million for both the six months ended June 30, 2020 and 2019. 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 5. 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 June 30, 2020 and December 31, 2019, we have no amounts accrued for these guarantees.
|
Related Party Transactions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions Crestwood Holdings LLC (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. We enter into transactions with our affiliates within the ordinary course of business, including gas gathering and processing services, product purchases, marketing services and various operating agreements. We also enter into transactions with our affiliates related to services provided on our expansion projects. During the six months ended June 30, 2020 and 2019, we paid approximately $2.9 million and $5.1 million of capital expenditures to Applied Consultants, Inc., an affiliate of Crestwood Holdings. The following table shows transactions with our affiliates which are reflected in our consolidated statements of operations (in millions). For a further description of our related party agreements, see our 2019 Annual Report on Form 10-K.
The following table shows accounts receivable and accounts payable with our affiliates (in millions):
|
Segments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 interest and debt expense, net and depreciation, amortization and accretion expense. Below is a reconciliation of CEQP’s net income (loss) to EBITDA (in millions):
Below is a reconciliation of CMLP’s net income (loss) to EBITDA (in millions):
The following tables summarize CEQP’s and CMLP’s reportable segment data for the three and six months ended June 30, 2020 and 2019 (in millions). Intersegment revenues included in the following tables are accounted for as arms-length transactions that apply our revenue recognition policies as described in our 2019 Annual Report on Form 10-K. Included in earnings from unconsolidated affiliates, net below was approximately $9.5 million and $10.3 million of our proportionate share of interest expense, depreciation and amortization expense and gains (losses) on long-lived assets, net recorded by our equity investments for the three months ended June 30, 2020 and 2019 and $23.3 million and $23.0 million for the six months ended June 30, 2020 and 2019. Crestwood Equity
Crestwood Midstream
|
Revenue Recognition |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenues Contract Assets and Contract Liabilities Our contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Our receivables related to our revenue contracts totaled $158.3 million and $225.0 million at June 30, 2020 and December 31, 2019, and are included in accounts receivable on our consolidated balance sheets. Our contract assets are included in other non-current assets on our consolidated balance sheets. Our contract liabilities primarily consist of current and non-current deferred revenues. On our consolidated balance sheets, our current deferred revenues are included in accrued expenses and other liabilities and our non-current deferred revenues are included in other long-term liabilities. The majority of revenues associated with our deferred revenues is expected to be recognized as the performance obligations under the related contracts are satisfied over the next 17 years. The following table summarizes our contract assets and contract liabilities (in millions):
The following table summarizes the transaction price allocated to our remaining performance obligations under certain contracts that have not been recognized as of June 30, 2020 (in millions):
Our remaining performance obligations presented in the table above exclude estimates of variable rate escalation clauses in our contracts with customers, and is generally limited to fixed-fee and percentage-of-proceeds service contracts which have fixed pricing and minimum volume terms and conditions. Our remaining performance obligations generally exclude, based on the following practical expedients that we elected to apply, disclosures for (i) variable consideration allocated to a wholly-unsatisfied promise to transfer a distinct service that forms part of the identified single performance obligation; (ii) unsatisfied performance obligations where the contract term is one year or less; and (iii) contracts for which we recognize revenues as amounts are invoiced. Disaggregation of Revenues The following tables summarize our revenues from contracts with customers disaggregated by type of product/service sold and by commodity type for each of our segments for the three and six months ended June 30, 2020 and 2019 (in millions). We believe this summary best depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors.
(1) Represents revenues primarily related to our commodity-based derivatives. See Note 6 for additional information related to our price risk management activities.
|
Condensed Consolidating Financial Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information 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, Crestwood Niobrara, Crestwood Pipeline and Storage Northeast LLC, PRBIC and Tres Holdings and their respective subsidiaries (collectively, Non-Guarantor Subsidiaries). Crestwood Midstream Finance Corp., the co-issuer of the 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 June 30, 2020 and December 31, 2019, and for the three and six months ended June 30, 2020 and 2019. 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.
|
Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | Significant Accounting Policies There were no material changes in our significant accounting policies from those described in our 2019 Annual Report on Form 10-K. Below is an update of our accounting policies related to Goodwill and Accounts Receivable. Goodwill Our goodwill represents the excess of the amount we paid for a business over the fair value of the net identifiable assets acquired. We evaluate goodwill for impairment annually on December 31, and whenever events indicate that it is more likely than not that the fair value of a reporting unit could be less than its carrying amount. This evaluation requires us to compare the fair value of each of our reporting units to its carrying value (including goodwill). If the fair value exceeds the carrying amount, goodwill of the reporting unit is not considered impaired. We estimate the fair value of our reporting units based on a number of factors, including discount rates, projected cash flows and the potential value we would receive if we sold the reporting unit. Estimating projected cash flows requires us to make certain assumptions as it relates to the future operating performance of each of our reporting units (which includes assumptions, among others, about estimating future operating margins and related future growth in those margins, contracting efforts and the cost and timing of facility expansions) and assumptions related to our customers, such as their future capital and operating plans and their financial condition. When considering operating performance, various factors are considered such as current and changing economic conditions and the commodity price environment, among others. Due to the imprecise nature of these projections and assumptions, actual results can and often do, differ from our estimates. If the assumptions embodied in the projections prove inaccurate, we could incur a future impairment charge. In addition, the use of the income approach to determine the fair value of our reporting units (see further discussion of the use of the income approach below) could result in a different fair value if we had utilized a market approach, or a combination thereof. The following table summarizes the goodwill of our various reporting units (in millions):
During the first quarter of 2020, current and forward commodity prices significantly declined from their levels at December 31, 2019 due primarily to the decreases in energy demand as a result of the outbreak of the COVID-19 pandemic and actions taken by the Organization of the Petroleum Exporting Countries, Russia, the United States and other oil-producing countries relating to the oversupply of oil. We currently anticipate that the decrease in commodity prices will have a negative impact on certain of our customers in our gathering and processing segment, which could adversely impact the financial performance of certain of the reporting units within those operations. Upon acquisition, we are required to record the assets, liabilities and goodwill of a reporting unit at its fair value on the date of acquisition. As a result, any level of decrease in the forecasted cash flows of these businesses or increases in the discount rates utilized to value those businesses from their respective acquisition dates would likely result in the fair value of the reporting unit falling below the carrying value of the reporting unit, and could result in an assessment of whether that reporting unit's goodwill is impaired. We acquired our Powder River Basin reporting unit in 2019 and recorded it at fair value at that time. Based on the events that occurred during the first quarter of 2020 described above, we determined that the forecasted cash flows, and therefore the fair value, of our Powder River Basin reporting unit significantly decreased during the first quarter of 2020, and accordingly performed a quantitative impairment assessment of the goodwill related to that reporting unit during that period. Based on our quantitative assessment, which utilized the income approach, we determined that the goodwill associated with the Powder River Basin reporting unit should be fully impaired during the first quarter of 2020, and accordingly recorded an $80.3 million impairment of the goodwill attributed to that reporting unit during the first quarter of 2020. We did not record any impairments of the goodwill associated with our Arrow or NGL Marketing and Logistics reporting units during the six months ended June 30, 2020, as we do not have indicators that it is more likely than not that the fair value of those reporting units has declined to below their carrying value at June 30, 2020. Accounts Receivable Effective January 1, 2020, we adopted the provision of Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326), which provides revised guidance on evaluating accounts and notes receivable and other financial instruments for impairment. We record accounts receivable when products or services are delivered and it is probable that payment will be received for those products or services, and we do not record any interest or penalties on accounts receivable that are past due under the terms of the related arrangement or invoice until those amounts are received. Topic 326 requires companies to evaluate their financial instruments for impairment by recording an allowance for doubtful accounts and/or bad debt expense based on certain categories of instruments rather than a specific identification approach. We adopted the provisions of this standard using a method to estimate the allowance for doubtful accounts that considered both the aging of our accounts receivable and the projected loss rate of our receivables. We write off accounts receivable, and the related allowance for doubtful accounts, when it becomes remote that payment for products or services will be received. On January 1, 2020, we recorded a $0.7 million increase to our allowance for doubtful accounts and a $0.7 million decrease to partners’ capital to reflect the cumulative effect of adopting the new standard. In addition, on January 1, 2020, Crestwood Permian Basin Holdings LLC (Crestwood Permian), our 50% equity investment, also adopted the provisions of Topic 326 and we recorded a decrease of approximately $0.2 million to our equity investment and a corresponding decrease to our partners’ capital to reflect our proportionate share of the cumulative effect of accounting change recorded by the equity investment related to the new standard. The adoption of this standard was not material to our other equity investments.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements Issued But Not Yet Adopted | Effective January 1, 2020, we adopted the provision of Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326), which provides revised guidance on evaluating accounts and notes receivable and other financial instruments for impairment. We record accounts receivable when products or services are delivered and it is probable that payment will be received for those products or services, and we do not record any interest or penalties on accounts receivable that are past due under the terms of the related arrangement or invoice until those amounts are received. Topic 326 requires companies to evaluate their financial instruments for impairment by recording an allowance for doubtful accounts and/or bad debt expense based on certain categories of instruments rather than a specific identification approach. We adopted the provisions of this standard using a method to estimate the allowance for doubtful accounts that considered both the aging of our accounts receivable and the projected loss rate of our receivables. We write off accounts receivable, and the related allowance for doubtful accounts, when it becomes remote that payment for products or services will be received. On January 1, 2020, we recorded a $0.7 million increase to our allowance for doubtful accounts and a $0.7 million decrease to partners’ capital to reflect the cumulative effect of adopting the new standard. In addition, on January 1, 2020, Crestwood Permian Basin Holdings LLC (Crestwood Permian), our 50% equity investment, also adopted the provisions of Topic 326 and we recorded a decrease of approximately $0.2 million to our equity investment and a corresponding decrease to our partners’ capital to reflect our proportionate share of the cumulative effect of accounting change recorded by the equity investment related to the new standard. The adoption of this standard was not material to our other equity investments.
|
Basis of Presentation and Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | The following table summarizes the goodwill of our various reporting units (in millions):
|
Certain Balance Sheet Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Accrued expenses and other liabilities consisted of the following (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Noncurrent Liabilities [Table Text Block] | Other long-term liabilities consisted of the following (in millions):
|
Investments in Unconsolidated Affiliates (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments | Net Investments and Earnings Our net investments in and earnings from our unconsolidated affiliates are as follows (in millions):
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 The following table summarizes our distributions from and contributions to our unconsolidated affiliates (in millions):
(1) In July 2020, we received cash distributions from Stagecoach Gas, Crestwood Permian and Tres Holdings of approximately $14.5 million, $1.8 million and $3.0 million, respectively.
|
Risk Management (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management - Notional Amounts and Terms of Companys Derivative Financial Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table summarizes the impact to our consolidated statements of operations related to our commodity-based derivatives reflected in operating revenues and costs of product/services sold during the three and six months ended June 30, 2020 and 2019 (in millions):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amounts And Terms Of Company's Derivative Financial Instruments | The notional amounts and terms of our derivative financial instruments include the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table presents the fair value of our commodity derivative instruments with credit-risk related contingent features and their associated collateral (in millions):
(1) At June 30, 2020 and December 31, 2019, we posted less than $0.1 million of collateral associated with these derivatives.
|
Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [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 represents the carrying amount (reduced for deferred financing costs associated with the respective notes) and fair value of our senior notes (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2020 and December 31, 2019 (in millions):
(2) Amount is reflected in other assets on CEQP’s consolidated balance sheets.
|
Long-Term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Long-Term Debt | Long-term debt consisted of the following at June 30, 2020 and December 31, 2019 (in millions):
|
Earnings Per Limited Partner Unit (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table summarizes information regarding the weighted-average of common units excluded during the three and six months ended June 30, 2020 and 2019 (in millions):
The table below shows CEQP’s net income per limited partner unit based on the number of basic and diluted limited partner units outstanding for the three and six months ended June 30, 2020 and 2019 (in millions, except for per unit data):
|
Partners' Capital (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 six months ended June 30, 2020 and 2019 is presented below:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | The following table shows the change in our non-controlling interest in subsidiary at June 30, 2020 and 2019 (in millions):
|
Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Table Text Block] | The following table summarizes CEQP’s and CMLP’s self-insurance reserves at June 30, 2020 and December 31, 2019 (in millions):
(1) At June 30, 2020, CEQP and CMLP classified approximately $6.2 million and $5.2 million, respectively of these reserves as other long-term liabilities on their consolidated balance sheets.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets And Liabilities, Lessee [Table Text Block] | The following table summarizes the balance sheet information related to our operating and finance leases at June 30, 2020 and December 31, 2019 (in millions):
|
Related Party Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 (in millions). For a further description of our related party agreements, see our 2019 Annual Report on Form 10-K.
(5) Includes $1.7 million of unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP during the three months ended June 30, 2020, a $10.9 million reduction of unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP during the six months ended June 30, 2020 and $0.2 million and $5.6 million of unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP during the three and six months ended June 30, 2019. In addition, includes $0.2 million and $0.4 million of CEQP’s general and administrative costs allocated to Crestwood Holdings during the three and six months ended June 30, 2020 and $0.1 million and $0.3 million during the three and six months ended June 30, 2019.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Receivables and Payables | The following table shows accounts receivable and accounts payable with our affiliates (in millions):
|
Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 income (loss) to EBITDA (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Segment Information | The following tables summarize CEQP’s and CMLP’s reportable segment data for the three and six months ended June 30, 2020 and 2019 (in millions). Intersegment revenues included in the following tables are accounted for as arms-length transactions that apply our revenue recognition policies as described in our 2019 Annual Report on Form 10-K. Included in earnings from unconsolidated affiliates, net below was approximately $9.5 million and $10.3 million of our proportionate share of interest expense, depreciation and amortization expense and gains (losses) on long-lived assets, net recorded by our equity investments for the three months ended June 30, 2020 and 2019 and $23.3 million and $23.0 million for the six months ended June 30, 2020 and 2019. Crestwood Equity
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 income (loss) to EBITDA (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Segment Information | Crestwood Midstream
|
Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | The following table summarizes our contract assets and contract liabilities (in millions):
(1) During the three and six months ended June 30, 2020, we recognized revenues of approximately $3.1 million and $6.9 million that were previously included in contract liabilities (current) at December 31, 2019. The remaining change in our contract liabilities during the three and six months ended June 30, 2020, related to capital reimbursements associated with our revenue contracts and revenue deferrals associated with our contracts with increasing (decreasing) rates.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table summarizes the transaction price allocated to our remaining performance obligations under certain contracts that have not been recognized as of June 30, 2020 (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | Disaggregation of Revenues The following tables summarize our revenues from contracts with customers disaggregated by type of product/service sold and by commodity type for each of our segments for the three and six months ended June 30, 2020 and 2019 (in millions). We believe this summary best depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors.
(1) Represents revenues primarily related to our commodity-based derivatives. See Note 6 for additional information related to our price risk management activities.
|
Condensed Consolidating Financial Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Income Statement |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Cash Flow Statement |
|
Risk Management (Risk Management Activities) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Revenue | $ 18.0 | $ 40.2 | $ 93.0 | $ 144.3 |
Commodity contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments not designated as hedging | $ 6.8 | $ 9.9 | $ 28.8 | $ 7.0 |
Risk Management (Notional Amounts and Terms of Company's Derivative Financial Instruments) (Details) bcf in Millions, MMBbls in Millions |
Jun. 30, 2020
MMBbls
bcf
|
Dec. 31, 2019
MMBbls
bcf
|
---|---|---|
Propane Crude And Heating Oil | Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | MMBbls | 64.4 | 33.5 |
Propane Crude And Heating Oil | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | MMBbls | 69.8 | 36.6 |
Natural Gas [Member] | Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | bcf | 10.2 | 3.7 |
Natural Gas [Member] | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | bcf | 17.5 | 8.7 |
Risk Management Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Derivative [Line Items] | ||
Collateral posted for commodity derivative instruments | $ 21.1 | $ 16.9 |
Commodity contract | ||
Derivative [Line Items] | ||
Collateral posted for commodity derivative instruments | 0.1 | 0.1 |
NYMEX Derivative Liability | ||
Derivative [Line Items] | ||
Derivative Asset | 1.9 | |
Derivative Liability | (28.8) | |
NYMEX Margin Deposit | ||
Derivative [Line Items] | ||
NYMEX margin deposits | 26.8 | 40.4 |
Commodity contract with credit contingent features | ||
Derivative [Line Items] | ||
Aggregate fair value of commodity derivative instruments | $ 20.3 | $ 1.6 |
Risk Management (Narrative) (Details) - Price Risk Contracts Member - Maximum |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Derivative [Line Items] | |
Remaining maturity | 37 months |
Percent of contracts expiring in the next twelve months | 83.00% |
Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Senior Notes) (Details) - Crestwood Midstream Partners LP - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Senior Notes, 2023 | ||
Debt Instrument [Line Items] | ||
Carrying amount | $ 695.9 | $ 695.1 |
Fair value | 623.0 | 714.0 |
Senior Notes, 2025 | ||
Debt Instrument [Line Items] | ||
Carrying amount | 495.0 | 494.4 |
Fair value | 435.0 | 514.4 |
Senior Notes, due 2027 | ||
Debt Instrument [Line Items] | ||
Carrying amount | 592.6 | 592.1 |
Fair value | $ 499.2 | $ 610.1 |
Long-Term Debt (Components Of Long-Term Debt) (Details) - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
Apr. 30, 2019 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Deferred finance costs, net | $ 25,900,000 | $ 29,100,000 | |
Total debt | 2,575,900,000 | 2,328,500,000 | |
Less: current portion | 200,000 | 200,000 | |
Total long-term debt, less current portion | 2,575,700,000 | 2,328,300,000 | |
Senior Notes | Senior Notes, 2023 | |||
Debt Instrument [Line Items] | |||
Senior notes | 700,000,000.0 | 700,000,000.0 | |
Senior Notes | Senior Notes, 2025 | |||
Debt Instrument [Line Items] | |||
Senior notes | 500,000,000.0 | 500,000,000.0 | |
Senior Notes | Senior Notes, due 2027 | |||
Debt Instrument [Line Items] | |||
Senior notes | 600,000,000.0 | 600,000,000.0 | $ 600,000,000 |
Other | |||
Debt Instrument [Line Items] | |||
Other | 600,000 | 600,000 | |
Revolving Credit Facility | Crestwood Midstream Revolver | |||
Debt Instrument [Line Items] | |||
Credit Facility | $ 801,200,000 | $ 557,000,000.0 |
Partners' Capital (Schedule of Partners' Capital Account, Distributions) (Details) - USD ($) $ / shares in Units, $ in Millions |
6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
May 15, 2020 |
May 08, 2020 |
Feb. 14, 2020 |
Feb. 07, 2020 |
May 15, 2019 |
May 08, 2019 |
Feb. 14, 2019 |
Feb. 07, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Distribution Made to Limited Partner [Line Items] | ||||||||||
Distribution Made to Limited Partner, Date of Record | May 08, 2020 | Feb. 07, 2020 | May 08, 2019 | Feb. 07, 2019 | ||||||
Distribution Made to Limited Partner, Distribution Date | May 15, 2020 | Feb. 14, 2020 | May 15, 2019 | Feb. 14, 2019 | ||||||
Distribution Made to Member or Limited Partner, Distributions Paid, Per Unit | $ 0.625 | $ 0.625 | $ 0.60 | $ 0.60 | ||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 45.7 | $ 45.3 | $ 43.1 | $ 43.1 | $ 91.0 | $ 86.2 |
Partners' Capital (Components of Net Income (Loss) Attributable to Non-Controlling Interests) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Distribution Made to Limited Partner [Line Items] | ||||
Distributions to non-controlling partner | $ 18.5 | $ 6.6 | ||
Net income attributable to non-controlling partners in subsidiaries | $ (10.2) | $ (10.6) | (20.1) | (14.6) |
Crestwood Midstream Partners LP | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Distributions to non-controlling partner | 18.5 | 6.6 | ||
Net income attributable to non-controlling partners in subsidiaries | $ (10.2) | $ (10.6) | (20.1) | (14.6) |
Crestwood Niobrara LLC | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Distributions to non-controlling partner | $ 18.5 | $ 6.6 |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Loss Contingency, Damages Sought, Value | $ 55.0 | |
Loss Contingency Accrual, at Carrying Value | 10.9 | $ 10.7 |
Crestwood Midstream Partners LP | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Self Insurance Reserve | 8.3 | $ 8.3 |
Self Insurance Reserve Expected To Be Paid Subsequent To Next Fiscal Year | $ 5.2 |
Commitments and Contingencies Environmental Compliance (Details) $ in Millions |
1 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2019
bbl
Release
|
Jun. 30, 2020
USD ($)
miles
|
Dec. 31, 2014
bbl
Release
|
Dec. 31, 2019
USD ($)
|
Sep. 15, 2015
USD ($)
|
May 31, 2015
bbl
|
|
Site Contingency [Line Items] | ||||||
Miles of Water Gathering Pipeline Removed | miles | 30 | |||||
Fort Berthold Indian Reservation | ||||||
Site Contingency [Line Items] | ||||||
Site Contingency, Loss Exposure, Number of Releases of Produced Water | Release | 2 | 3 | ||||
Site Contingency, Loss Exposure, Release of Produced Water | bbl | 5,000 | 28,000 | 5,200 | |||
Accrual for Environmental Loss Contingencies | $ 3.8 | $ 6.7 | ||||
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 | $ 8.0 |
Commitments and Contingencies Self Insurance (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Crestwood Equity Partners LP | ||
Other Commitments [Line Items] | ||
Self Insurance Reserve | $ 9.4 | $ 9.7 |
Self Insurance Reserve Expected To Be Paid Subsequent To Next Fiscal Year | 6.2 | |
Crestwood Midstream Partners LP | ||
Other Commitments [Line Items] | ||
Self Insurance Reserve | 8.3 | $ 8.3 |
Self Insurance Reserve Expected To Be Paid Subsequent To Next Fiscal Year | $ 5.2 |
Segments (Reconciliation of Net Income (Loss) to EBITDA) (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
segment
|
Jun. 30, 2019
USD ($)
|
|
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Number of Operating Segments | segment | 3 | |||
Net income (loss) | $ (24.3) | $ 225.0 | $ (47.7) | $ 239.1 |
Interest and debt expense, net | 34.0 | 27.8 | 66.6 | 52.7 |
Income Tax Expense (Benefit) | (0.1) | 0.3 | (0.1) | 0.3 |
Depreciation, amortization and accretion | 61.0 | 49.3 | 117.1 | 89.1 |
EBITDA | 70.6 | 302.4 | 135.9 | 381.2 |
Crestwood Midstream Partners LP | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net income (loss) | (26.8) | 222.9 | (52.4) | 234.5 |
Interest and debt expense, net | 34.0 | 27.8 | 66.6 | 52.7 |
Income Tax Expense (Benefit) | (0.2) | 0.3 | (0.2) | 0.3 |
Depreciation, amortization and accretion | 64.6 | 52.7 | 124.2 | 96.1 |
EBITDA | $ 71.6 | $ 303.7 | $ 138.2 | $ 383.6 |
Segments (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Segment Reporting Information [Line Items] | ||||
Interest, taxes, depreciation and amortization included in earnings from equity method investments | $ 9.5 | $ 10.3 | $ 23.3 | $ 23.0 |
Revenue Recognition Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Revenue Recognition [Abstract] | ||
ASC 606 accounts receivable | $ 158.3 | $ 225.0 |
Revenue Recognition Contract Assets and Liabilities (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Business Acquisition [Line Items] | |||
Contract Assets (Non-current) | $ 1.2 | $ 1.2 | $ 1.2 |
Contract Liabilities (Current) | 10.2 | 10.2 | 8.8 |
Contract Liabilities (Non-current) | 159.6 | 159.6 | $ 144.7 |
Contract with Customer, Liability, Revenue Recognized | $ 3.1 | $ 6.9 |
10U *)^ 'U2:P4V
M70$XEU6A@C;][M#3!@L=&*O7$A-RZ6CH0T^ASY@=D<2(\'C OEY%6XXF2>B:
M=V80Q/P)U'55%%D?A6@/#$&(CJ94N=3^[?V_JE8%A/R(GCIY>];GP>?-)EVJ
MRPED9(VJ[]7D*L!.X]Z@H\/1&TXR/R8DNAOP3+=
M9+#R?($$&QPXCIPX:NL\0/@?_ 1):OL8/#TM^'SS9*'C)P?O(S:5H9B&8=RM
MJ8A.:4RG":>PO(JB/^X#HU;U*BN[<'=;9CH,;AH=$G21P+9M(#M:Z9DX[2P0
M7Z,V00EAU)X<1([1T 4$9F#+_+"]J9] R7=^="1
M&18>Q@WD=0T9[8$\@3=:N=3"K4HP>:P_)/ 8
MDG!QX\[=+Y]MN\?ZW!]Z#.\X#X8.SOCCX=C.>/'092=9=@#AOM5@G@^D?#R,
M6!@.0Q9PX'"AY'5.I: _@?B9YF:?@3\VW,'Z#NRPSQR0H7/[8E?;AR[LZ\=
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M/9A!=ZMMW@C(''A:R&KVK("2E5'1,;7D:#R%*D^L4<5OR]Q\A+VO86=;*Z+MHWM1H'_E0F>?50E/7^0=A)NZU[W)8X?X@L3LZQ>OT8
M68"#H\@!-@N$(J.?)4(%U$7H1*OA(SZZQU.-G$\UQ47G;;3NP5'B_/:$Z)[0
M-')$$^]$>J@C=>>C5LYZV*7U_O#.(^_/1[
M^VU[ZFSO]Q_$VX4 OU\V!_:V1\):\?O3?DWDO4OSRLGTK?DJ=]:TW,O]^;G[
M#W7QT!X0>U/4=;%M?[S7R4:7#<#\_;8HZN(_'S'E-^G#H#
MYVGA(]EERBQXL\D>[? *J\?]4NB9U["D),=,$LY X.W4N1O<+F*#+P&?"#[*
MUAA,)6O.OYG)VW3J^&9#F.*-,@Q(/PXXP90:(KV-[S6GTZ0T@>WQ$_OKLG9=
MRQI)G'#ZF:0JFSJQ RG>HH*JC_SX!M?U# W?AE-9?L.QPHY#!S:%5#RO@_4.
M.I+[83D+-2V*[I7,_W[G8S[;.?PH;K:/XTM0V
M/#_:Q-A^=WP
&QI53.L:D2RL)*N.IDSEY>2>=T/$@
MJ.)01B1,3DXH?1#L07!U=DM:03RG2@9GM:Q+6@I/>]/9U3X%Z4 JH3TMG"UI
MIE'&GL9:T[B43F7"T$Q5DE%W:=J;]6@OR>P3&@*)JG+V7J$XI'Z@5X
W@PU,2Q"*!U,,:1M8J6^AC
M2DO,%=!QP]U^3Q ;7HH;M16_&GLGKI6EMAC\%.]COR,.;GZ]?O_/0[&RY@ZQ
MOC-F$1<0**$YV4,*OH%?(X7S3<_26K/)KXQQI9#B*3]0>/;>F^RYX27.<$P]
M&>=?>-/ $R_=%4*RN8V8Q/G[I?#?/]S&=M+M>6\QF%2_%>JL:F#'*[Z[\0'U
M%;B&,*P5-7@QE8
1S!F8NN?B[W\['PS&+T24CU[[@Q>_;JG,>^ZESJ(PWV, 68MEU=)8CHY4
M>GCE>IL8,?,+XYA1<#;"OW"2JV1@1F2839/+6I@D*2UM<^5LIA--T36SZFNI
MBF3-QKXW69DKLN_2FGO(S"J2++H(#80J,15CNLX-S:"F:M>I#$0;(*K.UB*!
M.-IY5FRF"UDD&NKK NE:AFQP):2'YNHA6?\UDUNNFQ8N2MXN=3[&M+2,;+Z(.BQ
MT28=JU_4]4?I'JP=K6JOEM-W]D'YZ;Z[>54I:Z?\S!]XP:9;S7[CVC@5X"9=
MCAOFI)4WR/5L??\^*J^=E\O+R_N/H+:$\8F88*OO[0T[3)<7XN7 JMQ=0J.9
MMBIUKS/!4?!H 7Z?*&6K 2FH_RMQ_!]02P,$% @ RX@&44N'_15""
M8R0 !D !X;"]W;W)K