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10-Q Filing

CRESTWOOD EQUITY PARTNERS LP CIK: 1136352 Q1 2015
Filing Information
Form Type 10-Q
Accession Number 0001136352-15-000006
Period End Date 20150331
Filing Date 20150507
Fiscal Year 2015
Fiscal Period Q1
XBRL Instance ceqp-20150331.xml
Balance Sheet 65 line items
Line Item Tag Value Unit Period
Common units, issued CommonStockSharesIssued 187.25M shares Point-in-time
Common units, issued CommonStockSharesIssued 186.40M shares Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $67.70M USD Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $7.70M USD Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $5.20M USD Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $5.20M USD Point-in-time
Common units, outstanding CommonStockSharesOutstanding 187.25M shares Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $8.80M USD Point-in-time
Common units, outstanding CommonStockSharesOutstanding 186.40M shares Point-in-time
Accounts receivable AccountsReceivableNetCurrent $379.60M USD Point-in-time
Accounts receivable AccountsReceivableNetCurrent $289.80M USD Point-in-time
Inventory InventoryGross $46.60M USD Point-in-time
Inventory InventoryGross $23.90M USD Point-in-time
Assets from price risk management activities DerivativeAssetsCurrent $79.80M USD Point-in-time
Assets from price risk management activities DerivativeAssetsCurrent $29.50M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $23.30M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $27.90M USD Point-in-time
Total current assets AssetsCurrent $538.10M USD Point-in-time
Total current assets AssetsCurrent $438.80M USD Point-in-time
Property, plant and equipment (Note 4) PropertyPlantAndEquipmentGross $4.27B USD Point-in-time
Property, plant and equipment (Note 4) PropertyPlantAndEquipmentGross $4.29B USD Point-in-time
Less: accumulated depreciation and depletion AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $414.00M USD Point-in-time
Less: accumulated depreciation and depletion AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $380.10M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $3.89B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $3.88B USD Point-in-time
Intangible assets (Note 4) IntangibleAssetsGrossExcludingGoodwill $1.45B USD Point-in-time
Intangible assets (Note 4) IntangibleAssetsGrossExcludingGoodwill $1.44B USD Point-in-time
Less: accumulated amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $210.60M USD Point-in-time
Less: accumulated amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $235.40M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $1.21B USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $1.23B USD Point-in-time
Goodwill Goodwill $2.49B USD Point-in-time
Goodwill Goodwill $2.55B USD Point-in-time
Goodwill Goodwill $2.49B USD Point-in-time
Investment in unconsolidated affiliates (Note 5) EquityMethodInvestments $295.10M USD Point-in-time
Investment in unconsolidated affiliates (Note 5) EquityMethodInvestments $316.60M USD Point-in-time
Other assets OtherAssetsNoncurrent $9.80M USD Point-in-time
Other assets OtherAssetsNoncurrent $11.30M USD Point-in-time
Total assets Assets $8.35B USD Point-in-time
Total assets Assets $8.48B USD Point-in-time
Total assets Assets $8.46B USD Point-in-time
Accounts payable AccountsPayableCurrent $241.20M USD Point-in-time
Accounts payable AccountsPayableCurrent $218.70M USD Point-in-time
Accrued expenses and other liabilities (Note 4) AccruedLiabilitiesCurrent $77.80M USD Point-in-time
Accrued expenses and other liabilities (Note 4) AccruedLiabilitiesCurrent $154.60M USD Point-in-time
Liabilities from price risk management activities DerivativeLiabilitiesCurrent $25.40M USD Point-in-time
Liabilities from price risk management activities DerivativeLiabilitiesCurrent $8.60M USD Point-in-time
Current portion of long-term debt (Note 8) LongTermDebtCurrent $3.70M USD Point-in-time
Current portion of long-term debt (Note 8) LongTermDebtCurrent $36.30M USD Point-in-time
Total current liabilities LiabilitiesCurrent $424.90M USD Point-in-time
Total current liabilities LiabilitiesCurrent $341.40M USD Point-in-time
Long-term debt, less current portion (Note 8) LongTermDebtNoncurrent $2.39B USD Point-in-time
Long-term debt, less current portion (Note 8) LongTermDebtNoncurrent $2.44B USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $48.00M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $47.20M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $11.10M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $12.00M USD Point-in-time
Commitments and contingencies (Note 12) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 12) CommitmentsAndContingencies - USD Point-in-time
Interest of non-controlling partners in subsidiaries PartnersCapitalAttributableToNoncontrollingInterest $4.81B USD Point-in-time
Interest of non-controlling partners in subsidiaries PartnersCapitalAttributableToNoncontrollingInterest $4.75B USD Point-in-time
Total partners capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $5.50B USD Point-in-time
Total partners capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $5.58B USD Point-in-time
Total liabilities and partners capital LiabilitiesAndStockholdersEquity $8.46B USD Point-in-time
Total liabilities and partners capital LiabilitiesAndStockholdersEquity $8.35B USD Point-in-time
Income Statement 64 line items
Line Item Tag Value Unit Period
Gathering and processing GasGatheringCompressionMarketingandProcessingRevenues $78.60M USD 1 Quarter
Gathering and processing GasGatheringCompressionMarketingandProcessingRevenues $77.30M USD 1 Quarter
Storage and transportation RevenueStorageAndTransportation $51.00M USD 1 Quarter
Storage and transportation RevenueStorageAndTransportation $45.70M USD 1 Quarter
NGL and crude services NGLandCrudeServicesRevenue $841.10M USD 1 Quarter
NGL and crude services NGLandCrudeServicesRevenue $607.50M USD 1 Quarter
Related party (Note 13) RevenueFromRelatedParties $900.00K USD 1 Quarter
Related party (Note 13) RevenueFromRelatedParties $1.00M USD 1 Quarter
Total revenue Revenues $971.60M USD 1 Quarter
Total revenue Revenues $731.50M USD 1 Quarter
Gathering and processing GasGatheringCompressionMarketingandProcessingCosts $4.40M USD 1 Quarter
Gathering and processing GasGatheringCompressionMarketingandProcessingCosts $7.70M USD 1 Quarter
Storage and transportation CostOfGoodsSoldStorageAndTransportation $3.30M USD 1 Quarter
Storage and transportation CostOfGoodsSoldStorageAndTransportation $6.80M USD 1 Quarter
NGL and crude services NGLandCrudeServicesCosts $760.50M USD 1 Quarter
NGL and crude services NGLandCrudeServicesCosts $513.70M USD 1 Quarter
Related party (Note 13) RelatedPartiesAmountInCostOfSales $11.00M USD 1 Quarter
Related party (Note 13) RelatedPartiesAmountInCostOfSales $8.30M USD 1 Quarter
Cost of product/services sold CostOfRevenue $786.00M USD 1 Quarter
Cost of product/services sold CostOfRevenue $529.70M USD 1 Quarter
Operations and maintenance OperatingCostsAndExpenses $50.60M USD 1 Quarter
Operations and maintenance OperatingCostsAndExpenses $44.10M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $27.90M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $27.50M USD 1 Quarter
Depreciation, amortization and accretion OtherDepreciationAndAmortization $74.20M USD 1 Quarter
Depreciation, amortization and accretion OtherDepreciationAndAmortization $66.30M USD 1 Quarter
Total Expenses OperatingExpenses $138.30M USD 1 Quarter
Total Expenses OperatingExpenses $152.30M USD 1 Quarter
Gain (loss) on long-lived assets, net GainLossOnDispositionOfAssets $-1.00M USD 1 Quarter
Gain (loss) on long-lived assets, net GainLossOnDispositionOfAssets $500.00K USD 1 Quarter
Loss on contingent consideration GainLossonContingentConsideration $-2.10M USD 1 Quarter
Loss on contingent consideration GainLossonContingentConsideration - USD 1 Quarter
Operating income OperatingIncomeLoss $45.70M USD 1 Quarter
Operating income OperatingIncomeLoss $48.50M USD 1 Quarter
Earnings (loss) from unconsolidated affiliates, net IncomeLossFromEquityMethodInvestments $3.40M USD 1 Quarter
Earnings (loss) from unconsolidated affiliates, net IncomeLossFromEquityMethodInvestments $-100.00K USD 1 Quarter
Interest and debt expense, net InterestExpense $33.60M USD 1 Quarter
Interest and debt expense, net InterestExpense $31.70M USD 1 Quarter
Other income, net OtherOperatingIncomeExpenseNet $200.00K USD 1 Quarter
Other income, net OtherOperatingIncomeExpenseNet $100.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $18.50M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $14.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $400.00K USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $800.00K USD 1 Quarter
Net income ProfitLoss $13.20M USD 1 Quarter
Net income ProfitLoss $18.10M USD 1 Quarter
Net (income) loss attributable to non-controlling partners NetIncomeLossAttributableToNoncontrollingInterest $-6.40M USD 1 Quarter
Net (income) loss attributable to non-controlling partners NetIncomeLossAttributableToNoncontrollingInterest $9.80M USD 1 Quarter
Net income attributable to Crestwood Equity Partners LP NetIncomeLoss $19.60M USD 1 Quarter
Net income attributable to Crestwood Equity Partners LP NetIncomeLoss $8.30M USD 1 Quarter
Subordinated unitholders' interest in net income NetIncomeLossAllocatedtoSubordinatedLimitedPartners $200.00K USD 1 Quarter
Subordinated unitholders' interest in net income NetIncomeLossAllocatedtoSubordinatedLimitedPartners $500.00K USD 1 Quarter
Common unitholders' interest in net income NetIncomeLossAllocatedToLimitedPartners $8.10M USD 1 Quarter
Common unitholders' interest in net income NetIncomeLossAllocatedToLimitedPartners $19.10M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.11 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.04 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.04 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.11 USD 1 Quarter
Basic (units) WeightedAverageLimitedPartnershipUnitsOutstanding 181.88M shares 1 Quarter
Basic (units) WeightedAverageLimitedPartnershipUnitsOutstanding 182.80M shares 1 Quarter
Dilutive (units) WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment 4.39M shares 1 Quarter
Dilutive (units) WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment 4.39M shares 1 Quarter
Diluted (units) WeightedAverageLimitedPartnershipUnitsOutstandingDiluted 187.19M shares 1 Quarter
Diluted (units) WeightedAverageLimitedPartnershipUnitsOutstandingDiluted 186.27M shares 1 Quarter
Cash Flow Statement 70 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $13.20M USD 1 Quarter
Net income ProfitLoss $18.10M USD 1 Quarter
Depreciation, amortization and accretion OtherDepreciationAndAmortization $74.20M USD 1 Quarter
Depreciation, amortization and accretion OtherDepreciationAndAmortization $66.30M USD 1 Quarter
Amortization of debt-related deferred costs, discounts and premiums AmortizationOfFinancingCostsAndDiscounts $1.90M USD 1 Quarter
Amortization of debt-related deferred costs, discounts and premiums AmortizationOfFinancingCostsAndDiscounts $2.10M USD 1 Quarter
Market adjustment on interest rate swaps IncreaseDecreaseInDerivativeAssets $300.00K USD 1 Quarter
Market adjustment on interest rate swaps IncreaseDecreaseInDerivativeAssets $600.00K USD 1 Quarter
Unit based compensation charges UnitBasedCompensationCharges $5.40M USD 1 Quarter
Unit based compensation charges UnitBasedCompensationCharges $5.80M USD 1 Quarter
(Gain) loss on long-lived assets, net GainLossOnDispositionOfAssets $-1.00M USD 1 Quarter
(Gain) loss on long-lived assets, net GainLossOnDispositionOfAssets $500.00K USD 1 Quarter
Loss on contingent consideration BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $2.10M USD 1 Quarter
Loss on contingent consideration BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 - USD 1 Quarter
(Earnings) loss from unconsolidated affiliates, net IncomeLossFromEquityMethodInvestments $3.40M USD 1 Quarter
(Earnings) loss from unconsolidated affiliates, net IncomeLossFromEquityMethodInvestments $-100.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-900.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-3.80M USD 1 Quarter
Other OtherNoncashIncomeExpense $-200.00K USD 1 Quarter
Other OtherNoncashIncomeExpense $-400.00K USD 1 Quarter
Changes in operating assets and liabilities, net of effects from acquisitions IncreaseDecreaseInOtherOperatingCapitalNet $-59.60M USD 1 Quarter
Changes in operating assets and liabilities, net of effects from acquisitions IncreaseDecreaseInOtherOperatingCapitalNet $2.40M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $156.60M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $81.90M USD 1 Quarter
Acquisitions, net of cash acquired (Note 3) PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Acquisitions, net of cash acquired (Note 3) PaymentsToAcquireBusinessesNetOfCashAcquired $12.10M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $47.40M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $82.40M USD 1 Quarter
Investment in unconsolidated affiliates PaymentsToAcquireEquityMethodInvestments $19.80M USD 1 Quarter
Investment in unconsolidated affiliates PaymentsToAcquireEquityMethodInvestments $18.10M USD 1 Quarter
Proceeds from sale of assets ProceedsFromSaleOfProductiveAssets - USD 1 Quarter
Proceeds from sale of assets ProceedsFromSaleOfProductiveAssets $500.00K USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities - USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $200.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-114.30M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-65.20M USD 1 Quarter
Proceeds from the issuance of long-term debt ProceedsFromIssuanceOfLongTermDebt $1.25B USD 1 Quarter
Proceeds from the issuance of long-term debt ProceedsFromIssuanceOfLongTermDebt $496.40M USD 1 Quarter
Principal payments on long-term debt RepaymentsOfLongTermDebt $1.17B USD 1 Quarter
Principal payments on long-term debt RepaymentsOfLongTermDebt $372.60M USD 1 Quarter
Payments on capital leases RepaymentsOfLongTermCapitalLeaseObligations $700.00K USD 1 Quarter
Payments on capital leases RepaymentsOfLongTermCapitalLeaseObligations $1.10M USD 1 Quarter
Payments for debt-related deferred costs PaymentsOfDebtIssuanceCosts - USD 1 Quarter
Payments for debt-related deferred costs PaymentsOfDebtIssuanceCosts $11.10M USD 1 Quarter
Distributions to partners PaymentsOfCapitalDistribution $25.60M USD 1 Quarter
Distributions to partners PaymentsOfCapitalDistribution $25.80M USD 1 Quarter
Distributions paid to non-controlling partners PaymentsOfDividendsMinorityInterest $74.30M USD 1 Quarter
Distributions paid to non-controlling partners PaymentsOfDividendsMinorityInterest $74.10M USD 1 Quarter
Net proceeds from issuance of preferred equity of subsidiary ProceedsFromMinorityShareholders - USD 1 Quarter
Net proceeds from issuance of preferred equity of subsidiary ProceedsFromMinorityShareholders $12.30M USD 1 Quarter
Taxes paid for unit-based compensation vesting PaymentsRelatedToTaxWithholdingForShareBasedCompensation $400.00K USD 1 Quarter
Taxes paid for unit-based compensation vesting PaymentsRelatedToTaxWithholdingForShareBasedCompensation $3.10M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-300.00K USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities - USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-32.50M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $34.90M USD 1 Quarter
Net change in cash CashAndCashEquivalentsPeriodIncreaseDecrease $58.90M USD 1 Quarter
Net change in cash CashAndCashEquivalentsPeriodIncreaseDecrease $2.50M USD 1 Quarter
Cash at beginning of period CashAndCashEquivalentsAtCarryingValue $67.70M USD Point-in-time
Cash at beginning of period CashAndCashEquivalentsAtCarryingValue $7.70M USD Point-in-time
Cash at beginning of period CashAndCashEquivalentsAtCarryingValue $5.20M USD Point-in-time
Cash at beginning of period CashAndCashEquivalentsAtCarryingValue $5.20M USD Point-in-time
Cash at beginning of period CashAndCashEquivalentsAtCarryingValue $8.80M USD Point-in-time
Cash at end of period CashAndCashEquivalentsAtCarryingValue $67.70M USD Point-in-time
Cash at end of period CashAndCashEquivalentsAtCarryingValue $7.70M USD Point-in-time
Cash at end of period CashAndCashEquivalentsAtCarryingValue $5.20M USD Point-in-time
Cash at end of period CashAndCashEquivalentsAtCarryingValue $5.20M USD Point-in-time
Cash at end of period CashAndCashEquivalentsAtCarryingValue $8.80M USD Point-in-time
Net change to property, plant and equipment through accounts payable and accrued expenses CapitalExpendituresIncurredButNotYetPaid $3.40M USD 1 Quarter
Net change to property, plant and equipment through accounts payable and accrued expenses CapitalExpendituresIncurredButNotYetPaid $9.10M USD 1 Quarter
Stockholders Equity 2 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $13.20M USD 1 Quarter
Net income ProfitLoss $18.10M USD 1 Quarter
Comprehensive Income 6 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $13.20M USD 1 Quarter
Net income ProfitLoss $18.10M USD 1 Quarter
Change in fair value of Suburban Propane Partners, L.P. units (Note 10) OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-800.00K USD 1 Quarter
Change in fair value of Suburban Propane Partners, L.P. units (Note 10) OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax - USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $18.10M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $12.40M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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