HOUSTON--(BUSINESS WIRE)--
Crestwood Equity Partners LP (NYSE:CEQP) (“Crestwood Equity” or
“Crestwood”) reported today its financial and operating results for the
three months ended September 30, 2015.
Third Quarter 2015 Highlights1
-
Third quarter 2015 adjusted EBITDA of $133.5 million, a 4% increase
over $128.9 million in the third quarter 2014; First nine months 2015
adjusted EBITDA of $408.5 million, a 12% increase over $363.2 million
in the first nine months 2014
-
Net loss of $623.4 million, compared to net income of $11.9 million in
the third quarter 2014. Net loss for the third quarter 2015 includes
non-cash charges for goodwill impairments of $609.9 million. These
goodwill impairments were largely attributed to discount rate
increases resulting from continued commodity price volatility and
Crestwood’s current unit price
-
Distributable cash flow of $91.6 million, compared to $96.0 million in
third quarter 2014, resulting in a third quarter 2015 cash
distribution coverage ratio of 0.97x; trailing twelve months cash
distribution ratio of 1.02x
-
Closed the merger between Crestwood Equity and Crestwood Midstream
Partners LP (“CMLP” or “Crestwood Midstream”), with CMLP’s unitholders
receiving 2.75 Crestwood Equity units for each CMLP unit owned
-
Closed an amended and restated $1.5 billion Crestwood Midstream
revolving credit facility; $717 million outstanding at September 30,
2015
-
Declared third quarter cash distribution of $0.1375 per common unit,
or $0.55 per common unit on an annualized basis, payable on November
13, 2015 to unitholders of record as of November 6, 2015
Recent Announcements
-
Exclusive negotiations with First Reserve to form a joint venture with
initial combined equity capital commitments of $500 million to pursue
growth opportunities in the Delaware Permian Basin, including the
multi-product gathering system and Delta crude pipeline system
described below
-
Exclusive negotiations with a large producer in the Delaware Permian
Basin to anchor a 3-stream gathering system consisting of
approximately 600 miles of pipelines and spanning an area exceeding
400,000 acres
-
Non-binding open season soliciting shipper support for the Delta crude
pipeline system, a 164-mile crude and condensate pipeline header
system near Orla, TX, expected to be operational by second quarter 2017
-
1-for-10 reverse stock split, effective after market close on November
23, 2015
“In a challenging market, Crestwood demonstrated another quarter of
solid execution by generating strong cash flows, closing our
simplification merger, and remaining on-track to achieve our 2015
guidance targets,” stated Robert G. Phillips, Chairman, President and
Chief Executive Officer of Crestwood’s general partner. “We continue to
put Crestwood in better position to compete for new business and our
core assets continue to demonstrate stable performance in the face of
commodity price volatility due to our largely fixed-fee contract
portfolio. I am very pleased with our operations teams who delivered
another quarter of low cost and safe operations while providing
best-in-class customer service across Crestwood’s diverse midstream
platform.”
Mr. Phillips added, “We are also excited about working with First
Reserve, our general partner, to pursue new growth opportunities in the
Delaware Permian Basin which is one of the most active oil and gas
development area in the country by rig count. The pace of supply
development, our current asset footprint, identified growth projects and
Crestwood’s experience with 3-stream gathering systems, oil terminals
and oil pipelines in the Bakken, are the drivers for the Delaware
Permian basin to become an important addition to our asset portfolio and
a significant cash flow contributor to Crestwood by the second half of
2017. First Reserve’s commitment to provide significant upfront capital
for these new growth opportunities further demonstrates its support for
Crestwood and its strategic plan.”
Simplification Merger Closed
On September 30, 2015, Crestwood Equity closed its merger with CMLP,
which resulted in CMLP becoming a wholly-owned subsidiary of Crestwood
Equity and ceasing to be a publicly-traded partnership. Beyond
simplifying Crestwood’s partnership structure and reducing its
public-company costs, the elimination of CMLP’s incentive distribution
rights is expected to improve Crestwood’s capital structure and improve
its competitive position in the industry. CMLP unitholders became
unitholders of Crestwood Equity in a tax free exchange, with CMLP’s
unitholders receiving 2.75 units of Crestwood Equity for each CMLP unit
held at the completion of the merger. Crestwood Equity also contributed
its remaining operating assets (consisting of its NGL supply, logistics,
storage and transportation assets) to CMLP contemporaneously with the
closing of the transaction.
Third Quarter 2015 Segment Results
In conjunction with closing of the simplification merger, Crestwood’s
business and financial segments were modified to reflect the following
reporting segments: (i) Gathering and Processing (G&P), which includes
our natural gas, crude oil and water G&P operations; (ii) Storage and
Transportation, which includes our natural gas and crude oil storage and
transportation operations; and (iii) Marketing, Supply and Logistics
(formerly NGL and crude services operations), which includes our NGL
supply and logistics business, crude oil transportation fleet, and salt
production business. As a result of these modifications, the operating
and financial results of our Arrow operations are now reflected in the
gathering and processing operations and the COLT Hub and Douglas
Terminal operations are now reflected in the storage and transportation
operations. All historical operational statistics and financial results
prior to the closing of the simplification merger have been adjusted
according to these segment modifications for period over period
comparisons.
Gathering and Processing segment EBITDA totaled $64.5 million in the
third quarter 2015, exclusive of non-cash goodwill impairments noted
below, compared to $64.6 million in the third quarter 2014. During the
third quarter 2015, average natural gas gathering volumes were 1,087
million cubic feet per day (“MMcf/d”), crude oil gathering volumes were
70 MBbls/d, processing volumes were 227 MMcf/d and compression volumes
were 538 MMcf/d. Highlights during the quarter included increased
gathering volumes and a 39% year-over-year reduction of operating
expenses on the Arrow Bakken system, improved volumes and operating
performance at the Bucking Horse PRB Niobrara processing plant, and
higher volumes and improved operating performance at the Willow Lake
processing plant in the Delaware Permian basin. Segment performance was
impacted by lower gathering volumes in the southwest Marcellus and
Barnett regions due to lower natural gas prices, downstream constraints
and natural production declines.
Storage and Transportation segment EBITDA totaled $49.0 million in the
third quarter 2015, exclusive of non-cash goodwill impairments noted
below, compared to $48.7 million in the third quarter 2014. During the
third quarter 2015 and 2014, natural gas storage and transportation
volumes averaged 1.9 Bcf/d. The COLT Hub contributed EBITDA of $17.3
million, a 12% increase from $15.5 million in the third quarter 2014,
primarily as a result of higher take-or-pay revenues at the facility.
Marketing, Supply and Logistics segment EBITDA totaled $27.3 million in
the third quarter 2015, exclusive of non-cash goodwill impairments noted
below and non-cash fair value adjustments on commodity inventory-based
derivative contracts, compared to $24.1 million in the third quarter
2014. Segment EBITDA increased during the quarter due to a meaningful
outperformance in Crestwood’s NGL wholesale marketing and NGL storage
and terminal business which took advantage of Crestwood’s strong NGL
supply position in the Marcellus/Utica region to market, transport and
store NGLs for our customers in the Northeast US.
Excluding significant costs and non-cash unit-based compensation
charges, combined operations and maintenance and general and
administrative expenses in the third quarter 2015 were reduced by 7%, or
$4.6 million, compared to the third quarter 2014. Crestwood continues to
outperform its targeted $15 million of cost savings in 2015 and run-rate
savings of $25 million to $30 million per year.
Business Update and Outlook
Bakken Arrow Gathering System
In the third quarter 2015, Crestwood connected 20 wells to the Arrow
gathering system, resulting in average gathering volumes of 70 MBbls/d
of crude, 43 MMcf/d of gas and 27 MBbls/d of water, compared to average
gathering volumes of 65 MBbls/d of crude, 40 MMcf/d of gas and 20
MBbls/d of water in the third quarter 2014. Recently, crude oil
production on the Arrow system achieved a new record of approximately 80
MBbls/d and producers are still on-track to complete approximately 75
wells in 2015. Also during the quarter, one of our producers extended
its gathering agreement, committed to additional drilling and minimum
volume commitments and received an incentive gathering rate on volumes
produced during 2016-2018. The new agreement anchors an expansion of the
Arrow system to be completed by June 2016.
Bakken COLT Hub
During the third quarter 2015, average COLT Hub rail loading volumes
were 117 MBbls/d and COLT Connector pipeline volumes were 35 MBbls/d,
compared to 117 MBbls/d and 36 MBbls/d, respectively, in the third
quarter 2014. Facility utilization by COLT’s customers remained strong
year-over-year despite challenging market conditions including lower
North Dakota oil production and narrower spreads between WTI, ANS and
Brent crudes. Third quarter 2015 crude-by-rail (CBR) volumes across the
Bakken were approximately 459,000 Bbls/d (or 47% of total Bakken oil
transportation) and the COLT Hub continued to be the leading Bakken CBR
facility by volume. During the third quarter 2015, COLT’s contracted
take-or-pay rail loading volumes were 149.3 MBbls/d and are expected to
be 144.9 MBbls/d in the fourth quarter 2015. We remain in active
discussions with existing and new customers at the COLT Hub for crude
storage, rail loading and pipeline services and do not have any updates
on re-contracting efforts at this time.
Southwest Marcellus Gathering and Compression
System
In the third quarter 2015, average gathering and compression volumes on
the system were 522 MMcf/d and 538 MMcf/d, respectively, compared to
average gathering and compression volumes of 645 MMcf/d and 590 MMcf/d,
respectively, in the third quarter of 2014. Gathering volumes in the
third quarter 2015 were negatively impacted by approximately 30 MMcf/d
due to downstream pipeline and processing plant curtailments.
Additionally, Dominion South index pricing averaged $1.22 per MMBtu in
the third quarter 2015 which triggered incentive rate relief to Antero
Resources (“Antero”) on another 162 MMcf/d. The combination of
curtailments and rate relief led to approximately $2.7 million lower
operating margin for Crestwood during the third quarter 2015. Offsetting
these unusual events, Crestwood reduced third quarter 2015 operating
expenses by 9% and 36% from the second quarter 2015 and fourth quarter
2014, respectively.
Based on industry reports, Momentum’s Stonewall pipeline, anchored by
Antero, will be completed in the fourth quarter 2015 and should
positively impact available downstream transportation capacity and
improve regional natural gas pricing for gas Antero produces on the
Crestwood system. Crestwood’s incentive rate agreement with Antero
expires when the Stonewall pipeline is placed in service. While Antero
does not currently have an active drilling rig on Crestwood’s system, we
continue to expect that Antero will complete the 22 drilled but
uncompleted wells on pads previously connected to the Crestwood system
in the Greenbriar area during 2016.
Marcellus Northeast Storage & Transportation
Crestwood’s Northeast systems transported and stored 1.6 Bcf/d during
the third quarter 2015, compared to 1.8 Bcf/d in the third quarter 2014.
Crestwood’s Northeast natural gas storage facilities are currently 99%
subscribed through 2015. As previously disclosed, Crestwood signed
agreements with two producer shippers 120 MMcf/d of long-term firm
transportation capacity on the MARC I pipeline to an expanded delivery
point with Transco. Crestwood is expected to bring the project into
service in the coming weeks. The $6.5 million expansion project will
result in increased firm service revenue of approximately $6.3 million
per year.
Barnett Gathering and Processing
During the third quarter 2015, Barnett area gathering volumes were
approximately 318 MMcf/d, compared to 419 MMcf/d in the third quarter
2014. The decrease was due to natural production decline and shut-ins
following Quicksilver Resources’ March 2015 bankruptcy proceedings.
Barnett operating expenses in the third quarter 2015 decreased by 18%,
compared to the third quarter 2014, and by 5% compared to the second
quarter 2015.
Quicksilver continues to work with its creditors through the Chapter 11
process and is scheduled to receive bids for a sale of the assets on
November 30, 2015. Crestwood continues to provide services to
Quicksilver in accordance with its original contracts and is receiving
monthly payments in a timely manner.
Delaware Permian Expansion Opportunities
During the third quarter 2015, volumes at the Willow Lake processing
plant, located in Eddy County, New Mexico, reached facility capacity of
20 MMcf/d due to Wolfcamp wells completed and connected to Crestwood’s
system in 2015. Based on growing activity from our customers, including
Cimarex, Concho, Occidental, Mewbourne, Matador, and Nadel & Gussman,
Crestwood is expanding the Willow Lake plant to 50 MMcf/d with a
targeted in-service date of first quarter 2016. Additionally, Crestwood
is continuing to advance discussions with customers on the 120 MMcf/d
Delaware Ranch plant to support increasing activity in southern Eddy
County, New Mexico.
Crestwood is in exclusive negotiations with a large producer to anchor a
3-stream gathering system spanning portions of Reeves, Loving, and
Culberson counties, Texas. As currently designed, the condensate,
natural gas and produced water gathering system would consist of
approximately 600 miles of pipelines and span an area exceeding 400,000
acres.
Additionally, Crestwood is conducting a non-binding open season to
solicit shipper support for the Delaware Takeaway crude pipeline system
(“Delta”), an approximately 164 mile crude and condensate pipeline
header system originating at a new Crestwood terminal to be built near
Orla, located in Reeves County, Texas. Subject to sufficient shipper
interest and other factors, Delta is expected to be operational in the
second quarter of 2017.
Capitalization and Liquidity Update
As of September 30, 2015, Crestwood had approximately $2.5 billion of
debt outstanding, composed primarily of $1.8 billion of fixed-rate
senior notes and $717 million outstanding under its $1.5 billion
revolving credit facility. In conjunction with the simplification
merger, Crestwood upsized its revolving credit facility from $1.0
billion to $1.5 billion and extended its term through September 2020.
Crestwood also amended certain terms of the revolving credit facility,
such as increasing its total leverage ratio covenant from 5.00x to 5.50x
and adding a senior secured leverage ratio of 3.75x, among other
adjustments, that provide Crestwood greater flexibility to execute its
business plan.
As of November 3, 2015, Crestwood had 59.3 million preferred units
outstanding which pay a quarterly distribution of 9.25% payable in cash
or through the issuance of additional preferred units. On November 13,
2015, holders of the preferred units will receive 1.4 million additional
preferred units related to the third quarter 2015 distribution declared.
First Reserve Joint Venture
In connection with Crestwood’s Delaware Permian Basin expansion
opportunities, First Reserve and Crestwood are in exclusive negotiations
to form a development joint venture dedicated to support growing
producer demand for midstream infrastructure in the basin. Under the
terms of the joint venture, First Reserve and Crestwood will initially
commit combined equity capital of $500 million, which will be available
to the joint venture for financing identified greenfield development and
acquisition opportunities in an area of mutual interest spanning Reeves,
Culberson and Loving counties, TX. Under the terms of the joint venture,
which will be owned 50% by Crestwood and 50% by First Reserve, First
Reserve will fund 100% of the initial capital requirements to the joint
venture during the early-stage build-out of the systems, after which
Crestwood will fund 100% of capital requirements for a period of time to
achieve the 50/50 ownership structure. The closing of the joint venture
is subject to final execution of definitive documentation, customary
closing conditions, including approvals from First Reserve’s Investment
Committee and Crestwood’s Board of Directors and Special Committee.
Reverse Unit Split
On October 22, 2015, Crestwood announced a 1-for-10 split on its common
units, effective after market close on November 23, 2015. Units will
begin trading on a split-adjusted basis on November 24, 2015. Pursuant
to the reverse split, common unitholders will receive one common unit
for every 10 common units owned. All fractional units created by the
reverse unit split will be rounded to the nearest whole unit.
Crestwood’s common unit count will be reduced from approximately 685.5
million outstanding to approximately 68.5 million outstanding.
Goodwill Impairments
Generally Accepted Accounting Principles (“GAAP”) required us to record
the assets and goodwill in our storage and transportation segment and
marketing, supply and logistics segment at fair value when the assets
were acquired in 2013, and further require subsequent analysis to assess
the recoverability of assigned values, including goodwill. As a result
of this analysis, Crestwood recorded preliminary goodwill impairments of
$609.9 million, primarily related to its COLT Hub and trucking assets,
during the third quarter 2015. These impairments primarily resulted from
increasing the discount rate utilized in determining the fair value of
these assets when taking into consideration continued commodity price
weakness and its impact on the midstream industry and Crestwood’s
customers in these areas.
Upcoming Conference Participation
Robert G. Phillips, Chairman, President and Chief Executive Officer,
will present at the Jefferies 2015 Energy Conference at approximately
11:00 a.m. Central Time (12:00 p.m. Eastern Time) on Wednesday, November
11, 2015 in Houston, TX. To listen to the audio webcast and view the
accompanying presentation materials, please visit the Investor Relations
section of Crestwood’s website at www.crestwoodlp.com
or by accessing the following link http://wsw.com/webcast/jeff91/ceqp.
A replay will be archived on Crestwood’s website shortly after the
presentation concludes.
Crestwood management will also participate in the 2015 RBC Capital
Markets MLP Conference on November 18-19, 2015 in Dallas, TX and the
Wells Fargo 14th Annual Energy Symposium on December 8-9, 2015 in New
York, NY.
Earnings Conference Call Schedule
Management will host a conference call for investors and analysts of
Crestwood today at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) which
will be broadcast live over the Internet. Investors may participate in
the call either by phone or audio webcast.
By Phone:
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Dial 201-689-8037 or 877-407-8037 at least 10 minutes before the
call and ask for the Crestwood Earnings Call. A replay will be
available for 7 days by dialing 877-660-6853 or 201-612-7415 and
using the access code 13623252#.
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By Webcast:
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Connect to the webcast via the “Presentations” page of Crestwood’s
Investor Relations website at www.crestwoodlp.com.
Please log in at least 10 minutes in advance to register and
download any necessary software. A replay will be available
shortly after the call for 90 days.
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Non-GAAP Financial Measures
Adjusted EBITDA and adjusted distributable cash flow are non-GAAP
financial measures. The accompanying schedules of this news release
provide reconciliations of these non-GAAP financial measures to their
most directly comparable financial measures calculated and presented in
accordance with GAAP. Our non-GAAP financial measures should not be
considered as alternatives to GAAP measures such as net income or
operating income or any other GAAP measure of liquidity or financial
performance.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995 and Section
21E of the Securities and Exchange Act of 1934. The words “expects,”
“believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and
similar expressions identify forward-looking statements, which are
generally not historical in nature. Forward-looking statements are
subject to risks and uncertainties and are based on the beliefs and
assumptions of management, based on information currently available to
them. Although Crestwood believes that these forward-looking statements
are based on reasonable assumptions, it can give no assurance that any
such forward-looking statements will materialize. Important factors that
could cause actual results to differ materially from those expressed in
or implied from these forward-looking statements include the risks and
uncertainties described in Crestwood’s reports filed with the Securities
and Exchange Commission, including its Annual Report on Form 10-K and
its subsequent reports, which are available through the SEC’s EDGAR
system at www.sec.gov
and on our website. Readers are cautioned not to place undue reliance on
forward-looking statements, which reflect management’s view only as of
the date made, and Crestwood assumes no obligation to update these
forward-looking statements.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE:CEQP) is a
master limited partnership that owns and operates midstream businesses
in multiple unconventional shale resource plays across the United
States. Crestwood Equity is engaged in the gathering, processing,
treating, compression, storage and transportation of natural gas;
storage, transportation, terminalling, and marketing of NGLs; and
gathering, storage, terminalling and marketing of crude oil.
1 Please see non-GAAP reconciliation table included at the
end of the press release.
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CRESTWOOD EQUITY PARTNERS LP
|
Consolidated Statements of Operations
|
(in millions, except unit and per unit data)
|
(unaudited)
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues:
|
|
|
|
|
|
|
|
|
Gathering and processing
|
|
$
|
354.7
|
|
|
$
|
617.0
|
|
|
$
|
1,049.7
|
|
|
$
|
1,668.2
|
|
Storage and transportation
|
|
65.0
|
|
|
65.8
|
|
|
201.1
|
|
|
197.6
|
|
Marketing, supply and logistics
|
|
210.1
|
|
|
352.6
|
|
|
749.9
|
|
|
1,065.9
|
|
Related party
|
|
0.9
|
|
|
0.8
|
|
|
3.0
|
|
|
2.4
|
|
Total revenues
|
|
630.7
|
|
|
1,036.2
|
|
|
2,003.7
|
|
|
2,934.1
|
|
|
|
|
|
|
|
|
|
|
Costs of product/services sold:
|
|
|
|
|
|
|
|
|
Gathering and processing
|
|
275.6
|
|
|
542.7
|
|
|
819.4
|
|
|
1,408.8
|
|
Storage and transportation
|
|
5.2
|
|
|
9.7
|
|
|
15.8
|
|
|
27.9
|
|
Marketing, supply and logistics
|
|
161.2
|
|
|
279.6
|
|
|
580.0
|
|
|
908.1
|
|
Related party
|
|
7.2
|
|
|
11.3
|
|
|
23.2
|
|
|
32.1
|
|
Total cost of products/services sold
|
|
449.2
|
|
|
843.3
|
|
|
1,438.4
|
|
|
2,376.9
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Operations and maintenance
|
|
49.3
|
|
|
55.9
|
|
|
143.8
|
|
|
148.7
|
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General and administrative
|
|
32.8
|
|
|
21.4
|
|
|
90.9
|
|
|
73.4
|
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Depreciation, amortization and accretion
|
|
75.5
|
|
|
71.7
|
|
|
224.5
|
|
|
209.2
|
|
|
|
157.6
|
|
|
149.0
|
|
|
459.2
|
|
|
431.3
|
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Other operating income (expense):
|
|
|
|
|
|
|
|
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Gain (loss) on long-lived assets, net
|
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(2.3
|
)
|
|
(0.9
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)
|
|
(3.9
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)
|
|
0.8
|
|
Goodwill impairment
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(609.9
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)
|
|
—
|
|
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(890.9
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)
|
|
—
|
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Loss on contingent consideration
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8.6
|
)
|
Operating income
|
|
(588.3
|
)
|
|
43.0
|
|
|
(788.7
|
)
|
|
118.1
|
|
Earnings (loss) from unconsolidated affiliates, net
|
|
2.8
|
|
|
0.3
|
|
|
11.2
|
|
|
(1.3
|
)
|
Interest and debt expense, net
|
|
(35.7
|
)
|
|
(31.5
|
)
|
|
(104.7
|
)
|
|
(95.8
|
)
|
Loss on modification/extinguishment of debt
|
|
(2.7
|
)
|
|
—
|
|
|
(19.8
|
)
|
|
—
|
|
Other income, net
|
|
0.2
|
|
|
0.2
|
|
|
0.5
|
|
|
0.4
|
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Income (loss) before income taxes
|
|
(623.7
|
)
|
|
12.0
|
|
|
(901.5
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)
|
|
21.4
|
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Provision (benefit) for income taxes
|
|
(0.3
|
)
|
|
0.1
|
|
|
(0.2
|
)
|
|
1.1
|
|
Net income (loss)
|
|
(623.4
|
)
|
|
11.9
|
|
|
(901.3
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)
|
|
20.3
|
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Net (income) loss attributable to non-controlling partners
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|
396.5
|
|
|
(9.1
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)
|
|
642.7
|
|
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(2.3
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)
|
Net income (loss) attributable to Crestwood Equity Partners LP
|
|
$
|
(226.9
|
)
|
|
$
|
2.8
|
|
|
$
|
(258.6
|
)
|
|
$
|
18.0
|
|
|
|
|
|
|
|
|
|
|
Subordinated unitholders' interest in net income (loss)
|
|
$
|
(5.4
|
)
|
|
$
|
—
|
|
|
$
|
(6.1
|
)
|
|
$
|
0.4
|
|
Common unitholders' interest in net income (loss)
|
|
$
|
(221.5
|
)
|
|
$
|
2.8
|
|
|
$
|
(252.5
|
)
|
|
$
|
17.6
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per limited partner unit:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(1.18
|
)
|
|
$
|
0.02
|
|
|
$
|
(1.37
|
)
|
|
$
|
0.10
|
|
Diluted
|
|
$
|
(1.18
|
)
|
|
$
|
0.02
|
|
|
$
|
(1.37
|
)
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
Weighted-average limited partners’ units outstanding (in thousands):
|
|
|
|
|
Basic
|
|
188,337
|
|
|
182,014
|
|
|
184,679
|
|
|
182,005
|
|
Dilutive units
|
|
4,388
|
|
|
4,388
|
|
|
4,388
|
|
|
4,388
|
|
Diluted
|
|
192,725
|
|
|
186,402
|
|
|
189,067
|
|
|
186,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CRESTWOOD EQUITY PARTNERS LP
|
Selected Balance Sheet Data
|
(in millions)
|
|
|
|
September 30,
|
|
December 31,
|
|
|
2015
|
|
2014
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Cash
|
|
$
|
9.0
|
|
|
$
|
8.8
|
|
|
|
|
|
Outstanding debt:
|
|
|
|
|
Crestwood Equity Partners LP (a)
|
|
|
|
|
Revolving Credit Facility
|
|
$
|
—
|
|
|
$
|
369.0
|
Senior Notes
|
|
10.0
|
|
|
11.4
|
Other
|
|
0.3
|
|
|
2.6
|
Subtotal
|
|
$
|
10.3
|
|
|
$
|
383.0
|
|
|
|
|
|
Crestwood Midstream Partners LP (b)
|
|
|
|
|
Revolving Credit Facility
|
|
$
|
716.7
|
|
|
$
|
555.0
|
Senior Notes
|
|
1,800.0
|
|
|
1,450.0
|
Other
|
|
8.8
|
|
|
8.5
|
Subtotal
|
|
$
|
2,525.5
|
|
|
$
|
2,013.5
|
|
|
|
|
|
Total debt
|
|
$
|
2,535.8
|
|
|
$
|
2,396.5
|
|
|
|
|
|
Total partners' capital
|
|
$
|
4,444.6
|
|
|
$
|
5,584.5
|
|
|
|
|
|
Crestwood Equity Partners LP partners'
capital
|
|
|
|
|
Common units outstanding
|
|
685.4
|
|
|
186.4
|
|
|
|
|
|
|
(a)
|
|
Crestwood Midstream and its subsidiaries do not provide credit
support or guarantee any amounts outstanding under CEQP’s credit
facility or senior notes.
|
(b)
|
|
CEQP and its subsidiaries do not provide credit support or guarantee
any amounts outstanding under the credit facility or senior notes of
Crestwood Midstream.
|
|
CRESTWOOD EQUITY PARTNERS LP
|
Reconciliation of Non-GAAP Financial Measures
|
(in millions)
|
(unaudited)
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
EBITDA
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(623.4
|
)
|
|
$
|
11.9
|
|
|
$
|
(901.3
|
)
|
|
$
|
20.3
|
|
Interest and debt expense, net
|
|
35.7
|
|
|
31.5
|
|
|
104.7
|
|
|
95.8
|
|
Loss on modification/extinguishment of debt
|
|
2.7
|
|
|
—
|
|
|
19.8
|
|
|
—
|
|
Provision for income taxes
|
|
(0.3
|
)
|
|
0.1
|
|
|
(0.2
|
)
|
|
1.1
|
|
Depreciation, amortization and accretion
|
|
75.5
|
|
|
71.7
|
|
|
224.5
|
|
|
209.2
|
|
EBITDA (a)
|
|
$
|
(509.8
|
)
|
|
$
|
115.2
|
|
|
$
|
(552.5
|
)
|
|
$
|
326.4
|
|
Significant items impacting EBITDA:
|
|
|
|
|
|
|
|
|
Unit-based compensation charges
|
|
3.9
|
|
|
4.8
|
|
|
15.6
|
|
|
16.4
|
|
(Gain) loss on long-lived assets, net
|
|
2.3
|
|
|
0.9
|
|
|
3.9
|
|
|
(0.8
|
)
|
Goodwill impairment
|
|
609.9
|
|
|
—
|
|
|
890.9
|
|
|
—
|
|
Loss on contingent consideration
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.6
|
|
(Earnings) loss from unconsolidated affiliates, net
|
|
(2.8
|
)
|
|
(0.3
|
)
|
|
(11.2
|
)
|
|
1.3
|
|
Adjusted EBITDA from unconsolidated affiliates, net
|
|
6.2
|
|
|
1.9
|
|
|
18.4
|
|
|
4.0
|
|
Change in fair value of commodity inventory-related derivative
contracts
|
|
8.1
|
|
|
1.0
|
|
|
10.7
|
|
|
(6.8
|
)
|
Significant transaction and environmental related costs and other
items
|
|
15.7
|
|
|
5.4
|
|
|
32.7
|
|
|
14.1
|
|
Adjusted EBITDA (a)
|
|
$
|
133.5
|
|
|
$
|
128.9
|
|
|
$
|
408.5
|
|
|
$
|
363.2
|
|
|
|
|
|
|
|
|
|
|
Distributable Cash Flow
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (a)
|
|
$
|
133.5
|
|
|
$
|
128.9
|
|
|
$
|
408.5
|
|
|
$
|
363.2
|
|
Cash interest expense (b)
|
|
(33.7
|
)
|
|
(30.3
|
)
|
|
(98.8
|
)
|
|
(91.9
|
)
|
Maintenance capital expenditures (c)
|
|
(4.1
|
)
|
|
(4.8
|
)
|
|
(13.4
|
)
|
|
(16.7
|
)
|
(Provision) benefit for income taxes
|
|
0.3
|
|
|
(0.1
|
)
|
|
0.2
|
|
|
(1.1
|
)
|
Deficiency payments
|
|
(0.6
|
)
|
|
2.3
|
|
|
4.5
|
|
|
7.2
|
|
Distributable cash flow attributable to CEQP
|
|
95.4
|
|
|
96.0
|
|
|
301.0
|
|
|
260.7
|
|
Distributions to Niobrara Preferred
|
|
(3.8
|
)
|
|
—
|
|
|
(11.4
|
)
|
|
—
|
|
Distributable cash flow attributable to CEQP common (d)
|
|
$
|
91.6
|
|
|
$
|
96.0
|
|
|
$
|
289.6
|
|
|
$
|
260.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
EBITDA is defined as income before income taxes, plus debt-related
costs (net interest and debt expense and loss on
modification/extinguishment of debt) and depreciation, amortization
and accretion expense. In addition, Adjusted EBITDA considers the
adjusted earnings impact of our unconsolidated affiliates by
adjusting our equity earnings or losses from our unconsolidated
affiliates for our proportionate share of their depreciation and
interest. Adjusted EBITA also considers the impact of certain
significant items, such as unit-based compensation charges, gains
and impairments of long-lived assets and goodwill, gains and losses
on acquisition-related contingencies, third party costs incurred
related to potential and completed acquisitions, certain
environmental remediation costs, certain costs related to our 2015
cost savings initiatives, the change in fair value of commodity
inventory-related derivative contracts, and other transactions
identified in a specific reporting period. The change in fair value
of commodity inventory-related derivative contracts is considered in
determining Adjusted EBITDA given that the timing of recognizing
gains and losses on these derivative contracts differs from the
recognition of revenue for the related underlying sale of inventory
that these derivatives relate to. Changes in the fair value of other
derivative contracts is not considered in determining Adjusted
EBITDA given the relatively short-term nature of those derivative
contracts. EBITDA and Adjusted EBITDA are not measures calculated in
accordance with GAAP, as they do not include deductions for items
such as depreciation, amortization and accretion, interest and
income taxes, which are necessary to maintain our business. EBITDA
and Adjusted EBITDA should not be considered an alternative to net
income, operating cash flow or any other measure of financial
performance presented in accordance with GAAP. EBITDA and Adjusted
EBITDA calculations may vary among entities, so our computation may
not be comparable to measures used by other companies.
|
(b)
|
|
Cash interest expense less amortization of deferred financing costs
plus bond premium amortization plus or minus fair value adjustment
of interest rate swaps.
|
(c)
|
|
Maintenance capital expenditures are defined as those capital
expenditures which do not increase operating capacity or revenues
from existing levels.
|
(d)
|
|
Distributable cash flow is defined as Adjusted EBITDA, less cash
interest expense, maintenance capital expenditures, income taxes,
and deficiency payments (primarily related to deferred revenue).
Distributable cash flow should not be considered an alternative to
cash flows from operating activities or any other measure of
financial performance calculated in accordance with generally
accepted accounting principles as those items are used to measure
operating performance, liquidity, or the ability to service debt
obligations. We believe that distributable cash flow provides
additional information for evaluating our ability to declare and pay
distributions to unitholders. Distributable cash flow, as we define
it, may not be comparable to distributable cash flow or similarly
titled measures used by other corporations and partnerships.
|
|
CRESTWOOD EQUITY PARTNERS LP
|
Reconciliation of Non-GAAP Financial Measures
|
(in millions)
|
(unaudited)
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
EBITDA
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
90.5
|
|
|
$
|
47.6
|
|
|
$
|
301.6
|
|
|
$
|
174.8
|
|
Net changes in operating assets and liabilities
|
|
(17.6
|
)
|
|
42.2
|
|
|
(45.6
|
)
|
|
79.6
|
|
Amortization of debt-related deferred costs, discounts and premiums
|
|
(2.2
|
)
|
|
(2.0
|
)
|
|
(6.6
|
)
|
|
(5.9
|
)
|
Interest and debt expense, net
|
|
35.7
|
|
|
31.5
|
|
|
104.7
|
|
|
95.8
|
|
Market adjustment on interest rate swap
|
|
—
|
|
|
0.8
|
|
|
0.5
|
|
|
2.0
|
|
Unit-based compensation charges
|
|
(3.9
|
)
|
|
(4.8
|
)
|
|
(15.6
|
)
|
|
(16.4
|
)
|
Gain (loss) on long-lived assets, net
|
|
(2.3
|
)
|
|
(0.9
|
)
|
|
(3.9
|
)
|
|
0.8
|
|
Goodwill impairment
|
|
(609.9
|
)
|
|
—
|
|
|
(890.9
|
)
|
|
—
|
|
Loss on contingent consideration
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8.6
|
)
|
Earnings (loss) from unconsolidated affiliates, net, adjusted for
cash distributions
|
|
(0.5
|
)
|
|
0.3
|
|
|
1.6
|
|
|
(1.3
|
)
|
Deferred income taxes
|
|
0.9
|
|
|
0.4
|
|
|
2.5
|
|
|
4.5
|
|
Provision (benefit) for income taxes
|
|
(0.3
|
)
|
|
0.1
|
|
|
(0.2
|
)
|
|
1.1
|
|
Other non-cash income
|
|
(0.2
|
)
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
EBITDA (a)
|
|
$
|
(509.8
|
)
|
|
$
|
115.2
|
|
|
$
|
(552.5
|
)
|
|
$
|
326.4
|
|
Unit-based compensation charges
|
|
3.9
|
|
|
4.8
|
|
|
15.6
|
|
|
16.4
|
|
(Gain) loss on long-lived assets, net
|
|
2.3
|
|
|
0.9
|
|
|
3.9
|
|
|
(0.8
|
)
|
Goodwill impairment
|
|
609.9
|
|
|
—
|
|
|
890.9
|
|
|
—
|
|
Loss on contingent consideration
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.6
|
|
(Earnings) loss from unconsolidated affiliates, net
|
|
(2.8
|
)
|
|
(0.3
|
)
|
|
(11.2
|
)
|
|
1.3
|
|
Adjusted EBITDA from unconsolidated affiliates, net
|
|
6.2
|
|
|
1.9
|
|
|
18.4
|
|
|
4.0
|
|
Change in fair value of commodity inventory-related derivative
contracts
|
|
8.1
|
|
|
1.0
|
|
|
10.7
|
|
|
(6.8
|
)
|
Significant transaction and environmental related costs and other
items
|
|
15.7
|
|
|
5.4
|
|
|
32.7
|
|
|
14.1
|
|
Adjusted EBITDA (a)
|
|
$
|
133.5
|
|
|
$
|
128.9
|
|
|
$
|
408.5
|
|
|
$
|
363.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
EBITDA is defined as income before income taxes, plus debt-related
costs (net interest and debt expense and loss on
modification/extinguishment of debt) and depreciation, amortization
and accretion expense. In addition, Adjusted EBITDA considers the
adjusted earnings impact of our unconsolidated affiliates by
adjusting our equity earnings or losses from our unconsolidated
affiliates for our proportionate share of their depreciation and
interest. Adjusted EBITDA also considers the impact of certain
significant items, such as unit-based compensation charges, gains
and impairments of long-lived assets and goodwill, gains and losses
on acquisition-related contingencies, third party costs incurred
related to potential and completed acquisitions, certain
environmental remediation costs, certain costs related to our 2015
cost savings initiatives, the change in fair value of commodity
inventory-related derivative contracts, and other transactions
identified in a specific reporting period. The change in fair value
of commodity inventory-related derivative contracts is considered in
determining Adjusted EBITDA given that the timing of recognizing
gains and losses on these derivative contracts differs from the
recognition of revenue for the related underlying sale of inventory
that these derivatives relate to. Changes in the fair value of other
derivative contracts is not considered in determining Adjusted
EBITDA given the relatively short-term nature of those derivative
contracts. EBITDA and Adjusted EBITDA are not measures calculated in
accordance with GAAP, as they do not include deductions for items
such as depreciation, amortization and accretion, interest and
income taxes, which are necessary to maintain our business. EBITDA
and Adjusted EBITDA should not be considered an alternative to net
income, operating cash flow or any other measure of financial
performance presented in accordance with GAAP. EBITDA and Adjusted
EBITDA calculations may vary among entities, so our computation may
not be comparable to measures used by other companies.
|
|
CRESTWOOD EQUITY PARTNERS LP
|
Segment Data
|
(in millions)
|
(unaudited)
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Gathering and Processing
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
366.2
|
|
|
$
|
648.7
|
|
|
$
|
1,107.2
|
|
|
$
|
1,701.4
|
|
Costs of product/services sold
|
|
282.8
|
|
|
554.0
|
|
|
842.6
|
|
|
1,440.9
|
|
Operations and maintenance expense
|
|
20.6
|
|
|
29.6
|
|
|
67.0
|
|
|
74.5
|
|
Gain (loss) on long-lived assets, net
|
|
(0.3
|
)
|
|
(0.9
|
)
|
|
(1.2
|
)
|
|
0.1
|
|
Goodwill impairment
|
|
(39.1
|
)
|
|
—
|
|
|
(259.8
|
)
|
|
—
|
|
Loss on contingent consideration
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8.6
|
)
|
Earnings (loss) from unconsolidated affiliate
|
|
2.0
|
|
|
0.4
|
|
|
5.6
|
|
|
0.1
|
|
EBITDA
|
|
$
|
25.4
|
|
|
$
|
64.6
|
|
|
$
|
(57.8
|
)
|
|
$
|
177.6
|
|
|
|
|
|
|
|
|
|
|
Storage and Transportation
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
65.0
|
|
|
$
|
65.8
|
|
|
$
|
201.1
|
|
|
$
|
197.6
|
|
Costs of product/services sold
|
|
5.2
|
|
|
9.7
|
|
|
15.8
|
|
|
27.9
|
|
Operations and maintenance expense
|
|
10.7
|
|
|
7.3
|
|
|
23.0
|
|
|
22.2
|
|
Gain (loss) on long-lived assets
|
|
(0.9
|
)
|
|
—
|
|
|
(1.6
|
)
|
|
0.6
|
|
Goodwill impairment
|
|
(348.0
|
)
|
|
—
|
|
|
(348.0
|
)
|
|
—
|
|
Earnings (loss) from unconsolidated affiliates
|
|
0.8
|
|
|
(0.1
|
)
|
|
5.6
|
|
|
(1.4
|
)
|
EBITDA
|
|
$
|
(299.0
|
)
|
|
$
|
48.7
|
|
|
$
|
(181.7
|
)
|
|
$
|
146.7
|
|
|
|
|
|
|
|
|
|
|
Marketing, Supply and Logistics
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
210.1
|
|
|
$
|
352.5
|
|
|
$
|
749.9
|
|
|
$
|
1,065.9
|
|
Costs of product/services sold
|
|
171.8
|
|
|
310.4
|
|
|
634.5
|
|
|
938.9
|
|
Operations and maintenance expense
|
|
18.0
|
|
|
19.0
|
|
|
53.8
|
|
|
52.0
|
|
Gain (loss) on long-lived assets
|
|
(1.1
|
)
|
|
—
|
|
|
(1.1
|
)
|
|
0.1
|
|
Goodwill impairment
|
|
(222.8
|
)
|
|
—
|
|
|
(283.1
|
)
|
|
—
|
|
EBITDA
|
|
$
|
(203.6
|
)
|
|
$
|
23.1
|
|
|
$
|
(222.6
|
)
|
|
$
|
75.1
|
|
|
|
|
|
|
|
|
|
|
Total Segment EBITDA
|
|
$
|
(477.2
|
)
|
|
$
|
136.4
|
|
|
$
|
(462.1
|
)
|
|
$
|
399.4
|
|
Corporate
|
|
(32.6
|
)
|
|
(21.2
|
)
|
|
(90.4
|
)
|
|
(73.0
|
)
|
EBITDA
|
|
$
|
(509.8
|
)
|
|
$
|
115.2
|
|
|
$
|
(552.5
|
)
|
|
$
|
326.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CRESTWOOD EQUITY PARTNERS LP
|
Operating Statistics
|
(unaudited)
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Gathering and Processing (MMcf/d)
|
|
|
|
|
|
|
|
|
Arrow
|
|
42.9
|
|
|
39.9
|
|
|
42.8
|
|
|
29.7
|
|
Marcellus
|
|
522.2
|
|
|
645.3
|
|
|
589.9
|
|
|
587.4
|
|
Barnett rich
|
|
121.1
|
|
|
169.0
|
|
|
132.5
|
|
|
172.7
|
|
Barnett dry
|
|
196.9
|
|
|
249.9
|
|
|
219.6
|
|
|
242.4
|
|
Fayetteville
|
|
70.0
|
|
|
92.2
|
|
|
74.6
|
|
|
102.3
|
|
PRB Niobrara - Jackalope Gas Gathering (a)
|
|
82.4
|
|
|
60.2
|
|
|
80.2
|
|
|
52.5
|
|
Other
|
|
51.6
|
|
|
44.7
|
|
|
49.4
|
|
|
44.5
|
|
Total gathering volumes
|
|
1,087.1
|
|
|
1,301.2
|
|
|
1,189.0
|
|
|
1,231.5
|
|
Processing volumes
|
|
226.6
|
|
|
191.4
|
|
|
215.1
|
|
|
190.6
|
|
Compression volumes
|
|
538.0
|
|
|
590.0
|
|
|
619.1
|
|
|
503.4
|
|
Arrow Midstream
|
|
|
|
|
|
|
|
|
Crude oil (MBbls/d)
|
|
69.5
|
|
|
65.4
|
|
|
64.3
|
|
|
55.1
|
|
Water (MBbls/d)
|
|
27.2
|
|
|
20.2
|
|
|
25.8
|
|
|
17.2
|
|
|
|
|
|
|
|
|
|
|
Storage and Transportation
|
|
|
|
|
|
|
|
|
Northeast Storage
|
|
|
|
|
|
|
|
|
Storage capacity, 100% firm contracted (Bcf)
|
|
34.4
|
|
|
34.8
|
|
|
34.5
|
|
|
34.8
|
|
Firm storage services (MMcf/d)
|
|
313.8
|
|
|
489.1
|
|
|
356.4
|
|
|
483.0
|
|
Interruptible storage services (MMcf/d)
|
|
68.9
|
|
|
22.2
|
|
|
89.2
|
|
|
37.4
|
|
Northeast Transportation - firm contracted capacity (MMcf/d)
|
|
1,252.0
|
|
|
955.0
|
|
|
1,220.6
|
|
|
928.4
|
|
% of operational capacity contracted
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Firm services (MMcf/d)
|
|
1,110.1
|
|
|
1,105.8
|
|
|
1,087.2
|
|
|
1,023.7
|
|
Interruptible services (MMcf/d)
|
|
137.3
|
|
|
168.0
|
|
|
128.9
|
|
|
263.8
|
|
Gulf Coast Storage - firm contracted capacity (Bcf) (b)
|
|
26.6
|
|
|
7.8
|
|
|
25.6
|
|
|
10.7
|
|
% of operational capacity contracted
|
|
69
|
%
|
|
20
|
%
|
|
66
|
%
|
|
28
|
%
|
Firm storage services (MMcf/d) (b)
|
|
161.4
|
|
|
74.9
|
|
|
149.5
|
|
|
96.1
|
|
Interruptible services (MMcf/d) (b)
|
|
147.3
|
|
|
69.2
|
|
|
129.2
|
|
|
53.5
|
|
COLT Hub
|
|
|
|
|
|
|
|
|
Rail loading (MBbls/d)
|
|
117.4
|
|
|
117.2
|
|
|
120.7
|
|
|
108.9
|
|
Connector pipeline (MBbls/d) (c)
|
|
6.9
|
|
|
7.9
|
|
|
5.7
|
|
|
7.8
|
|
|
|
|
|
|
|
|
|
|
Marketing, Supply and Logistics
|
|
|
|
|
|
|
|
|
Crude barrels trucked (MBbls/d)
|
|
24.4
|
|
|
27.4
|
|
|
26.8
|
|
|
17.4
|
|
NGL Operations
|
|
|
|
|
|
|
|
|
Storage capacity, 100% contracted (MBbls)
|
|
1,700.0
|
|
|
1,500.0
|
|
|
1,700.0
|
|
|
1,500.0
|
|
Supply & Logistics volumes sold (MBbls/d)
|
|
95.9
|
|
|
60.6
|
|
|
100.1
|
|
|
74.3
|
|
West Coast volumes sold or processed (MBbls/d)
|
|
23.2
|
|
|
48.4
|
|
|
27.4
|
|
|
44.3
|
|
NGL volumes trucked (MBbls/d)
|
|
58.4
|
|
|
72.7
|
|
|
63.6
|
|
|
78.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Represents 50% owned joint venture, operational data reported is at
100%.
|
(b)
|
|
In December 2014, we sold our 100% interest in Tres Palacios Gas
Storage LLC, to a joint venture formed by Crestwood Midstream (owns
a 50.01% interest) and Brookfield Infrastructure Group (owns a
49.99% interest), operational data reported is at 100%.
|
(c)
|
|
Represents only throughput leaving the terminal. Total connector
pipeline throughput, including receivables was 34.7 MBbls/d and 32.2
MBbls/d for the three and nine months ended September 30, 2015 and
36.3 MBbls/d and 30.0 MBbls/d for the three and nine months ended
September 30, 2014.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151103005631/en/
Source: Crestwood Equity Partners LP