Cost Reduction Efforts Drive Quarterly Results; Merger with Crestwood Midstream On-Track
HOUSTON--(BUSINESS WIRE)--Aug. 5, 2015--
Crestwood Equity Partners LP (NYSE:CEQP) (“Crestwood Equity” or “CEQP”)
reported today its financial results for the three months ended June 30,
2015. Crestwood Equity owns the general partner of Crestwood Midstream
Partners LP (NYSE:CMLP) (“Crestwood Midstream” or “CMLP”).
Additionally, in a separate press release issued today, Crestwood
Midstream reported stand-alone financial and operating results. Except
for the Natural Gas Liquids (NGL) supply and logistics business, the
operations reflected in the consolidated results reported herein are
owned by Crestwood Midstream.
Second Quarter 2015 Highlights1
-
Consolidated Adjusted EBITDA of $133.1 million; a 13% increase over
$117.7 million in second quarter 2014
-
Crestwood Midstream’s operations contributed Adjusted EBITDA of
$125.4 million; a 14% increase over $109.7 million in the second
quarter 2014
-
Crestwood Equity’s NGL supply and logistics business contributed
Adjusted EBITDA of $7.7 million, compared to $8.0 million in the
second quarter 2014
-
Net loss of $296.0 million, compared to a net loss of $4.8 million in
the second quarter 2014. Net loss for the second quarter 2015 includes
non-cash goodwill impairments of $281.0 million. These goodwill
impairments were largely attributed to discount rate increases
resulting from continued commodity price volatility and the recent
performance of CEQP’s and CMLP’s unit prices
-
Reduced consolidated adjusted operating and administrative costs by
$19.5 million in the second quarter 2015 compared to the fourth
quarter of 2014 when Crestwood implemented its cost reduction
initiative; on-track to exceed more than the previously guided cost
savings of $15 million in 2015 and run-rate savings of $25-$30 million
per year2
-
Combined cost savings efforts year-to-date, recent internal
reorganization and simplification merger positions the post-merger
Crestwood to deliver on its 2015 consolidated guidance range of
Adjusted EBITDA of $540 million to $575 million; Expected pro forma
post-merger distribution coverage ratio of 1.05x for 2015
-
Distributable Cash Flow totaled $15.8 million in the second quarter
2015, a 18% increase compared to $13.4 million in the second quarter
2014
-
Declared second quarter cash distribution of $0.1375 per common unit,
or $0.55 per common unit on an annualized basis, payable on August 14,
2015, to unitholders of record as of August 7, 2015
“Despite the disappointing performance we have experienced in both CEQP
and CMLP unit prices since the announcement of our simplification
merger, the fundamentals of our business remains solid and the
consolidated Crestwood entity delivered another strong quarter of
results showing the benefit of our diversified midstream portfolio,
largely fee based business model and focused cost reduction efforts,”
stated Robert G. Phillips, Chairman, President and Chief Executive
Officer of Crestwood’s general partner. “As most midstream companies are
facing lower volumes, decreased margins and slower project growth due to
volatile commodity prices and uncertain customer development plans,
Crestwood proved again in the second quarter that our partnerships are
well positioned to compete in this environment. The simplification
merger, which we expect to complete in the third quarter, will only
improve our ability through larger scale, lower operating costs and
ultimately, a lower cost of capital to invest when project development
opportunities return to previous levels.”
“With respect to CEQP’s NGL supply and logistics business, the second
quarter 2015 results were typical of a shoulder quarter for NGL supply
and demand. Demand for services were lower than expected due to demand
disruptions experienced during the second quarter 2015 as a result of
force majeure events and labor strikes experienced by West Coast
refinery customers, but these decreases were offset by higher
performance from the NGL supply and terminals business. Looking forward,
significant NGL supply growth and lower crude oil prices have pushed NGL
prices lower, creating an opportunity for our NGL business to begin
buying seasonal storage inventory at favorable prices which should
translate into better margins during the winter peak demand season in
the fourth quarter 2015 and first quarter 2016,” added Phillips.
Simplification Merger Update
On May 5, 2015, Crestwood Equity and Crestwood Midstream entered into a
definitive agreement to merge the two partnerships and simplify
Crestwood’s corporate structure into a single publicly traded
partnership. Under the terms of the merger agreement, a newly formed
subsidiary of Crestwood Equity will merge with and into Crestwood
Midstream, with Crestwood Midstream surviving the merger. As part of the
merger consideration, Crestwood Midstream common unitholders will become
unitholders of Crestwood Equity in a tax free exchange, with Crestwood
Midstream common unitholders receiving 2.75 common units of Crestwood
Equity for each common unit held at the completion of the merger.
Following the completion of the merger, Crestwood Midstream common units
will cease to be listed on the NYSE and its incentive distribution
rights will be eliminated. Crestwood Midstream expects to complete the
merger in the third quarter of 2015, subject to approval by its
unitholders.
Michael France, Managing Director of First Reserve, the general partner
of Crestwood Holdings commented, “As a long time unitholder in the
Crestwood partnerships, First Reserve recognizes the significant
improvement in bottom line results in the second quarter 2015 as a
result of management’s continued focus on operating efficiency and cost
reductions. This type of execution is particularly important during the
period of commodity price uncertainty being experienced by the industry.
Over the long term, we believe the simplification merger is the right
next step for the partnership as it positions Crestwood to be more
competitive for growth opportunities. We continue to support this
strategy and look forward to completing the merger in the third quarter
of 2015 and continuing to find avenues to support the Crestwood platform
into the future.”
Consolidated Second Quarter 2015 Segment Results
Gathering and Processing segment EBITDA totaled $48.5 million in the
second quarter 2015, exclusive of non-cash goodwill impairments noted
below, a 9% increase, compared to $44.5 million in the second quarter
2014. During the second quarter 2015, average natural gas gathering
volumes were 1,155 million cubic feet per day (“MMcf/d”), a 5% decrease
from the second quarter 2014, processing volumes increased 13% to 216
MMcf/d and compression volumes increased 34% over the second quarter
2014 to 629 MMcf/d. Segment EBITDA was positively impacted by a 3%
year-over-year decrease in operating expenses and higher Marcellus
Antero and PRB Niobrara contributions attributable to significant
capital expansion projects completed in 2014, offset by a lower Barnett
contribution.
Storage and Transportation segment EBITDA totaled $37.1 million in the
second quarter 2015, compared to $34.9 million in the second quarter
2014. Segment volumes averaged 2,187 MMcf/d in the second quarter 2015,
a 14% increase over the second quarter 2014, due primarily to Northeast
pipeline expansion projects completed in the fourth quarter 2014 and a
full-quarter contribution from the Tres Palacios joint venture. Segment
EBITDA increased 6% year-over-year but declined 3% from the first
quarter 2015 as a result of lower revenues from interruptible services
driven by Crestwood’s shift toward firm contracts in the last twelve
months. Crestwood’s Stagecoach natural gas storage facility and MARC I /
North South pipelines, located in the dry gas region of the Marcellus,
continue to be key contributors to segment EBITDA.
NGL and Crude Services segment EBITDA totaled $56.9 million in the
second quarter 2015, exclusive of a non-cash goodwill impairment noted
below, a 30% increase, compared to $43.8 million in the second quarter
2014. CMLP contributed segment EBITDA of $49.0 million in the second
quarter 2015, a 41% increase, compared to $34.7 million in the second
quarter 2014. CMLP segment growth was driven primarily by increased
volumes on the Arrow gathering system and facility expansions supported
by take-or-pay contracts at the COLT Hub. In the second quarter 2015,
Arrow and COLT Hub contributed EBITDA of $20.1 million and $21.0
million, respectively, compared to $13.6 million and $14.8 million,
respectively, in the second quarter 2014. Arrow system crude, gas and
water volumes increased 2%, 41% and 33%, respectively, from the second
quarter 2014. COLT Hub rail loadings were up 10% from the second quarter
2014.
CEQP’s standalone NGL supply and logistics assets contributed $7.7
million of Adjusted EBITDA in the second quarter 2015, compared to $8.0
million in the second quarter 2014. Second quarter 2015 segment EBITDA
was slightly below second quarter 2014 primarily due to force majeure
events with West Coast refining customers offset by higher performance
from the NGL supply and terminals business.
In the second quarter 2015, Crestwood reduced consolidated operating and
administrative costs (excluding significant costs and unit-based
compensation) by $19.5 million from the fourth quarter 2014 when the
cost reduction initiative began. When combined with cost savings
achieved in the first quarter 2015, Crestwood on a consolidated basis
will capture over $20 million in cost savings in 2015, exceeding its
previously stated goal of $15 million, and on-track to achieve expected
run-rate annual cost savings of $25 million to $30 million thereafter.
Capitalization and Liquidity Update
As of June 30, 2015, debt outstanding was primarily composed of $1.8
billion of fixed-rate senior notes issued by Crestwood Midstream, $355
million outstanding under Crestwood Midstream’s revolving credit
facility and $341 million outstanding under Crestwood Equity’s revolving
credit facility. In conjunction with the simplification merger,
Crestwood Equity intends to repay and retire its revolving credit
facility and Crestwood Midstream intends to amend and upsize its
revolving credit facility to fund the combined operations with $1.5
billion of revolver borrowing capacity. In July 2015, Crestwood
Midstream received final lender commitments for the $1.5 billion credit
facility, and subject to customary closing conditions, the facility will
close concurrent with the closing of the simplification merger.
Goodwill Impairments
Generally Accepted Accounting Principles (“GAAP”) require that assets be
recorded at fair value at the time assets are acquired and further
require subsequent analysis to assess the recoverability of assigned
values, including goodwill. As a result of this analysis, Crestwood
recorded goodwill impairments of $8.3 million, $28.4 million, $31.9
million and $212.4 million related to its Fayetteville, West Coast,
Watkins Glen and Barnett assets, respectively, during the second quarter
2015. These impairments primarily resulted from increasing the discount
rate utilized in determining the fair value of these assets when
considering the continued decrease in commodity prices and its impact on
the midstream industry and Crestwood’s customers in these areas. The
impairment of Barnett goodwill was also largely attributable to
Quicksilver’s filing for bankruptcy protection in March 2015.
Upcoming Conference Participation
Robert G. Phillips, Chairman, President and Chief Executive Officer,
will present at the EnerCom Oil & Gas Conference at approximately 3:10
p.m. Mountain Time (4:10 p.m. Central Time) on Monday, August 17, 2015
in Denver, CO. 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://www.oilandgas360.com/togc-webcast/ceqp/.
A replay will be archived on Crestwood’s website shortly after the
presentation concludes.
Crestwood management will also participate in the Citi 1x1 MLP Midstream
Infrastructure Conference on August 19-20, 2015 in Las Vegas, NV. No
webcast is available for this conference.
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 13615241#.
|
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 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
The statements in this news release regarding future events,
occurrences, circumstances, activities, performance, outcomes and
results are forward-looking statements. Although these statements
reflect the current views, assumptions and expectations of Crestwood’s
management, the matters addressed herein are subject to numerous risks
and uncertainties which could cause actual activities, performance,
outcomes and results to differ materially from those indicated. Such
forward-looking statements include, but are not limited to, statements
about the future financial and operating results, objectives,
expectations and intentions and other statements that are not historical
facts. Factors that could result in such differences or otherwise
materially affect Crestwood’s financial condition, results of operations
and cash flows include, without limitation, the possibility that
expected synergies will not be realized, or will not be realized within
the expected timeframe; fluctuations in crude oil, natural gas and NGL
prices; the extent and success of drilling efforts, as well as the
extent and quality of natural gas and crude oil volumes produced within
proximity of Crestwood assets; failure or delays by customers in
achieving expected production in their oil and gas projects; competitive
conditions in the industry and their impact on our ability to connect
supplies to Crestwood gathering, processing and transportation assets or
systems; actions or inactions taken or non-performance by third parties,
including suppliers, contractors, operators, processors, transporters
and customers; the ability of Crestwood to consummate acquisitions,
successfully integrate the acquired businesses, realize any cost savings
and other synergies from any acquisition; changes in the availability
and cost of capital; operating hazards, natural disasters,
weather-related delays, casualty losses and other matters beyond
Crestwood’s control; timely receipt of necessary government approvals
and permits, the ability of Crestwood to control the costs of
construction, including costs of materials, labor and right-of-way and
other factors that may impact Crestwood’s ability to complete projects
within budget and on schedule; the effects of existing and future laws
and governmental regulations, including environmental and climate change
requirements; the effects of existing and future litigation; and risks
related to the substantial indebtedness, of either company, as well as
other factors disclosed in Crestwood Equity’s and Crestwood Midstream’s
filings with the U.S. Securities and Exchange Commission. You should
read filings made by Crestwood with the U.S. Securities and Exchange
Commission, including Annual Reports on Form 10-K and the most recent
Quarterly Reports and Current Reports for a more extensive list of
factors that could affect results. Readers are cautioned not to place
undue reliance on forward-looking statements, which reflect management’s
view only as of the date made. Crestwood does not assume any obligation
to update these forward-looking statements.
Additional Information and Where to Find It
This news release contains information about the proposed merger
involving Crestwood Equity and Crestwood Midstream. In connection with
the proposed merger, Crestwood Equity has filed with the SEC a
registration statement on Form S-4 that includes a proxy
statement/prospectus for the unitholders of Crestwood Midstream.
Crestwood Midstream will mail the final proxy statement/prospectus to
its unitholders. INVESTORS AND UNITHOLDERS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED
WITH THE SEC CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT
CRESTWOOD EQUITY, CRESTWOOD MIDSTREAM, THE PROPOSED MERGER AND RELATED
MATTERS. Investors and unitholders may obtain free copies of the proxy
statement/prospectus and other documents filed with the SEC by Crestwood
through the website maintained by the SEC at www.sec.gov.
In addition, investors and unitholders may obtain free copies of
documents filed by Crestwood with the SEC from Crestwood’s website, www.crestwoodlp.com.
Participants in the Solicitation
Crestwood Equity, Crestwood Midstream, and their respective general
partner’s directors and executive officers may be deemed to be
participants in the solicitation of proxies from the unitholders of
Crestwood Midstream in respect of the proposed merger transaction.
Information regarding the persons who may, under the rules of the SEC,
be deemed participants in the solicitation of the unitholders of
Crestwood Midstream in connection with the proposed transaction,
including a description of their direct or indirect interests, by
security holdings or otherwise, is set forth in the proxy
statement/prospectus filed with the SEC. Information regarding Crestwood
Midstream’s directors and executive officers is contained in Crestwood
Midstream’s Annual Report on Form 10-K for the year ended December 31,
2014, which was filed with the SEC on March 2, 2015, and any subsequent
statements of changes in beneficial ownership filed with the SEC.
Information regarding Crestwood Equity’s directors and executive
officers is contained in Crestwood Equity’s Annual Report on Form 10-K
for the year ended December 31, 2014, which was filed with the SEC on
March 2, 2015, and any subsequent statements of changes in beneficial
ownership filed with the SEC. Free copies of these documents may be
obtained from the sources described above.
About Crestwood Midstream Partners LP
Houston, Texas, based Crestwood Midstream (NYSE: CMLP) is a master
limited partnership that owns and operates midstream businesses in
multiple unconventional shale resource plays acrthe United States.
Crestwood Midstream is engaged in the gathering, processing, treating,
compression, storage and transportation of natural gas; storage,
transportation and terminalling of NGLs; and gathering, storage,
terminalling and marketing of crude oil.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity (NYSE: CEQP) is a master limited
partnership that owns the general partner interest, the incentive
distribution rights and an approximate 4% limited partner interest of
Crestwood Midstream. In addition, Crestwood Equity operates an NGL
supply and logistics business that serves customers in the United States
and Canada.
1 Please see non-GAAP reconciliation table included at the
end of the press release.
2 Adjusted operating and administrative costs is defined as
operating and maintenance expense and general and administrative
expense, excluding significant costs and non-cash unit-based
compensation charges.
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CRESTWOOD EQUITY PARTNERS LP
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Consolidated Statements of Operations
|
(in millions, except unit and per unit data)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Ended
|
|
|
June 30,
|
|
June 30,
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Gathering and processing
|
|
$
|
73.3
|
|
|
$
|
82.7
|
|
|
$
|
150.6
|
|
|
$
|
161.3
|
|
|
$
|
77.3
|
|
Storage and transportation
|
|
44.0
|
|
|
47.8
|
|
|
89.7
|
|
|
98.8
|
|
|
45.7
|
|
NGL and crude services
|
|
523.1
|
|
|
795.1
|
|
|
1,130.6
|
|
|
1,636.2
|
|
|
607.5
|
|
Related party
|
|
1.1
|
|
|
0.7
|
|
|
2.1
|
|
|
1.6
|
|
|
1.0
|
|
|
|
641.5
|
|
|
926.3
|
|
|
1,373.0
|
|
|
1,897.9
|
|
|
731.5
|
|
Costs of product/services sold:
|
|
|
|
|
|
|
|
|
|
|
Gathering and processing
|
|
5.6
|
|
|
7.8
|
|
|
10.0
|
|
|
15.5
|
|
|
4.4
|
|
Storage and transportation
|
|
3.4
|
|
|
7.2
|
|
|
6.7
|
|
|
14.0
|
|
|
3.3
|
|
NGL and crude services
|
|
442.8
|
|
|
722.8
|
|
|
956.5
|
|
|
1,483.3
|
|
|
513.7
|
|
Related party
|
|
7.7
|
|
|
9.8
|
|
|
16.0
|
|
|
20.8
|
|
|
8.3
|
|
|
|
459.5
|
|
|
747.6
|
|
|
989.2
|
|
|
1,533.6
|
|
|
529.7
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Operations and maintenance
|
|
43.9
|
|
|
48.7
|
|
|
94.5
|
|
|
92.8
|
|
|
50.6
|
|
General and administrative
|
|
30.6
|
|
|
24.1
|
|
|
58.1
|
|
|
52.0
|
|
|
27.5
|
|
Depreciation, amortization and accretion
|
|
74.8
|
|
|
71.2
|
|
|
149.0
|
|
|
137.5
|
|
|
74.2
|
|
|
|
149.3
|
|
|
144.0
|
|
|
301.6
|
|
|
282.3
|
|
|
152.3
|
|
Other operating income (expense):
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on long-lived assets, net
|
|
(0.6
|
)
|
|
1.2
|
|
|
(1.6
|
)
|
|
1.7
|
|
|
(1.0
|
)
|
Goodwill impairment
|
|
(281.0
|
)
|
|
—
|
|
|
(281.0
|
)
|
|
—
|
|
|
—
|
|
Loss on contingent consideration
|
|
—
|
|
|
(6.5
|
)
|
|
—
|
|
|
(8.6
|
)
|
|
—
|
|
Operating income
|
|
(248.9
|
)
|
|
29.4
|
|
|
(200.4
|
)
|
|
75.1
|
|
|
48.5
|
|
Earnings (loss) from unconsolidated affiliates, net
|
|
5.0
|
|
|
(1.5
|
)
|
|
8.4
|
|
|
(1.6
|
)
|
|
3.4
|
|
Interest and debt expense, net
|
|
(35.4
|
)
|
|
(32.6
|
)
|
|
(69.0
|
)
|
|
(64.3
|
)
|
|
(33.6
|
)
|
Loss on modification/extinguishment of debt
|
|
(17.1
|
)
|
|
—
|
|
|
(17.1
|
)
|
|
—
|
|
|
—
|
|
Other income, net
|
|
0.1
|
|
|
0.1
|
|
|
0.3
|
|
|
0.2
|
|
|
0.2
|
|
Income (loss) before income taxes
|
|
(296.3
|
)
|
|
(4.6
|
)
|
|
(277.8
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)
|
|
9.4
|
|
|
18.5
|
|
Provision for income taxes
|
|
(0.3
|
)
|
|
0.2
|
|
|
0.1
|
|
|
1.0
|
|
|
0.4
|
|
Net income (loss)
|
|
(296.0
|
)
|
|
(4.8
|
)
|
|
(277.9
|
)
|
|
8.4
|
|
|
18.1
|
|
Net (income) loss attributable to non-controlling partners
|
|
256.0
|
|
|
0.4
|
|
|
246.2
|
|
|
6.8
|
|
|
(9.8
|
)
|
Net income (loss) attributable to Crestwood Equity Partners LP
|
|
$
|
(40.0
|
)
|
|
$
|
(4.4
|
)
|
|
$
|
(31.7
|
)
|
|
$
|
15.2
|
|
|
$
|
8.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated unitholders' interest in net income (loss)
|
|
$
|
(0.9
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
0.4
|
|
|
$
|
0.2
|
|
Common unitholders' interest in net income (loss)
|
|
$
|
(39.1
|
)
|
|
$
|
(4.3
|
)
|
|
$
|
(31.0
|
)
|
|
$
|
14.8
|
|
|
$
|
8.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per limited partner unit:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.21
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
0.08
|
|
|
$
|
0.04
|
|
Diluted
|
|
$
|
(0.21
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
0.08
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average limited partners’ units outstanding (in thousands):
|
|
|
|
|
|
|
Basic
|
|
182,838
|
|
|
182,116
|
|
|
182,820
|
|
|
182,001
|
|
|
182,801
|
|
Dilutive units
|
|
4,388
|
|
|
4,388
|
|
|
4,388
|
|
|
4,388
|
|
|
4,388
|
|
Diluted
|
|
187,226
|
|
|
186,504
|
|
|
187,208
|
|
|
186,389
|
|
|
187,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CRESTWOOD EQUITY PARTNERS LP
|
Selected Balance Sheet Data
|
(in millions)
|
|
|
|
June 30,
|
|
December 31,
|
|
|
2015
|
|
2014
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Cash
|
|
$
|
1.3
|
|
|
$
|
8.8
|
|
|
|
|
|
Outstanding debt:
|
|
|
|
|
Crestwood Equity Partners LP (a)
|
|
|
|
|
Revolving Credit Facility
|
|
$
|
341.2
|
|
|
$
|
369.0
|
Senior Notes
|
|
10.6
|
|
|
11.4
|
Other
|
|
2.1
|
|
|
2.6
|
Subtotal
|
|
$
|
353.9
|
|
|
$
|
383.0
|
|
|
|
|
|
Crestwood Midstream Partners LP (b)
|
|
|
|
|
Revolving Credit Facility
|
|
$
|
358.3
|
|
|
$
|
555.0
|
Senior Notes
|
|
1,800.0
|
|
|
1,450.0
|
Other
|
|
7.2
|
|
|
8.5
|
Subtotal
|
|
$
|
2,165.5
|
|
|
$
|
2,013.5
|
|
|
|
|
|
Total debt
|
|
$
|
2,519.4
|
|
|
$
|
2,396.5
|
|
|
|
|
|
Total partners' capital
|
|
$
|
5,110.2
|
|
|
$
|
5,584.5
|
|
|
|
|
|
Crestwood Equity Partners LP partners'
capital
|
|
|
|
|
Common units outstanding
|
|
187.3
|
|
|
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
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Ended
|
|
|
June 30,
|
|
June 30,
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(296.0
|
)
|
|
$
|
(4.8
|
)
|
|
$
|
(277.9
|
)
|
|
$
|
8.4
|
|
|
$
|
18.1
|
|
Interest and debt expense, net
|
|
35.4
|
|
|
32.6
|
|
|
69.0
|
|
|
64.3
|
|
|
33.6
|
|
Loss on modification/extinguishment of debt
|
|
17.1
|
|
|
—
|
|
|
17.1
|
|
|
—
|
|
|
—
|
|
Provision for income taxes
|
|
(0.3
|
)
|
|
0.2
|
|
|
0.1
|
|
|
1.0
|
|
|
0.4
|
|
Depreciation, amortization and accretion
|
|
74.8
|
|
|
71.2
|
|
|
149.0
|
|
|
137.5
|
|
|
74.2
|
|
EBITDA (a)
|
|
$
|
(169.0
|
)
|
|
$
|
99.2
|
|
|
$
|
(42.7
|
)
|
|
$
|
211.2
|
|
|
$
|
126.3
|
|
Significant items impacting EBITDA:
|
|
|
|
|
|
|
|
|
|
|
Unit-based compensation charges
|
|
5.9
|
|
|
6.2
|
|
|
11.7
|
|
|
11.6
|
|
|
5.8
|
|
(Gain) loss on long-lived assets, net
|
|
0.6
|
|
|
(1.2
|
)
|
|
1.6
|
|
|
(1.7
|
)
|
|
1.0
|
|
Goodwill impairment
|
|
281.0
|
|
|
—
|
|
|
281.0
|
|
|
—
|
|
|
—
|
|
Loss on contingent consideration
|
|
—
|
|
|
6.5
|
|
|
—
|
|
|
8.6
|
|
|
—
|
|
(Earnings) loss from unconsolidated affiliates, net
|
|
(5.0
|
)
|
|
1.5
|
|
|
(8.4
|
)
|
|
1.6
|
|
|
(3.4
|
)
|
Adjusted EBITDA from unconsolidated affiliates, net
|
|
5.7
|
|
|
0.4
|
|
|
12.2
|
|
|
2.1
|
|
|
6.5
|
|
Change in fair value of commodity inventory-related derivative
contracts
|
|
1.5
|
|
|
2.9
|
|
|
2.6
|
|
|
(7.8
|
)
|
|
1.1
|
|
Significant transaction and environmental related costs and other
items
|
|
12.4
|
|
|
2.2
|
|
|
17.0
|
|
|
8.7
|
|
|
4.6
|
|
Adjusted EBITDA (a)
|
|
$
|
133.1
|
|
|
$
|
117.7
|
|
|
$
|
275.0
|
|
|
$
|
234.3
|
|
|
$
|
141.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable Cash Flow
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (a)
|
|
$
|
133.1
|
|
|
$
|
117.7
|
|
|
$
|
275.0
|
|
|
$
|
234.3
|
|
|
$
|
141.9
|
|
Cash interest expense (b)
|
|
(33.3
|
)
|
|
(31.2
|
)
|
|
(65.1
|
)
|
|
(61.6
|
)
|
|
(31.8
|
)
|
Maintenance capital expenditures (c)
|
|
(3.9
|
)
|
|
(5.5
|
)
|
|
(9.3
|
)
|
|
(11.9
|
)
|
|
(5.4
|
)
|
Provision for income taxes
|
|
0.3
|
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(1.0
|
)
|
|
(0.4
|
)
|
Deficiency payments
|
|
5.7
|
|
|
3.8
|
|
|
5.1
|
|
|
4.9
|
|
|
(0.6
|
)
|
Public Crestwood Midstream LP unitholders interest in CMLP
distributable cash flow (d)
|
|
(86.1
|
)
|
|
(71.2
|
)
|
|
(168.4
|
)
|
|
(131.6
|
)
|
|
(82.3
|
)
|
Distributable cash flow attributable to CEQP (e)
|
|
$
|
15.8
|
|
|
$
|
13.4
|
|
|
$
|
37.2
|
|
|
$
|
33.1
|
|
|
$
|
21.4
|
|
(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 and 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,
change in fair value of certain commodity derivative contracts,
certain costs related to our 2015 cost savings initiatives, and
other transactions identified in a specific reporting period. 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)
|
|
Crestwood Midstream distributable cash flow less incentive
distributions paid to the general partner and the public LP
ownership interest in Crestwood Midstream.
|
(e)
|
|
Distributable cash flow is defined as Adjusted EBITDA, less cash
interest expense, maintenance capital expenditures, income taxes,
deficiency payments (primarily related to deferred revenue), and
public Crestwood Midstream LP unitholders interest in CMLP
distributable cash flow. 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
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Ended
|
|
|
June 30,
|
|
June 30,
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
54.5
|
|
|
$
|
45.3
|
|
|
$
|
211.1
|
|
|
$
|
127.2
|
|
|
$
|
156.6
|
|
Net changes in operating assets and liabilities
|
|
31.6
|
|
|
35.0
|
|
|
(28.0
|
)
|
|
37.4
|
|
|
(59.6
|
)
|
Amortization of debt-related deferred costs, discounts and premiums
|
|
(2.3
|
)
|
|
(2.0
|
)
|
|
(4.4
|
)
|
|
(3.9
|
)
|
|
(2.1
|
)
|
Interest and debt expense, net
|
|
35.4
|
|
|
32.6
|
|
|
69.0
|
|
|
64.3
|
|
|
33.6
|
|
Market adjustment on interest rate swap
|
|
0.2
|
|
|
0.6
|
|
|
0.5
|
|
|
1.2
|
|
|
0.3
|
|
Unit-based compensation charges
|
|
(5.9
|
)
|
|
(6.2
|
)
|
|
(11.7
|
)
|
|
(11.6
|
)
|
|
(5.8
|
)
|
Gain (loss) on long-lived assets, net
|
|
(0.6
|
)
|
|
1.2
|
|
|
(1.6
|
)
|
|
1.7
|
|
|
(1.0
|
)
|
Goodwill impairment
|
|
(281.0
|
)
|
|
—
|
|
|
(281.0
|
)
|
|
—
|
|
|
—
|
|
Loss on contingent consideration
|
|
—
|
|
|
(6.5
|
)
|
|
—
|
|
|
(8.6
|
)
|
|
—
|
|
Earnings (loss) from unconsolidated affiliates, net, adjusted for
cash distributions
|
|
(1.3
|
)
|
|
(1.5
|
)
|
|
2.1
|
|
|
(1.6
|
)
|
|
3.4
|
|
Deferred income taxes
|
|
0.7
|
|
|
0.3
|
|
|
1.6
|
|
|
4.1
|
|
|
0.9
|
|
Provision for income taxes
|
|
(0.3
|
)
|
|
0.2
|
|
|
0.1
|
|
|
1.0
|
|
|
0.4
|
|
Other non-cash income
|
|
—
|
|
|
0.2
|
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
EBITDA (a)
|
|
$
|
(169.0
|
)
|
|
$
|
99.2
|
|
|
$
|
(42.7
|
)
|
|
$
|
211.2
|
|
|
$
|
126.3
|
|
Unit-based compensation charges
|
|
5.9
|
|
|
6.2
|
|
|
11.7
|
|
|
11.6
|
|
|
5.8
|
|
(Gain) loss on long-lived assets, net
|
|
0.6
|
|
|
(1.2
|
)
|
|
1.6
|
|
|
(1.7
|
)
|
|
1.0
|
|
Goodwill impairment
|
|
281.0
|
|
|
—
|
|
|
281.0
|
|
|
—
|
|
|
—
|
|
Loss on contingent consideration
|
|
—
|
|
|
6.5
|
|
|
—
|
|
|
8.6
|
|
|
—
|
|
(Earnings) loss from unconsolidated affiliates, net
|
|
(5.0
|
)
|
|
1.5
|
|
|
(8.4
|
)
|
|
1.6
|
|
|
(3.4
|
)
|
Adjusted EBITDA from unconsolidated affiliates, net
|
|
5.7
|
|
|
0.4
|
|
|
12.2
|
|
|
2.1
|
|
|
6.5
|
|
Change in fair value of commodity inventory-related derivative
contracts
|
|
1.5
|
|
|
2.9
|
|
|
2.6
|
|
|
(7.8
|
)
|
|
1.1
|
|
Significant transaction and environmental related costs and other
items
|
|
12.4
|
|
|
2.2
|
|
|
17.0
|
|
|
8.7
|
|
|
4.6
|
|
Adjusted EBITDA (a)
|
|
$
|
133.1
|
|
|
$
|
117.7
|
|
|
$
|
275.0
|
|
|
$
|
234.3
|
|
|
$
|
141.9
|
|
(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 and 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,
change in fair value of certain commodity derivative contracts,
certain costs related to our 2015 cost savings initiatives, and
other transactions identified in a specific reporting period. 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
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Ended
|
|
|
June 30,
|
|
June 30,
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
Gathering and Processing
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
75.0
|
|
|
$
|
83.4
|
|
|
$
|
153.5
|
|
|
$
|
162.9
|
|
|
$
|
78.5
|
|
Costs of product/services sold
|
|
13.3
|
|
|
17.6
|
|
|
26.0
|
|
|
36.3
|
|
|
12.7
|
|
Operations and maintenance expense
|
|
14.3
|
|
|
14.7
|
|
|
29.2
|
|
|
28.1
|
|
|
14.9
|
|
Gain (loss) on long-lived assets, net
|
|
—
|
|
|
0.5
|
|
|
(0.3
|
)
|
|
1.0
|
|
|
(0.3
|
)
|
Goodwill impairment
|
|
(220.7
|
)
|
|
—
|
|
|
(220.7
|
)
|
|
—
|
|
|
—
|
|
Loss on contingent consideration
|
|
—
|
|
|
(6.5
|
)
|
|
—
|
|
|
(8.6
|
)
|
|
—
|
|
Earnings (loss) from unconsolidated affiliate
|
|
1.1
|
|
|
(0.6
|
)
|
|
3.6
|
|
|
(0.3
|
)
|
|
2.5
|
|
EBITDA
|
|
$
|
(172.2
|
)
|
|
$
|
44.5
|
|
|
$
|
(119.1
|
)
|
|
$
|
90.6
|
|
|
$
|
53.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Storage and Transportation
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
44.0
|
|
|
$
|
47.8
|
|
|
$
|
89.7
|
|
|
$
|
98.8
|
|
|
$
|
45.7
|
|
Costs of product/services sold
|
|
3.4
|
|
|
7.2
|
|
|
6.7
|
|
|
14.0
|
|
|
3.3
|
|
Operations and maintenance expense
|
|
4.1
|
|
|
6.3
|
|
|
8.4
|
|
|
12.5
|
|
|
4.3
|
|
Gain (loss) on long-lived assets
|
|
—
|
|
|
0.6
|
|
|
(0.7
|
)
|
|
0.6
|
|
|
(0.7
|
)
|
Earnings from unconsolidated affiliate
|
|
$
|
0.6
|
|
|
$
|
—
|
|
|
1.5
|
|
|
—
|
|
|
0.9
|
|
EBITDA
|
|
$
|
37.1
|
|
|
$
|
34.9
|
|
|
$
|
75.4
|
|
|
$
|
72.9
|
|
|
$
|
38.3
|
|
|
|
|
|
|
|
|
|
|
|
|
NGL and Crude Services
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
523.1
|
|
|
$
|
795.1
|
|
|
$
|
1,130.6
|
|
|
$
|
1,636.2
|
|
|
$
|
607.5
|
|
Costs of product/services sold
|
|
443.4
|
|
|
722.8
|
|
|
957.3
|
|
|
1,483.3
|
|
|
513.9
|
|
Operations and maintenance expense
|
|
25.5
|
|
|
27.7
|
|
|
56.9
|
|
|
52.2
|
|
|
31.4
|
|
Gain (loss) on long-lived assets
|
|
(0.6
|
)
|
|
0.1
|
|
|
(0.6
|
)
|
|
0.1
|
|
|
—
|
|
Goodwill impairment
|
|
(60.3
|
)
|
|
—
|
|
|
(60.3
|
)
|
|
—
|
|
|
—
|
|
Earnings (loss) from unconsolidated affiliate
|
|
3.3
|
|
|
(0.9
|
)
|
|
3.3
|
|
|
(1.3
|
)
|
|
—
|
|
EBITDA
|
|
$
|
(3.4
|
)
|
|
$
|
43.8
|
|
|
$
|
58.8
|
|
|
$
|
99.5
|
|
|
$
|
62.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Segment EBITDA
|
|
$
|
(138.5
|
)
|
|
$
|
123.2
|
|
|
$
|
15.1
|
|
|
$
|
263.0
|
|
|
$
|
153.6
|
|
Corporate
|
|
(30.5
|
)
|
|
(24.0
|
)
|
|
(57.8
|
)
|
|
(51.8
|
)
|
|
(27.3
|
)
|
EBITDA
|
|
$
|
(169.0
|
)
|
|
$
|
99.2
|
|
|
$
|
(42.7
|
)
|
|
$
|
211.2
|
|
|
$
|
126.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CRESTWOOD EQUITY PARTNERS LP
|
Operating Statistics
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Ended
|
|
|
June 30,
|
|
June 30,
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
Gathering and Processing (MMcf/d)
|
|
|
|
|
|
|
|
|
|
|
Marcellus
|
|
596.4
|
|
|
584.7
|
|
|
624.4
|
|
|
558.0
|
|
|
652.7
|
|
Barnett rich
|
|
127.9
|
|
|
174.8
|
|
|
138.3
|
|
|
174.6
|
|
|
148.8
|
|
Barnett dry
|
|
226.0
|
|
|
264.1
|
|
|
231.1
|
|
|
238.5
|
|
|
236.3
|
|
Fayetteville
|
|
74.4
|
|
|
102.2
|
|
|
76.9
|
|
|
107.5
|
|
|
79.4
|
|
PRB Niobrara - Jackalope Gas Gathering (a)
|
|
80.6
|
|
|
44.2
|
|
|
79.1
|
|
|
48.5
|
|
|
77.5
|
|
Other
|
|
50.1
|
|
|
43.2
|
|
|
41.5
|
|
|
44.4
|
|
|
46.3
|
|
Total gathering volumes
|
|
1,155.4
|
|
|
1,213.2
|
|
|
1,191.3
|
|
|
1,171.5
|
|
|
1,241.0
|
|
Processing volumes
|
|
215.8
|
|
|
190.9
|
|
|
167.1
|
|
|
190.1
|
|
|
202.7
|
|
Compression volumes
|
|
629.3
|
|
|
470.5
|
|
|
660.4
|
|
|
459.3
|
|
|
691.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Storage and Transportation
|
|
|
|
|
|
|
|
|
|
|
Northeast Storage
|
|
|
|
|
|
|
|
|
|
|
Storage capacity, 100% firm contracted (Bcf)
|
|
34.2
|
|
|
34.8
|
|
|
34.5
|
|
|
34.8
|
|
|
34.8
|
|
Firm storage services (MMcf/d)
|
|
342.8
|
|
|
474.0
|
|
|
378.2
|
|
|
480.1
|
|
|
414.0
|
|
Interruptible storage services (MMcf/d)
|
|
76.5
|
|
|
23.1
|
|
|
99.6
|
|
|
45.0
|
|
|
122.9
|
|
Northeast Transportation - firm contracted capacity (MMcf/d)
|
|
1,140.8
|
|
|
955.0
|
|
|
1,121.4
|
|
|
915.0
|
|
|
1,102.0
|
|
% of operational capacity contracted
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Firm services (MMcf/d)
|
|
1,244.2
|
|
|
1,072.0
|
|
|
1,212.4
|
|
|
982.7
|
|
|
1,180.3
|
|
Interruptible services (MMcf/d)
|
|
179.4
|
|
|
237.7
|
|
|
178.3
|
|
|
311.7
|
|
|
177.4
|
|
Gulf Coast Storage - firm contracted capacity (Bcf) (b)
|
|
26.6
|
|
|
7.5
|
|
|
25.1
|
|
|
12.2
|
|
|
23.5
|
|
% of operational capacity contracted
|
|
69
|
%
|
|
20
|
%
|
|
65
|
%
|
|
32
|
%
|
|
61
|
%
|
Firm storage services (MMcf/d) (b)
|
|
175.1
|
|
|
47.1
|
|
|
143.5
|
|
|
106.7
|
|
|
111.5
|
|
Interruptible services (MMcf/d) (b)
|
|
169.2
|
|
|
66.9
|
|
|
119.8
|
|
|
45.6
|
|
|
69.9
|
|
|
|
|
|
|
|
|
|
|
|
|
NGL and Crude Services
|
|
|
|
|
|
|
|
|
|
|
Arrow Midstream
|
|
|
|
|
|
|
|
|
|
|
Crude oil (MBbls/d)
|
|
57.0
|
|
|
55.8
|
|
|
61.7
|
|
|
50.0
|
|
|
66.4
|
|
Natural gas (MMcf/d)
|
|
41.0
|
|
|
29.0
|
|
|
42.8
|
|
|
24.6
|
|
|
44.7
|
|
Water (MBbls/d)
|
|
25.2
|
|
|
19.0
|
|
|
25.1
|
|
|
15.7
|
|
|
25.1
|
|
COLT Hub
|
|
|
|
|
|
|
|
|
|
|
Rail loading (MBbls/d)
|
|
122.3
|
|
|
111.6
|
|
|
122.4
|
|
|
104.8
|
|
|
122.5
|
|
Connector pipeline (MBbls/d) (c)
|
|
6.1
|
|
|
9.1
|
|
|
5.0
|
|
|
7.8
|
|
|
4.0
|
|
Crude barrels trucked (MBbls/d)
|
|
25.9
|
|
|
24.1
|
|
|
28.0
|
|
|
22.2
|
|
|
30.0
|
|
Total Bakken crude barrels handled (MBbls/d)
|
|
211.3
|
|
|
200.6
|
|
|
217.1
|
|
|
184.8
|
|
|
222.9
|
|
Douglas terminal rail loading (MBbls/d) (a)
|
|
2.5
|
|
|
2.6
|
|
|
3.9
|
|
|
2.9
|
|
|
5.3
|
|
NGL Operations
|
|
|
|
|
|
|
|
|
|
|
Storage capacity, 100% contracted (MBbls)
|
|
1,700.0
|
|
|
1,500.0
|
|
|
1,700.0
|
|
|
1,500.0
|
|
|
1,700.0
|
|
Supply & Logistics volumes sold (MBbls/d)
|
|
86.3
|
|
|
59.4
|
|
|
102.3
|
|
|
81.1
|
|
|
118.4
|
|
West Coast volumes sold or processed (MBbls/d)
|
|
22.8
|
|
|
43.7
|
|
|
29.5
|
|
|
42.2
|
|
|
36.3
|
|
NGL volumes trucked (MBbls/d)
|
|
54.9
|
|
|
63.1
|
|
|
66.2
|
|
|
81.7
|
|
|
77.6
|
|
(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 28.3 MBbls/d and 30.9
MBbls/d for the three and six months ended June 30, 2015, 32.3
MBbls/d and 26.8 MBbls/d for the three and six months ended June 30,
2014, 33.5 MBbls/d for the three months ended March 31, 2015.
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150805005454/en/
Crestwood Equity Partners LP
Investor Contact
Josh
Wannarka, 713-380-3081
Vice President, Investor Relations
josh.wannarka@crestwoodlp.com