Record G&P volumes in selected basins across Crestwood’s portfolio:
total oil, gas and water gathering volumes up 58%, 10% and 38%,
respectively, compared to third quarter 2016 volumes
Solid progress on core growth strategy in Delaware Basin and Bakken
On-track to achieve increased FY 2017 Guidance
US Salt divestiture positions Crestwood to execute 2017 and 2018
capital expansion programs without accessing the equity capital markets
HOUSTON--(BUSINESS WIRE)--
Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) reported today
its financial and operating results for the three months ended September
30, 2017.
Third Quarter 2017 Highlights1
-
Third quarter 2017 net loss of $27.9 million, compared to net income
of $3.0 million in third quarter 2016
-
Third quarter 2017 Adjusted EBITDA of $96.3 million, compared to
$103.5 million in the third quarter 2016
-
Third quarter 2017 distributable cash flow of $50.3 million; The third
quarter 2017 coverage ratio was approximately 1.2x (the third quarter
2017 represents the first quarter of cash distribution payments to the
Class A preferred units)
-
Bakken Bear Den Pipeline completed in third quarter and Phase 1
processing plant in-service expected in November 2017
-
Completed Willow Lake Processing Plant expansion in September 2017 and
achieved record volumes in October 2017; Closed Shell Midstream joint
venture and commenced Phase 2 expansion of Delaware Basin Nautilus gas
gathering system
-
Declared third quarter 2017 cash distribution of $0.60 per common
unit, or $2.40 per common unit on an annualized basis, to be paid on
November 14, 2017 to unitholders of record as of November 7, 2017
Management Commentary
“Crestwood continued to deliver solid results, execute on long term
growth projects and maintain conservative financial discipline in the
third quarter 2017. Our balanced midstream portfolio produced Adjusted
EBITDA and distributable cash flow of $96.3 million and $50.3 million,
respectively, and targeted leverage and distribution coverage ratios of
4.1x and 1.2x, respectively, while paying full cash distributions to our
preferred unitholders for the first time,” stated Robert G. Phillips,
Chairman, President and Chief Executive Officer of Crestwood’s general
partner. “The distribution is well covered, allowing for meaningful
excess cash flow which we are reinvesting, and our leverage is
appropriate to support Crestwood’s 2017 and 2018 capital growth program.”
“Importantly, today we announced an agreement to divest US Salt, a
non-core business in Crestwood’s portfolio, for $225 million. The sales
price is materially accretive to Crestwood’s current business plan as we
expect to reinvest the proceeds into our high-growth core Bakken and
Delaware Basin footprints over the remainder of 2017 and full year 2018.”
Mr. Phillips, continued, “In the third quarter 2017, our gathering and
processing segment, highlighted by the significant Bakken Arrow
contribution, drove overall portfolio EBITDA growth, as other assets in
our portfolio continued to provide stable contributions in-line with our
expectations. As producers execute their planned fourth quarter drilling
and completion activities for our G&P segment, we remain well-positioned
to benefit from seasonal demand in our S&T and MS&L segments. As a
result, Crestwood remains on-track to achieve our increased 2017
Adjusted EBITDA guidance target of $380 million to $400 million.”
Mr. Phillips, concluded, “Our current capital program is focused on
expanding Crestwood’s infrastructure footprint in some of the most
active plays in North America and is now fully financed through the
divestiture of US Salt, strategic joint-ventures with Shell Midstream
and First Reserve, redeployment of excess cash flow from operations and
the responsible use of low-cost debt. We believe this strategy, of
focusing on expansions in the Bakken and Delaware Basin that offer
sub-6x build multiples, will enable Crestwood to grow distributable cash
flow per unit without having to meaningfully access the equity capital
markets. Ultimately, we believe this strategy will create substantial
value for our unitholders and will be reflected in our unit price.”
Third Quarter 2017 Segment Results and Outlook
Gathering and Processing segment EBITDA totaled $69.9 million in the
third quarter 2017, compared to $64.1 million in the third quarter 2016.
Third quarter 2017 G&P segment EBITDA excludes approximately $3 million
of cash received from the Jackalope joint venture under the new minimum
revenue agreement that went effective in January 2017 that is currently
accounted for as deferred revenue. During the third quarter 2017,
average natural gas gathering volumes were 1,022 million cubic feet per
day (“MMcf/d”), or 11% above second quarter 2017, gas processing volumes
were 235 MMcf/d, or 6% above second quarter 2017, compression volumes
were 515 MMcf/d, or 10% above second quarter 2017, crude oil gathering
volumes were 88 thousand barrels per day (“MBbls/d”), or 7% above second
quarter 2017, and produced water volumes were 37 MBbls/d, or 2% above
second quarter 2017. Segment volumes during the quarter increased
sequentially as a result of continued record oil gathering volumes on
the Bakken Arrow system and a 22% increase in SW Marcellus gas volumes
as a result of drilled-but-uncompleted well connections. Segment
gathering volumes are expected to maintain strong momentum in the fourth
quarter 2017 across Crestwood's portfolio of major assets.
Storage and Transportation segment EBITDA totaled $13.4 million in the
third quarter 2017, compared to $25.0 million in the third quarter 2016.
The S&T segment reflects lower EBITDA primarily as a result of a lower
contribution from the COLT Hub due to decreased rail loading volumes
since the in-service of the Dakota Access pipeline. During the third
quarter 2017, natural gas storage and transportation volumes averaged
2.0 Bcf/d, compared to 1.8 Bcf/d in the third quarter 2016, as a result
of increased northeast producer volumes driven by improving market
conditions.
Marketing, Supply and Logistics segment EBITDA totaled $13.9 million in
the third quarter 2017, compared to $17.5 million in the third quarter
2016, exclusive of changes in the fair value of commodity
inventory-related derivative contracts. The year-over-year decrease in
segment EBITDA was primarily driven by a $3.1 million property tax
refund received in 2016 related to Crestwood’s West Coast processing
facility. During the third quarter, Crestwood continued to see growth in
the northeast propane markets while disruptions in the refining sector
related to hurricanes and flooding led to weakness in the butane
blending markets. Crestwood is encouraged by improving seasonal
fundamentals for propane and butane during the fourth quarter 2017 and
expects the NGL marketing and logistics business to exit the year within
its segment guidance range.
Combined O&M and G&A expenses, net of non-cash unit based compensation,
in the third quarter 2017 were $51.8 million compared to $47.3 million
in third quarter 2016. The year-over-year increase in combined O&M and
G&A expenses was driven by the 2016 property tax refund described above
and costs incurred in 2017 related to the relocation of Crestwood’s
corporate offices.
Divestiture of US Salt, LLC
Crestwood entered into a Purchase Agreement to sell 100% of the equity
interests of US Salt, LLC (“US Salt”) to an affiliate of Kissner Group
Holdings LP for $225 million, subject to working capital and minor
maintenance capital adjustments. Crestwood intends to use the proceeds
from the divestiture to reduce borrowings under its revolving credit
facility and reinvest in on-going accretive organic growth projects in
the Bakken and Delaware Basin. Crestwood expects the proceeds from the
divestiture of US Salt will eliminate the need to access the equity
capital markets to fund its current 2017 and 2018 capital programs. The
divestiture is expected to be approximately 3% to 5% accretive to
distributable cash flow per unit by fiscal year 2019. Unitholders are
encouraged to consult their tax advisors as the transaction may result
in a taxable gain. The transaction is subject to customary closing
conditions, including approval under the Hart-Scott-Rodino Act, and is
expected to close during the fourth quarter 2017.
Located in Watkins Glen, NY, US Salt is a solution salt mine capable of
producing over 400,000 tons of evaporated salt annually. US Salt was
purchased by a predecessor company in August 2008. US Salt is a non-core
business in Crestwood’s Marketing, Supply and Logistics segment.
Third Quarter 2017 Business Update
Bakken - Arrow Gathering System
During the third quarter 2017, the Arrow system averaged crude oil
volumes of 88 MBbls/d, natural gas volumes of 45 MMcf/d and produced
water volumes of 37 MBbls/d, an increase of 58%, 8% and 38%,
respectively, compared to volumes in the third quarter 2016. During the
third quarter 2017, natural gas volumes on the Arrow system were
impacted by third-party processing curtailments and NGL system
constraints. Year-to-date, Crestwood has connected 79 wells to the Arrow
system and expects to connect up to an additional 20 to 25 wells in the
fourth quarter of 2017.
During the third quarter 2017, Crestwood invested approximately $35.9
million of capital to expand natural gas and water handling capabilities
on the Arrow system and for construction of the Bear Den processing
plant in Watford City, ND. The Bear Den Plant is a two phase processing
solution to provide producer customers greater flow assurance and
competitive netbacks for increasing production volumes on the Arrow
system and acreage surrounding the Fort Berthold Indian Reservation.
-
Bear Den Plant – Phase 1: Crestwood is nearing the completion
of the 30 MMcf/d Bear Den Plant. The Bear Den pipeline, which
interconnects the Arrow gathering system with the Bear Den Plant has
been completed and is ready for service. Phase 1 is an immediate
processing solution that is sized to process excess gas volumes
currently flaring or above current third-party contracts. Crestwood
expects Phase 1 processing to be placed in-service in the coming
weeks. Once operational, Crestwood’s MS&L team will perform all
marketing and logistics services for the natural gas liquids (NGL’s)
produced at the plant. Crestwood expects the Phase 1 project will
largely mitigate current downstream processing and NGL constraints
that have limited Arrow system volumes in the third quarter of 2017.
Crestwood has invested approximately $90 million to-date and expects
total capital investment to be approximately $115 million.
-
Bear Den Plant – Phase 2: Crestwood continues to move forward
with expansion plans to add 120 MMcf/d of processing capacity to the
Bear Den plant facility to further enhance flow assurance and netbacks
for Arrow producers when Crestwood’s current third party processing
contract expires in 2019. The combined Phase 1 and Phase 2 plants are
supported by current volumes available on the Arrow system and will
provide incremental capacity to meet customers’ robust future
development plans and associated volume growth. Crestwood expects a
targeted Phase 2 in-service date in the third quarter 2019. Similar to
Bear Den Phase 1, Crestwood’s MS&L team will utilize its extensive NGL
platform, including its Bakken truck and rail fleet along with the
COLT Hub asset, to market NGL’s produced from the Phase 2 plant.
Crestwood is also considering several long-term NGL infrastructure
solutions for the combined Bear Den Plant to further enhance producer
netbacks for the Arrow system. These netback enhancement opportunities
range from participating in a potential new NGL pipeline out of the
Bakken region to the construction of a new local fractionation
facility at the Bear Den location with a purity product “pipe-to-rail”
solution connecting with the COLT Hub.
Delaware Basin Update
Crestwood continues to pursue organic growth opportunities for existing
and new customers in the Delaware Basin through Crestwood Permian Basin
Holdings LLC (“CPJV” – 50/50 joint venture between Crestwood and First
Reserve). CPJV current project updates are as follows:
-
Nautilus System: On October 16, 2017, Crestwood closed the
previously announced equity option agreement with Shell Midstream
Partners, L.P. (NYSE:SHLX)(“Shell Midstream”), a master limited
partnership formed by Royal Dutch Shell plc (“Shell”), to purchase a
50% equity interest in Crestwood Permian Basin LLC which owns the
Nautilus gas gathering system. The other 50% equity interest continues
to be owned by CPJV. The Nautilus system gathers the majority of
Shell’s operated Delaware Basin gas under a 20-year tiered, fixed-fee
contract. To date, CPJV and Shell Midstream have invested
approximately $80 million in the initial build-out of the Nautilus
system, approximately $20 million net to Crestwood. Currently, Shell
is operating two rigs on the Nautilus system.
-
Orla Processing Plant and Pipeline: CPJV has completed site
preparations and has placed all major equipment orders to begin
construction of a 200 MMcf/d cryogenic gas processing plant located
in Reeves County, TX (the “Orla Plant”) and the Orla Express Pipeline,
a 33 mile, 20 inch high pressure line connecting the existing Willow
Lake gathering system in Eddy County, NM to the Orla plant. As
previously announced, Crestwood contributed its Willow Lake gathering
and processing assets to CPJV at a value of $151 million, and this
value will be credited as part of Crestwood’s capital requirements to
the expansion projects. Crestwood will continue to receive 100% of the
available cash flow generated by the Willow Lake assets until the
earlier of the Orla plant in-service date or June 30, 2018, at which
time the parties will receive distributions on a 50/50 basis. Initial
project capital is expected to be approximately $170 million with an
in-service date in the second half of 2018.
-
Willow Lake: During the third quarter 2017, Willow Lake
gathering and processing volumes increased 21% and 30%, respectively,
over the third quarter 2016 as a result of increased development
activity from existing and new producers around the system. During the
third quarter 2017, Crestwood placed into service an additional 30
MMcf/d gas processing unit at Willow Lake (combined total processing
capacity of approximately 85 MMcf/d) to meet producer volumes
forecasted during the construction phase of the Orla processing plant
and Orla Express pipeline.
Capitalization and Liquidity Update
As of September 30, 2017, Crestwood had approximately $1.6 billion of
debt outstanding, comprised of $1.2 billion of fixed-rate senior notes
and $444 million outstanding under its $1.5 billion revolving credit
facility. Crestwood’s leverage ratio was 4.1x as of September 30, 2017.
Crestwood currently has 71.3 million preferred units outstanding (par
value of $9.13 per unit) which pay an annual distribution of 9.25%
payable quarterly. Crestwood elected to begin making cash payments on
the preferred units beginning with the distribution attributable to the
third quarter 2017.
Upcoming Conference Participation
Crestwood’s management will participate in the following upcoming
investor conferences. Prior to the start of each conference,
presentation materials will be posted to the Investors section of
Crestwood’s website at www.crestwoodlp.com.
-
RBC Capital Markets Midstream Conference on November 15-16, 2017 in
Dallas, TX.
-
Jefferies Energy Conference on November 28-29, 2017 in Houston, TX.
Robert G. Phillips, Chairman, President and Chief Executive Officer,
will make a formal presentation at approximately 10:20 a.m. Central
Time on Wednesday, November 29, 2017.
-
Wells Fargo Pipeline, MLP and Utility Symposium on December 6-7, 2017
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 will be able to
connect to the webcast via the “Investors” page of Crestwood’s 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.
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.
|
CRESTWOOD EQUITY PARTNERS LP
Consolidated Statements of Operations (in
millions, except unit and per unit data) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering and processing
|
|
|
$
|
433.9
|
|
|
|
$
|
278.6
|
|
|
|
$
|
1,206.7
|
|
|
|
$
|
785.6
|
|
Storage and transportation
|
|
|
6.2
|
|
|
|
18.3
|
|
|
|
24.7
|
|
|
|
131.5
|
|
Marketing, supply and logistics
|
|
|
515.0
|
|
|
|
290.0
|
|
|
|
1,401.2
|
|
|
|
806.3
|
|
Related party
|
|
|
0.5
|
|
|
|
0.7
|
|
|
|
1.4
|
|
|
|
2.1
|
|
Total revenues
|
|
|
955.6
|
|
|
|
587.6
|
|
|
|
2,634.0
|
|
|
|
1,725.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of product/services sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering and processing
|
|
|
374.9
|
|
|
|
221.1
|
|
|
|
1,038.1
|
|
|
|
618.5
|
|
Storage and transportation
|
|
|
0.2
|
|
|
|
0.1
|
|
|
|
0.3
|
|
|
|
4.9
|
|
Marketing, supply and logistics
|
|
|
479.7
|
|
|
|
240.5
|
|
|
|
1,221.4
|
|
|
|
643.0
|
|
Related party
|
|
|
3.7
|
|
|
|
5.0
|
|
|
|
11.8
|
|
|
|
13.7
|
|
Total cost of products/services sold
|
|
|
858.5
|
|
|
|
466.7
|
|
|
|
2,271.6
|
|
|
|
1,280.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations and maintenance
|
|
|
35.5
|
|
|
|
33.1
|
|
|
|
103.4
|
|
|
|
119.9
|
|
General and administrative
|
|
|
22.5
|
|
|
|
18.3
|
|
|
|
71.6
|
|
|
|
70.2
|
|
Depreciation, amortization and accretion
|
|
|
48.1
|
|
|
|
50.3
|
|
|
|
145.2
|
|
|
|
177.0
|
|
|
|
|
106.1
|
|
|
|
101.7
|
|
|
|
320.2
|
|
|
|
367.1
|
|
Other operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on long-lived assets, net
|
|
|
(6.3
|
)
|
|
|
(2.1
|
)
|
|
|
(6.3
|
)
|
|
|
(34.8
|
)
|
Goodwill impairment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(109.7
|
)
|
Operating income (loss)
|
|
|
(15.3
|
)
|
|
|
17.1
|
|
|
|
35.9
|
|
|
|
(66.2
|
)
|
Earnings from unconsolidated affiliates, net
|
|
|
11.5
|
|
|
|
13.4
|
|
|
|
29.2
|
|
|
|
26.1
|
|
Interest and debt expense, net
|
|
|
(24.2
|
)
|
|
|
(27.5
|
)
|
|
|
(74.8
|
)
|
|
|
(97.9
|
)
|
Gain (loss) on modification/extinguishment of debt
|
|
|
—
|
|
|
|
—
|
|
|
|
(37.7
|
)
|
|
|
10.0
|
|
Other income, net
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.4
|
|
|
|
0.4
|
|
Income (loss) before income taxes
|
|
|
(27.8
|
)
|
|
|
3.2
|
|
|
|
(47.0
|
)
|
|
|
(127.6
|
)
|
Provision for income taxes
|
|
|
(0.1
|
)
|
|
|
(0.2
|
)
|
|
|
—
|
|
|
|
(0.2
|
)
|
Net income (loss)
|
|
|
(27.9
|
)
|
|
|
3.0
|
|
|
|
(47.0
|
)
|
|
|
(127.8
|
)
|
Net income attributable to non-controlling partners
|
|
|
6.4
|
|
|
|
6.1
|
|
|
|
18.8
|
|
|
|
18.0
|
|
Net loss attributable to Crestwood Equity Partners LP
|
|
|
(34.3
|
)
|
|
|
(3.1
|
)
|
|
|
(65.8
|
)
|
|
|
(145.8
|
)
|
Net income attributable to preferred units
|
|
|
16.2
|
|
|
|
6.9
|
|
|
|
47.5
|
|
|
|
16.6
|
|
Net loss attributable to partners
|
|
|
$
|
(50.5
|
)
|
|
|
$
|
(10.0
|
)
|
|
|
$
|
(113.3
|
)
|
|
|
$
|
(162.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated unitholders' interest in net loss
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
Common unitholders' interest in net loss
|
|
|
$
|
(50.5
|
)
|
|
|
$
|
(10.0
|
)
|
|
|
$
|
(113.3
|
)
|
|
|
$
|
(162.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per limited partner unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.72
|
)
|
|
|
$
|
(0.14
|
)
|
|
|
$
|
(1.63
|
)
|
|
|
$
|
(2.35
|
)
|
Diluted
|
|
|
$
|
(0.72
|
)
|
|
|
$
|
(0.14
|
)
|
|
|
$
|
(1.63
|
)
|
|
|
$
|
(2.35
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average limited partners’ units outstanding (in thousands):
|
|
|
|
|
|
|
Basic
|
|
|
69,725
|
|
|
|
69,050
|
|
|
|
69,692
|
|
|
|
69,002
|
|
Dilutive units
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Diluted
|
|
|
69,725
|
|
|
|
69,050
|
|
|
|
69,692
|
|
|
|
69,002
|
|
|
CRESTWOOD EQUITY PARTNERS LP
Selected Balance Sheet Data
(in millions)
|
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
|
December 31, 2016
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
1.4
|
|
|
|
$
|
1.6
|
|
|
|
|
|
|
|
Outstanding debt:
|
|
|
|
|
|
|
Crestwood Midstream Partners LP (a)
|
|
|
|
|
|
|
Revolving Credit Facility
|
|
|
$
|
444.1
|
|
|
|
$
|
77.0
|
Senior Notes
|
|
|
1,200.0
|
|
|
|
1,475.2
|
Other
|
|
|
2.4
|
|
|
|
5.5
|
Subtotal
|
|
|
1,646.5
|
|
|
|
1,557.7
|
Less: deferred financing costs, net
|
|
|
30.2
|
|
|
|
34.0
|
Total debt
|
|
|
$
|
1,616.3
|
|
|
|
$
|
1,523.7
|
|
|
|
|
|
|
|
Total partners' capital
|
|
|
$
|
2,378.3
|
|
|
|
$
|
2,539.0
|
|
|
|
|
|
|
|
Crestwood Equity Partners LP partners'
capital
|
|
|
|
|
|
|
Common units outstanding
|
|
|
70.6
|
|
|
|
69.5
|
(a) 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 September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
(27.9
|
)
|
|
|
$
|
3.0
|
|
|
|
$
|
(47.0
|
)
|
|
|
$
|
(127.8
|
)
|
Interest and debt expense, net
|
|
|
24.2
|
|
|
|
27.5
|
|
|
|
74.8
|
|
|
|
97.9
|
|
(Gain) loss on modification/extinguishment of debt
|
|
|
—
|
|
|
|
—
|
|
|
|
37.7
|
|
|
|
(10.0
|
)
|
Provision for income taxes
|
|
|
0.1
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
0.2
|
|
Depreciation, amortization and accretion
|
|
|
48.1
|
|
|
|
50.3
|
|
|
|
145.2
|
|
|
|
177.0
|
|
EBITDA (a)
|
|
|
$
|
44.5
|
|
|
|
$
|
81.0
|
|
|
|
$
|
210.7
|
|
|
|
$
|
137.3
|
|
Significant items impacting EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit-based compensation charges
|
|
|
6.2
|
|
|
|
4.1
|
|
|
|
18.9
|
|
|
|
13.4
|
|
Loss on long-lived assets, net
|
|
|
6.3
|
|
|
|
2.1
|
|
|
|
6.3
|
|
|
|
34.8
|
|
Goodwill impairment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
109.7
|
|
Earnings from unconsolidated affiliates, net
|
|
|
(11.5
|
)
|
|
|
(13.4
|
)
|
|
|
(29.2
|
)
|
|
|
(26.1
|
)
|
Adjusted EBITDA from unconsolidated affiliates, net
|
|
|
21.5
|
|
|
|
21.7
|
|
|
|
54.9
|
|
|
|
41.4
|
|
Change in fair value of commodity inventory-related derivative
contracts
|
|
|
27.4
|
|
|
|
7.5
|
|
|
|
12.5
|
|
|
|
8.3
|
|
Significant transaction and environmental related costs and other
items
|
|
|
1.9
|
|
|
|
0.5
|
|
|
|
10.4
|
|
|
|
11.2
|
|
Adjusted EBITDA (a)
|
|
|
$
|
96.3
|
|
|
|
$
|
103.5
|
|
|
|
$
|
284.5
|
|
|
|
$
|
330.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (a)
|
|
|
$
|
96.3
|
|
|
|
$
|
103.5
|
|
|
|
$
|
284.5
|
|
|
|
$
|
330.0
|
|
Cash interest expense (b)
|
|
|
(23.6
|
)
|
|
|
(25.6
|
)
|
|
|
(71.6
|
)
|
|
|
(92.5
|
)
|
Maintenance capital expenditures (c)
|
|
|
(4.3
|
)
|
|
|
(1.1
|
)
|
|
|
(16.1
|
)
|
|
|
(8.9
|
)
|
Provision for income taxes
|
|
|
(0.1
|
)
|
|
|
(0.2
|
)
|
|
|
—
|
|
|
|
(0.2
|
)
|
Deficiency payments
|
|
|
0.8
|
|
|
|
1.9
|
|
|
|
0.6
|
|
|
|
7.1
|
|
Distributable cash flow attributable to CEQP
|
|
|
69.1
|
|
|
|
78.5
|
|
|
|
197.4
|
|
|
|
235.5
|
|
Distributions to preferred
|
|
|
(15.0
|
)
|
|
|
—
|
|
|
|
(15.0
|
)
|
|
|
—
|
|
Distributions to Niobrara preferred
|
|
|
(3.8
|
)
|
|
|
(3.8
|
)
|
|
|
(11.4
|
)
|
|
|
(11.4
|
)
|
Distributable cash flow attributable to CEQP common (d)
|
|
|
$
|
50.3
|
|
|
|
$
|
74.7
|
|
|
|
$
|
171.0
|
|
|
|
$
|
224.1
|
|
|
|
|
(a)
|
|
EBITDA is defined as income before income taxes, plus debt-related
costs (interest and debt expense, net and gain (loss) on
modification/extinguishment of debt) and depreciation, amortization
and accretion expense. Adjusted EBITDA considers the adjusted
earnings impact of our unconsolidated affiliates by adjusting our
equity earnings or losses from our unconsolidated affiliates to
reflect our proportionate share (based on the distribution
percentage) of their EBITDA, excluding impairments. Adjusted EBITDA
also considers the impact of certain significant items, such as
unit-based compensation charges, losses on long-lived assets,
impairments of goodwill, third party costs incurred related to
potential and completed acquisitions, certain environmental
remediation costs, the change in fair value of commodity
inventory-related derivative contracts, costs associated with our
2017 realignment of our Marketing, Supply and Logistics operations
and related consolidation and relocation of our corporate offices,
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 to which these derivatives relate.
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 or minus fair value adjustments.
|
(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,
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 September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
$
|
95.3
|
|
|
|
$
|
51.5
|
|
|
|
$
|
228.2
|
|
|
|
$
|
244.5
|
|
Net changes in operating assets and liabilities
|
|
|
(63.6
|
)
|
|
|
6.5
|
|
|
|
(65.2
|
)
|
|
|
(46.8
|
)
|
Amortization of debt-related deferred costs
|
|
|
(1.9
|
)
|
|
|
(1.7
|
)
|
|
|
(5.4
|
)
|
|
|
(5.1
|
)
|
Interest and debt expense, net
|
|
|
24.2
|
|
|
|
27.5
|
|
|
|
74.8
|
|
|
|
97.9
|
|
Unit-based compensation charges
|
|
|
(6.2
|
)
|
|
|
(4.1
|
)
|
|
|
(18.9
|
)
|
|
|
(13.4
|
)
|
Loss on long-lived assets, net
|
|
|
(6.3
|
)
|
|
|
(2.1
|
)
|
|
|
(6.3
|
)
|
|
|
(34.8
|
)
|
Goodwill impairment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(109.7
|
)
|
Earnings from unconsolidated affiliates, net, adjusted for cash
distributions received
|
|
|
3.0
|
|
|
|
3.1
|
|
|
|
2.5
|
|
|
|
3.9
|
|
Deferred income taxes
|
|
|
—
|
|
|
|
0.3
|
|
|
|
0.7
|
|
|
|
0.9
|
|
Provision for income taxes
|
|
|
0.1
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
0.2
|
|
Other non-cash (income) expense
|
|
|
(0.1
|
)
|
|
|
(0.2
|
)
|
|
|
0.3
|
|
|
|
(0.3
|
)
|
EBITDA (a)
|
|
|
$
|
44.5
|
|
|
|
$
|
81.0
|
|
|
|
$
|
210.7
|
|
|
|
$
|
137.3
|
|
Unit-based compensation charges
|
|
|
6.2
|
|
|
|
4.1
|
|
|
|
18.9
|
|
|
|
13.4
|
|
Loss on long-lived assets, net
|
|
|
6.3
|
|
|
|
2.1
|
|
|
|
6.3
|
|
|
|
34.8
|
|
Goodwill impairment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
109.7
|
|
Earnings from unconsolidated affiliates, net
|
|
|
(11.5
|
)
|
|
|
(13.4
|
)
|
|
|
(29.2
|
)
|
|
|
(26.1
|
)
|
Adjusted EBITDA from unconsolidated affiliates, net
|
|
|
21.5
|
|
|
|
21.7
|
|
|
|
54.9
|
|
|
|
41.4
|
|
Change in fair value of commodity inventory-related derivative
contracts
|
|
|
27.4
|
|
|
|
7.5
|
|
|
|
12.5
|
|
|
|
8.3
|
|
Significant transaction and environmental related costs and other
items
|
|
|
1.9
|
|
|
|
0.5
|
|
|
|
10.4
|
|
|
|
11.2
|
|
Adjusted EBITDA (a)
|
|
|
$
|
96.3
|
|
|
|
$
|
103.5
|
|
|
|
$
|
284.5
|
|
|
|
$
|
330.0
|
|
|
|
|
(a)
|
|
EBITDA is defined as income before income taxes, plus debt-related
costs (interest and debt expense, net and gain (loss) on
modification/extinguishment of debt) and depreciation, amortization
and accretion expense. Adjusted EBITDA considers the adjusted
earnings impact of our unconsolidated affiliates by adjusting our
equity earnings or losses from our unconsolidated affiliates to
reflect our proportionate share (based on the distribution
percentage) of their EBITDA, excluding impairments. Adjusted EBITDA
also considers the impact of certain significant items, such as
unit-based compensation charges, losses on long-lived assets,
impairments of goodwill, third party costs incurred related to
potential and completed acquisitions, certain environmental
remediation costs, the change in fair value of commodity
inventory-related derivative contracts, costs associated with our
2017 realignment of our Marketing, Supply and Logistics operations
and related consolidation and relocation of our corporate offices,
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 to which these derivatives relate.
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
September 30,
|
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
2016
|
Gathering and Processing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
$
|
464.3
|
|
|
|
|
$
|
304.1
|
|
|
|
|
$
|
1,302.4
|
|
|
|
|
$
|
863.6
|
|
Costs of product/services sold
|
|
|
|
|
378.6
|
|
|
|
|
226.1
|
|
|
|
|
1,049.9
|
|
|
|
|
632.2
|
|
Operations and maintenance expenses
|
|
|
|
|
16.2
|
|
|
|
|
17.4
|
|
|
|
|
51.8
|
|
|
|
|
56.1
|
|
Loss on long-lived assets
|
|
|
|
|
(3.9
|
)
|
|
|
|
(2.0
|
)
|
|
|
|
(3.9
|
)
|
|
|
|
(2.0
|
)
|
Goodwill impairment
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(8.6
|
)
|
Earnings from unconsolidated affiliate, net
|
|
|
|
|
4.3
|
|
|
|
|
5.5
|
|
|
|
|
7.7
|
|
|
|
|
16.5
|
|
EBITDA
|
|
|
|
|
$
|
69.9
|
|
|
|
|
$
|
64.1
|
|
|
|
|
$
|
204.5
|
|
|
|
|
$
|
181.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Storage and Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
$
|
7.4
|
|
|
|
|
$
|
19.8
|
|
|
|
|
$
|
29.4
|
|
|
|
|
$
|
134.5
|
|
Costs of product/services sold
|
|
|
|
|
0.2
|
|
|
|
|
0.1
|
|
|
|
|
0.3
|
|
|
|
|
4.9
|
|
Operations and maintenance expenses
|
|
|
|
|
1.0
|
|
|
|
|
2.5
|
|
|
|
|
3.4
|
|
|
|
|
18.2
|
|
Loss on long-lived assets
|
|
|
|
|
—
|
|
|
|
|
(0.1
|
)
|
|
|
|
—
|
|
|
|
|
(32.8
|
)
|
Goodwill impairment
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(13.7
|
)
|
Earnings from unconsolidated affiliates, net
|
|
|
|
|
7.2
|
|
|
|
|
7.9
|
|
|
|
|
21.5
|
|
|
|
|
9.6
|
|
EBITDA
|
|
|
|
|
$
|
13.4
|
|
|
|
|
$
|
25.0
|
|
|
|
|
$
|
47.2
|
|
|
|
|
$
|
74.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, Supply and Logistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
$
|
483.9
|
|
|
|
|
$
|
263.7
|
|
|
|
|
$
|
1,302.2
|
|
|
|
|
$
|
727.4
|
|
Costs of product/services sold
|
|
|
|
|
479.7
|
|
|
|
|
240.5
|
|
|
|
|
1,221.4
|
|
|
|
|
643.0
|
|
Operations and maintenance expenses
|
|
|
|
|
18.3
|
|
|
|
|
13.2
|
|
|
|
|
48.2
|
|
|
|
|
45.6
|
|
Gain on long-lived assets, net
|
|
|
|
|
0.6
|
|
|
|
|
—
|
|
|
|
|
0.6
|
|
|
|
|
—
|
|
Goodwill impairment
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(87.4
|
)
|
EBITDA
|
|
|
|
|
$
|
(13.5
|
)
|
|
|
|
$
|
10.0
|
|
|
|
|
$
|
33.2
|
|
|
|
|
$
|
(48.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Segment EBITDA
|
|
|
|
|
$
|
69.8
|
|
|
|
|
$
|
99.1
|
|
|
|
|
$
|
284.9
|
|
|
|
|
$
|
207.1
|
|
Corporate
|
|
|
|
|
(25.3
|
)
|
|
|
|
(18.1
|
)
|
|
|
|
(74.2
|
)
|
|
|
|
(69.8
|
)
|
EBITDA
|
|
|
|
|
$
|
44.5
|
|
|
|
|
$
|
81.0
|
|
|
|
|
$
|
210.7
|
|
|
|
|
$
|
137.3
|
|
|
|
CRESTWOOD EQUITY PARTNERS LP
|
Operating Statistics
|
(unaudited)
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
2016
|
Gathering and Processing (MMcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakken - Arrow
|
|
|
|
|
44.7
|
|
|
|
|
41.2
|
|
|
|
|
47.8
|
|
|
|
|
42.7
|
|
Marcellus
|
|
|
|
|
462.3
|
|
|
|
|
384.3
|
|
|
|
|
400.5
|
|
|
|
|
421.7
|
|
Barnett
|
|
|
|
|
310.2
|
|
|
|
|
318.2
|
|
|
|
|
320.8
|
|
|
|
|
307.2
|
|
Permian (a)
|
|
|
|
|
90.8
|
|
|
|
|
49.4
|
|
|
|
|
61.8
|
|
|
|
|
36.1
|
|
PRB Niobrara - Jackalope Gas Gathering (b)
|
|
|
|
|
59.6
|
|
|
|
|
57.6
|
|
|
|
|
55.8
|
|
|
|
|
64.1
|
|
Other
|
|
|
|
|
53.9
|
|
|
|
|
75.5
|
|
|
|
|
58.1
|
|
|
|
|
81.8
|
|
Total gas gathering volumes
|
|
|
|
|
1,021.5
|
|
|
|
|
926.2
|
|
|
|
|
944.8
|
|
|
|
|
953.6
|
|
Processing volumes
|
|
|
|
|
234.8
|
|
|
|
|
230.9
|
|
|
|
|
221.5
|
|
|
|
|
219.4
|
|
Compression volumes
|
|
|
|
|
515.4
|
|
|
|
|
472.4
|
|
|
|
|
484.3
|
|
|
|
|
480.6
|
|
Arrow Midstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakken Crude oil (MBbls/d)
|
|
|
|
|
87.5
|
|
|
|
|
55.3
|
|
|
|
|
79.3
|
|
|
|
|
60.7
|
|
Bakken Water (MBbls/d)
|
|
|
|
|
36.9
|
|
|
|
|
26.8
|
|
|
|
|
34.8
|
|
|
|
|
27.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Storage and Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northeast Storage - firm contracted capacity (Bcf) (b)
|
|
|
|
|
34.7
|
|
|
|
|
35.8
|
|
|
|
|
35.1
|
|
|
|
|
35.3
|
|
% of operational capacity contracted
|
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
Firm storage services (MMcf/d) (b)
|
|
|
|
|
396.9
|
|
|
|
|
149.9
|
|
|
|
|
361.2
|
|
|
|
|
206.5
|
|
Interruptible storage services (MMcf/d) (b)
|
|
|
|
|
1.2
|
|
|
|
|
3.8
|
|
|
|
|
2.7
|
|
|
|
|
14.9
|
|
Northeast Transportation - firm contracted capacity (MMcf/d) (b)
|
|
|
|
|
1,482.3
|
|
|
|
|
1,396.5
|
|
|
|
|
1,457.5
|
|
|
|
|
1,367.3
|
|
% of operational capacity contracted
|
|
|
|
|
83
|
%
|
|
|
|
79
|
%
|
|
|
|
82
|
%
|
|
|
|
81
|
%
|
Firm services (MMcf/d) (b)
|
|
|
|
|
1,235.6
|
|
|
|
|
1,230.6
|
|
|
|
|
1,324.7
|
|
|
|
|
1,100.2
|
|
Interruptible services (MMcf/d) (b)
|
|
|
|
|
80.9
|
|
|
|
|
106.5
|
|
|
|
|
82.2
|
|
|
|
|
111.9
|
|
Gulf Coast Storage - firm contracted capacity (Bcf) (b)
|
|
|
|
|
27.5
|
|
|
|
|
30.4
|
|
|
|
|
28.3
|
|
|
|
|
30.0
|
|
% of operational capacity contracted
|
|
|
|
|
72
|
%
|
|
|
|
79
|
%
|
|
|
|
74
|
%
|
|
|
|
78
|
%
|
Firm storage services (MMcf/d) (b)
|
|
|
|
|
168.1
|
|
|
|
|
251.5
|
|
|
|
|
233.1
|
|
|
|
|
181.4
|
|
Interruptible services (MMcf/d) (b)
|
|
|
|
|
69.2
|
|
|
|
|
67.8
|
|
|
|
|
80.3
|
|
|
|
|
72.3
|
|
COLT Hub
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rail loading (MBbls/d)
|
|
|
|
|
25.3
|
|
|
|
|
100.7
|
|
|
|
|
42.3
|
|
|
|
|
91.2
|
|
Outbound pipeline (MBbls/d) (c)
|
|
|
|
|
13.8
|
|
|
|
|
10.6
|
|
|
|
|
14.2
|
|
|
|
|
12.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, Supply and Logistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude barrels trucked (MBbls/d)
|
|
|
|
|
5.1
|
|
|
|
|
5.8
|
|
|
|
|
5.8
|
|
|
|
|
9.7
|
|
NGL Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supply & Logistics volumes sold (MBbls/d)
|
|
|
|
|
85.6
|
|
|
|
|
87.8
|
|
|
|
|
86.0
|
|
|
|
|
85.1
|
|
West Coast volumes sold or processed (MBbls/d)
|
|
|
|
|
33.0
|
|
|
|
|
25.0
|
|
|
|
|
31.5
|
|
|
|
|
22.4
|
|
NGL volumes trucked (MBbls/d)
|
|
|
|
|
44.8
|
|
|
|
|
48.6
|
|
|
|
|
52.7
|
|
|
|
|
48.4
|
|
|
(a)
|
|
Beginning in June 2017, represents 50% owned joint venture,
operational data reported is at 100%.
|
(b)
|
|
Represents 50% owned joint venture, operational data reported is at
100%.
|
(c)
|
|
Represents only throughput leaving the terminal.
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171031005378/en/
Source: Crestwood Equity Partners LP