Segments

3 Months Ended

Mar. 31, 2020

Financial Information

We have three operating and reportable segments: (i) gathering and processing operations; (ii) storage and transportation operations; and (iii) marketing, supply and logistics operations. Our corporate operations include all general and administrative expenses that are not allocated to our reportable segments. We assess the performance of our operating segments based on EBITDA, which is defined as income before income taxes, plus interest and debt expense, net and depreciation, amortization and accretion expense.

Below is a reconciliation of CEQP’s net income (loss) to EBITDA (in millions):



	Three Months Ended
	March 31,
	2020			2019
Net income (loss)	$	(23.4	)	$	14.1
Add:
Interest and debt expense, net	32.6			24.9
Depreciation, amortization and accretion	56.1			39.8
EBITDA	$	65.3		$	78.8

Below is a reconciliation of CMLP’s net income (loss) to EBITDA (in millions):



	Three Months Ended
	March 31,
	2020			2019
Net income (loss)	$	(25.6	)	$	11.6
Add:
Interest and debt expense, net	32.6			24.9
Depreciation, amortization and accretion	59.6			43.4
EBITDA	$	66.6		$	79.9

The following tables summarize CEQP’s and CMLP’s reportable segment data for the three months ended March 31, 2020 and 2019 (in millions). Intersegment revenues included in the following tables are accounted for as arms-length transactions that apply our revenue recognition policies as described in our 2019 Annual Report on Form 10-K. Included in earnings from unconsolidated affiliates, net below was approximately $13.8 million and $12.7 million of our proportionate share of interest expense, depreciation and amortization expense and gains (losses) on long-lived assets, net recorded by our equity investments for the three months ended March 31, 2020 and 2019.

Crestwood Equity



	Three Months Ended March 31, 2020
	Gathering and Processing			Storage and Transportation		Marketing, Supply and Logistics			Corporate			Total
Revenues	$	214.9		$	3.5	$	509.5		$	—		$	727.9
Intersegment revenues	40.0			2.6		(42.6		)	—			—
Costs of product/services sold	108.3			0.2		425.9			—			534.4
Operations and maintenance expense	27.0			1.4		9.2			—			37.6
General and administrative expense	—			—		—			14.9			14.9
Loss on long-lived assets, net	(1.0		)	—		—			—			(1.0		)
Goodwill impairment	(80.3		)	—		—			—			(80.3		)
Earnings from unconsolidated affiliates, net	0.8			4.7		—			—			5.5
Other income, net	—			—		—			0.1			0.1
EBITDA	$	39.1		$	9.2	$	31.8		$	(14.8	)	$	65.3
Goodwill	$	45.9		$	—	$	92.7		$	—		$	138.6
Total assets	$	3,633.8		$	973.7	$	531.0		$	38.6		$	5,177.1



	Three Months Ended March 31, 2019
	Gathering and Processing			Storage and Transportation		Marketing, Supply and Logistics			Corporate			Total
Revenues	$	182.3		$	7.8	$	645.1		$	—		$	835.2
Intersegment revenues	52.8			3.6		(56.4		)	—			—
Costs of product/services sold	138.0			—		557.6			—			695.6
Operations and maintenance expense	18.1			1.0		9.5			—			28.6
General and administrative expense	—			—		—			37.2			37.2
Loss on long-lived assets, net	(1.8		)	—		(0.2		)	—			(2.0		)
Earnings (loss) from unconsolidated affiliates, net	(0.2		)	7.1		—			—			6.9
Other income, net	—			—		—			0.1			0.1
EBITDA	$	77.0		$	17.5	$	21.4		$	(37.1	)	$	78.8

Crestwood Midstream



	Three Months Ended March 31, 2020
	Gathering and Processing			Storage and Transportation		Marketing, Supply and Logistics			Corporate			Total
Revenues	$	214.9		$	3.5	$	509.5		$	—		$	727.9
Intersegment revenues	40.0			2.6		(42.6		)	—			—
Costs of product/services sold	108.3			0.2		425.9			—			534.4
Operations and maintenance expense	27.0			1.4		9.2			—			37.6
General and administrative expense	—			—		—			13.5			13.5
Loss on long-lived assets, net	(1.0		)	—		—			—			(1.0		)
Goodwill impairment	(80.3		)	—		—			—			(80.3		)
Earnings from unconsolidated affiliates, net	0.8			4.7		—			—			5.5
EBITDA	$	39.1		$	9.2	$	31.8		$	(13.5	)	$	66.6
Goodwill	$	45.9		$	—	$	92.7		$	—		$	138.6
Total assets	$	3,789.7		$	973.7	$	531.0		$	34.9		$	5,329.3



	Three Months Ended March 31, 2019
	Gathering and Processing			Storage and Transportation		Marketing, Supply and Logistics			Corporate			Total
Revenues	$	182.3		$	7.8	$	645.1		$	—		$	835.2
Intersegment revenues	52.8			3.6		(56.4		)	—			—
Costs of product/services sold	138.0			—		557.6			—			695.6
Operations and maintenance expense	18.1			1.0		9.5			—			28.6
General and administrative expense	—			—		—			36.0			36.0
Loss on long-lived assets, net	(1.8		)	—		(0.2		)	—			(2.0		)
Earnings (loss) from unconsolidated affiliates, net	(0.2		)	7.1		—			—			6.9
EBITDA	$	77.0		$	17.5	$	21.4		$	(36.0	)	$	79.9