Segments

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segments

Segments

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					Six Months Ended
	June 30,					June 30,
	2020			2019		2020			2019
Net income (loss)	$	(24.3	)	$	225.0	$	(47.7	)	$	239.1
Add:
Interest and debt expense, net	34.0			27.8		66.6			52.7
Provision (benefit) for income taxes	(0.1		)	0.3		(0.1		)	0.3
Depreciation, amortization and accretion	61.0			49.3		117.1			89.1
EBITDA	$	70.6		$	302.4	$	135.9		$	381.2

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

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2020			2019		2020			2019
Net income (loss)	$	(26.8	)	$	222.9	$	(52.4	)	$	234.5
Add:
Interest and debt expense, net	34.0			27.8		66.6			52.7
Provision (benefit) for income taxes	(0.2		)	0.3		(0.2		)	0.3
Depreciation, amortization and accretion	64.6			52.7		124.2			96.1
EBITDA	$	71.6		$	303.7	$	138.2		$	383.6

The following tables summarize CEQP’s and CMLP’s reportable segment data for the three and six months ended June 30, 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 $9.5 million and $10.3 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 June 30, 2020 and 2019 and $23.3 million and $23.0 million for the six months ended June 30, 2020 and 2019.

Crestwood Equity

	Three Months Ended June 30, 2020
	Gathering and Processing			Storage and Transportation		Marketing, Supply and Logistics			Corporate			Total
Revenues	$	114.5		$	3.1	$	235.1		$	—		$	352.7
Intersegment revenues	14.3			2.4		(16.7		)	—			—
Costs of product/services sold	21.3			0.1		204.3			—			225.7
Operations and maintenance expense	19.3			0.7		11.6			—			31.6
General and administrative expense	—			—		—			29.5			29.5
Loss on long-lived assets, net	(3.6		)	—		(0.2		)	—			(3.8		)
Earnings (loss) from unconsolidated affiliates, net	(1.0		)	9.4		—			—			8.4
Other income, net	—			—		—			0.1			0.1
EBITDA	$	83.6		$	14.1	$	2.3		$	(29.4	)	$	70.6
Goodwill	$	45.9		$	—	$	92.7		$	—		$	138.6
Total assets	$	3,589.8		$	964.7	$	736.9		$	32.3		$	5,323.7

	Three Months Ended June 30, 2019
	Gathering and Processing			Storage and Transportation		Marketing, Supply and Logistics			Corporate			Total
Revenues	$	199.7		$	4.9	$	478.8		$	—		$	683.4
Intersegment revenues	25.4			3.2		(28.6		)	—			—
Costs of product/services sold	108.9			—		428.3			—			537.2
Operations and maintenance expense	24.6			0.9		9.2			—			34.7
General and administrative expense	—			—		—			22.3			22.3
Gain (loss) on long-lived assets, net	(0.2		)	—		—			0.2			—
Gain on acquisition	209.4			—		—			—			209.4
Earnings (loss) from unconsolidated affiliates, net	(2.8		)	6.5		—			—			3.7
Other income, net	—			—		—			0.1			0.1
EBITDA	$	298.0		$	13.7	$	12.7		$	(22.0	)	$	302.4

	Six Months Ended June 30, 2020
	Gathering and Processing			Storage and Transportation		Marketing, Supply and Logistics			Corporate			Total
Revenues	$	329.4		$	6.6	$	744.6		$	—		$	1,080.6
Intersegment revenues	54.3			5.0		(59.3		)	—			—
Costs of product/services sold	129.6			0.3		630.2			—			760.1
Operations and maintenance expense	46.3			2.1		20.8			—			69.2
General and administrative expense	—			—		—			44.4			44.4
Loss on long-lived assets, net	(4.6		)	—		(0.2		)	—			(4.8		)
Goodwill impairment	(80.3		)	—		—			—			(80.3		)
Earnings (loss) from unconsolidated affiliates, net	(0.2		)	14.1		—			—			13.9
Other income, net	—			—		—			0.2			0.2
EBITDA	$	122.7		$	23.3	$	34.1		$	(44.2	)	$	135.9
Goodwill	$	45.9		$	—	$	92.7		$	—		$	138.6
Total assets	$	3,589.8		$	964.7	$	736.9		$	32.3		$	5,323.7

	Six Months Ended June 30, 2019
	Gathering and Processing			Storage and Transportation		Marketing, Supply and Logistics			Corporate			Total
Revenues	$	382.0		$	12.7	$	1,123.9		$	—		$	1,518.6
Intersegment revenues	78.2			6.8		(85.0		)	—			—
Costs of product/services sold	246.9			—		985.9			—			1,232.8
Operations and maintenance expense	42.7			1.9		18.7			—			63.3
General and administrative expense	—			—		—			59.5			59.5
Gain (loss) on long-lived assets, net	(2.0		)	—		(0.2		)	0.2			(2.0		)
Gain on acquisition	209.4			—		—			—			209.4
Earnings (loss) from unconsolidated affiliates, net	(3.0		)	13.6		—			—			10.6
Other income, net	—			—		—			0.2			0.2
EBITDA	$	375.0		$	31.2	$	34.1		$	(59.1	)	$	381.2

Crestwood Midstream

	Three Months Ended June 30, 2020
	Gathering and Processing			Storage and Transportation		Marketing, Supply and Logistics			Corporate			Total
Revenues	$	114.5		$	3.1	$	235.1		$	—		$	352.7
Intersegment revenues	14.3			2.4		(16.7		)	—			—
Costs of product/services sold	21.3			0.1		204.3			—			225.7
Operations and maintenance expense	19.3			0.7		11.6			—			31.6
General and administrative expense	—			—		—			28.4			28.4
Loss on long-lived assets, net	(3.6		)	—		(0.2		)	—			(3.8		)
Earnings (loss) from unconsolidated affiliates, net	(1.0		)	9.4		—			—			8.4
EBITDA	$	83.6		$	14.1	$	2.3		$	(28.4	)	$	71.6
Goodwill	$	45.9		$	—	$	92.7		$	—		$	138.6
Total assets	$	3,742.1		$	964.7	$	736.9		$	28.6		$	5,472.3

	Three Months Ended June 30, 2019
	Gathering and Processing			Storage and Transportation		Marketing, Supply and Logistics			Corporate			Total
Revenues	$	199.7		$	4.9	$	478.8		$	—		$	683.4
Intersegment revenues	25.4			3.2		(28.6		)	—			—
Costs of product/services sold	108.9			—		428.3			—			537.2
Operations and maintenance expense	24.6			0.9		9.2			—			34.7
General and administrative expense	—			—		—			20.9			20.9
Gain (loss) on long-lived assets, net	(0.2		)	—		—			0.2			—
Gain on acquisition	209.4			—		—			—			209.4
Earnings (loss) from unconsolidated affiliates, net	(2.8		)	6.5		—			—			3.7
EBITDA	$	298.0		$	13.7	$	12.7		$	(20.7	)	$	303.7

	Six Months Ended June 30, 2020
	Gathering and Processing			Storage and Transportation		Marketing, Supply and Logistics			Corporate			Total
Revenues	$	329.4		$	6.6	$	744.6		$	—		$	1,080.6
Intersegment revenues	54.3			5.0		(59.3		)	—			—
Costs of product/services sold	129.6			0.3		630.2			—			760.1
Operations and maintenance expense	46.3			2.1		20.8			—			69.2
General and administrative expense	—			—		—			41.9			41.9
Loss on long-lived assets, net	(4.6		)	—		(0.2		)	—			(4.8		)
Goodwill impairment	(80.3		)	—		—			—			(80.3		)
Earnings (loss) from unconsolidated affiliates, net	(0.2		)	14.1		—			—			13.9
EBITDA	$	122.7		$	23.3	$	34.1		$	(41.9	)	$	138.2
Goodwill	$	45.9		$	—	$	92.7		$	—		$	138.6
Total assets	$	3,742.1		$	964.7	$	736.9		$	28.6		$	5,472.3

	Six Months Ended June 30, 2019
	Gathering and Processing			Storage and Transportation		Marketing, Supply and Logistics			Corporate			Total
Revenues	$	382.0		$	12.7	$	1,123.9		$	—		$	1,518.6
Intersegment revenues	78.2			6.8		(85.0		)	—			—
Costs of product/services sold	246.9			—		985.9			—			1,232.8
Operations and maintenance expense	42.7			1.9		18.7			—			63.3
General and administrative expense	—			—		—			56.9			56.9
Gain (loss) on long-lived assets, net	(2.0		)	—		(0.2		)	0.2			(2.0		)
Gain on acquisition	209.4			—		—			—			209.4
Earnings (loss) from unconsolidated affiliates, net	(3.0		)	13.6		—			—			10.6
EBITDA	$	375.0		$	31.2	$	34.1		$	(56.7	)	$	383.6