Segments

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segments

Segments

We have three operating and reportable segments: (i) gathering and processing; (ii) storage and transportation; and (iii) marketing, supply and logistics. Our corporate operations include all general and administrative expenses that are not allocated to our reportable segments. For a further description of our operating and reporting segments, see Note 1. We assess the performance of our operating segments based on EBITDA, which is defined as income before income taxes, plus debt-related costs (interest and debt expense, net and loss on modification/extinguishment of debt) and depreciation, amortization and accretion expense.

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

	CEQP								CMLP
	Three Months Ended				Nine Months Ended				Three Months Ended				Nine Months Ended
	September 30,				September 30,				September 30,				September 30,
	2021		2020		2021		2020		2021		2020		2021		2020
Net income (loss)	$	(39.6)	$	4.6	$	(116.0)	$	(43.1)	$	(41.8)	$	2.3	$	(120.7)	$	(50.1)
Add:
Interest and debt expense, net	30.9		33.7		102.0		100.3		30.9		33.7		102.0		100.3
Loss on modification/extinguishment of debt	—		—		6.7		—		—		—		6.7		—
Provision (benefit) for income taxes	0.1		—		0.1		(0.1)		0.1		—		0.1		(0.2)
Depreciation, amortization and accretion	64.6		60.8		182.6		177.9		68.2		64.2		193.2		188.4
EBITDA	$	56.0	$	99.1	$	175.4	$	235.0	$	57.4	$	100.2	$	181.3	$	238.4

The following tables summarize CEQP’s and CMLP’s reportable segment data for the three and nine months ended September 30, 2021 and 2020 (in millions). Intersegment revenues included in the following tables are accounted for as arms-length transactions that apply our revenue recognition policy described in our 2020 Annual Report on Form 10-K. Included in earnings (loss) from unconsolidated affiliates, net reflected in the tables below was approximately $4.9 million and $9.9 million of our proportionate share of interest expense, depreciation and amortization expense, goodwill impairments and gains (losses) on long-lived assets, net recorded by our equity investments for the three months ended September 30, 2021 and 2020 and $182.4 million and $33.2 million for the nine months ended September 30, 2021 and 2020.

Segment EBITDA Information

	Three Months Ended September 30, 2021
	Gathering and Processing		Storage and Transportation		Marketing, Supply and Logistics		Corporate		Total
Crestwood Midstream
Revenues	$	171.2	$	2.0	$	1,053.1	$	—	$	1,226.3
Intersegment revenues	125.6		2.3		(127.9)		—		—
Costs of product/services sold	150.1		(0.2)		949.4		—		1,099.3
Operations and maintenance expense	19.5		1.5		10.6		—		31.6
General and administrative expense	—		—		—		24.4		24.4
Loss on long-lived assets, net	(18.5)		—		—		—		(18.5)
Earnings from unconsolidated affiliates, net	4.2		0.7		—		—		4.9
Crestwood Midstream EBITDA	$	112.9	$	3.7	$	(34.8)	$	(24.4)	$	57.4
Crestwood Equity
General and administrative expense	—		—		—		1.5		1.5
Other income, net	—		—		—		0.1		0.1
Crestwood Equity EBITDA	$	112.9	$	3.7	$	(34.8)	$	(25.8)	$	56.0

	Three Months Ended September 30, 2020
	Gathering and Processing		Storage and Transportation		Marketing, Supply and Logistics		Corporate		Total
Crestwood Midstream
Revenues	$	145.2	$	3.5	$	370.5	$	—	$	519.2
Intersegment revenues	44.9		1.9		(46.8)		—		—
Costs of product/services sold	63.2		—		295.5		—		358.7
Operations and maintenance expense	19.4		0.7		10.9		—		31.0
General and administrative expense	—		—		—		18.5		18.5
Gain (loss) on long-lived assets, net	(19.1)		—		(2.4)		0.2		(21.3)
Earnings from unconsolidated affiliates, net	0.5		10.0		—		—		10.5
Crestwood Midstream EBITDA	$	88.9	$	14.7	$	14.9	$	(18.3)	$	100.2
Crestwood Equity
General and administrative expense	—		—		—		1.1		1.1
Crestwood Equity EBITDA	$	88.9	$	14.7	$	14.9	$	(19.4)	$	99.1

	Nine Months Ended September 30, 2021
	Gathering and Processing		Storage and Transportation		Marketing, Supply and Logistics		Corporate		Total
Crestwood Midstream
Revenues	$	498.9	$	6.0	$	2,683.7	$	—	$	3,188.6
Intersegment revenues	315.1		7.8		(322.9)		—		—
Costs of product/services sold	387.2		(0.2)		2,323.3		—		2,710.3
Operations and maintenance expense	55.6		3.1		31.5		—		90.2
General and administrative expense	—		—		—		61.3		61.3
Gain (loss) on long-lived assets, net	(19.7)		—		0.1		—		(19.6)
Earnings (loss) from unconsolidated affiliates, net	4.4		(130.3)		—		—		(125.9)
Crestwood Midstream EBITDA	$	355.9	$	(119.4)	$	6.1	$	(61.3)	$	181.3
Crestwood Equity
General and administrative expense	—		—		—		6.1		6.1
Other income, net	—		—		—		0.2		0.2
Crestwood Equity EBITDA	$	355.9	$	(119.4)	$	6.1	$	(67.2)	$	175.4

	Nine Months Ended September 30, 2020
	Gathering and Processing		Storage and Transportation		Marketing, Supply and Logistics		Corporate		Total
Crestwood Midstream
Revenues	$	474.6	$	10.1	$	1,115.1	$	—	$	1,599.8
Intersegment revenues	99.2		6.9		(106.1)		—		—
Costs of product/services sold	192.8		0.3		925.7		—		1,118.8
Operations and maintenance expense	65.7		2.8		31.7		—		100.2
General and administrative expense	—		—		—		60.4		60.4
Gain (loss) on long-lived assets, net	(23.7)		—		(2.6)		0.2		(26.1)
Goodwill impairment	(80.3)		—		—		—		(80.3)
Earnings from unconsolidated affiliates, net	0.3		24.1		—		—		24.4
Crestwood Midstream EBITDA	$	211.6	$	38.0	$	49.0	$	(60.2)	$	238.4
Crestwood Equity
General and administrative expense	—		—		—		3.6		3.6
Other income, net	—		—		—		0.2		0.2
Crestwood Equity EBITDA	$	211.6	$	38.0	$	49.0	$	(63.6)	$	235.0

Other Segment Information

	CEQP				CMLP
	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Total Assets
Gathering and Processing	$	3,357.4	$	3,464.6	$	3,491.9	$	3,609.7
Storage and Transportation	163.6		944.6		163.6		944.6
Marketing, Supply and Logistics	1,032.8		805.0		1,032.8		805.0
Corporate	20.7		29.5		17.3		26.2
Total Assets	$	4,574.5	$	5,243.7	$	4,705.6	$	5,385.5