XML 48 R34.htm IDEA: XBRL DOCUMENT v3.23.3
Segments (Tables)
9 Months Ended
Sep. 30, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]  
Reconciliation of Net Income (Loss) to Earnings Before Interest, Taxes, Depreciation and Amortization Below is a reconciliation of CEQP’s and CMLP’s net income to EBITDA (in millions):
CEQPCMLP
Three Months EndedNine Months EndedThree Months EndedNine Months Ended
September 30,September 30,September 30,September 30,
20232022202320222023202220232022
Net income (loss)$12.1 $(43.0)$205.6 $18.6 $21.4 $(113.0)$217.8 $(107.4)
Add:
Interest and debt expense, net56.9 47.6 167.9 123.8 56.9 47.6 167.9 123.8 
Provision for income taxes0.2 1.4 1.1 1.7 0.2 1.4 1.0 1.6 
Depreciation, amortization and accretion80.2 86.9 242.7 242.3 80.1 86.8 242.5 248.0 
EBITDA$149.4 $92.9 $617.3 $386.4 $158.6 $22.8 $629.2 $266.0 
Summary Of Segment Information The following tables summarize CEQP’s and CMLP’s reportable segment data for the three and nine months ended September 30, 2023 and 2022 (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 2022 Annual Report on Form 10-K. Included in earnings from unconsolidated affiliates, net reflected in the tables below was approximately $1.3 million and $2.5 million of our proportionate share of net interest income, income taxes, depreciation and amortization expense and gains on long-lived assets, net recorded by our equity investments for the three months ended September 30, 2023 and 2022 and $5.4 million and $12.0 million for the nine months ended September 30, 2023 and 2022.
Segment EBITDA Information

Three Months Ended September 30, 2023
Gathering and Processing NorthGathering and Processing SouthStorage and LogisticsCorporateTotal
Crestwood Midstream
Revenues
$262.8 $123.0 $753.6 $— $1,139.4 
Intersegment revenues, net70.9 52.5 (123.4)— — 
Costs of product/services sold
158.4 121.1 622.1 — 901.6 
Operations and maintenance expense
29.9 14.9 12.1 — 56.9 
General and administrative expense
— — — 20.8 20.8 
Loss on long-lived assets, net
— — (2.6)— (2.6)
Earnings from unconsolidated affiliates, net
— 1.1 — — 1.1 
Crestwood Midstream EBITDA$145.4 $40.6 $(6.6)$(20.8)$158.6 
Crestwood Equity
General and administrative expense— — — 9.4 9.4 
Other income, net— — — 0.2 0.2 
Crestwood Equity EBITDA$145.4 $40.6 $(6.6)$(30.0)$149.4 

Three Months Ended September 30, 2022
Gathering and Processing NorthGathering and Processing SouthStorage and LogisticsCorporateTotal
Crestwood Midstream
Revenues$272.6 $177.4 $1,116.0 $— $1,566.0 
Intersegment revenues, net142.2 137.8 (280.0)— — 
Costs of product/services sold230.2 249.6 807.0 — 1,286.8 
Operations and maintenance expense27.4 14.3 13.3 — 55.0 
General and administrative expense— — — 32.3 32.3 
Loss on long-lived assets, net— (247.6)— — (247.6)
Gain on acquisition— 75.3 — — 75.3 
Earnings from unconsolidated affiliates, net— 2.0 1.2 — 3.2 
Crestwood Midstream EBITDA$157.2 $(119.0)$16.9 $(32.3)$22.8 
Crestwood Equity
General and administrative expense— — — 1.6 1.6 
Gain on long-lived assets(1)
— 71.7 — — 71.7 
Crestwood Equity EBITDA$157.2 $(47.3)$16.9 $(33.9)$92.9 

(1)Represents the gain on the sale of our Barnett operations recorded by CEQP. For a further discussion of this transaction, see Note 3.
Nine Months Ended September 30, 2023
Gathering and Processing NorthGathering and Processing SouthStorage and LogisticsCorporateTotal
Crestwood Midstream
Revenues
$717.1 $373.3 $2,333.3 $— $3,423.7 
Intersegment revenues, net231.0 119.2 (350.2)— — 
Costs of product/services sold
447.7 329.8 1,906.1 — 2,683.6 
Operations and maintenance expense
85.6 45.2 35.9 — 166.7 
General and administrative expense
— — — 74.6 74.6 
Gain (loss) on long-lived assets, net0.1 (2.7)(2.6)0.4 (4.8)
Earnings from unconsolidated affiliates, net(1)
— 2.0 133.2 — 135.2 
Crestwood Midstream EBITDA$414.9 $116.8 $171.7 $(74.2)$629.2 
Crestwood Equity
General and administrative expense— — — 12.2 12.2 
Other income, net— — — 0.3 0.3 
Crestwood Equity EBITDA$414.9 $116.8 $171.7 $(86.1)$617.3 

(1)In April 2023, we sold our equity interest in Tres Holdings which is reflected in our storage and logistics segment. During the nine months ended September 30, 2023, we recorded a gain on the sale of approximately $132 million, which is reflected as an increase in our earnings from unconsolidated affiliates.

Nine Months Ended September 30, 2022
Gathering and Processing NorthGathering and Processing SouthStorage and LogisticsCorporateTotal
Crestwood Midstream
Revenues$787.2 $243.4 $3,567.2 $— $4,597.8 
Intersegment revenues, net421.2 137.8 (559.0)— — 
Costs of product/services sold686.6 249.6 2,928.2 — 3,864.4 
Operations and maintenance expense78.6 28.6 36.8 — 144.0 
General and administrative expense— — — 99.0 99.0 
Loss on long-lived assets, net— (307.8)(4.1)— (311.9)
Gain on acquisition— 75.3 — — 75.3 
Earnings from unconsolidated affiliates, net— 9.4 2.8 — 12.2 
Crestwood Midstream EBITDA$443.2 $(120.1)$41.9 $(99.0)$266.0 
Crestwood Equity
General and administrative expense— — — 4.8 4.8 
Gain on long-lived assets(1)
— 125.0 — — 125.0 
Other income, net— — — 0.2 0.2 
Crestwood Equity EBITDA$443.2 $4.9 $41.9 $(103.6)$386.4 

(1)Represents the elimination of the loss on long-lived assets of approximately $53 million recorded by CMLP related to the sale of our legacy assets in the Barnett Shale and a gain on long-lived assets of approximately $72 million recorded by CEQP related to the sale. For a further discussion of this transaction, see Note 3.
Other Segment Information

CEQPCMLP
September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Total Assets
Gathering and Processing North$3,921.3 $4,003.6 $3,921.3 $4,003.6 
Gathering and Processing South1,452.4 1,473.0 1,452.4 1,473.0 
Storage and Logistics946.1 1,057.6 946.1 1,057.6 
Corporate40.0 32.8 34.4 27.2 
Total assets$6,359.8 $6,567.0 $6,354.2 $6,561.4