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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from               to              .

(Exact name of registrant as specified in its charter)Commission file numberState or other jurisdiction of incorporation or organization(I.R.S. Employer Identification No.)
Crestwood Equity Partners LP001-34664Delaware43-1918951
Crestwood Midstream Partners LP001-35377Delaware20-1647837

811 Main StreetSuite 3400HoustonTexas77002
(Address of principal executive offices)(Zip code)
(832) 519-2200
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Crestwood Equity Partners LPCommon Units representing limited partnership interestsCEQPNew York Stock Exchange
Crestwood Equity Partners LPPreferred Units representing limited partnership interestsCEQP-PNew York Stock Exchange
Crestwood Midstream Partners LPNoneNoneNone

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Crestwood Equity Partners LP
Yes
No 
Crestwood Midstream Partners LP
Yes
No 

(Explanatory Note: Crestwood Midstream Partners LP is currently a voluntary filer and is not subject to the filing requirements of the Securities Exchange Act of 1934. Although not subject to these filing requirements, Crestwood Midstream Partners LP has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.)

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Crestwood Equity Partners LP
Yes
No 
Crestwood Midstream Partners LP
Yes
No 



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Crestwood Equity Partners LPLarge accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
Crestwood Midstream Partners LPLarge accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange act.
Crestwood Equity Partners LP
Crestwood Midstream Partners LP

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Crestwood Equity Partners LPYesNo
Crestwood Midstream Partners LPYesNo

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date (April 22, 2022).
Crestwood Equity Partners LP97,966,187
Crestwood Midstream Partners LPNone

Crestwood Midstream Partners LP, as a wholly-owned subsidiary of a reporting company, meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this report with the reduced disclosure format as permitted by such instruction.




CRESTWOOD EQUITY PARTNERS LP
CRESTWOOD MIDSTREAM PARTNERS LP
INDEX TO FORM 10-Q
Page

3

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements


CRESTWOOD EQUITY PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(in millions, except unit information)
March 31,
2022
December 31,
2021
 (unaudited) 
Assets
Current assets:
Cash $11.9 $13.3 
Accounts receivable, less allowance for doubtful accounts of $0.5 million and
     $0.6 million at March 31, 2022 and December 31, 2021
485.6 378.0 
Inventory 94.0 156.5 
Assets from price risk management activities25.5 42.1 
Prepaid expenses and other current assets42.4 14.8 
Total current assets659.4 604.7 
Property, plant and equipment5,047.0 3,771.5 
Less: accumulated depreciation1,046.6 992.1 
Property, plant and equipment, net4,000.4 2,779.4 
Intangible assets1,623.1 1,126.1 
Less: accumulated amortization412.7 393.2 
Intangible assets, net1,210.4 732.9 
Goodwill177.9 138.6 
Operating lease right-of-use assets, net20.3 27.4 
Investments in unconsolidated affiliates164.8 155.8 
Other non-current assets6.9 6.9 
Total assets$6,240.1 $4,445.7 
Liabilities and capital
Current liabilities:
Accounts payable$446.3 $336.5 
Accrued expenses and other liabilities190.3 147.1 
Liabilities from price risk management activities107.6 114.6 
Current portion of long-term debt0.2 0.2 
Total current liabilities744.4 598.4 
Long-term debt, less current portion2,809.9 2,052.1 
Other long-term liabilities283.1 258.7 
Deferred income taxes2.2 2.3 
Total liabilities3,839.6 2,911.5 
Commitments and contingencies (Note 9)
Interest of non-controlling partner in subsidiary434.5 434.6 
Crestwood Equity Partners LP partners’ capital (97,980,192 and 62,991,511 common units issued and outstanding at March 31, 2022 and December 31, 2021)
1,354.0 487.6 
Preferred units (71,257,445 units issued and outstanding at both March 31, 2022 and December 31, 2021)
612.0 612.0 
Total partners’ capital1,966.0 1,099.6 
Total liabilities and capital$6,240.1 $4,445.7 
See accompanying notes.
4


CRESTWOOD EQUITY PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per unit data)
(unaudited)

Three Months Ended
 March 31,
 20222021
Revenues:
Product revenues$1,390.5 $930.6 
Product revenues - related party (Note 15)
60.6 4.9 
Service revenues 95.6 97.2 
Service revenues - related party (Note 15)
37.1  
Total revenues1,583.8 1,032.7 
Costs of product/services sold (exclusive of items shown separately below):
Product costs
1,290.8 767.6 
Product costs - related party (Note 15)
68.5 41.1 
Service costs5.1 5.1 
Total costs of products/services sold1,364.4 813.8 
Operating expenses and other:
Operations and maintenance42.4 32.8 
General and administrative43.4 18.7 
Depreciation, amortization and accretion74.8 59.2 
Loss on long-lived assets, net3.8 1.4 
164.4 112.1 
Operating income55.0 106.8 
Earnings (loss) from unconsolidated affiliates, net3.0 (103.7)
Interest and debt expense, net(36.1)(36.0)
Loss on modification/extinguishment of debt (5.5)
Other income, net0.3  
Income (loss) before income taxes22.2 (38.4)
Benefit for income taxes 0.1 
Net income (loss)22.2 (38.3)
Net income attributable to non-controlling partner10.2 10.1 
Net income (loss) attributable to Crestwood Equity Partners LP12.0 (48.4)
Net income attributable to preferred units
15.0 15.0 
Net loss attributable to partners$(3.0)$(63.4)
Net loss per limited partner unit: (Note 12)
Basic and Diluted$(0.04)$(0.86)
Weighted-average limited partners’ units outstanding:
Basic and Diluted86.0 74.1 

See accompanying notes.

5


CRESTWOOD EQUITY PARTNERS LP
CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
(in millions)
(unaudited)

PreferredCommon
UnitsCapital UnitsCapitalTotal Partners’
Capital
Balance at December 31, 202171.3 $612.0 63.0 $487.6 $1,099.6 
Distributions to partners— (15.0)— (60.9)(75.9)
Issuance of common units (Note 3)
33.8 930.0 930.0 
Unit-based compensation charges— — 1.6 13.0 13.0 
Taxes paid for unit-based compensation vesting— — (0.5)(14.9)(14.9)
Other— — 0.1 2.2 2.2 
Net income (loss)— 15.0 — (3.0)12.0 
Balance at March 31, 202271.3 $612.0 98.0 $1,354.0 $1,966.0 

PreferredPartners
UnitsCapitalCommon UnitsSubordinated UnitsCapitalTotal Partners’
Capital
Balance at December 31, 202071.3 $612.0 73.6 0.4 $1,043.4 $1,655.4 
Crestwood Holdings Transactions (Note 11)
— — — — (273.2)(273.2)
Retirement of units (Note 11)
— — (11.5)(0.4)— — 
Distributions to partners— (15.0)— — (46.4)(61.4)
Unit-based compensation charges— — 1.1 — 3.7 3.7 
Taxes paid for unit-based compensation vesting— — (0.4)— (8.1)(8.1)
Other— — — — (0.4)(0.4)
Net income (loss)— 15.0 — — (63.4)(48.4)
Balance at March 31, 202171.3 $612.0 62.8  $655.6 $1,267.6 

See accompanying notes.
6


CRESTWOOD EQUITY PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)

Three Months Ended
 March 31,
 20222021
Operating activities
Net income (loss)$22.2 $(38.3)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, amortization and accretion74.8 59.2 
Amortization of debt-related deferred costs and fair value adjustment0.8 1.7 
Unit-based compensation charges8.6 2.3 
Loss on long-lived assets, net3.8 1.4 
Loss on modification/extinguishment of debt 5.5 
(Earnings) loss from unconsolidated affiliates, net, adjusted for cash distributions received(0.4)103.8 
Deferred income taxes(0.1) 
Other(0.1)0.1 
Changes in operating assets and liabilities112.9 122.8 
Net cash provided by operating activities222.5 258.5 
Investing activities
Acquisition, net of cash acquired (Note 3)
(145.1) 
Purchases of property, plant and equipment(26.4)(9.3)
Investments in unconsolidated affiliates(14.5)(10.2)
Capital distributions from unconsolidated affiliates5.9 17.3 
Net proceeds from sale of assets0.4 0.2 
Net cash used in investing activities(179.7)(2.0)
Financing activities
Proceeds from the issuance of long-term debt919.1 1,126.3 
Payments on long-term debt(859.1)(1,018.1)
Payments on finance leases(0.8)(0.7)
Payments for deferred financing costs(1.7)(11.1)
Payments for Crestwood Holdings Transactions (271.8)
Distributions to partners(60.9)(46.4)
Distributions to non-controlling partner(10.3)(9.3)
Distributions to preferred unitholders(15.0)(15.0)
Taxes paid for unit-based compensation vesting(14.9)(8.1)
Other(0.6) 
Net cash used in financing activities(44.2)(254.2)
Net change in cash (1.4)2.3 
Cash at beginning of period13.3 14.0 
Cash at end of period$11.9 $16.3 


7

CRESTWOOD EQUITY PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(in millions)
(unaudited)

Three Months Ended
March 31,
20222021
Supplemental schedule of non-cash investing activities
Net change to property, plant and equipment through accounts payable and accrued expenses$3.8 $(2.2)
Acquisition, net of cash acquired:
Current assets$63.4 $— 
Property, plant and equipment1,245.8 — 
Intangible assets497.0 — 
Goodwill39.3 — 
Current liabilities(45.9)— 
Debt(698.7)— 
Change in invested capital of Crestwood Equity Partners LP, net(930.0)— 
Other liabilities(25.8)— 
Total acquisition, net of cash acquired$145.1 $— 

See accompanying notes.

8


CRESTWOOD MIDSTREAM PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(in millions)
March 31,
2022
December 31,
2021
(unaudited)
Assets
Current assets:
Cash$11.3 $12.9 
Accounts receivable, less allowance for doubtful accounts of $0.5 million and
     $0.6 million at March 31, 2022 and December 31, 2021
485.6 378.0 
Inventory 94.0 156.5 
Assets from price risk management activities25.5 42.1 
Prepaid expenses and other current assets42.4 14.4 
Total current assets658.8 603.9 
Property, plant and equipment5,376.2 4,100.8 
Less: accumulated depreciation1,250.9 1,193.0 
Property, plant and equipment, net4,125.3 2,907.8 
Intangible assets1,623.1 1,126.1 
Less: accumulated amortization412.7 393.2 
Intangible assets, net1,210.4 732.9 
Goodwill177.9 138.6 
Operating lease right-of-use assets, net20.3 27.4 
Investments in unconsolidated affiliates164.8 155.8 
Other non-current assets4.6 4.8 
Total assets$6,362.1 $4,571.2 
Liabilities and capital
Current liabilities:
Accounts payable$446.2 $336.4 
Accrued expenses and other liabilities188.9 146.1 
Liabilities from price risk management activities107.6 114.6 
Current portion of long-term debt0.2 0.2 
Total current liabilities742.9 597.3 
Long-term debt, less current portion2,809.9 2,052.1 
Other long-term liabilities281.6 254.1 
Deferred income taxes0.8 0.8 
Total liabilities3,835.2 2,904.3 
Commitments and contingencies (Note 9)
Interest of non-controlling partner in subsidiary434.5 434.6 
Partners’ capital
2,092.4 1,232.3 
Total liabilities and capital$6,362.1 $4,571.2 

See accompanying notes.
9


CRESTWOOD MIDSTREAM PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions)
(unaudited)
  Three Months Ended
March 31,
 20222021
Revenues:
Product revenues$1,390.5 $930.6 
Product revenues - related party (Note 15)
60.6 4.9 
Service revenues95.6 97.2 
Service revenues - related party (Note 15)
37.1  
Total revenues1,583.8 1,032.7 
Costs of product/services sold (exclusive of items shown separately below):
Product costs1,290.8 767.6 
Product costs - related party (Note 15)
68.5 41.1 
Service costs5.1 5.1 
Total costs of product/services sold1,364.4 813.8 
Operating expenses and other:
Operations and maintenance42.4 32.8 
General and administrative41.7 17.2 
Depreciation, amortization and accretion78.2 62.8 
Loss on long-lived assets, net3.8 1.4 
166.1 114.2 
Operating income53.3 104.7 
Earnings (loss) from unconsolidated affiliates, net3.0 (103.7)
Interest and debt expense, net(36.1)(36.0)
Loss on modification/extinguishment of debt (5.5)
Income (loss) before income taxes20.2 (40.5)
Benefit for income taxes 0.1 
Net income (loss)20.2 (40.4)
Net income attributable to non-controlling partner10.2 10.1 
Net income (loss) attributable to Crestwood Midstream Partners LP$10.0 $(50.5)

See accompanying notes.

10


CRESTWOOD MIDSTREAM PARTNERS LP
CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
(in millions)
(unaudited)
 Total Partners’
Capital
Balance at December 31, 2021$1,232.3 
Non-cash contribution from partner (Note 11)
1,075.1 
Cash contribution from partner (Note 11)
14.9 
Distributions to partners(238.1)
Unit-based compensation charges13.0 
Taxes paid for unit-based compensation vesting(14.9)
Other0.1 
Net income10.0 
Balance at March 31, 2022$2,092.4 

 Total Partners’
Capital
Balance at December 31, 2020$1,805.1 
Distributions to partners(334.0)
Unit-based compensation charges2.3 
Taxes paid for unit-based compensation vesting(8.1)
Other(0.1)
Net loss(50.5)
Balance at March 31, 2021$1,414.7 

See accompanying notes.
11


CRESTWOOD MIDSTREAM PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
Three Months Ended
 March 31,
 20222021
Operating activities
Net income (loss)$20.2 $(40.4)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, amortization and accretion78.2 62.8 
Amortization of debt-related deferred costs and fair value adjustment0.8 1.7 
Unit-based compensation charges8.6 2.3 
Loss on long-lived assets, net3.8 1.4 
Loss on modification/extinguishment of debt 5.5 
(Earnings) loss from unconsolidated affiliates, net, adjusted for cash distributions received(0.4)103.8 
Other (0.1)0.1 
Changes in operating assets and liabilities
112.8 122.0 
Net cash provided by operating activities223.9 259.2 
Investing activities
Purchases of property, plant and equipment(26.4)(9.3)
Investments in unconsolidated affiliates(14.5)(10.2)
Capital distributions from unconsolidated affiliates5.9 17.3 
Net proceeds from sale of assets0.4 0.2 
Net cash used in investing activities(34.6)(2.0)
Financing activities
Proceeds from the issuance of long-term debt
919.1 1,126.3 
Payments on long-term debt(859.1)(1,018.1)
Payments on finance leases(0.8)(0.7)
Payments for deferred financing costs(1.7)(11.1)
Contribution from partner14.9  
Distributions to partners(238.1)(334.0)
Distributions to non-controlling partner(10.3)(9.3)
Taxes paid for unit-based compensation vesting(14.9)(8.1)
Net cash used in financing activities(190.9)(255.0)
Net change in cash (1.6)2.2 
Cash at beginning of period12.9 13.7 
Cash at end of period$11.3 $15.9 
Supplemental schedule of non-cash investing activities
Net change to property, plant and equipment through accounts payable and accrued expenses
$3.8 $(2.2)


12

CRESTWOOD MIDSTREAM PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(in millions)
(unaudited)
Three Months Ended
March 31,
20222021
Supplemental schedule of non-cash financing activities
Non-cash contribution:
Current assets$63.4 $— 
Property, plant and equipment1,245.8 — 
Intangible assets497.0 — 
Goodwill39.3 — 
Current liabilities(45.9)— 
Debt(698.7)— 
Other liabilities(25.8)— 
Total non-cash contribution$1,075.1 $— 

See accompanying notes.

13

CRESTWOOD EQUITY PARTNERS LP
CRESTWOOD MIDSTREAM PARTNERS LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Note 1 – Organization and Business Description

The accompanying notes to the consolidated financial statements apply to Crestwood Equity Partners LP (Crestwood Equity or CEQP) and Crestwood Midstream Partners LP (Crestwood Midstream or CMLP), unless otherwise indicated.

The accompanying consolidated financial statements and related notes should be read in conjunction with our 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 25, 2022. The financial information as of March 31, 2022, and for the three months ended March 31, 2022 and 2021, is unaudited. The consolidated balance sheets as of December 31, 2021 were derived from the audited balance sheets filed in our 2021 Annual Report on Form 10-K.

References in this report to “we,” “us,” “our,” “ours,” “our company,” the “partnership,” the “Company,” “Crestwood Equity,” “CEQP,” and similar terms refer to either Crestwood Equity Partners LP itself or Crestwood Equity Partners LP and its consolidated subsidiaries, as the context requires. Unless otherwise indicated, references to “Crestwood Midstream” and “CMLP” refer to either Crestwood Midstream Partners LP itself or Crestwood Midstream Partners LP and its consolidated subsidiaries.

Organization

Crestwood Equity Partners LP. CEQP is a publicly-traded (NYSE: CEQP) Delaware limited partnership formed in March 2001. Crestwood Equity GP LLC (Crestwood Equity GP), our wholly-owned subsidiary, owns our non-economic general partnership interest.

Crestwood Midstream Partners LP. Crestwood Equity owns a 99.9% limited partnership interest in Crestwood Midstream and Crestwood Gas Services GP LLC (CGS GP), a wholly-owned subsidiary of Crestwood Equity, owns a 0.1% limited partnership interest in Crestwood Midstream. Crestwood Midstream GP LLC, a wholly-owned subsidiary of Crestwood Equity, owns the non-economic general partnership interest of Crestwood Midstream.

Business Description

Crestwood Equity develops, acquires, owns or controls, and operates primarily fee-based assets and operations within the energy midstream sector. We provide broad-ranging infrastructure solutions across the value chain to service premier liquids-rich natural gas and crude oil shale plays across the United States. We own and operate a diversified portfolio of natural gas liquids (NGLs), crude oil, natural gas and produced water gathering, processing, storage, disposal and transportation assets that connect fundamental energy supply with energy demand across the United States. Crestwood Equity is a holding company and all of its consolidated operating assets are owned by or through its wholly-owned subsidiary, Crestwood Midstream.

See Note 13 for information regarding our operating and reporting segments.


Note 2 – Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

Our consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and include the accounts of all consolidated subsidiaries after the elimination of all intercompany accounts and transactions. In management’s opinion, all necessary adjustments to fairly present our results of operations, financial position and cash flows for the periods presented have been made and all such adjustments are of a normal and recurring nature. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC.

14

Significant Accounting Policies

There were no material changes in our significant accounting policies from those described in our 2021 Annual Report on Form 10-K.


Note 3 – Acquisition

On October 25, 2021, we entered into a merger agreement to acquire Oasis Midstream Partners LP (Oasis Midstream) in an equity and cash transaction (the Merger). Oasis Midstream is a master limited partnership which operates a diversified portfolio of midstream assets located in the Williston and Delaware Basins and its operations include natural gas services (gathering, compression, processing and gas lift supply), crude oil services (gathering, terminalling and transportation), and water services (gathering and disposal of produced and flowback water and freshwater distribution).

On February 1, 2022, we completed the merger with Oasis Midstream, which was valued at approximately $1.8 billion. Pursuant to the merger agreement, Oasis Petroleum Inc. (Oasis Petroleum) received $150 million in cash plus approximately 20.9 million newly issued CEQP common units in exchange for its 33.8 million common units held in Oasis Midstream. In addition, Oasis Midstream’s public unitholders received approximately 12.9 million newly issued CEQP common units in exchange for the approximately 14.8 million Oasis Midstream common units held by them. Additionally, under the merger agreement Oasis Petroleum received a $10 million cash payment in exchange for its ownership of the general partner of Oasis Midstream.

We accounted for the Merger as a business combination using the acquisition method of accounting. In addition, the purchase accounting reflects the adoption of Accounting Standards Update 2021-08, Business Combinations (Topic 805) during the three months ended March 31, 2022. The financial results of Oasis Midstream’s Williston Basin operations are included in our gathering and processing north segment and Oasis Midstream’s Delaware Basin operations are included in our gathering and processing south segment from the date of acquisition. During the three months ended March 31, 2022, we recognized approximately $17 million of transaction costs related to the Merger, which are included in general and administrative expenses in our consolidated statements of operations.

The purchase price has been allocated to the assets acquired and liabilities assumed based on preliminary fair values. Certain preliminary fair values are Level 3 fair value measurements and were developed by management with the assistance of a third-party valuation firm. We estimated the fair value of the senior notes assumed based on quoted market prices for similar issuances which are considered Level 2 fair value measurements. The preliminary fair values were estimated primarily utilizing market related information and other projections on the performance of the assets acquired, including an analysis of discounted cash flows at a discount rate of approximately 12%. The preliminary fair values of property, plant and equipment, intangible assets and goodwill and their allocation to our segments are subject to change pending a final determination of the fair values as more information is received about their respective values. We expect to finalize the purchase price allocation for this transaction in 2022.

15

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date (in millions):

Cash $14.9 
Other current assets63.4 
Property, plant and equipment1,245.8 
Intangible assets497.0 
   Total assets acquired