Report of Independent Auditors
|
3
| |
Consolidated Financial Statements:
| ||
Consolidated Balance Sheets
| ||
Consolidated Statements of Operations
| ||
Consolidated Statements of Members' Equity
| ||
Consolidated Statements of Cash Flows
| ||
Notes to Consolidated Financial Statements
|
STAGECOACH GAS SERVICES LLC
CONSOLIDATED BALANCE SHEETS
(in millions)
| |||||||
December 31,
| |||||||
2019
|
2018
| ||||||
Assets
| |||||||
Current assets:
| |||||||
Cash
|
$
|
32.1
|
$
|
31.9
| |||
Accounts receivable
|
11.0
|
11.2
| |||||
Accounts receivable - related party
|
2.8
|
2.6
| |||||
Inventory
|
1.7
|
1.5
| |||||
Prepaid expenses
|
3.0
|
2.9
| |||||
Total current assets
|
50.6
|
50.1
| |||||
Property, plant and equipment
|
1,137.6
|
1,132.6
| |||||
Less: accumulated depreciation
|
126.7
|
90.8
| |||||
Property, plant and equipment, net
|
1,010.9
|
1,041.8
| |||||
Intangible assets
|
53.3
|
53.4
| |||||
Less: accumulated amortization
|
34.7
|
26.6
| |||||
Intangible assets, net
|
18.6
|
26.8
| |||||
Operating lease right-of-use assets, net
|
0.3
|
-
| |||||
Goodwill
|
656.5
|
656.5
| |||||
Total assets
|
$
|
1,736.9
|
$
|
1,775.2
| |||
Liabilities and members' equity
| |||||||
Current liabilities:
| |||||||
Accounts payable
|
$
|
0.7
|
$
|
1.3
| |||
Accounts payable - related party
|
0.1
|
0.7
| |||||
Accrued expenses and other liabilities
|
3.1
|
2.2
| |||||
Total current liabilities
|
3.9
|
4.2
| |||||
Long-term operating lease liabilities
|
0.3
|
-
| |||||
Other long-term liabilities
|
1.2
|
0.9
| |||||
Members' equity
|
1,731.5
|
1,770.1
| |||||
Total liabilities and members' equity
|
$
|
1,736.9
|
$
|
1,775.2
|
STAGECOACH GAS SERVICES LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions)
| |||||||||||
Year Ended December 31,
| |||||||||||
2019
|
2018
|
2017
| |||||||||
Revenues:
| |||||||||||
Storage and transportation
|
$
|
128.6
|
$
|
140.1
|
$
|
134.7
| |||||
Storage and transportation - related party
|
35.2
|
31.3
|
33.9
| ||||||||
163.8
|
171.4
|
168.6
| |||||||||
Operating expenses:
| |||||||||||
Costs of services sold
|
11.5
|
9.9
|
6.5
| ||||||||
Costs of services sold - related party
|
0.3
|
-
|
3.7
| ||||||||
Operations and maintenance
|
20.5
|
18.6
|
17.2
| ||||||||
Operations and maintenance - related party
|
3.4
|
3.4
|
3.4
| ||||||||
General and administrative
|
0.2
|
0.2
|
0.2
| ||||||||
General and administrative - related party
|
3.2
|
3.2
|
3.6
| ||||||||
Depreciation and amortization
|
44.4
|
44.0
|
43.1
| ||||||||
Loss on long-lived assets
|
0.1
|
-
|
-
| ||||||||
83.6
|
79.3
|
77.7
| |||||||||
Other income, net
|
0.4
|
-
|
0.2
| ||||||||
Net income
|
$
|
80.6
|
$
|
92.1
|
$
|
91.1
|
STAGECOACH GAS SERVICES LLC
CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY
(in millions)
| |||||||||||
Crestwood Pipeline and Storage Northeast LLC
|
Con Edison Gas Pipeline and Storage Northeast, LLC
|
Total
| |||||||||
Balance at December 31, 2016
|
$
|
922.3
|
$
|
932.2
|
$
|
1,854.5
| |||||
Contributions from members
|
0.8
|
0.8
|
1.6
| ||||||||
Distributions to members
|
(47.3
|
)
|
(87.8
|
)
|
(135.1
|
)
| |||||
Net income
|
25.3
|
65.8
|
91.1
| ||||||||
Balance at December 31, 2017
|
901.1
|
911.0
|
1,812.1
| ||||||||
Distributions to members
|
(48.7
|
)
|
(85.4
|
)
|
(134.1
|
)
| |||||
Net income
|
29.3
|
62.8
|
92.1
| ||||||||
Balance at December 31, 2018
|
881.7
|
888.4
|
1,770.1
| ||||||||
Contributions from members
|
2.1
|
2.1
|
4.2
| ||||||||
Distributions to members
|
(52.3
|
)
|
(71.1
|
)
|
(123.4
|
)
| |||||
Net income
|
34.2
|
46.4
|
80.6
| ||||||||
Balance at December 31, 2019
|
$
|
865.7
|
$
|
865.8
|
$
|
1,731.5
|
STAGECOACH GAS SERVICES LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| |||||||||||
Year Ended December 31,
| |||||||||||
2019
|
2018
|
2017
| |||||||||
Operating activities
| |||||||||||
Net income
|
$
|
80.6
|
$
|
92.1
|
$
|
91.1
| |||||
Adjustments to reconcile net income to net cash provided by operating activities:
| |||||||||||
Depreciation and amortization
|
44.4
|
44.0
|
43.1
| ||||||||
Loss on long-lived assets
|
0.1
|
-
|
-
| ||||||||
Other
|
1.1
|
(0.2
|
)
|
(0.8
|
)
| ||||||
Changes in operating assets and liabilities:
| |||||||||||
Accounts receivable
|
-
|
0.6
|
(0.1
|
)
| |||||||
Inventory
|
(1.2
|
)
|
-
|
-
| |||||||
Prepaid expenses
|
(0.1
|
)
|
(0.2
|
)
|
0.1
| ||||||
Accounts payable
|
(1.4
|
)
|
1.5
|
(0.6
|
)
| ||||||
Accrued expenses and other liabilities
|
1.3
|
(3.3
|
)
|
1.1
| |||||||
Net cash provided by operating activities
|
124.8
|
134.5
|
133.9
| ||||||||
Investing activities
| |||||||||||
Purchases of property, plant and equipment
|
(5.5
|
)
|
(4.5
|
)
|
(2.2
|
)
| |||||
Net proceeds from sale of assets
|
0.1
|
-
|
-
| ||||||||
Net cash used in investing activities
|
(5.4
|
)
|
(4.5
|
)
|
(2.2
|
)
| |||||
Financing activities
| |||||||||||
Contributions from members
|
4.2
|
-
|
1.6
| ||||||||
Distributions to members
|
(123.4
|
)
|
(134.1
|
)
|
(135.1
|
)
| |||||
Net cash used in financing activities
|
(119.2
|
)
|
(134.1
|
)
|
(133.5
|
)
| |||||
Net change in cash and restricted cash
|
0.2
|
(4.1
|
)
|
(1.8
|
)
| ||||||
Cash and restricted cash at beginning of period
|
31.9
|
36.0
|
37.8
| ||||||||
Cash and restricted cash at end of period
|
$
|
32.1
|
$
|
31.9
|
$
|
36.0
|
•
|
Stagecoach - a Federal Energy Regulatory Commission (FERC) certificated 26.2 Bcf multi-cycle, depleted reservoir storage facility.
|
•
|
Thomas Corners - a FERC-certificated 7.0 Bcf multi-cycle, depleted reservoir storage facility.
|
•
|
Seneca Lake - a FERC-certificated 1.5 Bcf multi-cycle, bedded salt storage facility.
|
•
|
Steuben - a FERC-certificated 6.2 Bcf single-cycle, depleted reservoir storage facility.
|
•
|
North-South Facilities - bi-directional interstate facilities which include compression and appurtenant facilities installed to expand transportation capacity on the Stagecoach north and south pipeline laterals. The North-South Facilities generate fee-based revenues under a negotiated rate structure authorized by the FERC.
|
•
|
MARC I Pipeline - bi-directional intrastate natural gas pipeline that connects the North-South Facilities and Tennessee Gas Pipeline Company, LLC's 300 Line in Bradford County, Pennsylvania, with UGI Energy Services LLC's Sunbury Pipeline and Transcontinental Gas Pipeline Company LLC's Leidy Line both in Lycoming County, Pennsylvania. The MARC I Pipeline generates fee-based revenues under a negotiated rate structure authorized by the FERC.
|
•
|
Twin Tier Pipeline (formerly East Pipeline) - an intrastate natural gas pipeline located in New York, which transports natural gas from Dominion Transmission Inc. to the Binghamton, New York city gate. The Twin Tier Pipeline generates fee-based revenues under a negotiated rate structure authorized by the New York State Public Service Commission.
|
Years
| |
Pipelines
|
20
|
Facilities and equipment
|
3 - 20
|
Buildings and other
|
20 - 40
|
Office furniture and fixtures
|
5 - 10
|
Vehicles
|
5
|
Year Ending
December 31,
| |||||
2020
|
$
|
7.1
| |||
2021
|
$
|
6.1
| |||
2022
|
$
|
5.4
| |||
2023
|
$
|
-
|
(1) | ||
2024
|
$
|
-
|
(1) |
Year Ended December 31,
| ||||||||
2019
|
2018
|
2017
| ||||||
Customer:
| ||||||||
Consolidated Edison
|
20
|
%
|
18
|
%
|
20
|
%
| ||
Southwestern Energy Services Company
|
12
|
%
|
13
|
%
|
12
|
%
| ||
Chesapeake Energy Marketing Inc.
|
11
|
%
|
10
|
%
|
10
|
%
| ||
Alta Energy Marketing (1) |
11
|
%
|
11
|
%
|
-
|
%
|
(1)
|
For the year ended December 31, 2017, Alta Energy Marketing did not account for more than 10% of our total consolidated revenues.
|
December 31,
| |||||||
2019
|
2018
| ||||||
Pipelines
|
$
|
460.8
|
$
|
460.2
| |||
Facilities and equipment
|
172.8
|
170.9
| |||||
Buildings, land and storage rights
|
479.6
|
479.2
| |||||
Construction in process
|
3.0
|
3.6
| |||||
Base gas
|
18.0
|
16.7
| |||||
Other (1) |
3.4
|
2.0
| |||||
1,137.6
|
1,132.6
| ||||||
Less: accumulated depreciation
|
126.7
|
90.8
| |||||
Total property, plant and equipment, net
|
$
|
1,010.9
|
$
|
1,041.8
|
(1)
|
Includes office furniture and fixtures and vehicles.
|
December 31,
| |||||||
2019
|
2018
| ||||||
Accrued expenses
|
$
|
2.5
|
$
|
1.5
| |||
Customer deposits
|
0.6
|
0.6
| |||||
Deferred revenue
|
-
|
0.1
| |||||
Total accrued expenses and other liabilities
|
$
|
3.1
|
$
|
2.2
|
2020
|
$
|
108.5
| |
2021
|
92.5
| ||
2022
|
81.2
| ||
2023
|
12.2
| ||
2024
|
0.4
| ||
Thereafter
|
0.1
| ||
Total
|
$
|
294.9
|
Year Ended December 31,
| ||||||||
2019
|
2018
| |||||||
Natural gas storage
|
$
|
56.9
|
$
|
59.7
| ||||
Natural gas transportation
|
103.7
|
108.5
| ||||||
Total Topic 606 revenues
|
160.6
|
168.2
| ||||||
Non-Topic 606 revenues
|
3.2
|
3.2
| ||||||
Total revenues
|
$
|
163.8
|
$
|
171.4
|
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Disclaimer
Crestwood Equity Partners LP published this content on 21 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 February 2020 23:03:02 UTC