Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 04, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-38260 | |
Entity Registrant Name | BP Midstream Partners LP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-1646447 | |
Entity Address, Address Line One | 501 Westlake Park Boulevard | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77079 | |
City Area Code | 281 | |
Local Phone Number | 366-2000 | |
Title of 12(b) Security | Common Units, Representing Limited Partner Interests | |
Trading Symbol | BPMP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001708301 | |
Common Units | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 52,402,967 | |
Subordinated Units | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 52,375,535 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 123,800 | $ 98,800 |
Accounts receivable – third parties | 200 | 600 |
Accounts receivable – related parties | 10,700 | 11,300 |
Prepaid expenses | 0 | 5,100 |
Other current assets | 4,400 | 5,000 |
Total current assets | 139,100 | 120,800 |
Equity method investments (Note 3) | 526,900 | 534,400 |
Property, plant and equipment, net (Note 4) | 64,000 | 62,700 |
Other assets | 3,600 | 4,200 |
Total assets | 733,600 | 722,100 |
Current liabilities | ||
Accounts payable – third parties | 500 | 600 |
Accounts payable – related parties | 1,700 | 1,700 |
Deferred revenue and credits | 1,600 | 1,500 |
Other current liabilities (Note 5) | 5,200 | 6,600 |
Total current liabilities | 9,000 | 10,400 |
Long-term debt (Note 6) | 468,000 | 468,000 |
Other liabilities | 3,600 | 3,500 |
Total liabilities | 480,600 | 481,900 |
Commitments and contingencies (Note 10) | ||
EQUITY | ||
General partner | 1,200 | 1,200 |
Total partner's capital | 118,300 | 103,300 |
Non-controlling interests | 134,700 | 136,900 |
Total equity | 253,000 | 240,200 |
Total liabilities and equity | 733,600 | 722,100 |
Common Units | Public | ||
EQUITY | ||
Common stock | 858,600 | 851,600 |
Common Units | BP Holdco | ||
EQUITY | ||
Common stock | (59,700) | (60,300) |
Subordinated Units | BP Holdco | ||
EQUITY | ||
Common stock | $ (681,800) | $ (689,200) |
CONSOLIDATED BALANCE SHEEETS (P
CONSOLIDATED BALANCE SHEEETS (Parenthetical) - shares | Sep. 30, 2020 | Dec. 31, 2019 |
Public | Common Units | ||
Units outstanding (in shares) | 47,821,790 | 47,806,563 |
Units issued (in shares) | 47,821,790 | 47,806,563 |
BP Holdco | Common Units | ||
Units outstanding (in shares) | 4,581,177 | 4,581,177 |
Units issued (in shares) | 4,581,177 | 4,581,177 |
BP Holdco | Subordinated Units | ||
Units outstanding (in shares) | 52,375,535 | 52,375,535 |
Units issued (in shares) | 52,375,535 | 52,375,535 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue | ||||
Third parties | $ 600 | $ 700 | $ 2,400 | $ 2,200 |
Related parties | 33,100 | 33,900 | 93,500 | 91,200 |
Total revenue | 33,700 | 34,600 | 95,900 | 93,400 |
Costs and expenses | ||||
Operating expenses – third parties | 3,600 | 3,900 | 10,400 | 10,600 |
Operating expenses – related parties | 1,300 | 1,400 | 4,100 | 4,300 |
Maintenance expenses – related parties | 100 | 0 | 300 | 100 |
General and administrative – third parties | 400 | 600 | 2,000 | 2,000 |
General and administrative – related parties | 3,500 | 3,500 | 11,000 | 10,600 |
Depreciation | 700 | 700 | 2,000 | 2,000 |
Impairment and other, net | 0 | 0 | 0 | 1,000 |
Property and other taxes | 200 | 100 | 500 | 400 |
Total costs and expenses | 10,100 | 10,500 | 32,200 | 32,200 |
Operating income | 23,600 | 24,100 | 63,700 | 61,200 |
Income from equity method investments | 27,600 | 30,100 | 85,700 | 83,300 |
Interest expense, net | 1,500 | 3,800 | 6,800 | 11,300 |
Net income | 49,700 | 50,400 | 142,600 | 133,200 |
Less: Net income attributable to non-controlling interests | 4,400 | 4,700 | 15,000 | 13,000 |
Net income attributable to the Partnership | 45,300 | 45,700 | 127,600 | 120,200 |
Limited Partners Common Units | ||||
Costs and expenses | ||||
Net income attributable to the Partnership | $ 22,000 | $ 22,500 | $ 62,000 | $ 59,500 |
Net income attributable to the Partnership per limited partner unit – basic and diluted (in dollars): | ||||
Net income attributable to the Partnership per limited partner unit – basic and diluted (in dollars per share) | $ 0.42 | $ 0.43 | $ 1.19 | $ 1.13 |
Limited Partners Subordinated Units | ||||
Costs and expenses | ||||
Net income attributable to the Partnership | $ 22,100 | $ 22,500 | $ 62,000 | $ 59,400 |
Net income attributable to the Partnership per limited partner unit – basic and diluted (in dollars): | ||||
Net income attributable to the Partnership per limited partner unit – basic and diluted (in dollars per share) | $ 0.42 | $ 0.43 | $ 1.19 | $ 1.13 |
Common Units Public | ||||
Weighted average number of limited partner units outstanding - basic and diluted (in millions): | ||||
Weighted average number of limited partner units outstanding - basic and diluted (in shares) | 47.8 | 47.8 | 47.8 | 47.8 |
BP Holdco | Common Units BP Holdco | ||||
Weighted average number of limited partner units outstanding - basic and diluted (in millions): | ||||
Weighted average number of limited partner units outstanding - basic and diluted (in shares) | 4.6 | 4.6 | 4.6 | 4.6 |
BP Holdco | Subordinated Units | ||||
Weighted average number of limited partner units outstanding - basic and diluted (in millions): | ||||
Weighted average number of limited partner units outstanding - basic and diluted (in shares) | 52.4 | 52.4 | 52.4 | 52.4 |
Maintenance | ||||
Costs and expenses | ||||
Maintenance expenses – third parties | $ 300 | $ 300 | $ 1,900 | $ 1,200 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Non-controlling Interests | Common UnitsPartners' CapitalGeneral Public | Common UnitsPartners' CapitalBP Holdco | Subordinated UnitsPartners' CapitalBP Holdco | General Partner |
Beginning Balance at Dec. 31, 2018 | $ 210.9 | $ 141 | $ 836.8 | $ (61.7) | $ (705.2) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 133.2 | |||||
Ending Balance at Sep. 30, 2019 | 229.5 | 138.1 | 846.4 | (60.8) | (694.9) | 0.7 |
Beginning Balance at Dec. 31, 2019 | 240.2 | $ 136.9 | $ 851.6 | $ (60.3) | $ (689.2) | $ 1.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 142.6 | |||||
Ending Balance at Sep. 30, 2020 | $ 253 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 |
Statement of Stockholders' Equity [Abstract] | ||||
Cash distributions per unit paid (in dollars per unit) | $ 0.3475 | $ 0.3475 | $ 0.3126 | $ 0.3015 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities | ||
Net income | $ 142,600 | $ 133,200 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation | 2,000 | 2,000 |
Impairment and other, net | 0 | 1,000 |
Non-cash expenses | 200 | 200 |
Income from equity method investments | (85,700) | (83,300) |
Distributions of earnings received from equity method investments | 85,800 | 86,500 |
Changes in operating assets and liabilities | ||
Accounts receivable | 1,000 | (1,200) |
Prepaid expenses and other current assets | 5,300 | 4,500 |
Accounts payable | (100) | (1,900) |
Deferred revenue and credits | 100 | 1,900 |
Other | (2,900) | (600) |
Net cash provided by operating activities | 148,300 | 142,300 |
Cash flows from investing activities | ||
Capital expenditures | (2,000) | (400) |
Proceeds from Insurance Settlement, Investing Activities | 1,300 | 0 |
Distributions in excess of earnings from equity method investments | 7,400 | 8,300 |
Net cash provided by investing activities | 6,700 | 7,900 |
Cash flows from financing activities | ||
Proceeds from issuance of term loan | (468,000) | 0 |
Distributions to unitholders and general partner | (112,800) | (98,900) |
Distributions to non-controlling interests | (17,200) | (15,900) |
Net cash used in financing activities | (130,000) | (114,800) |
Net change in cash and cash equivalents | 25,000 | 35,400 |
Cash and cash equivalents at beginning of the period | 98,800 | 57,000 |
Cash and cash equivalents at end of the period | 123,800 | 92,400 |
Supplemental cash flow information | ||
Cash paid for interest | 10,400 | 12,300 |
Non-cash investing transactions | ||
Accrued capital expenditures | 1,600 | 300 |
Proceeds from Issuance of Long-term Debt | $ 468,000 | $ 0 |
Business and Basis of Presentat
Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation BP Midstream Partners LP (either individually or together with its subsidiaries, as the context requires, the “Partnership”) is a Delaware limited partnership formed on May 22, 2017 by BP Pipelines (North America) Inc. (“BP Pipelines”), an indirect wholly owned subsidiary of BP p.l.c. (“BP”), a “foreign private issuer” within the meaning of the Securities Exchange Act of 1934, as amended. Unless otherwise stated or the context otherwise indicates, all references to “we,” “our,” “us,” or similar expressions refer to the legal entity BP Midstream Partners LP. The term “our Parent” refers to BP Pipelines; any entity that wholly owns BP Pipelines, indirectly or directly, including BP and BP America Inc. (“BPA”), an indirect wholly owned subsidiary of BP; and any entity that is wholly owned by the aforementioned entities, excluding BP Midstream Partners LP. Business BP Midstream Partners LP is a master limited partnership formed by BP Pipelines to own, operate, develop and acquire pipelines and other midstream assets. The Partnership's assets consist of interests in entities that own crude oil, natural gas, refined products and diluent pipelines and refined product terminals serving as key infrastructure for BP and other customers to transport onshore crude oil production to BP’s refinery in Whiting, Indiana (the “Whiting Refinery”) and offshore crude oil and natural gas production to key refining markets and trading and distribution hubs. Certain assets deliver refined products and diluent from the Whiting Refinery and other U.S. supply hubs to major demand centers. As of September 30, 2020, the Partnership's assets consisted of the following: • BP Two Pipeline Company LLC, which owns the BP#2 crude oil pipeline system (“BP2”). • BP River Rouge Pipeline Company LLC, which owns the Whiting to River Rouge refined products pipeline system (“River Rouge”). • BP D-B Pipeline Company LLC, which owns the Diamondback diluent pipeline system (“Diamondback”). BP2, River Rouge, and Diamondback, together, are referred to as the "Wholly Owned Assets". • 28.5% ownership interest in Mars Oil Pipeline Company, LLC (“Mars”), which owns a major corridor crude oil pipeline system in the Gulf of Mexico. • 65% ownership interest and 100% managing member interest in Mardi Gras Transportation System Company, LLC ("Mardi Gras"), which holds the following investments in joint ventures located in the Gulf of Mexico: • 56% ownership interest in Caesar Oil Pipeline Company, LLC (“Caesar”), • 53% ownership interest in Cleopatra Gas Gathering Company, LLC (“Cleopatra”), • 65% ownership interest in Proteus Oil Pipeline Company, LLC (“Proteus”), and, • 65% ownership interest in Endymion Oil Pipeline Company, LLC (“Endymion”). • Together Endymion, Caesar, Cleopatra and Proteus are referred to as the “Mardi Gras Joint Ventures.” • 22.7% ownership interest in Ursa Oil Pipeline Company, LLC ("Ursa"). • 25% ownership interest in KM Phoenix Holdings, LLC ("KM Phoenix"). We generate a majority of revenue by charging fees for the transportation of crude oil, refined products and diluent through our pipelines under agreements with minimum volume commitments ("MVC"). We do not engage in the marketing and trading of any commodities. All operations are conducted in the United States, and all long-lived assets are located in the United States. Partnership operations consist of one reportable segment. Certain Partnership businesses are subject to regulation by various authorities including, but not limited to the Federal Energy Regulatory Commission ("FERC"). Regulatory bodies exercise statutory authority over matters such as common carrier tariffs, construction, rates and ratemaking and agreements with customers. Basis of Presentation Condensed consolidated financial statements have been prepared under the rules and regulations of the Securities and Exchange Commission (“SEC”). These rules and regulations conform to the accounting principles contained in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, the single source of accounting principles generally accepted in the United States (“GAAP”). Certain information and footnote disclosures normally included in the annual consolidated financial statements have been condensed or omitted from these condensed consolidated financial statements. The condensed consolidated financial statements as of September 30, 2020, and for the three and nine months ended September 30, 2020 and 2019, included herein, are unaudited. These financial statements include all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of our condensed consolidated financial position, results of operations and cash flows. Unless otherwise specified, all such adjustments are of a normal and recurring nature. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 (the "Partnership's 2019 10-K"). Partnership financial position, results of operations and cash flows consist of consolidated BP Midstream Partners LP activities and balances. All intercompany accounts and transactions within the financial statements have been eliminated for all periods presented. Summary of Significant Accounting Policies There have been no significant changes to accounting policies as disclosed in Note 2 - Summary of Significant Accounting Policies in the Partnership's 2019 10-K. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 2. Revenue Recognition We recognize revenue over time or at a point in time, depending on the nature of the performance obligations contained in the respective contract with customers. A performance obligation is our unit of account and it represents a promise in a contract to transfer goods or services to the customer. The contract transaction price, which is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, is allocated to each performance obligation and recognized as revenue when or as the performance obligation is satisfied. The following is an overview of our significant revenue stream, including a description of the respective performance obligations and related methods of revenue recognition. Pipeline Transportation Revenue from pipeline transportation is comprised of tariffs and fees associated with the transportation of liquid petroleum products, generally at published tariffs and in certain instances, revenue from MVC contracts at negotiated rates. Tariff revenue is recognized either at the point of delivery or at the point of receipt, pursuant to specifications outlined in the respective tariffs. We record revenue for crude oil, refined products and diluent transportation during the period in which they are earned (i.e., either physical delivery of product has taken place or the services designated in the contract have been performed). Partnership services are typically billed on a monthly basis, and we generally do not offer extended payment terms. We accrue revenue based on services rendered but not billed for that accounting month. Billings to BP Products North America Inc. ("BP Products") for deficiency volumes under its MVCs, if any, are recorded as deferred revenue and credits, a contract liability, on the condensed consolidated balance sheets, as BP Products has the right to make up the deficiency volumes within the measurement period specified by the agreements. Deferred revenue under these arrangements is recognized into revenue once it is deemed remote that the customer will meet its required annual MVC. If the customer does satisfy its minimum volume commitment by shipping the deficiency volumes within the same calendar year, it may receive a refund of excess payments. We recognized $5.1 million and $11.1 million of deficiency revenue under the throughput and deficiency agreements with BP Products for the three and nine months ended September 30, 2020, respectively. We recognized $2.4 million of deficiency revenue under the throughput and deficiency agreements with BP Products for the three and nine months ended September 30, 2019. Allowance Oil The tariff for crude oil transportation at BP2 includes a fixed loss allowance (“FLA”). An FLA factor per barrel, a fixed percentage, is a separate fee that is considered a part of the transaction price under the applicable crude oil tariff to cover evaporation and other losses in transit. The amount of revenue recognized is a product of the quantity transported, the applicable FLA factor and the settlement price during the month the product is transported. We recognized revenue of $1.6 million and $3.9 million in the three and nine months ended September 30, 2020, respectively, related to the FLA arrangements with our Parent. In the three and nine months ended September 30, 2019, we recognized revenue of $2.7 million and $7.8 million, respectively, related to FLA arrangements with our Parent. Disaggregation of Revenue The following table provides information about disaggregated revenue: Three Months Ended September 30, Nine Months Ended 2020 2019 2020 2019 Transportation services revenue - third parties $ 0.6 $ 0.7 $ 2.4 $ 2.2 Transportation services revenue - related parties 33.1 33.9 93.5 91.2 Total revenue $ 33.7 $ 34.6 $ 95.9 $ 93.4 Future Performance Obligations The values in the table below represent the fixed portion of the MVC arrangements with our existing customer contracts, summarized as future performance obligations as of September 30, 2020. The unfulfilled performance obligations included in the table below are expected to be recognized in revenue in the specified periods: As of September 30, 2020 Remainder of 2020 $ 28.9 2021 1.7 Total $ 30.6 See Note 13 - Subsequent Events for additional information on new MVC arrangements. Contract Balances Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. Contract liabilities or deferred revenue and credits primarily relate to consideration received from customers for temporary deficiency quantities under minimum volume contracts that the customer has the right to make up in a future period, which we subsequently recognize as revenue or amounts we credit back to the customer in a future period. The following table provides information about receivables from contracts with customers, contract assets and contract liabilities: September 30, 2020 December 31, 2019 Receivables from contracts with customers - third parties $ 0.2 $ 0.6 Receivables from contracts with customers - related parties 10.7 11.3 Deferred revenue and credits - related parties 1.6 1.5 |
Equity Method Investments
Equity Method Investments | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method Investments We account for ownership interests in Mars, the Mardi Gras Joint Ventures, Ursa, and KM Phoenix using the equity method for financial reporting purposes. Financial results include the Partnership's proportionate share of Mars, the Mardi Gras Joint Ventures, Ursa and KM Phoenix, which is reflected in Income from equity method investments on the condensed consolidated statements of operations. We did not record any impairment loss on equity method investments during the three and nine months ended September 30, 2020 and 2019. The table below summarizes the balances and activities related for each equity method investment ("EMI") recorded as of and for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Percentage Ownership Distributions Received Income from EMI Carrying Value Percentage Ownership Distributions Received Income from EMI Carrying Value Mars 28.5% $ (12.0) $ 13.0 $ 55.3 28.5% $ (14.2) $ 14.0 $ 56.9 Caesar 56.0% (3.9) 3.5 116.9 56.0% (4.9) 3.7 118.4 Cleopatra 53.0% (1.6) 1.2 115.1 53.0% (2.4) 1.7 117.6 Proteus 65.0% (3.9) 2.6 71.0 65.0% (4.3) 3.2 76.5 Endymion 65.0% (4.9) 5.3 81.9 65.0% (3.5) 4.8 82.0 Others (1) Various (0.9) 2.0 86.7 Various (3.2) 2.7 86.2 Total Equity Investments $ (27.2) $ 27.6 $ 526.9 $ (32.5) $ 30.1 $ 537.6 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Percentage Ownership Distributions Received Income from EMI Carrying Value Percentage Ownership Distributions Received Income from EMI Carrying Value Mars 28.5% $ (38.7) $ 37.1 $ 55.3 28.5% $ (40.1) $ 37.8 $ 56.9 Caesar 56.0% (12.2) 11.7 116.9 56.0% (14.4) 13.5 118.4 Cleopatra 53.0% (6.9) 4.4 115.1 53.0% (9.1) 7.1 117.6 Proteus 65.0% (14.6) 10.3 71.0 65.0% (11.9) 7.1 76.5 Endymion 65.0% (15.6) 16.5 81.9 65.0% (9.9) 9.4 82.0 Others (1) Various (5.2) 5.7 86.7 Various (9.4) 8.4 86.2 Total Equity Investments $ (93.2) $ 85.7 $ 526.9 $ (94.8) $ 83.3 $ 537.6 (1) Includes ownership in Ursa (22.7%) and KM Phoenix (25%). The following table presents aggregated selected income statement data for equity method investments on a 100% basis for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 2019 Statement of operations Revenue $ 132.7 $ 146.1 Operating expenses 58.5 63.3 Net income 74.2 83.0 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following: September 30, 2020 December 31, 2019 Land $ 0.2 $ 0.2 Right-of-way assets 1.4 1.4 Buildings and improvements 6.9 6.9 Pipelines and equipment 95.1 94.4 Other 0.5 0.5 Construction in progress 3.2 0.6 Property, plant and equipment 107.3 104.0 Less: Accumulated depreciation (43.3) (41.3) Property, plant and equipment, net $ 64.0 $ 62.7 There were no impairments on property, plant and equipment for the three and nine months ended September 30, 2020. During the three and nine months ended September 30, 2019, an impairment charge of $2.3 million was recorded under "Impairment and other, net" on our condensed consolidated statements of operations. See Note 10 - Commitments and Contingencies |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Other Current Liabilities | Other Current Liabilities Other current liabilities consisted of the following: September 30, 2020 December 31, 2019 Current portion of environmental remediation obligation $ 0.4 $ 0.6 Current portion of lease liabilities 0.1 0.1 Accrued interest payable - related parties 0.9 4.2 Accrued liabilities 3.8 1.7 Other current liabilities $ 5.2 $ 6.6 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt On February 24, 2020, we entered into a $468 million Term Loan Facility Agreement ("term loan") with an affiliate of BP. On March 13, 2020, proceeds were used to repay outstanding borrowings under the existing credit facility ("credit facility"). Please refer to Note 9 - Debt in the Partnership's 2019 10-K for further details. The term loan has a final repayment date of February 24, 2025, and provides for certain covenants, including the requirement to maintain a consolidated leverage ratio, which is calculated as total indebtedness to consolidated EBITDA, not to exceed 5.0 to 1.0, subject to a temporary increase in such ratio to 5.5 to 1.0 in connection with certain material acquisitions. Simultaneous with this transaction, we entered into the First Amendment to Short Term Credit Facility Agreement whereby the lender added a provision that indebtedness under both the term loan and the credit facility shall not exceed $600 million. All other terms of the credit facility remain the same. As of September 30, 2020, the Partnership was in compliance with the covenants contained in the term loan facility and the credit facility. There were $468 million of outstanding borrowings under the term loan at September 30, 2020, and $468 million under the credit facility at December 31, 2019. Interest charges and fees were $1.5 million and $7.1 million for the three and nine months ended September 30, 2020, respectively. Interest charges and fees related to the credit facility were $4.1 million and $12.3 million for the three and nine months ended September 30, 2019, respectively. Indebtedness under the term loan bears interest at the 3-month LIBOR plus 0.73%. For the three and nine months ended September 30, 2020, the weighted average interest rate for the term loan and the credit facility was 1.18% and 1.91%, respectively. For the year ended December 31, 2019, the weighted average interest rate for the credit facility was 3.25%. The credit facility includes customary fees, including a commitment fee of 0.10% and a utilization fee of 0.20% per annum. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Related party transactions include transactions with our Parent and its affiliates, including those entities in which our Parent has an ownership interest but over which it does not have control. In addition to the MVC and FLA arrangements discussed in Note 2 - Revenue Recognition and the credit facility and term loan in Note 6 - Debt , we have entered into the following transactions with related parties: Omnibus Agreement The Partnership has entered into an omnibus agreement with BP Pipelines and certain of its affiliates, including BP Midstream Partners GP LLC (our "General Partner"). This agreement addresses, among other things, (i) the Partnership's obligation to pay an annual fee for general and administrative services provided by BP Pipelines and its affiliates, (ii) the Partnership's obligation to reimburse BP Pipelines for personnel and other costs related to the direct operation, management and maintenance of the assets and (iii) the Partnership's obligation to reimburse BP Pipelines for services and certain direct or allocated costs and expenses incurred by BP Pipelines or its affiliates on behalf of the Partnership. BP Pipelines will indemnify us for all known and certain unknown environmental liabilities that are associated with the ownership or operation of Partnership assets and due to occurrences on or before October 30, 2017, subject to certain limitations. Specifically, under our omnibus agreement, indemnification for any unknown environmental liabilities was limited to liabilities due to occurrences on or before October 30, 2017, which were identified prior to October 30, 2020. We continue to maintain indemnification by our general partner for matters previously discovered. To the extent that unknown environmental liabilities arise relating to prior ownership, the Partnership will be liable. Further, the omnibus agreement addresses the granting of a license from BPA to the Partnership with respect to use of certain BP trademarks and trade name. Related Party Revenue We provide crude oil, refined products and diluent transportation services to related parties and generate revenue through published tariffs. We have commercial arrangements with BP Products that include MVCs. See Note 10 - Related Party Transactions in the Partnership's 2019 10-K for further discussion regarding these agreements. Revenue from related parties was $33.1 million and $93.5 million for the three and nine months ended September 30, 2020, respectively, and $33.9 million and $91.2 million for the three and nine months ended September 30, 2019, respectively. We recognized $5.1 million and $11.1 million of deficiency revenue under the throughput and deficiency agreements with BP Products for the three and nine months ended September 30, 2020, respectively. We recognized $2.4 million of deficiency revenue for the three and nine months ended September 30, 2019. The Partnership recorded $1.6 million and $1.5 million in Deferred revenue and credits on the condensed consolidated balance sheets at September 30, 2020 and December 31, 2019, respectively. Related Party Expenses All employees performing services on behalf of Partnership operations are employees of our Parent. Our Parent also procures insurance policies on our behalf and performs certain general corporate functions for us related to finance, accounting, treasury, legal, information technology, human resources, shared services, government affairs, insurance, health, safety, security, employee benefits, incentives, severance and environmental functional support. Personnel and operating costs incurred by our Parent on our behalf are included in either Operating expenses – related parties or General and administrative – related parties in the condensed consolidated statements of operations, depending on the nature of the service provided. We paid our Parent an annual fee of $13.6 million in 2019 in the form of monthly installments under the omnibus agreement for general and administrative services provided by our Parent and its affiliates. The annual fee was adjusted to $15.2 million per year, payable in equal monthly installments, beginning on January 1, 2020. During the second quarter of 2020, our Parent agreed to adjust the fee payable under the Omnibus Agreement back to the 2019 annual fee, beginning in the second quarter, prorated for the remainder of 2020 due to the ongoing economic effects of the global COVID-19 pandemic. A new fee will be in place for 2021. We also reimburse our Parent for personnel and other costs related to the direct operation, management and maintenance of the assets and services and certain direct or allocated costs and expenses incurred by our Parent or its affiliates on our behalf pursuant to the terms in the omnibus agreement. For the three and nine months ended September 30, 2020 and 2019, we recorded the following amounts for related party expenses, which also included the expenses related to share-based compensation discussed below: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Operating expenses—related parties $ 1.3 $ 1.4 $ 4.1 $ 4.3 Maintenance expenses—related parties 0.1 — 0.3 0.1 General and administrative—related parties 3.5 3.5 11.0 10.6 Total costs and expenses—related parties $ 4.9 $ 4.9 $ 15.4 $ 15.0 Share-based Compensation Our Parent operates share option plans and equity-settled employee share plans. These plans typically have a three-year performance or restricted period during which the units accrue net notional dividends, which are treated as having been reinvested. Leaving employment will normally preclude the conversion of units into shares, but special arrangements apply for participants that leave for qualifying reasons. Share-based compensation related to the employees of our Parent who provide services to us is charged to the Partnership pursuant to the terms of the omnibus agreement. The Partnership also issued its own unit-based compensation under a long-term incentive plan. See Note 11 - Unit-Based Compensation. Non-controlling Interests Non-controlling interests consist of the 35% ownership interest in Mardi Gras held by our Parent at September 30, 2020 and 2019. Net income attributable to non-controlling interests is the product of the non-controlling interests ownership percentage and the net income of Mardi Gras. We report Non-controlling interests as a separate component of equity on the condensed consolidated balance sheets and Net income attributable to non-controlling interests on the condensed consolidated statements of operations. |
Net Income Per Limited Partner
Net Income Per Limited Partner Unit | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Limited Partner Unit | Net Income Per Limited Partner Unit The following table details the distributions declared and/or paid for the periods presented: Three Months Ended Date Paid or General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions per Limited Partner Unit (in dollars) December 31, 2018 February 14, 2019 $ — $ 15.8 $ 15.8 $ 31.6 $ 0.3015 March 31, 2019 May 15, 2019 0.2 16.4 16.4 33.0 0.3126 June 30, 2019 August 14, 2019 0.4 17.0 17.0 34.4 0.3237 September 30, 2019 November 14, 2019 0.7 17.6 17.6 35.9 0.3355 December 31, 2019 February 13, 2020 1.2 18.2 18.2 37.6 0.3475 March 31, 2020 May 14, 2020 1.2 18.2 18.2 37.6 0.3475 June 30, 2020 August 13, 2020 1.2 18.2 18.2 37.6 0.3475 September 30, 2020 November 12, 2020 1.2 18.2 18.2 37.6 0.3475 Earnings in excess of distributions are allocated to the limited partners based on their respective percentage interests. Payments made to the Partnership’s unitholders are determined in relation to actual distributions declared and are not based on the net income allocations used in the calculation of net income per unit. In addition to the common and subordinated units, the Partnership also identified the incentive distribution rights ("IDRs") currently held by the General Partner as a participating security and uses the two-class method when calculating the net income per unit applicable to limited partners that is based on the weighted-average number of common units outstanding during the period. When calculating basic earnings per unit under the two-class method for a master limited partnership, net income for the current reporting period is reduced by the amount of available cash that will be distributed to the General Partner and limited partners for that reporting period. The following tables show the allocation of net income to arrive at net income per limited partner unit for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income attributable to the Partnership $ 45.3 $ 45.7 $ 127.6 $ 120.2 Less: Incentive distribution rights currently held by the General Partner 1.2 0.7 3.6 1.3 Limited partners' distribution declared on common units 18.2 17.6 54.6 50.9 Limited partners' distribution declared on subordinated units 18.2 17.6 54.6 50.9 Net income attributable to the Partnership in excess of distributions $ 7.7 $ 9.8 $ 14.8 $ 17.1 Three Months Ended September 30, 2020 General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions declared $ 1.2 $ 18.2 $ 18.2 $ 37.6 Net income attributable to the Partnership in excess of distributions — 3.8 3.9 7.7 Net income attributable to the Partnership $ 1.2 $ 22.0 $ 22.1 $ 45.3 Weighted average units outstanding: Basic and Diluted 52.4 52.4 104.8 Net income per limited partner unit (in dollars): Basic and Diluted $ 0.42 $ 0.42 Nine Months Ended September 30, 2020 General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions declared $ 3.6 $ 54.6 $ 54.6 $ 112.8 Net income attributable to the Partnership in excess of distributions — 7.4 7.4 14.8 Net income attributable to the Partnership $ 3.6 $ 62.0 $ 62.0 $ 127.6 Weighted average units outstanding: Basic and Diluted 52.4 52.4 104.8 Net income per limited partner unit (in dollars): Basic and Diluted $ 1.19 $ 1.19 Three Months Ended September 30, 2019 General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions declared $ 0.7 $ 17.6 $ 17.6 $ 35.9 Net income attributable to the Partnership in excess of distributions — 4.9 4.9 9.8 Net income attributable to the Partnership $ 0.7 $ 22.5 $ 22.5 $ 45.7 Weighted average units outstanding: Basic and Diluted 52.4 52.4 104.8 Net income per limited partner unit (in dollars): Basic and Diluted $ 0.43 $ 0.43 Nine Months Ended September 30, 2019 General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions declared $ 1.3 $ 50.9 $ 50.9 $ 103.1 Net income attributable to the Partnership in excess of distributions — 8.6 8.5 17.1 Net income attributable to the Partnership $ 1.3 $ 59.5 $ 59.4 $ 120.2 Weighted average units outstanding: Basic and Diluted 52.4 52.4 104.8 Net income per limited partner unit (in dollars): Basic and Diluted $ 1.13 $ 1.13 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying amounts of accounts receivable, other current assets, accounts payable, and other current liabilities approximate their fair values due to their short-term nature. The carrying value of borrowings under the term loan as of September 30, 2020, and the credit facility as of December 31, 2019, approximate fair value as the interest rates are reflective of market rates. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings The Partnership is a party to ongoing legal proceedings in the ordinary course of business. For each outstanding legal matter, if any, we will evaluate the merits of the case, exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. While the outcome of these proceedings cannot be predicted with certainty, we do not believe the results of these proceedings, individually or in the aggregate, will have a material adverse effect on the Partnership's business, financial condition, results of operations or liquidity. Indemnification Under an omnibus agreement, our Parent will indemnify us for certain environmental liabilities, litigation and other matters attributable to the ownership or operation of assets prior to Partnership ownership. For the purposes of determining the indemnified amount of any loss suffered or incurred by the Partnership, the Partnership’s ownership of 28.5% in Mars, and 65% in Mardi Gras, and Mardi Gras’ 56% ownership in Caesar, 53% ownership in Cleopatra, 65% ownership in Endymion and 65% ownership in Proteus will be considered. Indemnification for certain identified environmental liabilities is subject to a cap of $25 million without any deductible. Other matters covered by the omnibus agreement are subject to a cap of $15 million and an aggregate deductible of $0.5 million before we are entitled to indemnification. Indemnification for any unknown environmental liabilities is limited to liabilities due to occurrences prior to the closing of the Initial Public Offering ("IPO") and that are identified before the third anniversary of the closing of the IPO. The Interest Purchase Agreement contains customary representations, warranties and covenants of our Parent and the Partnership. Our Parent, on the one hand, and the Partnership, on the other hand, have agreed to indemnify each other and their respective affiliates, officers, directors and other representatives against certain losses, including those resulting from any breach of their representations, warranties or covenants contained in the Interest Purchase Agreement, subject to certain limitations and survival periods. This agreement covers the Partnership’s ownership of 22.7% in Ursa and 25% in KM Phoenix. Environmental Matters We are subject to federal, state, and local environmental laws and regulations. We record provisions for environmental liabilities based on management’s best estimates, using all information that is available at the time. In making environmental liability estimations, we consider the material effect of environmental compliance, pending legal actions against us and potential third-party liability claims. Often, as the remediation evaluation and effort progress, additional information is obtained, requiring revisions to estimated costs. We are indemnified by our Parent under the omnibus agreement against environmental cleanup costs for incidents that occurred prior to Partnership ownership. Revisions to the estimated environmental liability for conditions that are not indemnified under the omnibus agreement with our Parent are reflected in the Partnership's condensed consolidated statements of operations in the year in which they are probable and reasonably estimable. We accru ed $3.6 million and $3.7 million for environmental liabilities at September 30, 2020 and December 31, 2019, respectively. These balances are broken down on the condensed consolidated balance sheets as follows: Balance sheet location September 30, 2020 December 31, 2019 Current portion of environmental remediation obligations Other current liabilities $ 0.4 $ 0.6 Long-term portion of environmental remediation obligations Other liabilities 3.2 3.1 Total $ 3.6 $ 3.7 The balances are related to incidents that occurre d prior to our ownership and are entirely indemnified by our Parent. As a result, we recorded corresponding indemnification assets $3.6 million and $3.7 million at September 30, 2020 and December 31, 2019, respectively. These balances are broken down on the condensed consolidated balance sheets as follows: Balance sheet location September 30, 2020 December 31, 2019 Current portion of indemnification assets Other current assets $ 0.4 $ 0.6 Non-current portion of indemnification assets Other assets 3.2 3.1 Total $ 3.6 $ 3.7 Griffith Station Incident |
Unit-Based Compensation
Unit-Based Compensation | 3 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Unit-Based Compensation | 11. Unit-Based Compensation Long-Term Incentive Plan On October 26, 2017, the General Partner adopted the BP Midstream Partners LP 2017 Long Term Incentive Plan (the “LTIP”). Awards under the LTIP are available for eligible officers, directors, employees and consultants of the General Partner and its affiliates, who perform services for the Partnership. The LTIP allows the Partnership to grant unit options, unit appreciation rights, restricted units, phantom units, unit awards, cash awards, performance awards, distribution equivalent rights, substitute awards and other unit-based awards. The maximum aggregate number of common units that may be issued pursuant to the awards granted under the LTIP shall not exceed 5,502,271, subject to proportionate adjustment in the event of unit splits and similar events. Unit-Based Awards under the LTIP The following is a summary of phantom unit award activities of the Partnership’s common units for the nine months ended September 30, 2020: Phantom Units Number of Units (in units) Weighted Average Grant Date Fair Value per Unit (in dollars) Outstanding at December 31, 2019 15,227 $ 16.64 Granted 16,038 14.03 Vested (15,227) 16.64 Outstanding at September 30, 2020 16,038 $ 14.03 For the three and nine months ended September 30, 2020, total compensation expense recognized for phantom unit awards were approximately $57 thousand and $176 thousand, respectively. For the three and nine months ended September 30, 2019, total compensation expense recognized for phantom unit awards was approximately $64 thousand and $175 thousand, respectively. The unrecognized compensation cost related to phantom unit awards was approximately $90 thousand at September 30, 2020, which is expected to be recognized over a weighted average period of 0.4 years. |
Variable Interest Entity
Variable Interest Entity | 3 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entity | 12. Variable Interest Entity Mardi Gras is a Delaware limited liability company and a pass-through entity for U.S. federal and state income tax purposes. Mardi Gras holds equity interests in the Mardi Gras Joint Ventures and accounts for them as equity method investments. Mardi Gras does not have any other operations or activities. The remaining interests in each of the Mardi Gras Joint Ventures are owned by unaffiliated third-party investors. Each of the Mardi Gras Joint Ventures is managed by its respective management committee, and decisions made by these management committees require approval of two or more members that are not affiliates with equity interest holdings meeting certain thresholds. We have 65% ownership interest and 100% managing member interest in Mardi Gras. The remainder of the economic interest in Mardi Gras was held 34% by BP Pipelines and 1% by an affiliate of BP. Through our managing member interest in Mardi Gras, we have the right to vote 100% of Mardi Gras’ interest in each of the Mardi Gras Joint Ventures. We determined that Mardi Gras is a variable interest entity because (i) we hold disproportional voting rights as compared to our economic interest in Mardi Gras, and (ii) substantially all of Mardi Gras’ activities involve or are conducted on behalf of our Parent, which holds disproportionately few voting rights. The managing member interest in Mardi Gras provides us with the unilateral power to direct the activities of Mardi Gras that most significantly impact its economic performance including the right to exercise the voting rights of BP for each of the Mardi Gras Joint Ventures. In addition, our obligations to absorb the expected losses of and the right to receive the residual returns from Mardi Gras relative to our economic ownership is significant to Mardi Gras. As a result, we are the primary beneficiary of Mardi Gras and consolidate Mardi Gras. We have the obligation to provide financial support to Mardi Gras if all members unanimously determine that additional capital contributions are necessary to fund Mardi Gras’ operations. The assets of Mardi Gras can only be used to satisfy its own obligations, which were zero at September 30, 2020 and December 31, 2019. Under the current limited liability company agreement of Mardi Gras, creditors of Mardi Gras, if any, do not have any recourse to the general credit of the Partnership. The financial position of Mardi Gras at September 30, 2020 and December 31, 2019, its financial performance for the three and nine months ended September 30, 2020 and 2019 and cash flows for the nine months ended September 30, 2020 and 2019, as reflected in the condensed consolidated financial statements, are as follows: September 30, 2020 December 31, 2019 Balance sheet Equity method investments $ 384.9 $ 391.3 Non-controlling interests 134.7 136.9 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Statement of operations Income from equity method investments $ 12.6 $ 13.4 $ 42.9 $ 37.1 Less: Net income attributable to non-controlling interests 4.4 4.7 15.0 13.0 Net impact on Net income attributable to the Partnership $ 8.2 $ 8.7 $ 27.9 $ 24.1 Nine Months Ended September 30, 2020 2019 Statement of cash flows Cash flows from operating activities Distributions of earnings received from equity method investments $ 41.9 $ 37.0 Cash flows from investing activities Distribution in excess of earnings from equity method investments 7.4 8.3 Cash flows from financing activities Distributions to non-controlling interests (17.2) (15.9) Net change on the Partnership's cash and cash equivalents $ 32.1 $ 29.4 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events We have evaluated subsequent events through the issuance of these condensed consolidated financial statements. Based on this evaluation, it was determined that no subsequent events occurred, other than the items noted below, that require recognition or disclosure in the condensed consolidated financial statements. Distribution On October 15, 2020, we declared a cash distribution of $0.3475 per limited partner unit to unitholders of record on October 29, 2020, for the three months ended September 30, 2020. The distribution, combined with distributions to our General Partner, will be paid on November 12, 2020, and will total $37.6 million, with $16.6 million distributed to our non-affiliated common unitholders, and $21.0 million, including $1.2 million for IDRs distributed to our Parent in respect of its ownership of our common units, subordinated units and IDRs. Throughput and Deficiency Agreements On November 3, 2020, the Partnership entered into throughput and deficiency agreements with BP Products with respect to volumes transported on the following lines (i) BP2 crude oil pipeline system and related assets; (ii) River Rouge refined products pipeline system and related assets; and (iii) Diamondback diluent pipeline system and related assets. These new agreements have a term of three years beginning January 1, 2021 and expiring December 31, 2023. The Partnership has existing agreements on the same pipelines with BP Products that expire on December 31, 2020. |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Condensed consolidated financial statements have been prepared under the rules and regulations of the Securities and Exchange Commission (“SEC”). These rules and regulations conform to the accounting principles contained in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, the single source of accounting principles generally accepted in the United States (“GAAP”). Certain information and footnote disclosures normally included in the annual consolidated financial statements have been condensed or omitted from these condensed consolidated financial statements. The condensed consolidated financial statements as of September 30, 2020, and for the three and nine months ended September 30, 2020 and 2019, included herein, are unaudited. These financial statements include all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of our condensed consolidated financial position, results of operations and cash flows. Unless otherwise specified, all such adjustments are of a normal and recurring nature. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 (the "Partnership's 2019 10-K"). Partnership financial position, results of operations and cash flows consist of consolidated BP Midstream Partners LP activities and balances. All intercompany accounts and transactions within the financial statements have been eliminated for all periods presented. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Disaggregation of Revenue | The following table provides information about disaggregated revenue: Three Months Ended September 30, Nine Months Ended 2020 2019 2020 2019 Transportation services revenue - third parties $ 0.6 $ 0.7 $ 2.4 $ 2.2 Transportation services revenue - related parties 33.1 33.9 93.5 91.2 Total revenue $ 33.7 $ 34.6 $ 95.9 $ 93.4 | |
Summary of Remaining Performance Obligation, Expected Timing of Satisfaction | The values in the table below represent the fixed portion of the MVC arrangements with our existing customer contracts, summarized as future performance obligations as of September 30, 2020. The unfulfilled performance obligations included in the table below are expected to be recognized in revenue in the specified periods: As of September 30, 2020 Remainder of 2020 $ 28.9 2021 1.7 Total $ 30.6 | |
Summary of Contract with Customer, Assets and Liabilities | The following table provides information about receivables from contracts with customers, contract assets and contract liabilities: September 30, 2020 December 31, 2019 Receivables from contracts with customers - third parties $ 0.2 $ 0.6 Receivables from contracts with customers - related parties 10.7 11.3 Deferred revenue and credits - related parties 1.6 1.5 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The table below summarizes the balances and activities related for each equity method investment ("EMI") recorded as of and for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Percentage Ownership Distributions Received Income from EMI Carrying Value Percentage Ownership Distributions Received Income from EMI Carrying Value Mars 28.5% $ (12.0) $ 13.0 $ 55.3 28.5% $ (14.2) $ 14.0 $ 56.9 Caesar 56.0% (3.9) 3.5 116.9 56.0% (4.9) 3.7 118.4 Cleopatra 53.0% (1.6) 1.2 115.1 53.0% (2.4) 1.7 117.6 Proteus 65.0% (3.9) 2.6 71.0 65.0% (4.3) 3.2 76.5 Endymion 65.0% (4.9) 5.3 81.9 65.0% (3.5) 4.8 82.0 Others (1) Various (0.9) 2.0 86.7 Various (3.2) 2.7 86.2 Total Equity Investments $ (27.2) $ 27.6 $ 526.9 $ (32.5) $ 30.1 $ 537.6 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Percentage Ownership Distributions Received Income from EMI Carrying Value Percentage Ownership Distributions Received Income from EMI Carrying Value Mars 28.5% $ (38.7) $ 37.1 $ 55.3 28.5% $ (40.1) $ 37.8 $ 56.9 Caesar 56.0% (12.2) 11.7 116.9 56.0% (14.4) 13.5 118.4 Cleopatra 53.0% (6.9) 4.4 115.1 53.0% (9.1) 7.1 117.6 Proteus 65.0% (14.6) 10.3 71.0 65.0% (11.9) 7.1 76.5 Endymion 65.0% (15.6) 16.5 81.9 65.0% (9.9) 9.4 82.0 Others (1) Various (5.2) 5.7 86.7 Various (9.4) 8.4 86.2 Total Equity Investments $ (93.2) $ 85.7 $ 526.9 $ (94.8) $ 83.3 $ 537.6 (1) Includes ownership in Ursa (22.7%) and KM Phoenix (25%). The following table presents aggregated selected income statement data for equity method investments on a 100% basis for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 2019 Statement of operations Revenue $ 132.7 $ 146.1 Operating expenses 58.5 63.3 Net income 74.2 83.0 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | Property, plant and equipment consisted of the following: September 30, 2020 December 31, 2019 Land $ 0.2 $ 0.2 Right-of-way assets 1.4 1.4 Buildings and improvements 6.9 6.9 Pipelines and equipment 95.1 94.4 Other 0.5 0.5 Construction in progress 3.2 0.6 Property, plant and equipment 107.3 104.0 Less: Accumulated depreciation (43.3) (41.3) Property, plant and equipment, net $ 64.0 $ 62.7 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following: September 30, 2020 December 31, 2019 Current portion of environmental remediation obligation $ 0.4 $ 0.6 Current portion of lease liabilities 0.1 0.1 Accrued interest payable - related parties 0.9 4.2 Accrued liabilities 3.8 1.7 Other current liabilities $ 5.2 $ 6.6 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | For the three and nine months ended September 30, 2020 and 2019, we recorded the following amounts for related party expenses, which also included the expenses related to share-based compensation discussed below: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Operating expenses—related parties $ 1.3 $ 1.4 $ 4.1 $ 4.3 Maintenance expenses—related parties 0.1 — 0.3 0.1 General and administrative—related parties 3.5 3.5 11.0 10.6 Total costs and expenses—related parties $ 4.9 $ 4.9 $ 15.4 $ 15.0 |
Net Income Per Limited Partne_2
Net Income Per Limited Partner Unit (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Distributions | The following table details the distributions declared and/or paid for the periods presented: Three Months Ended Date Paid or General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions per Limited Partner Unit (in dollars) December 31, 2018 February 14, 2019 $ — $ 15.8 $ 15.8 $ 31.6 $ 0.3015 March 31, 2019 May 15, 2019 0.2 16.4 16.4 33.0 0.3126 June 30, 2019 August 14, 2019 0.4 17.0 17.0 34.4 0.3237 September 30, 2019 November 14, 2019 0.7 17.6 17.6 35.9 0.3355 December 31, 2019 February 13, 2020 1.2 18.2 18.2 37.6 0.3475 March 31, 2020 May 14, 2020 1.2 18.2 18.2 37.6 0.3475 June 30, 2020 August 13, 2020 1.2 18.2 18.2 37.6 0.3475 September 30, 2020 November 12, 2020 1.2 18.2 18.2 37.6 0.3475 |
Schedule of Earnings Per Share | The following tables show the allocation of net income to arrive at net income per limited partner unit for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income attributable to the Partnership $ 45.3 $ 45.7 $ 127.6 $ 120.2 Less: Incentive distribution rights currently held by the General Partner 1.2 0.7 3.6 1.3 Limited partners' distribution declared on common units 18.2 17.6 54.6 50.9 Limited partners' distribution declared on subordinated units 18.2 17.6 54.6 50.9 Net income attributable to the Partnership in excess of distributions $ 7.7 $ 9.8 $ 14.8 $ 17.1 Three Months Ended September 30, 2020 General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions declared $ 1.2 $ 18.2 $ 18.2 $ 37.6 Net income attributable to the Partnership in excess of distributions — 3.8 3.9 7.7 Net income attributable to the Partnership $ 1.2 $ 22.0 $ 22.1 $ 45.3 Weighted average units outstanding: Basic and Diluted 52.4 52.4 104.8 Net income per limited partner unit (in dollars): Basic and Diluted $ 0.42 $ 0.42 Nine Months Ended September 30, 2020 General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions declared $ 3.6 $ 54.6 $ 54.6 $ 112.8 Net income attributable to the Partnership in excess of distributions — 7.4 7.4 14.8 Net income attributable to the Partnership $ 3.6 $ 62.0 $ 62.0 $ 127.6 Weighted average units outstanding: Basic and Diluted 52.4 52.4 104.8 Net income per limited partner unit (in dollars): Basic and Diluted $ 1.19 $ 1.19 Three Months Ended September 30, 2019 General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions declared $ 0.7 $ 17.6 $ 17.6 $ 35.9 Net income attributable to the Partnership in excess of distributions — 4.9 4.9 9.8 Net income attributable to the Partnership $ 0.7 $ 22.5 $ 22.5 $ 45.7 Weighted average units outstanding: Basic and Diluted 52.4 52.4 104.8 Net income per limited partner unit (in dollars): Basic and Diluted $ 0.43 $ 0.43 Nine Months Ended September 30, 2019 General Partner Limited Partners' Common Units Limited Partners' Subordinated Units Total Distributions declared $ 1.3 $ 50.9 $ 50.9 $ 103.1 Net income attributable to the Partnership in excess of distributions — 8.6 8.5 17.1 Net income attributable to the Partnership $ 1.3 $ 59.5 $ 59.4 $ 120.2 Weighted average units outstanding: Basic and Diluted 52.4 52.4 104.8 Net income per limited partner unit (in dollars): Basic and Diluted $ 1.13 $ 1.13 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Balance Sheet Classification of Environmental Liabilities | These balances are broken down on the condensed consolidated balance sheets as follows: Balance sheet location September 30, 2020 December 31, 2019 Current portion of environmental remediation obligations Other current liabilities $ 0.4 $ 0.6 Long-term portion of environmental remediation obligations Other liabilities 3.2 3.1 Total $ 3.6 $ 3.7 |
Schedule Of Indemnification Asset For Environmental Loss Contingencies | These balances are broken down on the condensed consolidated balance sheets as follows: Balance sheet location September 30, 2020 December 31, 2019 Current portion of indemnification assets Other current assets $ 0.4 $ 0.6 Non-current portion of indemnification assets Other assets 3.2 3.1 Total $ 3.6 $ 3.7 |
Unit-Based Compensation (Tables
Unit-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Phantom Units Activity | The following is a summary of phantom unit award activities of the Partnership’s common units for the nine months ended September 30, 2020: Phantom Units Number of Units (in units) Weighted Average Grant Date Fair Value per Unit (in dollars) Outstanding at December 31, 2019 15,227 $ 16.64 Granted 16,038 14.03 Vested (15,227) 16.64 Outstanding at September 30, 2020 16,038 $ 14.03 |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entity | The financial position of Mardi Gras at September 30, 2020 and December 31, 2019, its financial performance for the three and nine months ended September 30, 2020 and 2019 and cash flows for the nine months ended September 30, 2020 and 2019, as reflected in the condensed consolidated financial statements, are as follows: September 30, 2020 December 31, 2019 Balance sheet Equity method investments $ 384.9 $ 391.3 Non-controlling interests 134.7 136.9 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Statement of operations Income from equity method investments $ 12.6 $ 13.4 $ 42.9 $ 37.1 Less: Net income attributable to non-controlling interests 4.4 4.7 15.0 13.0 Net impact on Net income attributable to the Partnership $ 8.2 $ 8.7 $ 27.9 $ 24.1 Nine Months Ended September 30, 2020 2019 Statement of cash flows Cash flows from operating activities Distributions of earnings received from equity method investments $ 41.9 $ 37.0 Cash flows from investing activities Distribution in excess of earnings from equity method investments 7.4 8.3 Cash flows from financing activities Distributions to non-controlling interests (17.2) (15.9) Net change on the Partnership's cash and cash equivalents $ 32.1 $ 29.4 |
Business and Basis of Present_3
Business and Basis of Presentation (Details) - segment | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Variable Interest Entity [Line Items] | ||
Number of reportable segments | 1 | |
KM Phoenix | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 25.00% | |
Total Mardi Gras Joint Ventures | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 65.00% | |
KM Phoenix | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 25.00% | |
Ursa | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 22.70% | |
Mars | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 28.50% | 28500000.00% |
Caesar | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 56.00% | 56000000.00% |
Cleopatra | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 53.00% | 53000000.00% |
Proteus | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 65.00% | 65000000.00% |
Endymion | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 65.00% | 65000000.00% |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||||
Income related to FLA arrangements with Parent | $ 1.6 | $ 2.7 | $ 3.9 | $ 7.8 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Income related to FLA arrangements with Parent | 1.6 | 2.7 | 3.9 | 7.8 |
Related parties | 33.1 | 33.9 | 93.5 | 91.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Income related to FLA arrangements with Parent | 1.6 | 2.7 | 3.9 | 7.8 |
Disaggregation of Revenue [Line Items] | ||||
Income related to FLA arrangements with Parent | 1.6 | 2.7 | 3.9 | 7.8 |
Deficiency revenue | $ 5.1 | $ 2.4 | $ 11.1 | $ 2.4 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||||
Transportation services revenue - third parties | $ 0.6 | $ 0.7 | $ 2.4 | $ 2.2 |
Transportation services revenue - related parties | 33.1 | 33.9 | 93.5 | 91.2 |
Total revenue | $ 33.7 | $ 34.6 | $ 95.9 | $ 93.4 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligation, Expected Timing of Satisfaction (Details) $ in Millions | Sep. 30, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Unfulfilled performance obligations | $ 30.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Unfulfilled performance obligations | $ 28.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Unfulfilled performance obligations | $ 1.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 months |
Revenue Recognition - Contract
Revenue Recognition - Contract with Customer, Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables from contracts with customers | $ 0.2 | $ 0.6 |
Third parties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables from contracts with customers | 0.2 | 0.6 |
Related parties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables from contracts with customers | 10.7 | 11.3 |
Deferred revenue and credits | $ 1.6 | $ 1.5 |
Equity Method Investments - Nar
Equity Method Investments - Narrative (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Impairment loss on equity method investments | $ 0 | $ 0 |
Equity Method Investments - Sch
Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Proceeds From Equity Method Investment, Dividends Or Distributions, Return On Capital And Return Of Capital | $ 27,200 | $ 32,500 | $ 93,200 | $ 94,800 | |
Income from equity method investments | 27,600 | 30,100 | 85,700 | 83,300 | |
Equity method investments | 526,900 | 537,600 | 526,900 | 537,600 | $ 534,400 |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Revenues | 132,700 | 146,100 | 404,300 | 410,200 | |
Operating expenses | 58,500 | 63,300 | 179,900 | 180,300 | |
Net income | $ 74,200 | $ 83,000 | $ 224,700 | $ 231,400 | |
Mars | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 28.50% | 28500000.00% | 28.50% | 28500000.00% | |
Proceeds From Equity Method Investment, Dividends Or Distributions, Return On Capital And Return Of Capital | $ 12,000 | $ 14,200 | $ 38,700 | $ 40,100 | |
Income from equity method investments | 13,000 | 14,000 | 37,100 | 37,800 | |
Equity method investments | $ 55,300 | $ 56,900 | $ 55,300 | $ 56,900 | |
Caesar | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 56.00% | 56000000.00% | 56.00% | 56000000.00% | |
Proceeds From Equity Method Investment, Dividends Or Distributions, Return On Capital And Return Of Capital | $ 3,900 | $ 4,900 | $ 12,200 | $ 14,400 | |
Income from equity method investments | 3,500 | 3,700 | 11,700 | 13,500 | |
Equity method investments | $ 116,900 | $ 118,400 | $ 116,900 | $ 118,400 | |
Cleopatra | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 53.00% | 53000000.00% | 53.00% | 53000000.00% | |
Proceeds From Equity Method Investment, Dividends Or Distributions, Return On Capital And Return Of Capital | $ 1,600 | $ 2,400 | $ 6,900 | $ 9,100 | |
Income from equity method investments | 1,200 | 1,700 | 4,400 | 7,100 | |
Equity method investments | $ 115,100 | $ 117,600 | $ 115,100 | $ 117,600 | |
Proteus | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 65.00% | 65000000.00% | 65.00% | 65000000.00% | |
Proceeds From Equity Method Investment, Dividends Or Distributions, Return On Capital And Return Of Capital | $ 3,900 | $ 4,300 | $ 14,600 | $ 11,900 | |
Income from equity method investments | 2,600 | 3,200 | 10,300 | 7,100 | |
Equity method investments | $ 71,000 | $ 76,500 | $ 71,000 | $ 76,500 | |
Endymion | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 65.00% | 65000000.00% | 65.00% | 65000000.00% | |
Proceeds From Equity Method Investment, Dividends Or Distributions, Return On Capital And Return Of Capital | $ 4,900 | $ 3,500 | $ 15,600 | $ 9,900 | |
Income from equity method investments | 5,300 | 4,800 | 16,500 | 9,400 | |
Equity method investments | 81,900 | 82,000 | 81,900 | 82,000 | |
Others | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Proceeds From Equity Method Investment, Dividends Or Distributions, Return On Capital And Return Of Capital | 900 | 3,200 | 5,200 | 9,400 | |
Income from equity method investments | 2,000 | 2,700 | 5,700 | 8,400 | |
Equity method investments | $ 86,700 | $ 86,200 | $ 86,700 | $ 86,200 | |
Total Mardi Gras Joint Ventures | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 65.00% | 65.00% | |||
Ursa | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 22.70% | 22.70% | |||
KM Phoenix | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | |||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 107,300 | $ 104,000 | |
Less: Accumulated depreciation | (43,300) | (41,300) | |
Property, plant and equipment, net | 64,000 | 62,700 | |
Impairment charge | 0 | $ 2,300 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 200 | 200 | |
Rights-of-way | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,400 | 1,400 | |
Building and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 6,900 | 6,900 | |
Pipeline and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 95,100 | 94,400 | |
Other | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 500 | 500 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 3,200 | $ 600 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Current portion of environmental remediation obligations | $ 400 | $ 600 |
Current portion of lease liabilities | 100 | 100 |
Accrued interest payable - related parties | 900 | 4,200 |
Accrued liabilities | 3,800 | 1,700 |
Other current liabilities | $ 5,200 | $ 6,600 |
Debt (Details)
Debt (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Line of Credit Facility [Line Items] | |||||
Weighted average interest rate | 2.28% | ||||
Balance spread on variable rate | 73.00% | ||||
Long-term Debt, Gross | $ 468 | $ 468 | |||
Required consolidated leverage ratio | 5 | 5 | |||
Required consolidated leverage ratio temporary 1 | 5.5 | 5.5 | |||
Long-term Debt, Gross | $ 468 | $ 468 | |||
Required consolidated leverage ratio | 5 | 5 | |||
Required consolidated leverage ratio temporary 1 | 5.5 | 5.5 | |||
Debt maximum borrowing capacity | $ 600 | $ 600 | |||
Balance spread on variable rate | 73.00% | ||||
Long-term Debt [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Weighted average interest rate | 118.00% | 191.00% | |||
Domestic Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Weighted average interest rate | 3.25% | ||||
Line of Credit | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Outstanding borrowing | $ 468,000,000 | $ 468,000,000 | $ 468,000,000 | ||
Interest expense | $ 1,500,000 | $ 4,100,000 | $ 7,100,000 | $ 12,300,000 | |
Commitment fee percentage | 0.10% | ||||
Utilization fee percentage | 0.20% |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||||
Related parties | $ 33,100,000 | $ 33,900,000 | $ 93,500,000 | $ 91,200,000 | |
Deficiency revenue | 5,100,000 | $ 2,400,000 | 11,100,000 | 2,400,000 | |
Deferred revenue and credits | $ 1,600,000 | 1,600,000 | $ 1,500,000 | ||
BP Pipelines | |||||
Related Party Transaction [Line Items] | |||||
Annual fee paid to related party | $ 15,200,000 | 13,600,000 | |||
Total Mardi Gras Joint Ventures | |||||
Related Party Transaction [Line Items] | |||||
Noncontrolling interest, ownership percentage by Parent | 3500.00% | 3500.00% | |||
Parent | |||||
Related Party Transaction [Line Items] | |||||
Performance or restricted period | 3 years | ||||
Parent [Member] | |||||
Related Party Transaction [Line Items] | |||||
Performance or restricted period | 3 years | ||||
BP Products | |||||
Related Party Transaction [Line Items] | |||||
Deficiency revenue | $ 6,000,000 | $ 0 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Related Party Transactions [Abstract] | ||||
Operating expenses—related parties | $ 1,300,000 | $ 1,400,000 | $ 4,100,000 | $ 4,300,000 |
Maintenance expenses—related parties | 100,000 | 0 | 300,000 | 100,000 |
General and administrative—related parties | 3,500,000 | 3,500,000 | 11,000,000 | 10,600,000 |
Total costs and expenses—related parties | 4,900,000 | 4,900,000 | 15,400,000 | 15,000,000 |
Related Party Transaction [Line Items] | ||||
Deficiency revenue | $ 5,100,000 | $ 2,400,000 | 11,100,000 | 2,400,000 |
BP Products | ||||
Related Party Transaction [Line Items] | ||||
Deficiency revenue | $ 6,000,000 | $ 0 |
Net Income Per Limited Partne_3
Net Income Per Limited Partner Unit - Schedule of Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 12, 2020 | Aug. 13, 2020 | May 14, 2020 | Feb. 13, 2020 | Nov. 14, 2019 | Aug. 14, 2019 | May 15, 2019 | Feb. 14, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Partner distributions declared | $ 37,600 | $ 37,600 | $ 37,600 | $ 37,600 | $ 34,400 | $ 33,000 | $ 31,600 | $ 37,600 | $ 35,900 | $ 112,800 | $ 103,100 | |
Dividends declared per share (in dollars per share) | $ 0.3475 | $ 0.3475 | $ 0.3475 | $ 0.3475 | $ 0.3237 | $ 0.3126 | $ 0.3015 | |||||
General Partner | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Partner distributions declared | $ 1,200 | $ 1,200 | $ 1,200 | $ 1,200 | $ 400 | $ 200 | $ 0 | 1,200 | 700 | 3,600 | 1,300 | |
Limited Partners Common Units | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Partner distributions declared | 18,200 | 18,200 | 18,200 | 18,200 | 17,000 | 16,400 | 15,800 | 18,200 | 17,600 | 54,600 | 50,900 | |
Limited Partners Subordinated Units | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Partner distributions declared | $ 18,200 | $ 18,200 | $ 18,200 | $ 18,200 | $ 17,000 | $ 16,400 | $ 15,800 | $ 18,200 | $ 17,600 | $ 54,600 | $ 50,900 | |
Subsequent Event | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Partner distributions declared | $ 35,900 | |||||||||||
Dividends declared per share (in dollars per share) | $ 0.3355 | |||||||||||
Subsequent Event | General Partner | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Partner distributions declared | $ 700 | |||||||||||
Subsequent Event | Limited Partners Common Units | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Partner distributions declared | 17,600 | |||||||||||
Subsequent Event | Limited Partners Subordinated Units | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Partner distributions declared | $ 17,600 |
Net Income Per Limited Partne_4
Net Income Per Limited Partner Unit - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Nov. 12, 2020 | Aug. 13, 2020 | May 14, 2020 | Feb. 13, 2020 | Aug. 14, 2019 | May 15, 2019 | Feb. 14, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Partner distributions declared | $ 37,600 | $ 37,600 | $ 37,600 | $ 37,600 | $ 34,400 | $ 33,000 | $ 31,600 | $ 37,600 | $ 35,900 | $ 112,800 | $ 103,100 |
Net income attributable to the Partnership in excess of distributions | 7,700 | 9,800 | 14,800 | 17,100 | |||||||
Net income attributable to the Partnership | $ 45,300 | $ 45,700 | $ 127,600 | $ 120,200 | |||||||
Weighted average units outstanding: | |||||||||||
Basic and Diluted (in shares) | 104.8 | 104.8 | 104.8 | 104.8 | |||||||
Incentive distribution rights currently held by the General Partner | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Partner distributions declared | 1,200 | 1,200 | 1,200 | 1,200 | 400 | 200 | 0 | $ 1,200 | $ 700 | $ 3,600 | $ 1,300 |
Net income attributable to the Partnership in excess of distributions | 0 | 0 | 0 | 0 | |||||||
Net income attributable to the Partnership | 1,200 | 700 | 3,600 | 1,300 | |||||||
Limited partners' distribution declared on common units | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Partner distributions declared | 18,200 | 18,200 | 18,200 | 18,200 | 17,000 | 16,400 | 15,800 | 18,200 | 17,600 | 54,600 | 50,900 |
Net income attributable to the Partnership in excess of distributions | 3,800 | 4,900 | 7,400 | 8,600 | |||||||
Net income attributable to the Partnership | $ 22,000 | $ 22,500 | $ 62,000 | $ 59,500 | |||||||
Weighted average units outstanding: | |||||||||||
Basic and Diluted (in shares) | 52.4 | 52.4 | 52.4 | 52.4 | |||||||
Net income per limited partner unit (in dollars): | |||||||||||
Basic and Diluted (in dollars per share) | $ 0.42 | $ 0.43 | $ 1.19 | $ 1.13 | |||||||
Limited partners' distribution declared on subordinated units | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Partner distributions declared | $ 18,200 | $ 18,200 | $ 18,200 | $ 18,200 | $ 17,000 | $ 16,400 | $ 15,800 | $ 18,200 | $ 17,600 | $ 54,600 | $ 50,900 |
Net income attributable to the Partnership in excess of distributions | 3,900 | 4,900 | 7,400 | 8,500 | |||||||
Net income attributable to the Partnership | $ 22,100 | $ 22,500 | $ 62,000 | $ 59,400 | |||||||
Weighted average units outstanding: | |||||||||||
Basic and Diluted (in shares) | 52.4 | 52.4 | 52.4 | 52.4 | |||||||
Net income per limited partner unit (in dollars): | |||||||||||
Basic and Diluted (in dollars per share) | $ 0.42 | $ 0.43 | $ 1.19 | $ 1.13 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Site Contingency [Line Items] | |||
Environmental liabilities | $ 3,600 | $ 3,700 | |
Indemnification assets | 3,600 | 3,700 | |
Impairment charge | $ 0 | $ 2,300 | |
Griffith Station [Member] | |||
Site Contingency [Line Items] | |||
Accrued insurance recovery | 4,300 | ||
Insurance Settlements Receivable, Noncurrent | 700 | ||
Insurance Settlements Receivable, Noncurrent | $ 700 | ||
Mars | |||
Site Contingency [Line Items] | |||
Equity Method Investment, Ownership Percentage | 28.50% | 28500000.00% | |
Mardi Gras Transportation System Company LLC | |||
Site Contingency [Line Items] | |||
Equity Method Investment, Ownership Percentage | 65.00% | ||
Caesar | |||
Site Contingency [Line Items] | |||
Equity Method Investment, Ownership Percentage | 56.00% | 56000000.00% | |
Cleopatra | |||
Site Contingency [Line Items] | |||
Equity Method Investment, Ownership Percentage | 53.00% | 53000000.00% | |
Endymion | |||
Site Contingency [Line Items] | |||
Equity Method Investment, Ownership Percentage | 65.00% | 65000000.00% | |
Proteus | |||
Site Contingency [Line Items] | |||
Equity Method Investment, Ownership Percentage | 65.00% | 65000000.00% | |
Ursa | |||
Site Contingency [Line Items] | |||
Equity Method Investment, Ownership Percentage | 22.70% | ||
KM Phoenix | |||
Site Contingency [Line Items] | |||
Equity Method Investment, Ownership Percentage | 25.00% |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Balance Sheet Classification of Environmental Liabilities and Indemnification Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Current portion of environmental remediation obligations | $ 400 | $ 600 | |
Long-term portion of environmental remediation obligations | 3,200 | 3,100 | |
Total | 3,600 | 3,700 | |
Current portion of indemnification assets | 400 | 600 | |
Non-current portion of indemnification assets | 3,200 | 3,100 | |
Total | 3,600 | $ 3,700 | |
Site Contingency [Line Items] | |||
Proceeds from Insurance Settlement, Investing Activities | $ 1,300 | $ 0 |
Unit-Based Compensation - Narra
Unit-Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average recognition period | 4 months 24 days | |||
Phantom Share Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation expense | $ 57,000 | $ 64,000 | $ 176,000 | $ 175,000 |
Unrecognized compensation cost related to phantom unit awards | $ 90,000 | $ 90,000 | ||
Phantom Share Units (PSUs) | BP Midstream Partners LP 2017 Long Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum aggregate number of common units that may be issued (in shares) | 5,502,271 | 5,502,271 |
Unit-Based Compensation - Phant
Unit-Based Compensation - Phantom Units Activity (Details) - Phantom Share Units (PSUs) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Number of Units (in units) | |
Beginning balance outstanding (shares) | shares | 15,227 |
Granted (in shares) | shares | 16,038 |
Vested (in shares) | shares | (15,227) |
Ending balance outstanding (shares) | shares | 16,038 |
Weighted Average Grant Date Fair Value per Unit (in dollars) | |
Beginning balance outstanding (in dollars per share) | $ / shares | $ 16.64 |
Granted (in dollars per share) | $ / shares | 14.03 |
Vested (in dollars per share) | $ / shares | 16.64 |
Ending balance outstanding (in dollars per share) | $ / shares | $ 14.03 |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) | Oct. 30, 2017 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||||||
Equity method investments | $ 526,900,000 | $ 537,600,000 | $ 526,900,000 | $ 537,600,000 | $ 534,400,000 | |
Non-controlling interests | 134,700,000 | 134,700,000 | 136,900,000 | |||
Statement of operations | ||||||
Income from equity method investments | 27,600,000 | 30,100,000 | 85,700,000 | 83,300,000 | ||
Less: Net income attributable to non-controlling interests | 4,400,000 | 4,700,000 | 15,000,000 | 13,000,000 | ||
Net income attributable to the Partnership | $ 45,300,000 | 45,700,000 | 127,600,000 | 120,200,000 | ||
Cash flows from operating activities | ||||||
Distributions of earnings received from equity method investments | 85,800,000 | 86,500,000 | ||||
Cash flows from financing activities | ||||||
Distributions to non-controlling interests | $ (17,200,000) | (15,900,000) | ||||
Mardi Gras Transportation System Company LLC | Variable Interest Entity, Primary Beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Managing member interest (as a percent) | 100.00% | |||||
Remainder of economic interest held by affiliate (as a percent) | 1.00% | |||||
Mardi Gras Transportation System Company LLC | ||||||
Cash flows from financing activities | ||||||
Equity Method Investment, Ownership Percentage | 65.00% | 65.00% | ||||
Mardi Gras Transportation System Company LLC | Variable Interest Entity, Primary Beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets of VIE | $ 0 | $ 0 | 0 | |||
Balance Sheet Related Disclosures [Abstract] | ||||||
Equity method investments | 384,900,000 | 384,900,000 | 391,300,000 | |||
Non-controlling interests | 134,700,000 | 134,700,000 | $ 136,900,000 | |||
Statement of operations | ||||||
Income from equity method investments | 12,600,000 | 13,400,000 | 42,900,000 | 37,100,000 | ||
Less: Net income attributable to non-controlling interests | 4,400,000 | 4,700,000 | 15,000,000 | 13,000,000 | ||
Net income attributable to the Partnership | $ 8,200,000 | $ 8,700,000 | 27,900,000 | 24,100,000 | ||
Cash flows from operating activities | ||||||
Distributions of earnings received from equity method investments | 41,900,000 | 37,000,000 | ||||
Cash flows from investing activities | ||||||
Distribution in excess of earnings from equity method investments | 7,400,000 | 8,300,000 | ||||
Cash flows from financing activities | ||||||
Distributions to non-controlling interests | (17,200,000) | (15,900,000) | ||||
Net change in cash and cash equivalents | $ 32,100,000 | $ 29,400,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 12, 2020 | Aug. 13, 2020 | May 14, 2020 | Feb. 13, 2020 | Nov. 14, 2019 | Aug. 14, 2019 | May 15, 2019 | Feb. 14, 2019 | Sep. 30, 2020 | Sep. 30, 2020 |
Subsequent Event [Line Items] | ||||||||||
Dividends declared per share (in dollars per share) | $ 0.3475 | $ 0.3475 | $ 0.3475 | $ 0.3475 | $ 0.3237 | $ 0.3126 | $ 0.3015 | |||
Subsequent Events | Subsequent Events We have evaluated subsequent events through the issuance of these condensed consolidated financial statements. Based on this evaluation, it was determined that no subsequent events occurred, other than the items noted below, that require recognition or disclosure in the condensed consolidated financial statements. Distribution On October 15, 2020, we declared a cash distribution of $0.3475 per limited partner unit to unitholders of record on October 29, 2020, for the three months ended September 30, 2020. The distribution, combined with distributions to our General Partner, will be paid on November 12, 2020, and will total $37.6 million, with $16.6 million distributed to our non-affiliated common unitholders, and $21.0 million, including $1.2 million for IDRs distributed to our Parent in respect of its ownership of our common units, subordinated units and IDRs. Throughput and Deficiency Agreements On November 3, 2020, the Partnership entered into throughput and deficiency agreements with BP Products with respect to volumes transported on the following lines (i) BP2 crude oil pipeline system and related assets; (ii) River Rouge refined products pipeline system and related assets; and (iii) Diamondback diluent pipeline system and related assets. These new agreements have a term of three years beginning January 1, 2021 and expiring December 31, 2023. The Partnership has existing agreements on the same pipelines with BP Products that expire on December 31, 2020. | |||||||||
Scenario, Forecast | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Total distribution paid | $ 37.6 | |||||||||
Dividends paid to non-affiliated common unitholders | $ 16.6 | |||||||||
Net transfers to Parent | 21 | |||||||||
Incentive distribution rights | $ 1.2 | |||||||||
Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends declared per share (in dollars per share) | $ 0.3355 |
Uncategorized Items - bpmp-2020
Label | Element | Value |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | $ 4,600,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 5,500,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 5,300,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 6,700,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 6,000,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 5,000,000 |
Partners' Capital Account, Unit-based Payment Arrangement, Amount | us-gaap_PartnersCapitalAccountUnitBasedCompensation | 100,000 |
Partners' Capital Account, Unit-based Payment Arrangement, Amount | us-gaap_PartnersCapitalAccountUnitBasedCompensation | 100,000 |
Partners' Capital Account, Unit-based Payment Arrangement, Amount | us-gaap_PartnersCapitalAccountUnitBasedCompensation | 100,000 |
Partners' Capital Account, Unit-based Payment Arrangement, Amount | us-gaap_PartnersCapitalAccountUnitBasedCompensation | 100,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 33,000,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 37,600,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 31,600,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 37,600,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 37,600,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 34,300,000 |
General Partner [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 200,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 1,200,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 400,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 1,200,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 700,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 1,200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 1,200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 1,200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 1,200,000 |
Member Units [Member] | General Public [Member] | Common Units [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 16,900,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 18,000,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 16,900,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 20,500,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 20,100,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 18,500,000 |
Partners' Capital Account, Unit-based Payment Arrangement, Amount | us-gaap_PartnersCapitalAccountUnitBasedCompensation | 100,000 |
Partners' Capital Account, Unit-based Payment Arrangement, Amount | us-gaap_PartnersCapitalAccountUnitBasedCompensation | 100,000 |
Partners' Capital Account, Unit-based Payment Arrangement, Amount | us-gaap_PartnersCapitalAccountUnitBasedCompensation | 100,000 |
Partners' Capital Account, Unit-based Payment Arrangement, Amount | us-gaap_PartnersCapitalAccountUnitBasedCompensation | 100,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 14,400,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 16,600,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 15,500,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 16,600,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 16,600,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 15,000,000 |
Member Units [Member] | BP Holdco [Member] | Subordinated Units [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 22,500,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 18,500,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 18,400,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 22,100,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 19,700,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 20,200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 18,200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 16,400,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 16,900,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 15,800,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 18,200,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 18,200,000 |
Member Units [Member] | BP Holdco [Member] | Common Units [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 2,000,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 1,600,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 1,900,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 1,700,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 1,600,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 1,800,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 1,600,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 1,400,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 1,500,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 1,400,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 1,600,000 |
Partners' Capital Account, Distributions | us-gaap_PartnersCapitalAccountDistributions | 1,600,000 |
Noncontrolling Interest [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 5,800,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 4,700,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 3,500,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 4,800,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 4,800,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 4,400,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 5,500,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 4,600,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 5,300,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 5,000,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 6,000,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | $ 6,700,000 |