September 02, 2014 1:25 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Crestwood Equity Partners LP

Company Overview

Crestwood Equity Partners LP is engaged in natural gas storage business in Texas and an NGL and crude oil supply and logistics business that serves customers in the United States and Canada. It operates through three segments: Gathering and Processing, NGL and Crude Services, and Storage and Transportation. The Gathering and Processing segment is engaged in the gathering, processing, treating, compression, transportation, and sale of natural gas; and the delivery of natural gas liquids. The NGL and Crude Services segment provides natural gas liquids and crude oil gathering, storage, marketing, supply, and logistics services to producers, refiners, marketers, and others; and produces and sell...

700 Louisiana Street

Suite 2060

Houston, TX 77002

United States

1,133 Employees

Phone:

832-519-2200

Fax:

832-519-2250

Key Executives for Crestwood Equity Partners LP

Chairman of The Board - Crestwood Equity Gp
Age: 59
Total Annual Compensation: $483.8K
Chief Financial Officer of Crestwood Equity Gp
Age: 44
Total Annual Compensation: $96.2K
President of Liquids and Crude - Crestwood Equity Gp
Age: 51
Total Annual Compensation: $641.5K
President of Natural Gas - Crestwood Equity Gp
Age: 40
Total Annual Compensation: $507.9K
Senior Vice President of Operations Services - Crestwood Equity Gp
Age: 55
Total Annual Compensation: $478.5K
Compensation as of Fiscal Year 2013.

Crestwood Equity Partners LP Key Developments

Crestwood Equity Partners LP Reports Unaudited Consolidated Financial and Operating Results for the Second Quarter and Half Year Ended June 30, 2014; Revises Financial Guidance for the Full Year 2014

Crestwood Equity Partners LP reported unaudited consolidated financial and operating results for the second quarter and half year ended June 30, 2014. For the quarter, revenues were $926.3 million against $118.9 million a year ago. Operating income was $29.4 million against $7.8 million a year ago. Loss before income taxes was $4.6 million against $4.2 million a year ago. Net loss attributable to the company was $4.4 million or $0.02 per basic and diluted share against net income attributable to the company of $1.6 million or $0.03 per basic and diluted share a year ago. EBITDA was $99.2 million against $35.8 million a year ago. Adjusted EBITDA was $117.7 million against $47.8 million a year ago. Maintenance capital expenditures were $5.5 million against $2.1 million a year ago. Net cash provided by operating activities was $39.2 million against $23.3 million a year ago. For the half year, revenues were $1,897.9 million against $191.3 million a year ago. Operating income was $75.1 million against $23.5 million a year ago. Income before income taxes was $9.4 million against $0.1 million a year ago. Net income attributable to the company was $15.2 million or $0.08 per basic and diluted share against $6.7 million or $0.14 per basic and diluted share a year ago. EBITDA was $211.2 million against $73.9 million a year ago. Adjusted EBITDA was $234.3 million against $87.2 million a year ago. Maintenance capital expenditures were $11.9 million against $3.0 million a year ago. Net cash provided by operating activities was $111.5 million against $57.4 million a year ago. For the quarter, total gathering volumes was 1,213.2 MMcf/d against 992.8 MMcf/d a year ago. Processing volumes was 190.9 MMcf/d against 217.3 MMcf/d a year ago. Compression volumes was 470.5 MMcf/d against 284.4 MMcf/d a year ago. For the half year, total gathering volumes was 1,171.5 MMcf/d against 983.8 MMcf/d a year ago. Processing volumes was 190.1 MMcf/d against 220.7 MMcf/d a year ago. Compression volumes was 459.3 MMcf/d against 277.1 MMcf/d a year ago. The company issued original 2014 guidance including standalone adjusted EBITDA in a range of $55 million to $60 million and distributable cash flow in a range of $85 million to $95 million inclusive of distributions received from Crestwood Midstream (CMLP). Based upon operating performance in the first half of 2014 and current operating assumptions for the second half of 2014, the company is revising its range of full year adjusted EBITDA contribution of its operating assets to $50 million to $55 million, largely attributable to the expectation of a minimal contribution from Tres Palacios during the remainder of 2014, offset by a seasonal improvement in NGL supply and logistics business. Notwithstanding the modest decrease in revised 2014 adjusted EBITDA guidance, the company depends on CMLP distributions for approximately 30-35% of its expected distributable cash flow. Due to CMLP's current objective of coverage ratio improvement before resuming quarterly distribution increases, the company has determined that it is prudent to revise its full year 2014 distributable cash flow to a range of $65 million to $70 million. The company expects net income of $115 million to $140 million, interest and debt expense, net of $135 million, depreciation, amortization and accretion of $240 million, adjusted EBITDA of $490 million to $515 million, cash interest expense of $115 million, maintenance capital expenditures of $25 million, and distributable cash flow attributable to the company of $65 million to $70 million.

Crestwood Equity Partners LP Declares Quarterly Cash Distribution for the Quarter Ended June 30, 2014, Payable on August 14, 2014

The Board of Directors of Crestwood Equity GP LLC, general partner of Crestwood Equity Partners LP announced that it has declared the partnership's quarterly cash distribution of $0.1375 per limited partner unit ($0.55 annually) for the quarter ended June 30, 2014. The distribution will be paid on August 14, 2014, to unitholders of record as of August 7, 2014.

Crestwood Equity Partners LP to Report Q2, 2014 Results on Aug 06, 2014

Crestwood Equity Partners LP announced that they will report Q2, 2014 results at 9:00 AM, Eastern Standard Time on Aug 06, 2014

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