Crestwood Announces Quarterly Distribution and Schedules Fourth Quarter 2020 Earnings Release Date

Rhea-AI Summary

Crestwood Equity Partners LP (NYSE: CEQP) announced a quarterly cash distribution of $0.625 per limited partner unit, maintaining its previous rate. The Class A preferred equity unit will receive $0.2111 per unit, with both payments scheduled for February 12, 2021. The record date for unitholders is February 5, 2021. Additionally, Crestwood will report its fourth-quarter financial results and provide 2021 guidance on February 23, 2021, followed by a conference call at 9:00 a.m. ET to discuss outcomes and strategies.

Positive

• Quarterly cash distribution of $0.625 per limited partner unit, consistent with previous quarters.
• Scheduled reporting of financial results and 2021 guidance potentially indicating a commitment to transparency.

Negative

• None.

Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood” or “CEQP”) announced today that the board of directors of its general partner has declared the partnership’s quarterly cash distribution of $0.625 per limited partner unit ($2.50 annually) for the quarter ended December 31, 2020, which is flat quarter over quarter. In addition, Crestwood announced a quarterly cash distribution of $0.2111 per Class A preferred equity unit ($0.8444 annually). Both common and preferred distributions will be made on February 12, 2021, to unitholders of record as of February 5, 2021.

Crestwood plans to report financial results for the fourth quarter 2020 and provide 2021 guidance on Tuesday, February 23, 2021, before the New York Stock Exchange opens for trading. Following the announcement, management will host a conference call for investors and analysts at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) that day to discuss the operating and financial results. Crestwood will provide an update on its operations and financial strategy at that time. The call will be broadcast live over the internet via audio webcast. Investors will be able to connect to the webcast via the “Investors” page of Crestwood’s website at www.crestwoodlp.com. Please log in at least ten minutes in advance to register and download any necessary software. A replay will be available shortly after the call for 90 days.

About Crestwood Equity Partners LP

Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling, and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.

Forward Looking Statements

This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal securities law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in Crestwood’s annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.

Tax Notice to Foreign Investors

This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of Crestwood’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Crestwood’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not Crestwood, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

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FAQ

What is the quarterly cash distribution for CEQP announced in January 2021?

Crestwood announced a quarterly cash distribution of $0.625 per limited partner unit for the quarter ended December 31, 2020.

When will Crestwood report its fourth-quarter financial results?

Crestwood plans to report its fourth-quarter financial results on February 23, 2021.

What is the record date for the cash distribution payments by CEQP?

The record date for the cash distribution payments is February 5, 2021.

When will the cash distributions be paid to unitholders?

The cash distributions will be paid on February 12, 2021.