Crestwood Announces Quarterly Distribution and Schedules Second Quarter 2021 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 a flat rate quarter over quarter. Additionally, a distribution of $0.2111 per Class A preferred equity unit was declared, both payable on August 13, 2021. Crestwood plans to report its second-quarter financial results on July 27, 2021, followed by a conference call for investors at 9:00 a.m. ET to discuss results and strategies.

Positive

• Quarterly cash distribution of $0.625 per limited partner unit, flat quarter over quarter.
• Quarterly cash distribution of $0.2111 per Class A preferred equity unit.
• Scheduled earnings report for Q2 2021 on July 27, indicating proactive investor communication.

Negative

• None.

Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) 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 June 30, 2021, 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 August 13, 2021, to unitholders of record as of August 6, 2021.

Crestwood plans to report financial results for the second quarter 2021 on Tuesday, July 27, 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 Crestwood Equity Partners LP?

Crestwood declared a quarterly cash distribution of $0.625 per limited partner unit.

When will Crestwood report its Q2 2021 financial results?

Crestwood is set to report its Q2 2021 financial results on July 27, 2021.

What is the dividend rate for Crestwood's Class A preferred equity unit?

The distribution for Class A preferred equity units is $0.2111 per unit.

When will the cash distributions be paid to unitholders?

The distributions will be paid on August 13, 2021, to unitholders of record as of August 6, 2021.