Welcome to our dedicated page for Crestwood Equity Partners Lp news (Ticker: CEQP), a resource for investors and traders seeking the latest updates and insights on Crestwood Equity Partners Lp stock.
Crestwood Equity Partners LP (NYSE: CEQP) delivers essential midstream energy services through strategically located assets across major U.S. shale regions. This dedicated news hub provides investors and industry professionals with timely updates on CEQP's operational developments, financial performance, and strategic initiatives.
Access official press releases and curated news coverage spanning key business areas: Gathering & Processing infrastructure expansions, Storage & Transportation network enhancements, and Marketing & Logistics solutions. Track updates on capital projects, partnership agreements, and sustainability initiatives that shape CEQP's position in the energy value chain.
Our news collection serves as your primary source for monitoring CEQP's growth across the Marcellus, Bakken, and Permian Basin operations. Stay informed about dividend announcements, regulatory filings, and management insights without promotional bias.
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Crestwood Equity Partners LP (NYSE: CEQP) announced that Executive Vice President and Chief Accounting Officer, Steven Dougherty, will leave the company to explore new opportunities. Dougherty will remain in his role until the end of Q2 2023 for a smooth transition. Robert G. Phillips, the CEO, expressed gratitude for Dougherty's significant contributions since 2012 in various key areas including accounting and risk management. Post-departure, the accounting team will be overseen by Senior Vice President Jeff Cathey, with other departments managed by existing senior executives. Crestwood operates midstream businesses across the U.S., involved in natural gas and crude oil logistics.
Crestwood Equity Partners LP (NYSE: CEQP) has declared a quarterly cash distribution of $0.655 per limited partner unit for Q1 2023, remaining flat from the previous quarter. This amounts to an annual distribution of $2.620. Additionally, a quarterly cash distribution of $0.2111 per preferred equity unit has been announced, equating to $0.8444 annually. Both distributions are set to be paid on May 15, 2023, to unitholders on record as of May 8, 2023. Earnings for the first quarter are scheduled for release on May 2, 2023, along with an investor conference call to discuss the results.
Crestwood Equity Partners reported a full-year 2022 net income of $72.5 million and Adjusted EBITDA of $762.1 million, a 27% increase year-over-year. This growth was driven by expanded operations in the Williston and Delaware Basins, despite challenges from extreme weather and delays in producer development. The divestiture of Tres Palacios for $335 million will bolster debt reduction efforts. For 2023, the company anticipates Adjusted EBITDA between $780 million and $860 million, with capital investments of $135 million to $155 million. The focus remains on operational execution, enhancing balance sheet strength, and continuing integration of acquired assets.
Crestwood Equity Partners LP (NYSE: CEQP) has declared a quarterly cash distribution of
Crestwood Equity Partners LP (NYSE: CEQP) announced the pricing of $600 million in 7.375% unsecured Senior Notes due 2031. This offering, which is $100 million more than initially planned, is part of a private placement exempt from SEC registration. The Notes, guaranteed by all relevant subsidiaries, are expected to close on January 19, 2023. Proceeds will be used to repay borrowings under the Revolving Credit Facility and to settle CPJV's credit facility shortly after. The offering is directed at institutional buyers and will not be registered under SEC regulations.
Crestwood Midstream Partners LP (CMLP), a wholly owned subsidiary of Crestwood Equity Partners LP (NYSE: CEQP), plans to offer $500 million in unsecured Senior Notes due 2031 in a private offering. The proceeds will primarily be used to reduce borrowings from its Revolving Credit Facility and to terminate a credit facility for Crestwood Permian Basin Holdings LLC. The offering is exempt from registration under the Securities Act, targeting qualified institutional buyers. The Notes will not be registered and cannot be sold in the U.S. without proper exemptions. This move aims to enhance liquidity and financial flexibility for CMLP.
Crestwood Equity Partners LP (NYSE: CEQP) anticipates a decline in fourth quarter 2022 financial results due to severe winter weather that disrupted operations across its gathering and processing assets. Volumes in the Williston Basin are expected to drop by about 15%, with reductions of 5-10% in the Powder River and Delaware Basins. Consequently, full-year financial results will likely fall slightly below previous guidance. Despite these challenges, Crestwood is optimistic about 2023, expecting EBITDA growth driven by ongoing field activity and strategic acquisitions.
Crestwood Equity Partners LP (CEQP) announced its third quarter 2022 results, reflecting a net loss of $43 million, slightly higher than a net loss of $39.6 million in Q3 2021. However, the company reported a significant 50% year-over-year increase in Adjusted EBITDA, reaching $209 million, driven by operational growth in the Williston and Delaware Basins. Their distributable cash flow surged 53% to $131 million, resulting in a coverage ratio of 1.9x. Crestwood's revised full-year Adjusted EBITDA guidance is now $780 million to $800 million, reflecting the impact of recent divestitures and operational adjustments.
