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) is a publicly traded master limited partnership that specializes in midstream energy services. The company owns and operates a diverse set of midstream assets primarily located in prolific shale plays such as the Marcellus Shale, Bakken Shale, Delaware Permian Basin, Powder River Basin Niobrara Shale, Barnett Shale, and Fayetteville Shale. Crestwood's operations are strategically divided into three core segments: Gathering & Processing, Storage & Transportation, and Marketing, Supply & Logistics.
In the Gathering & Processing segment, Crestwood is actively engaged in the gathering, processing, treating, compressing, and transporting of natural gas. This segment is vital for linking upstream producers with downstream markets. The Storage & Transportation segment focuses on the storage, transportation, and terminalling of natural gas liquids (NGLs) and crude oil. Through these services, Crestwood ensures a steady supply chain, optimizing the delivery of energy products. The Marketing, Supply & Logistics segment handles the marketing of natural gas, NGLs, and crude oil, providing integrated solutions that cater to the logistical needs of customers.
Recent achievements for Crestwood include several key development projects and strategic acquisitions aimed at expanding its operational footprint. The company is continuously pursuing organic expansion to enhance its asset portfolio, which contributes to stable and increasing cash distributions for its unit holders. Financially, Crestwood has demonstrated resilience and stability, supported by a balanced approach to growth and risk management.
Partnerships are another cornerstone of Crestwood's business strategy. The company collaborates with various industry stakeholders to optimize midstream services and deliver value to its customers. Crestwood’s commitment to operational excellence and customer service sets it apart in the midstream sector.
Overall, Crestwood Equity Partners LP aims to create long-term value for its unit holders by delivering consistent cash distributions through a combination of organic growth, development projects, and strategic acquisitions. The company remains focused on maintaining the highest quality of customer service while ensuring the ongoing stability and profitability of its business.
Crestwood Equity Partners LP (NYSE: CEQP) has declared a quarterly cash distribution of $0.655 per limited partner unit for the quarter ending September 30, 2022, remaining flat quarter-over-quarter. Additionally, a cash distribution of $0.2111 per Class A preferred equity unit is announced. Both distributions will be paid on November 14, 2022, to unitholders of record as of November 7, 2022. Crestwood will report Q3 2022 financial results on November 2, 2022, with a conference call for investors at 9:00 a.m. ET.
Crestwood Equity Partners LP (NYSE: CEQP) has priced an underwritten secondary offering of 11,400,000 common units by subsidiaries of Chord Energy Corporation (NASDAQ: CHRD), generating approximately
Antero Midstream Corporation (NYSE: AM) announced a definitive agreement to acquire Marcellus Shale gas gathering and compression assets from Crestwood Equity Partners LP (NYSE: CEQP) for $205 million in cash. The deal is expected to close in Q4 2022, pending regulatory approval. This acquisition is projected to enhance Free Cash Flow by over 10% after dividends through 2026, adding 425 undeveloped drilling locations and increasing compression capacity by 20%. The transaction also identifies $50 million in future capital savings and synergies, resulting in a favorable adjusted transaction multiple of 4.5x EBITDA.
Crestwood Equity Partners LP (NYSE: CEQP) announced that subsidiaries of Chord Energy Corporation (NASDAQ: CHRD) intend to sell 11,400,000 common units in an underwritten secondary offering. Crestwood will not receive any proceeds from the offering, which will benefit the Selling Unitholders. Additionally, Crestwood plans to repurchase up to $125 million of common units from one of the Selling Unitholders at the public offering price. This repurchase is contingent upon the closing of the secondary offering and is expected to occur simultaneously.
Crestwood Equity Partners LP (NYSE: CEQP) announced the sale of its Marcellus natural gas gathering and compression assets to Antero Midstream Corporation (NYSE: AM) for $205 million in cash. This divestiture, generating over 7 times 2023E Adjusted EBITDA, reflects Crestwood's strategy to focus on its core operations in the Williston, Delaware, and Powder River basins. The proceeds will enhance financial flexibility through debt reduction and unit repurchases. The transaction is expected to close in Q4, pending regulatory approvals.
Crestwood Equity Partners LP (NYSE: CEQP) announced the availability of its 2021 Schedule K-3 for unitholders, detailing international tax information for reporting needs. Access is provided through online portals for both regular and preferred unitholders. The company will not mail copies of the Schedule K-3, advising those in need to consult their tax advisors or use the provided contact numbers for electronic copies.
Crestwood operates midstream businesses across the U.S., specializing in natural gas, NGLs, and crude oil operations.
Crestwood Equity Partners LP (NYSE: CEQP) has announced key executive promotions to enhance its leadership team. John Black is now the Executive Vice President and Chief Financial Officer, reporting to President Robert Halpin. Black, with the company since 2014, has played a vital role in its financial strategies. Josh Wannarka is promoted to Senior Vice President, Finance, overseeing the investor relations team, while Andrew Thorington is now Vice President, Finance and Investor Relations. These changes aim to strengthen Crestwood's strategic execution and long-term value for investors.
Crestwood Equity Partners LP (NYSE: CEQP) announced a quarterly cash distribution of
Crestwood Equity Partners LP (NYSE: CEQP) has completed significant acquisitions, including Sendero Midstream Partners for $600 million and a 50% interest in Crestwood Permian Basin Holdings, enhancing its Delaware Basin presence. Following the formation of Chord Energy Corporation (NASDAQ: CHRD) from the merger of Oasis Petroleum and Whiting Petroleum, Crestwood appointed two new directors, Samantha F. Holroyd and Paul J. Korus, after the resignation of Oasis-nominated members. These changes aim to strengthen Crestwood's leadership and operational focus while contributing to 20% of total cash flow in 2023.
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