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
Crestwood Equity Partners LP (NYSE: CEQP) has announced several key promotions in its management team. Robert Halpin has been appointed President and CFO, responsible for all major activities within the company. Diaco Aviki is now Executive VP and COO, focusing on commercial and operational aspects. Joanne Howard has been promoted to Senior VP of Sustainability and Corporate Communications. These changes aim to enhance leadership and align commercial, operational, and financial functions, reflecting the company's optimistic outlook following strategic moves in 2021.
Crestwood Equity Partners LP (NYSE: CEQP) has announced a definitive merger agreement to acquire Oasis Midstream Partners LP (NASDAQ: OMP) for approximately
Oasis Midstream Partners LP (OMP) announced a quarterly cash distribution of $0.56 per unit for Q3 2021, payable on November 29, 2021. In a significant development, OMP has entered into a definitive merger agreement with Crestwood Equity Partners LP (CEQP) for an estimated $1.8 billion equity and cash transaction, including debt assumption. The deal is projected to close in Q1 2022, pending regulatory and unitholder approvals. As of September 30, 2021, OMP reported $29.7 million in cash and $210 million in borrowings, with a $234.5 million unused borrowing capacity.
Crestwood Equity Partners LP (NYSE: CEQP) announced a quarterly cash distribution of
Crestwood Equity Partners LP (NYSE: CEQP) reported a net loss of $38.1 million for Q2 2021, widening from $24.3 million in Q2 2020. However, Adjusted EBITDA rose 14% to $145.7 million and distributable cash flow increased 15% to $85.8 million. The company announced a cash distribution of $0.625 per unit, payable on August 13, 2021. Following the $1.195 billion Stagecoach divestiture, Crestwood reduced its debt to approximately $2.1 billion and improved its leverage ratio to 3.6x. Revised guidance for 2021 predicts Adjusted EBITDA of $570-$600 million and free cash flow of $150-$180 million.
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.
Crestwood Equity Partners LP (NYSE: CEQP) and Consolidated Edison, Inc. (NYSE: ED) announced the divestiture of Stagecoach Gas Services LLC's subsidiaries, except Twin Tier Pipeline LLC, to Kinder Morgan, Inc. for $1.195 billion. Crestwood and Con Edison, each holding a 50% stake, will share cash proceeds. The remaining transaction for Twin Tier Pipeline LLC, valued at $30 million, awaits New York state regulatory approval and is projected to close in Q1 2022. Stagecoach includes significant natural gas storage and pipeline facilities that support Northeast US demand.
Crestwood Equity Partners LP (NYSE: CEQP) and Consolidated Edison, Inc. (NYSE: ED) announced the sale of Stagecoach Gas Services LLC to Kinder Morgan, Inc. (NYSE: KMI) for $1.225 billion. Proceeds will be split evenly, enhancing Crestwood's financial flexibility and targeting a leverage ratio of 3.50x to 3.75x by year-end 2021. This divestiture involves a significant portion of Stagecoach valued at $1.195 billion and includes vital gas storage and pipeline assets in New York and Pennsylvania, providing substantial throughput and storage capacity.
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