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) reported a first quarter 2021 net loss of $38.3 million, worsening from $23.4 million in Q1 2020. However, Adjusted EBITDA increased by 9% to $165.4 million, and distributable cash flow (DCF) rose by 15% to $108.4 million. The coverage ratio was 2.8x, while free cash flow after distributions stood at $63.6 million. Crestwood ended Q1 with $2.6 billion in total debt and a 4.2x leverage ratio. Following strategic transactions with First Reserve, the company expects full-year Adjusted EBITDA between $575 million and $625 million and anticipates substantial liquidity from its credit facility.
Crestwood Equity Partners LP (NYSE: CEQP) announced a quarterly cash distribution of $0.625 per limited partner unit for Q1 2021, remaining flat quarter over quarter. Additionally, the partnership declared a distribution of $0.2111 per Class A preferred equity unit. Both distributions will be paid on May 14, 2021, to unitholders of record as of May 7, 2021. Crestwood will report its financial results for Q1 2021 on April 27, 2021, with a conference call scheduled at 9:00 a.m. ET to discuss operational updates.
Crestwood Equity Partners LP (NYSE: CEQP) announced a significant acquisition and financial restructuring involving Crestwood Holdings LLC. Crestwood will acquire approximately 11.5 million common units and the general partner interest for about $268 million, while First Reserve completes a private placement of six million common units for $132 million. This transition will enhance corporate governance, improve financial metrics, and allow First Reserve to exit its investment. A $175 million unit repurchase program has also been authorized, with the overall strategy aimed at maximizing unitholder returns.
Crestwood Equity Partners LP (NYSE: CEQP) announced a private placement of six million common units by Crestwood Gas Services Holdings LLC, controlled by First Reserve, for gross proceeds of $132 million. The placement is set to close on March 30, 2021, subject to customary conditions. Crestwood will not sell any units or receive proceeds from this transaction. Citigroup acted as the sole placement agent. The units have not been registered under the Securities Act of 1933 and cannot be offered in the U.S. without registration or exemption.
Crestwood Equity Partners LP (NYSE: CEQP) reported a fourth quarter 2020 net income of $27.8 million, down from $47.2 million in Q4 2019. Full-year 2020 saw a net loss of $15.3 million, a stark contrast to a profit of $319.9 million in 2019. However, fourth quarter Adjusted EBITDA rose to $165.1 million from $149.0 million in the previous year, while full-year Adjusted EBITDA increased 10% to $580.3 million. The company closed a $700 million senior unsecured notes issuance, enhancing its financial position despite ongoing volatility in the industry.
Crestwood Equity Partners LP (NYSE: CEQP) has appointed Frances M. Vallejo to its Board of Directors. Vallejo brings over 30 years of energy and finance experience, having held leadership roles at ConocoPhillips. She will serve on the Audit, Finance, and Sustainability Committees, contributing to Crestwood's long-term financial and sustainability strategies. The board now has nine members, with six being independent. Her expertise is expected to bolster Crestwood's midstream business expansion and commitment to ESG initiatives.
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.
Crestwood Midstream Partners LP, a subsidiary of Crestwood Equity Partners LP (CEQP), announced the expiration of its cash tender offer for its 6.25% Senior Notes due 2023. The offer concluded on January 13, 2021, with $399.16 million, or 58.09%, of the notes validly tendered. CMLP plans to accept all validly tendered notes and make payments by January 21, 2021, contingent on fulfilling the Offer's conditions. RBC Capital Markets and Wells Fargo Securities are managing the offer. This announcement does not constitute a formal purchase offer in any jurisdiction.
Crestwood Midstream Partners LP (CMLP), a subsidiary of Crestwood Equity Partners LP (NYSE: CEQP), has priced $700 million in 6.00% unsecured Senior Notes due 2029 in a private offering. The offering is exempt from registration requirements under the Securities Act. Proceeds will fund obligations related to a tender offer for existing 6.25% Senior Notes due 2023, including associated fees. The Notes will close on January 21, 2021, subject to customary conditions. The offering targets qualified institutional buyers and non-U.S. persons.
Crestwood Midstream Partners LP (CEQP) has initiated a cash tender offer to purchase all outstanding 6.25% Senior Notes due 2023, totaling $687.19 million. The offer, set to expire on January 13, 2021, offers $1,008.40 per $1,000 principal for validly tendered notes, with accrued interest included. The tender is contingent upon completing a debt financing transaction with gross proceeds of at least $700 million.
The company retains discretion to amend or terminate the offer at any time.
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