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CRESTWOOD EQUITY PARTNERS LP
700 Louisiana Street, Suite 2550
Houston, TX 77002
Crestwood Equity Announces Fourth Quarter 2014
Financial and Operating Results and Provides 2015 Outlook
HOUSTON, TEXAS, February 24, 2015 Crestwood Equity Partners LP (NYSE: CEQP) (Crestwood Equity or CEQP) reported today its financial results for the three and twelve months ended December 31, 2014 and provided its 2015 outlook.
Crestwood Equity owns the general partner of Crestwood Midstream Partners LP (NYSE: CMLP) (Crestwood Midstream or CMLP). In a separate news release issued today, Crestwood Midstream reported stand-alone financial and operating results.
In the fourth quarter 2014, we moved one step closer to our goal of repositioning Crestwood Equity as a pure-play general partner, stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwoods general partner. The sale of Tres Palacios to Crestwood Midstream and Brookfield Infrastructure allowed Crestwood Equity to substantially strengthen its balance sheet and to participate in the long term cash flow growth generated by Tres Palacios through its ownership of Crestwood Midstreams incentive distribution rights.
Crestwood Equitys remaining operations include a North American natural gas liquids (NGL) supply and logistics business that connects NGL supplies being developed in growing shale plays such as the Marcellus, Utica, Bakken and PRB Niobrara with traditional NGL markets such as, retail propane, refineries and petrochemical consumers. Its portfolio of NGL infrastructure assets includes a West Coast natural gas processing, fractionation, and isomerization complex with 20 MBbls/d of capacity. The Central and Eastern US markets contain a 500 MBbls LPG storage facility in Seymour, Indiana, with connectivity to Enterprise, Teppco and Atex pipelines, and the exclusive lease and marketing rights for the 1.7 million barrel Bath storage facility in New York state along with multiple rail to truck terminals. Additionally, CEQP operates a large LPG transportation fleet of approximately 500 trucking units and 1,600 railcars capable of transporting over 175 MBbls/d of NGLs. Our marketing organization utilizes these and third-party assets to source, transport, store and deliver NGLs to meet our customers requirements. This wellhead-to-burner tip strategy, supported by our strategically located assets, provides a reliable and growing source of cash flow generation for Crestwood Equity.
Except for the NGL supply and logistics assets described above, the assets and operations reflected in the consolidated results reported herein are owned by Crestwood Midstream.
The following information was filed by Crestwood Equity Partners Lp (CEQP) on Tuesday, February 24, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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