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CRESTWOOD EQUITY PARTNERS LP
700 Louisiana Street, Suite 2550
Houston, TX 77002
Crestwood Announces Fourth Quarter and Year-End 2015
Financial and Operating Results and 2016 Outlook
HOUSTON, TEXAS, February 23, 2016 Crestwood Equity Partners LP (NYSE: CEQP) (Crestwood Equity or Crestwood) reported today its financial and operating results for the full-year and three months ended December 31, 2015 and provide 2016 outlook.
Full-year and Fourth Quarter 2015 Highlights1
|||Full-year 2015 Adjusted EBITDA of $527.4 million, compared to $495.9 million in fiscal 2014; Fourth quarter 2015 Adjusted EBITDA of $118.9 million, compared to $132.7 million in the fourth quarter 2014|
|||Full-year 2015 net loss of $2.3 billion, compared to a net loss of $10.4 million in fiscal 2014. Net loss for the full-year 2015 and fourth quarter 2015 includes non-cash charges for impairments of goodwill and long-lived assets of $2.2 billion and $1.3 billion, respectively. These impairments were largely attributed to increased discount rates and adjustments to Crestwoods volume and revenue outlook which were triggered by the decline in commodity prices and corresponding decline in Crestwoods unit price since 2014|
|||Full-year 2015 distributable cash flow of $361.5 million, compared to $356.6 million in fiscal 2014, resulting in a full-year 2015 cash distribution coverage ratio of approximately 1.0x; Fourth quarter 2015 distributable cash flow of $71.9 million, compared to $97.4 million in fourth quarter 2014, resulting in a fourth quarter 2015 coverage ratio of approximately 0.8x|
|||Full-year 2015 operating and maintenance (O&M) and general and administrative (G&A) expenses were reduced by $26.4 million, or 9% from fiscal 2014; Fourth quarter 2015 O&M and G&A expenses were reduced by $11.7 million, or 14% from fourth quarter 2014. These amounts exclude costs incurred during 2015 to achieve these cost reductions|
|||In March 2015, Crestwood enhanced its credit profile by pricing $700 million in senior notes at 6.25% due 2023 and redeemed all $350 million existing 7.75% senior notes due 2019. In September 2015, Crestwood entered into an amended and restated $1.5 billion revolving credit facility in connection with the simplification merger; Crestwood has no senior notes maturing until 2020|
|||In September 2015, completed merger between Crestwood Equity and Crestwood Midstream Partners LP (CMLP or Crestwood Midstream), with CMLP unitholders receiving 2.75 Crestwood Equity units for each CMLP unit owned and elimination of Incentive Distribution Rights (IDRs)|
|||Declared fourth quarter 2015 cash distribution of $1.375 per common unit, or $5.50 per common unit on an annualized basis, paid on February 12, 2016 to unitholders of record as of February 5, 2016|
In 2015, Crestwood delivered higher Adjusted EBITDA and distributable cash flow despite significant commodity price declines during the year and record warm temperatures in the fourth quarter 2015, both of which impacted our customers business activities, stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwoods general partner. Our performance highlights
Please see non-GAAP reconciliation table included at the end of the press release.
The following information was filed by Crestwood Equity Partners Lp (CEQP) on Tuesday, February 23, 2016 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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