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CRESTWOOD EQUITY PARTNERS LP
700 Louisiana Street, Suite 2550
Houston, TX 77002
Crestwood Announces Fourth Quarter 2016 Financial
and Operating Results; Provides 2017 Outlook
HOUSTON, TEXAS, February 21, 2017 Crestwood Equity Partners LP (NYSE: CEQP) (Crestwood) reported today its financial and operating results for the three months and year ended December 31, 2016.
Fourth Quarter and Full-Year 2016 Highlights1
|||Fourth quarter 2016 net loss of $64.3 million, compared to a net loss of $1.4 billion in the fourth quarter 2015; Full-year 2016 net loss of $192.1 million, compared to a net loss of $2.3 billion in 20152|
|||Fourth quarter 2016 Adjusted EBITDA of $125.6 million, compared to $118.9 million in the fourth quarter 2015; Full-year 2016 Adjusted EBITDA of $455.6 million, compared to $527.4 million in 2015|
|||Fourth quarter 2016 distributable cash flow to common unitholders of $77.8 million, compared to $71.9 million in fourth quarter 2015, resulting in a fourth quarter 2016 cash distribution coverage ratio of approximately 1.9x; Full-year 2016 distributable cash flow to common unitholders of $301.9 million, compared to $361.5 million in 2015, resulting in a full-year 2016 cash distribution coverage ratio of approximately 1.8x|
|||Ended 2016 with approximately $1.6 billion in total debt and a 3.7x leverage ratio. Crestwood has substantial liquidity available under its $1.5 billion revolver with $77 million drawn as of December 31, 2016|
|||Declared fourth quarter 2016 cash distribution of $0.60 per common unit, or $2.40 per common unit on an annualized basis, paid on February 14, 2017 to unitholders of record as of February 7, 2017|
Despite record commodity price volatility and challenging industry conditions in 2016, Crestwood delivered on all of the strategic initiatives we laid out to investors at the beginning of the year, stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwoods general partner. With strong fourth quarter Adjusted EBITDA of $126 million, Crestwood delivered full-year 2016 Adjusted EBITDA of $456 million and achieved the upper end of our 2016 guidance range, resulting in a full-year distribution coverage ratio of 1.8x and a year-end leverage ratio of 3.7x. Also during 2016, we favorably resolved longstanding producer issues on our Barnett and PRB Niobrara gathering systems, reduced our outstanding debt by $1 billion, reduced operating and G&A expenses by another 15%, adjusted our common unit distribution to retain excess cash flow for reinvestment in new projects during 2016 and 2017, and repositioned Crestwood for long-term growth through the Nautilus system with Shell, and the formation of strategic partnerships with Con Edison in the Northeast and with First Reserve in the fast growing Delaware Permian.
|1||Please see non-GAAP reconciliation table included at the end of the press release. Financial results reflect Crestwoods contribution of its Northeast Storage and Transportation assets to Stagecoach Gas Services JV (Stagecoach) and its 35% share of Stagecoachs earnings beginning June 2016.|
|2||Net loss for the fourth quarter 2016 and 2015 includes $228.2 million and $2.2 billion of non-cash goodwill and long-lived asset impairment charges resulting from decreasing cash flows due to the weakness in commodity prices and increased discount rates used to determine the fair value of its assets during those periods.|
The following information was filed by Crestwood Equity Partners Lp (CEQP) on Tuesday, February 21, 2017 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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