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CRESTWOOD EQUITY PARTNERS LP
811 Main Street, Suite 3400
Houston, TX 77002
Crestwood Announces Second Quarter 2017 Financial and Operating Results and Increases Full-Year 2017 Guidance
Increased 2017 Adjusted EBITDA guidance range to $380 million to $400 million, a $15 million increase in mid-point guidance
Record crude oil gathering volumes on the Bakken Arrow System of 82 MBbls/d, up 19% from first quarter 2017 volumes and up 39% from second quarter 2016 volumes; Bear Den Processing Plant in-service Q3 2017
Delaware Basin Nautilus gathering system placed in-service in June 2017; Executed EPC agreement to construct the Orla Processing Plant and Orla Express Pipeline
HOUSTON, TEXAS, August 1, 2017 Crestwood Equity Partners LP (NYSE: CEQP) (Crestwood) reported today its financial and operating results for the three months ended June 30, 2017.
Second Quarter 2017 Highlights1
|||Second quarter 2017 net income of $0.3 million, compared to a net loss of $37.1 million in second quarter 20162|
|||Second quarter 2017 Adjusted EBITDA of $97.3 million, compared to $106.5 million in the second quarter 2016; Adjusted EBITDA for the second quarter 2017 reflects the deconsolidation of Stagecoach Gas Services compared to the second quarter 2016 which included 100% contribution in April and May 2016|
|||Second quarter 2017 distributable cash flow of $61.3 million, compared to $70.6 million in second quarter 2016; The second quarter 2017 coverage ratio was approximately 1.5x|
|||Second quarter 2017 O&M and G&A expenses, net of non-cash unit based compensation, decreased by $17.6 million, or 25% from second quarter 2016|
|||Declared second quarter 2017 cash distribution of $0.60 per common unit, or $2.40 per common unit on an annualized basis, to be paid on August 14, 2017 to unitholders of record as of August 7, 2017|
Crestwoods second quarter 2017 outperformance was the result of a very strong contribution from our gathering and processing segment, driven by record volume growth on the Bakken Arrow system and improved fundamentals across our SW Marcellus, Barnett, PRB Niobrara and Delaware Basin gathering systems, stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwoods general partner. With Adjusted EBITDA and distributable cash flow of $97.3 million and $61.3 million, respectively, we posted another quarter of healthy leverage and distribution coverage ratios at 3.98x and 1.5x, respectively.
Mr. Phillips continued, Importantly, in the first half of 2017, our operations, technical and safety teams have done a great job of executing on key construction projects, completing many of the initially identified Bakken Arrow gathering system expansions and the initial phase of the Shell Nautilus gas gathering system in the Delaware Permian, which we finished under budget and ahead of
|1||Please see non-GAAP reconciliation table included at the end of the press release.|
Net loss for the second quarter 2016 included $32.7 million of non-cash charges on long-lived assets.
The following information was filed by Crestwood Equity Partners Lp (CEQP) on Tuesday, August 1, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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