Exhibit 99.1

 

LOGO   

News Release

CRESTWOOD EQUITY PARTNERS LP

811 Main Street, Suite 3400

Houston, TX 77002

www.crestwoodlp.com

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

Management Commentary

“Crestwood’s 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 Crestwood’s 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.
2 

Net loss for the second quarter 2016 included $32.7 million of non-cash charges on long-lived assets.

 

-more-


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.

View differences made from one quarter to another to evaluate Crestwood Equity Partners Lp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Crestwood Equity Partners Lp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account