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CRESTWOOD EQUITY PARTNERS LP
811 Main Street, Suite 3400
Houston, TX 77002
Crestwood Announces First Quarter 2018 Financial and Operating Results
Adjusted EBITDA increased 12% year-over-year driven by a 23% increase in G&P segment EBITDA
Increased year-over-year producer activity drives 17% increase in crude oil and natural gas gathering volumes and a 23% increase in produced water gathering volumes
High utilization of the Bakken Bear Den Processing Plant results in 32% increase in year-over-year processing volumes; Construction has begun on the 120 MMcf/d Bear Den Phase-2 expansion
200 MMcf/d Orla cryogenic processing plant on-track to be placed into service by July 1, 2018 in the Delaware Basin
HOUSTON, TEXAS, May 1, 2018 Crestwood Equity Partners LP (NYSE: CEQP) (Crestwood) reported today its financial and operating results for the three months ended March 31, 2018.
First Quarter 2018 Highlights1
|||First quarter 2018 net income of $34.1 million, compared to net loss of $19.4 million in first quarter 2017|
|||First quarter 2018 Adjusted EBITDA of $101.7 million, compared to $90.9 million in the first quarter 2017|
|||First quarter 2018 distributable cash flow to common unitholders of $53.4 million; The first quarter 2018 coverage ratio was approximately 1.25x|
|||Ended first quarter 2018 with approximately $1.5 billion in total debt and a 3.9x leverage ratio. Crestwood has substantial liquidity available under its $1.5 billion revolver with $293 million drawn as of March 31, 2018|
|||Declared first quarter 2018 cash distribution of $0.60 per common unit, or $2.40 per common unit on an annualized basis, to be paid on May 15, 2018 to unitholders of record as of May 8, 2018|
Crestwood delivered another quarter of strong results in the first quarter 2018 driven by solid operations and continued volume growth across our gathering and processing assets, resulting in a 12% increase in year-over-year Adjusted EBITDA, and very healthy leverage and coverage ratios of 3.9x and 1.25x, respectively, stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwoods general partner. Crestwoods first quarter results outperformed internal expectations as favorable commodity prices continued to encourage producer investment around our core assets and enhanced well recoveries outperformed Crestwoods type-curve assumptions, which led to stronger volumes, despite harsh winter weather conditions that impacted field operations in the Bakken and Powder River Basin during the quarter.
Mr. Phillips continued, Our first quarter results keep us on-track to achieve our guidance targets in 2018. We continue to prudently invest in growth capital projects around our core assets that will begin to materially grow Adjusted EBITDA and distributable cash flow in the second half of 2018 and full-year 2019. We remain committed to financing these projects with excess cash flow and our existing revolving credit facility, eliminating any need to access the equity markets in 2018.
|1||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, May 1, 2018 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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