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CRESTWOOD EQUITY PARTNERS LP
811 Main Street, Suite 3400
Houston, TX 77002
Crestwood Announces Second Quarter 2018 Financial and Operating Results; Provides Strategic Delaware Basin and Powder River Basin Expansion Updates; Divests Non-Core West Coast NGL Assets
Adjusted EBITDA Increased 6% Year-over-Year Driven by Outperformance in G&P and MS&L Segments
2018E Adjusted EBITDA Guidance Range Tightened Upward to $400 Million to $420 Million Following Strong Year-to-Date 2018 Results and Divestiture of West Coast NGL Assets
HOUSTON, TEXAS, July 31, 2018 Crestwood Equity Partners LP (NYSE: CEQP) (Crestwood) reported today its financial and operating results for the three months ended June 30, 2018.
Second Quarter 2018 Highlights1
Second quarter 2018 net loss of $21.5 million, compared to net income of $0.3 million in second quarter 2017. Net loss for second quarter 2018 includes a $24 million impairment related to the sale of West Coast NGL assets described below
Second quarter 2018 Adjusted EBITDA of $102.9 million, an increase of 6%, compared to $97.3 million in the second quarter 2017
Second quarter 2018 distributable cash flow to common unitholders of $54.2 million; The second quarter 2018 coverage ratio was approximately 1.3x
Ended second quarter 2018 with approximately $1.6 billion in total debt and a 4.0x leverage ratio. Crestwood has substantial liquidity available under its $1.5 billion revolver with $385 million drawn as of June 30, 2018
Declared second quarter 2018 cash distribution of $0.60 per common unit, or $2.40 per common unit on an annualized basis, to be paid on August 14, 2018, to unitholders of record as of August 7, 2018
Tightened range of 2018 estimated Adjusted EBITDA guidance to $400 million to $420 million, reflecting a $5 million increase in mid-point guidance, adjusted for the divestiture of the West Coast NGL assets which earned approximately $7 million in the last twelve months
Increased 2018 estimated growth capital guidance range to $300 million to $350 million, reflecting Crestwoods 50% interest in the recently approved Powder River Basin expansion projects and acquired ownership in EPIC NGL Pipelines Orla-to-Benedum segment
Recent Project Announcements
Completed and placed in-service the 200 million cubic feet per day (MMcf/d) Orla processing plant, Orla Express Pipeline and Willow Lake and Nautilus gathering system connections completing a fully integrated gathering and processing system which spans the core of the Delaware Basin; as the centerpiece of Crestwoods regional footprint, the Orla plant is strategically located near active drilling areas and is well-positioned to receive existing and future gas supplies from both the Willow Lake area in the northern Delaware and the Nautilus system in the southern Delaware
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, July 31, 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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