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CRESTWOOD EQUITY PARTNERS LP
700 Louisiana Street, Suite 2060
Houston, TX 77002
Crestwood Equity Announces Fourth Quarter 2013
Financial and Operating Results
Conference call with management to be held today at 9:00 a.m. Central Time
HOUSTON, TEXAS, February 26, 2014 Crestwood Equity Partners LP (NYSE: CEQP) (Crestwood Equity or CEQP) reported today its financial results for the three months and year ended December 31, 2013. As previously announced, Crestwood Holdings Partners LLC acquired CEQPs general partner on June 19, 2013. As part of that transaction, Crestwood Midstream Partners LP (Legacy Crestwood Midstream) agreed to merge into Inergy Midstream, L.P. (Legacy Inergy Midstream). The merger was completed on October 7, 2013, and immediately following completion, Legacy Inergy Midstream and Inergy, L.P. changed their names to Crestwood Midstream Partners LP (NYSE: CMLP) (Crestwood Midstream or CMLP) and Crestwood Equity, respectively. The full-year 2013 operating results included in the accompanying tables include the consolidated results of Crestwood Gas Services GP LLC (Crestwood GP) and Legacy Crestwood Midstream for the full year ended December 31, 2013, and the contribution from Crestwood Equity and Legacy Inergy Midstream for the period subsequent to Crestwood Holdings LLCs acquisition of CEQPs general partner on June 19, 2013.
Crestwood Midstream owns the majority of the assets of the consolidated results herein. Crestwood Equity directly owns Tres Palacios Gas Storage and the NGL supply and logistics business which also includes its West Coast facility. Crestwood Midstream today issued a separate news release reporting stand-alone results for its operations.
We are excited about the growth platform for the Crestwood partnerships which we created through the Inergy merger, stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwoods general partner. Crestwood is now well positioned in the most active shale plays, with an excellent nationwide asset portfolio to provide services across the midstream value chain. Additionally, the merger and our 2013 acquisitions provide Crestwood with a substantial backlog of growth projects in the Marcellus, Bakken and Powder River Basin Niobrara Shale plays that will drive 2014-2015 growth as these plays continue to be actively developed by producers.
Related specifically to the assets directly owned by Crestwood Equity, we were pleased with fourth quarter 2013 performance which was in-line with our expectations. Crestwood Equitys NGL and Crude Services assets had a strong quarter, posting a 10% increase in EBITDA from the third quarter 2013, after adjusting for fair value changes on derivative contracts. Colder winter weather throughout the Northeast market areas increased the demand for our NGL storage, transportation and marketing services. In addition, we continue to make good progress at Tres Palacios, and we remain on track to reduce lease storage payments and property taxes in 2014 as we discussed last quarter. Overall, based
The following information was filed by Crestwood Equity Partners Lp (CEQP) on Wednesday, February 26, 2014 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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