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CRESTWOOD MIDSTREAM PARTNERS LP
700 Louisiana Street, Suite 2060
Houston, TX 77002
Crestwood Announces Fourth Quarter and Full Year 2012
Financial and Operating Results and 2013 Outlook
HOUSTON, TEXAS, February 26, 2013 Crestwood Midstream Partners LP (NYSE: CMLP) (Crestwood or the Partnership) reported today its unaudited financial results for the three months and year ended December 31, 2012. Key financial and operating results for 2012 included the following:
2012 Financial Highlights
Reported adjusted earnings before interest, taxes, depreciation, amortization and accretion (Adjusted EBITDA) of $119.3 million for the year ended December 31, 2012, a 9% increase compared to the $110.0 million reported for the year ended 2011. Adjusted EBITDA was $30.5 million for the fourth quarter 2012, which was consistent with the fourth quarter 2011;
Reported adjusted distributable cash flow of $91.2 million for the year ended December 31, 2012, a 4% increase from 2011. Adjusted distributable cash flow was $23.3 million for the fourth quarter 2012, which was consistent with the fourth quarter 2011;
Improved liquidity through the issuance of additional senior notes, and increased the maximum borrowing capacity and extended the maturity date of its revolving credit facility; and
Paid total cash distributions of $2.02 per common unit for the year ended 2012; an 8% increase compared to distributions paid for the year ended 2011. The cash distribution of $0.51 per common unit for the fourth quarter 2012 was 4% higher than the distribution paid for the fourth quarter 2011.
2012 Operational Highlights
Repositioned and further diversified the Partnership with substantial future growth visibility from liquids rich basins through the acquisition of approximately $560 million of gathering, processing and compression assets. Including Crestwood Marcellus Midstream LLC (CMM), gathering volumes in rich gas areas represented 62% of Crestwoods total gathering volumes in the fourth quarter 2012, compared to 26% in the fourth quarter 2011;
The following information was filed by Crestwood Midstream Partners Lp (CMLP) on Tuesday, February 26, 2013 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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