Exhibit 99.1

 

LOGO   N e w s R e l e a s e
  CRESTWOOD MIDSTREAM PARTNERS LP
  700 Louisiana Street, Suite 2060
  Houston, TX 77002
  www.crestwoodlp.com

 

Crestwood Announces Second Quarter 2012 Results and

Confirms Schedule to Close Acquisition of Assets

from Devon Energy Corporation

HOUSTON, TEXAS, August 6, 2012 – Crestwood Midstream Partners LP (NYSE: CMLP) (“Crestwood” or the “Partnership”) reported today its second quarter 2012 financial results and confirmed that the acquisition of gathering and processing assets from certain subsidiaries of Devon Energy Corporation (“Devon”) is expected to be completed in the third quarter 2012 as previously announced.

Second Quarter Summary Results

 

     Three Months Ended      Six Months Ended  
     June 30,      June 30,  
(in thousands, except as noted)    2012      2011      2012      2011  

Net income

   $ 5,980       $ 10,227       $ 15,785       $ 19,603   

Net income, adjusted

   $ 7,707       $ 13,779       $ 17,933       $ 25,140   

Net income per limited partner unit (diluted basis)

   $ 0.06       $ 0.22       $ 0.21       $ 0.49   

Adjusted net income per limited partner unit (diluted basis)

   $ 0.10       $ 0.31       $ 0.26       $ 0.64   

Weighted average number of limited partner units outstanding (diluted basis)

     43,534         38,694         43,204         35,029   

Adjusted EBITDA

   $ 28,541       $ 29,808       $ 56,903       $ 50,402   

Adjusted distributable cash flow

   $ 20,573       $ 23,421       $ 42,660       $ 41,547   

Volumes gathered (MMcf) (1)

     51,052         50,918         106,656         90,319   

Volumes processed (MMcf)

     13,127         14,559         26,529         25,519   

 

  (1) 

Volumes gathered include only Crestwood’s 100% owned systems. Volumes attributable to Crestwood Marcellus Midstream LLC (“CMM”) are described below and in Segment Performance.

Crestwood’s adjusted earnings before interest, taxes, depreciation, amortization and accretion (“Adjusted EBITDA”) for the second quarter and six months ended June 30, 2012, was $28.5 million and $56.9 million, compared to $29.8 million and $50.4 million, respectively, for the same periods in 2011. Second quarter 2012 performance was approximately flat with first quarter 2012 Adjusted EBITDA of $28.4 million. Crestwood’s total 100% owned gathering

 

-more-


The following information was filed by Crestwood Midstream Partners Lp (CMLP) on Monday, August 6, 2012 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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