Exhibit 99.1

 

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News Release

CRESTWOOD MIDSTREAM PARTNERS LP

700 Louisiana Street, Suite 2060

Houston, TX 77002

www.crestwoodlp.com

Crestwood Announces Third Quarter 2012 Results

Reports Record Adjusted EBITDA and Adjusted

Distributable Cash Flow on Higher Gathering Volumes

HOUSTON, TEXAS, November 6, 2012 – Crestwood Midstream Partners LP (NYSE: CMLP) (“Crestwood” or the “Partnership”) reported today its unaudited financial results for the three months ended September 30, 2012. Key financial and operating results with respect to the third quarter 2012 included the following:

Third Quarter 2012 Financial Highlights

 

  Reported record adjusted earnings before interest, taxes, depreciation, amortization and accretion (“Adjusted EBITDA”) of $32.0 million, up 12% from the $28.5 million reported in the second quarter 2012, on 9% higher gathering volumes on Crestwood’s 100% owned gathering systems and 13% higher gathering volumes on Crestwood’s 35% owned Marcellus Shale pipelines.

 

  Reported record adjusted distributable cash flow of $25.2 million, up 22% from the $20.6 million reported for the second quarter 2012.

 

  Announced a quarterly distribution increase with respect to the third quarter 2012 of $0.51 per common unit (equivalent to $2.04 per common unit on an annualized basis), representing a 6.3% increase compared to the distribution paid with respect to the third quarter 2011.

 

  Crestwood’s third quarter 2012 performance resulted in an improvement in distribution coverage ratio to 1.0x for the current quarter compared to 0.85x in the second quarter 2012.

 

  Reported adjusted net income of $12.0 million, or $0.17 of adjusted earnings per limited partner unit, compared to analyst consensus estimates of $0.18 per limited partner unit.

Third Quarter 2012 Operational Highlights

 

  In the rich gas portion of the Barnett Shale, Crestwood completed the acquisition of Devon Energy Corporation’s (“Devon”) West Johnson County gas gathering system and processing plant for $87 million. Crestwood is currently connecting the acquired system to its Cowtown rich gas gathering system and processing plants which will make the acquired processing plant available in the fourth quarter 2012 for redeployment in other rich gas areas where Crestwood is developing projects. In conjunction with the transaction, Crestwood entered into a 20 year gathering and processing agreement with Devon.

-more-


The following information was filed by Crestwood Midstream Partners Lp (CMLP) on Tuesday, November 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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