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CRESTWOOD MIDSTREAM PARTNERS LP
700 Louisiana Street, Suite 2060
Houston, TX 77002
Crestwood Announces Second Quarter 2013
Financial and Operating Results
Completed capital projects in the Marcellus Shale expected to drive volume growth in
the second half of 2013
HOUSTON, TEXAS, August 6, 2013 Crestwood Midstream Partners LP (NYSE: CMLP) (Crestwood or CMLP) reported today its unaudited financial results for the three months ended June 30, 2013. Key financial and operating results included the following:
Second Quarter 2013 Highlights
Adjusted earnings before interest, taxes, depreciation, amortization and accretion (Adjusted EBITDA) was $38.9 million, 21% higher than second quarter 2012;
Adjusted distributable cash flow was $27.6 million, 16% higher than second quarter 2012;
Total gathering volumes averaged 993 million cubic feet per day (MMcf/d), 21% higher than second quarter 2012, with 65% of gathering volumes from rich gas areas; and
On May 6, 2013, we announced a series of definitive agreements whereby the owner of our general partner, Crestwood Holdings LLC (Crestwood Holdings), would acquire the general partner interest and approximately 29% of the outstanding limited partnership interest of Inergy, L.P. (NRGY), contribute its ownership of Crestwoods general partner to NRGY, and Crestwood would merge into Inergy Midstream, L.P. (Inergy Midstream). Crestwood Holdings completed the acquisition of its interest in NRGY and contribution of Crestwoods general partner in June 2013. The merger of CMLP into Inergy Midstream is currently expected to be finalized late third quarter or early fourth quarter 2013. Collectively, NRGY and Inergy Midstream are referred to herein as Inergy.
We are pleased to report another quarter of solid performance, stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwoods general partner. As expected, our Marcellus assets continued to drive the increase in our gathering volumes and offset natural production declines in the Barnett segment. We continue to focus our growth capital spending on pipeline expansions and compression additions in the Marcellus region to keep up with Antero Resources aggressive development program in the area.
The following information was filed by Crestwood Midstream Partners Lp (CMLP) on Tuesday, August 6, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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