Crestwood Announces Quarterly Distribution and Schedules Second Quarter 2020 Earnings Release Date
July 16 2020 - 4:30PM
Business Wire
Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood” or
“CEQP”) announced today that the board of directors of its general
partner has declared the partnership’s quarterly cash distribution
of $0.625 per limited partner unit ($2.50 annually) for the quarter
ended June 30, 2020, which is flat quarter over quarter. In
addition, Crestwood announced a quarterly cash distribution of
$0.2111 per Class A preferred equity unit ($0.8444 annually). Both
common and preferred distributions will be made on August 14, 2020,
to unitholders of record as of August 7, 2020.
Robert G. Phillips, Chairman, President and Chief Executive
Officer commented, “Based on strong forecasted second quarter
results relative to current market conditions, Crestwood is pleased
to announce we will maintain our current level of common and
preferred distributions, reflecting the stability and resilience of
our diversified asset portfolio. Crestwood’s better than expected
results in the second quarter were driven by lower shut-ins across
our G&P segment and the immediate value we achieved from the
successful integration of the newly acquired NGL assets into our
MS&L segment. We continue to have increasing optimism around
the second half of 2020 relative to our revised guidance as limited
production remains shut-in on our oil-weighted systems and our
largest producers in the Bakken have initiated completion crews to
begin completing DUC inventories in the second half of the
year.”
Mr. Phillips continued, “As is always the case, we will continue
to evaluate our distribution policy every quarter and set the
distribution payout at an appropriate level that is supported by
the current and forecasted performance of our assets and in
conjunction with our long-term strategies towards maintaining
balance sheet strength and maximizing unitholder value. Despite the
current volatility in the energy and midstream sectors, we
anticipate that Crestwood will generate positive free cash flow
after paying out all common and preferred distributions beginning
in the third quarter of this year and remains well positioned to
execute on the financial priorities we have laid out for 2020 and
beyond.”
Crestwood plans to report financial results for the second
quarter 2020 on Tuesday, August 4, 2020, before the New York Stock
Exchange opens for trading. Following the announcement, management
will host a conference call for investors and analysts at 9:00 a.m.
Eastern Time (8:00 a.m. Central Time) that day to discuss the
operating and financial results. Crestwood will provide an update
on its operations and financial strategy at that time. The call
will be broadcast live over the internet via audio webcast.
Investors will be able to connect to the webcast via the
“Investors” page of Crestwood’s website at www.crestwoodlp.com.
Please log in at least ten minutes in advance to register and
download any necessary software. A replay will be available shortly
after the call for 90 days.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP)
is a master limited partnership that owns and operates midstream
businesses in multiple shale resource plays across the United
States. Crestwood is engaged in the gathering, processing,
treating, compression, storage and transportation of natural gas;
storage, transportation, terminalling, and marketing of NGLs;
gathering, storage, terminalling and marketing of crude oil; and
gathering and disposal of produced water. Visit Crestwood Equity
Partners LP at www.crestwoodlp.com; and to learn more about
Crestwood’s sustainability efforts, please visit
https://esg.crestwoodlp.com.
Forward Looking Statements
This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal securities law. Such forward-looking statements
are subject to a variety of known and unknown risks, uncertainties,
and other factors that are difficult to predict and many of which
are beyond management’s control. These risks and assumptions are
described in Crestwood’s annual reports on Form 10-K and other
reports that are available from the United States Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance on forward-looking statements, which reflect management’s
view only as of the date made. We undertake no obligation to update
any forward-looking statement, except as otherwise required by
law.
Tax Notice to Foreign Investors
This release serves as qualified notice to nominees under
Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note
that 100% of Crestwood’s distributions to foreign investors are
attributable to income that is effectively connected with a United
States trade or business. Accordingly, all of Crestwood’s
distributions to foreign investors are subject to federal income
tax withholding at the highest effective tax rate for individuals
or corporations, as applicable. Nominees, and not Crestwood, are
treated as the withholding agents responsible for withholding on
the distributions received by them on behalf of foreign
investors.
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Crestwood Equity Partners LP Investor Contacts
Josh Wannarka, 917-922-1746 josh.wannarka@crestwoodlp.com Senior
Vice President, Investor Relations, ESG & Corporate
Communications
Rhianna Disch, 713-380-3006 rhianna.disch@crestwoodlp.com
Director, Investor Relations
Crestwood Equity Partners (NYSE:CEQP)
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