Crestwood Increases Quarterly Distribution and Schedules First Quarter 2022 Earnings Release Date
April 14 2022 - 4:15PM
Business Wire
Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”)
announced today that the board of directors of its general partner
has declared the partnership’s quarterly cash distribution of
$0.655 per limited partner unit ($2.620 annually) for the quarter
ended March 31, 2022, which represents an approximate 5% increase
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 May 13, 2022, to unitholders of record as of May 6,
2022.
Robert G. Phillips, Founder, Chairman and Chief Executive
Officer of Crestwood, commented, “Crestwood is pleased to announce
a nearly 5% increase to our first quarter 2022 common distribution
as a result of the recent acquisition of Oasis Midstream which
closed on February 1, 2022. The Oasis Midstream integration is
progressing ahead of schedule, and the overall market conditions
are very favorable for Crestwood to achieve our full-year
expectations. We expect elevated producer activity in the
Williston, Powder River and Delaware basins during the balance of
the year as our gathering and processing assets are leveraged to
growth in a high commodity price market. The increase in common
distribution reflects both our overall 2022 outlook and positive
free cash flow generation, as well as our strategy to return
capital to our unitholders while maintaining solid financial
metrics.”
Crestwood plans to report financial results for the first
quarter 2022 on Tuesday, April 26, 2022, 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 Contact
Rhianna Disch, 713-380-3006 Rhianna.disch@crestwoodlp.com Director,
Investor Relations
Sustainability and Media Contact Joanne Howard,
832-519-2211 Joanne.howard@crestwoodlp.com Senior Vice President,
Sustainability and Corporate Communications
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