Seeking Alpha • Sep 29

Crestwood Equity Partners: Strong Value Potential As Acquisition Deal Is Finalizing

Summary Energy Transfer LP's acquisition of Crestwood Equity Partners LP creates a $108 billion enterprise-valued combined business. CEQP's strong focus on midstream operations and strategic partnerships with major energy producers make it a valuable asset in the energy sector. While there are risks associated with the deal, the potential benefits and sustained dividends make CEQP a favorable investment. Read the full article on Seeking Alpha

Seeking Alpha • Aug 17

Crestwood Equity To Become Part Of Energy Transfer Empire

Summary Crestwood Equity announces acquisition by Energy Transfer at an enterprise value of $7.1 billion. The deal is an all-equity deal with an exchange ratio of 2.07x and no premium. This is a good deal for CEQP unitholders, who get to upgrade their assets with no tax consequences. Read the full article on Seeking Alpha

Seeking Alpha • Aug 01

Crestwood: Marginally Weaker Quarter But Unchanged Thesis

Summary Crestwood reported a small miss on EBITDA largely from one time items. Well connections continuing leading to growth in the back half of 2023 and into next year. The company is looking to address some preferred shares to lower the cost of capital. Read the full article on Seeking Alpha

Seeking Alpha • Jun 07

Crestwood Equity Partners: 10.2% Yield, 1.7x DCF Coverage, Low Valuation

Summary Crestwood Equity Partners is a well-run midstream firm with stable and predictable cash flows, focusing on natural gas and crude oil gathering capabilities. The company issued a strong guidance for FY 2023, with adjusted EBITDA growth of up to 13% and distributable cash flow growth of up to 9%. Crestwood Equity Partners offers an attractive risk profile and compelling valuation based on EBITDA. Read the full article on Seeking Alpha

Seeking Alpha • Feb 17

Crestwood Equity: Dealmaking Has Transformed The Company

Summary Acquisitions and divestitures have re-positioned CEQP's assets. Improved in-basin scale will allow for more high-return projects or bolt-on acquisitions. Stock is one of the cheapest in the midstream sector. Gathering and processing operator Crestwood Equity Partners (CEQP) has had a busy couple of years strategically re-positioning its portfolio through various acquisitions and divestitures. The deals have left the company with two very strong gathering and processing platforms located in two of the strongest oil basins in North America. Despite this, CEQP stock trades at one of the cheapest valuations on the midstream space. What I would call phase 2 of CEQP’s transformation began in July of 2021 when it and Consolidated Edison (ED) sold their Stagecoach JV to Kinder Morgan (KMI) for nearly $1.2 billion, giving CEQP $600 million in proceeds for its half. Notably, CEQP sold half of this same natural gas storage facility to ED for $975 million in 2016 (a $1.9B valuation), but tough NY state regulations made it difficult for CEQP and ED to grow the asset. The original asset sale was the beginning of phase 1 of its transformation. CEQP then turned around and acquired Oasis Midstream for $1.8 billion, consisting of 33.8 million units and $160 million in cash. The deal made the company the 3rd largest natural gas processor in the Bakken. The acquisition closed in February of 2022. Continuing its dealmaking, CEQP purchased Sendero Midstream for $600 million as well as First Reserve’s 50% equity interest in Crestwood Permian Basin Holdings for $320 million to bolster its position in the Delaware Basin. The company projected the acquisitions were made at a 7x next twelve-month EBITDA multiple. At the same time, the G&P sold its Barnett Shale systems to EnLink (ENLC) for $275 million in cash. For its part, ENLC said the deal was made at a 4x EBITDA multiple. All three deals closed in July of 2022. Most recently, the company sold its Marcellus gathering and processing system to Antero Midstream (AM) for $205 million in cash. CEQP said the deal was done at an over 7x multiple to 2023 EBITDA. Since 2017, the production on this system has been in natural decline as producer Antero Resources (AR) has favored drilling the western side of its Marcellus acreage, where AM has the dedication. Discussing the company’s strategic moves on its Q2 conference call, CEQP CEO Bob Philips said: “I just want to highlight that we've transformed Crestwood from a company that was generating adjusted EBITDA of about $527 million in 2019 with a relatively scattered asset base and limited competitive advantage in these high-growth basins, and we are now at generating north of $820 million a year of adjusted EBITDA. That's an increase of over 55%, and we're generating that with an asset base that is solid and competitive in the regions where we operate with enhanced competitive positioning, much larger scale, operational synergies and a strong customer base in our core areas of the Williston, the Delaware and the Powder River. “So just a quick update on our strategy. We think we're in a really good position right now to generate some real strong growth in these areas. Our acquisitions have been timely. They offer significant operational and commercial synergies, and they're easily integrated into our core positions in each of these basins. Most importantly, they allow Crestwood to continue to grow while avoiding significant future capital expenditures due to the excess processing and compression capacity that we acquired in each of these acquisitions.” Assets Following all the deals, CEQP now primarily operates in 3 basins, while also having a Storage & Logistics operation. Williston Basin (~65% of EBITDA) The Williston (or Bakken) is CEQP’s largest basin where it has over 535,000 dedicated acres in North Dakota and eastern Montana. The company’s assets include over 1,200 miles of gathering pipelines with 400 MMcf/d of natural gas gathering capacity, 225 MBbls/d of crude oil gathering capacity, and 383 MBbls/d of produced water gathering capacity. It also has 430 MMcf/d of natural gas processing capacity at its Bear Den and Wild Basin processing complexes and 149,250 horsepower of gas compression. Company presentation Its systems connects to various outlets including DAPL, Hiland, Tesoro, the Bakken-Link pipeline, as well as CEQP’s transloading facility COLT Hub. Key customers include Chord Energy (CHRD), Devon (DVN), Enerplus (ERF), and XTO, which is a subsidiary of Exxon (XOM). Delaware Permian (22% of EBITDA) In the Delaware Basin, meanwhile, CEQP has over 534,000 dedicated acres in New Mexico and western Texas. The company’s assets include over 660 miles of gathering pipelines with 650 MMcf/d of natural gas gathering capacity, 95 MBbls/d of crude oil gathering capacity, and 165 MBbls/d of produced water and disposal gathering capacity. It also has 550 MMcf/d of natural gas processing capacity and 191,415 horsepower of gas compression. Company Presentation Key customers include ConocoPhillips (COP), Mewbourne Oil, Percussion, and Novo Oil & Gas. Powder River Basin (7% of EBITDA) In the PRB, CEQP is the largest well-head service provider in the basin. It has over 400,000 dedicated acres in Wyoming. The company’s assets include over 360 miles of gathering pipelines with 241 MMcf/d of natural gas gathering capacity and 345 MMcf/d of natural gas processing capacity at its Bucking Horse Processing Plant. It has 85,688 horsepower of gas compression. It primarily serves Continental Resources (CLR) in the basin. Storage and Logistics (7% of EBITDA) Through various storage and transportation assets, CEQP is a leading NGL marketer primarily for Marcellus and Utica producers. The company has 13 liquefied petroleum gas ((LPG)) terminals with 10 MMBbls of contracted storage and pipeline capacity, as well as 13 trucking and rail terminals. CEQP’s COLT Hub transloading platform and crude oil storage facility in the Bakken and the Tres Palacios gas storage facility on the Texas coast are also part of this segment. Valuation Turning to valuation, CEQP trades at 8.4x the 2023 EBITDA consensus of $865.3 million. For 2024, its trades at 7.9x the 2024 EBITDA consensus of $919.7 million. It trades at about 5.3x my estimated DCF of $531 million, and has a 2023 FCF yield of about 12%. The stock currently yields 9.9% with a solid 1.9x coverage ratio last quarter. Opportunities CEQP has already done a really nice job of transforming itself through its aforementioned acquisitions and dispositions. In doing so, it’s become a prominent midstream operator in two of the largest oil basins in the U.S. (Permian and Bakken) that have attractive oil-price breakevens, and it has a solid foothold in a third basin, the Powder River Basin. Company Presentation Prior to the acquisition, Oasis Midstream was projecting solid mid-teens growth from increased producer activity, while CEQP should continue see some solid synergies as well. The Sendero acquisition, meanwhile, now gives the company the scale needed to be a bigger player in the Permian. Despite high-grading its portfolio and turning itself into an oil-centric midstream provider in a strong oil environment, the stock remains one of the cheapest midstream operators out there. Its improved in-basin scale also likely allows for more high-return projects or bolt-on acquisitions. CEQP also should see solid growth opportunities to serve its largest customer in Chord Energy. With the Oasis-Whiting merger, CHRD is solely focused on the Bakken and is in a strong financial position with net cash on the balance sheet following the sale of its CEQP units. CHRD Presentation

Seeking Alpha • Feb 03

Crestwood Equity goes ex dividend monday

Crestwood Equity (NYSE:CEQP) has declared $0.655/share quarterly dividend, in line with previous. Payable Feb. 14; for shareholders of record Feb. 7; ex-div Feb. 6. See CEQP Dividend Scorecard, Yield Chart, & Dividend Growth.

Seeking Alpha • Jan 14

Crestwood Equity: 9.5% Yield, Strong Distribution Coverage, Cheap Valuation

Summary Crestwood Equity Partners LP is a growing midstream with strong distributable cash flow. Distribution coverage all but ensures distribution growth. The midstream firm’s cash flow and EBITDA have an attractive price. Investors usually look for the biggest midstream firms to invest in which explains the popularity of companies such as Enterprise Products Partners (EPD) or Energy Transfer (ET). However, smaller midstream firms that are not on everyone’s radar may also be attractive yield investments for investors. One midstream especially, Crestwood Equity Partners LP (CEQP), is a growing master limited partnership ((MLP)) with great distribution coverage and an attractive 9.5% dividend yield. The company’s units are also attractively valued based off of distributable cash flow and EBITDA! Growing MLP with high percentage of fee-based revenues Crestwood Equity Partners owns a diversified portfolio of midstream assets that are connected chiefly to three operating areas: the Williston, Delaware and Powder River Basins in the U.S. The company’s core operations include the gathering, processing, transportation and storage of energy products such as natural gas, NGL and crude oil. Crestwood Equity Partners is a typical master limited partnership, but a small one with a market cap of only $2.9B and an enterprise value (market cap plus debt) of $6.7B. Data by YCharts As a midstream firm, Crestwood Equity Partners contracts its gathering, transportation and storage services chiefly on a fee basis which helps the company generate highly predictable cash flow that is used to pay unitholders a generous distribution rate. More than half of the firm’s cash flow comes from the operation of assets related to natural gas while 33% of cash flow is derived from crude oil and produced water. Only about 14% of cash flow comes from Crestwood Equity Partners’ NGL business. About 80% of the MLP's earnings structure is subjected to fees or take-or-pay contracts, both of which limit risks for midstream firms and keep price risk for energy commodities with the producers. Among the customers of Crestwood Equity Partners are top-rated energy firms like Shell, ConocoPhillips, ExxonMobil, Marathon and XTO Energy. Source: CEQP Crestwood Equity Partners groups its business into three segments: Gathering & Processing North (comprising of Williston and Power River Basin assets), Gathering & Processing South (Delaware Basin assets) and Storage & Logistics. Crestwood Equity Partners’ Gathering & Processing North business is expected to generate 70% of the firm’s EBITDA in FY 2022 and it receives about 50% of growth investments. Source: CEQP The firm’s EBITDA increased 55% year-over-year to $126.8M in the third quarter due to expanded operations and growth in natural gas gathering and processing volumes. In the first nine months of FY 2022, the firm generated a total EBITDA of $490.0M, showing 102% year-over-year growth, the majority of which came from the Gathering and Processing North segment. Source: CEQP Crestwood Equity Partners: Outlook and valuation The midstream firm’s distributable cash flow is, like its EBITDA, on an up-swing due to past growth investments in gathering and processing capacity that are now paying off. Crestwood Equity Partners earned $355.8M in distributable cash flow in the first nine months of FY 2022, showing an increase of 27% year-over-year. The outlook for the full-year implies that Crestwood Equity Partners is set to add at least $129M to this balance in the fourth quarter. Crestwood Equity Partners has guided for $780-800M in adjusted EBITDA and $485-505M in distributable cash flow in FY 2022. Source: CEQP In the first nine months of FY 2022, Crestwood Equity Partners paid $196.9M in distributions to common unitholders and had distributable cash flow of $355.8 which translates to a discounted cash flow ("DCF") coverage ratio of 1.8 X. The DCF coverage ratio in Q3’22 was even higher, 1.9 X. The full-year outlook calls for 1.8-2.0 X coverage, based off of distributable cash flow, which equals the strong distribution coverage ratio of 1.8 X of the much larger, more diversified Enterprise Products Partners. Crestwood Equity Partners also has a very attractive DCF-based valuation factor. With about half a billion in FY 2022E distributable cash flow, the midstream firm's energy assets are valued at just 5.8 X DCF. Based off of EBITDA, Crestwood Equity Partners is also cheap: investors must pay 7.3 X forward EBITDA for the midstream firm while Enterprise Products Partners, a company 20 times larger than CEQP, is trading at an EV/EBITDA ratio of 9.3 X. Kinder Morgan (KMI) is also significantly more expensive on an EBITDA basis with a multiplier factor of 9.8 X. Data by YCharts Unit distribution yield

Seeking Alpha • Nov 01

Crestwood Equity Q3 2022 Earnings Preview

Crestwood Equity (NYSE:CEQP) is scheduled to announce Q3 earnings results on Wednesday, Nov. 2, before market open. The consensus EPS estimate is $0.45 and the consensus revenue estimate is $1.63B (+11.5% Y/Y). Over the last 1 year, CEQP has beaten EPS estimates 25% of the time and has beaten revenue estimates 25% of the time. Over the last 3 months, EPS estimates have seen 1 upward revision and 0 downward.

Seeking Alpha • Oct 25

Crestwood Equity declares $0.655 dividend

Crestwood Equity (NYSE:CEQP) declares $0.655/share quarterly dividend, in line with previous. Forward yield 8.72% Payable Nov. 14; for shareholders of record Nov. 7; ex-div Nov. 4. See CEQP Dividend Scorecard, Yield Chart, & Dividend Growth.

Seeking Alpha • Sep 27

Crestwood Equity Partners: The Numbers Are Not Stacking Up

Summary Crestwood Equity Partners lifted their distributions by nearly 5% earlier in 2022 following their acquisition of Oasis Midstream. Disappointingly, their subsequently announced upcoming acquisitions and divestitures appear likely to hinder their distribution growth. The cost to fund the distribution payments for their newly issued units will roughly equal the additional estimated operating cash flow. This leaves no room for additional capital expenditure, which is virtually assured, thereby reducing their distribution coverage and thus outlook for growth. Until such time as there is more certainty, I believe that downgrading to a hold rating is appropriate. Introduction When last discussing Crestwood Equity Partners (CEQP) earlier in the year, my previous article saw a new era of distribution growth possibly beginning following their acquisition of Oasis Midstream. Only days later, they lifted their distributions by nearly 5% as expected and following the recent market sell-off, it now sees their yield exactly at a very high 10%. Despite higher distributions being a positive start, following their subsequently announced upcoming acquisitions and divestitures, it seems that the numbers are not stacking up with these likely to hinder their distribution growth. Executive Summary & Ratings Since many readers are likely short on time, the table below provides a very brief executive summary and ratings for the primary criteria that were assessed. This Google Document provides a list of all my equivalent ratings as well as more information regarding my rating system. The following section provides a detailed analysis for those readers who are wishing to dig deeper into their situation. Author *Instead of simply assessing distribution coverage through distributable cash flow, I prefer to utilize free cash flow since it provides the toughest criteria and also best captures the true impact upon their financial position. Detailed Analysis Author Following the completion of their Oasis Midstream acquisition in February 2022, it was obviously expected to see their cash flow performance surge ahead. Although on the surface, their operating cash flow of $252m during the first half is well below their previous result of $294m during the first half of 2021. Thankfully, their latest result only saw an immaterial draw of $6m, whereas their previous results saw an abnormally large working capital draw of $90m, thereby skewing their surface-level comparison. If comparing their underlying result of $246m for the first half of 2022 against their equivalent result of $204m during the first half of 2021, it sees a very impressive increase of 20.59% year-on-year and thus moving forwards, the benefits of their large acquisition should begin flowing through to their cash flow performance. Despite still integrating their Oasis Midstream acquisition, they are not foregoing any time with another two upcoming acquisitions already announced simultaneously for the unlisted Sendero Midstream Partners and a further 50% equity interest in their Crestwood Permian Joint Venture, which is presently held by First Reserve. In the same announcement, they also announced the divestiture of their Barnett Shale assets, before later also announcing the divestiture of their Marcellus Shale that makes for a total of four transactions. Interestingly, the only transaction where they did not disclose its EBITDA multiple was their Barnett Shale assets but upon reading the associated announcement from EnLink Midstream (ENLC) who is the acquirer, they state the price was 4 times EBITDA. Whilst not to say the management of Crestwood Equity Partners did anything wrong, it nevertheless is easy to see why this was glossed over considering their sale price is far cheaper than the 7 times EBITDA seen for their other three transactions, as the table included below displays. Author Once aggregated, the net cost of acquisitions is $515m and stands to provide a net increase of $44m to their EBITDA, as per the numbers disclosed within the previously linked announcements. If they see the same cash conversion rate of circa 70% as during 2021 between their adjusted EBITDA and operating cash flow, this translates into a circa $31m net increase to their operating cash flow, given its result of $427m during 2021 and accompanying adjusted EBITDA result of $600.1m, as per their fourth quarter of 2021 results announcement. In theory, this cash conversion rate should broadly continue going forwards in regards to these transactions because their operating cash flow during 2021 was not materially impacted by temporary working capital movements. Whilst a circa $31m boost to their operating cash flow would be nice, realistically it does not change the dynamic much given they already generated $252m during the first half of 2022, which annualizes to circa $500m. Furthermore, they are funding $320m of their First Reserve acquisition via issuing new units and given their current unit price that carries a very high 10% distribution yield, this would boost their distribution payments by $32m per annum. Disappointingly, this would roughly consume the entirety of their additional estimated operating cash flow, even before considering any associated capital expenditure. In my eyes, the numbers are not stacking up for these transactions as a whole and actually appear likely to hinder their distribution coverage and thus growth outlook, as additional capital expenditure is virtually assured with their new assets. Since their distribution payments were only approximately half of their operating cash flow during the first half of 2022, as a basic rule of thumb they do not appear to be at significant risk of being cut because they are not too burdensome. The bigger question is the extent that these acquisitions and divestitures will influence their ability to grow their distributions, although this remains a wait-and-see aspect, as it also depends upon their yet-to-be-known cash conversion rate and synergies of the assets in question. Author The first half of 2022 saw their net debt surge to $2.916b from its previous level of $2.039b at the end of 2021, as was expected when conducting the previous analysis given their acquisition of Oasis Midstream. When looking ahead, their net debt will see further increases as they complete their upcoming acquisitions but thankfully, this should not be too significant given their accompanying upcoming divestitures. Whilst they see a net cost of $515m, as previously mentioned, $320m of this is funded via issuing new units and thus only leaves a relatively modest $195m to be funded via cash or in effect, debt, given their virtually non-existent cash balance. Similar to their distribution growth outlook, the extent they can deleverage in the coming years remains uncertain for the moment. Author When conducting the previous analysis, it was expected that their leverage would increase following their acquisition of Oasis Midstream, which certainly appears to have come to fruition with the first half of 2022 seeing their net debt-to-operating cash flow increasing to 5.93 from its previous result of 4.78 at the end of 2021. This now sees their result above the threshold of 5.01 for the very high territory, whilst their net debt-to-EBITDA of 4.79 is only slightly below this point. On the surface, it appears the latter actually decreased from its previous result of 5.28 at the end of 2021, although this merely stemmed from their previous results seeing an abnormal $120.4m of losses arising from their unconsolidated affiliates. If not for these, their previous result at the end of 2021 was 4.03 and thus their result of 4.78 following the first half of 2022 marks a sizeable underlying increase. Even though this does not necessarily endanger their distributions, it reduces their scope for growth, unless their upcoming acquisitions have a far greater than expected benefit.

Seeking Alpha • Sep 12

Crestwood announces common units secondary offering & concurrent common unit repurchase

Crestwood Equity Partners (NYSE:CEQP) on Monday said certain units of Chord Energy (NASDAQ:CHRD) intend to offer for sale up to 11.4M common units through a secondary offering. CEQP said it is not offering any of its units and will not get any proceeds from the offering. CEQP also said it had entered into a repurchase program with one of the CHRD units to repurchase up to $125M common units. The price per common unit to be paid by CEQP under the repurchase program would be equal to the price at which the common units would be sold in the secondary offering by the CHRD units. Separately, CEQP announced the divestiture of its Marcellus assets to Antero Midstream for $205M.

Seeking Alpha • Jul 25

Crestwood Equity Q2 2022 Earnings Preview

Crestwood Equity (NYSE:CEQP) is scheduled to announce Q2 earnings results on Tuesday, July 26th, before market open. The consensus EPS Estimate is $0.06 (vs. -$1.00 last year) and the consensus Revenue Estimate is $1.35B (+45.2% Y/Y). Over the last 1 year, CEQP has beaten EPS estimates 25% of the time and has beaten revenue estimates 25% of the time. Over the last 3 months, EPS estimates have seen 0 upward revisions and 1 downward. Revenue estimates have seen 1 upward revision and 0 downward.

Seeking Alpha • Jul 14

Crestwood Equity declares $0.655 dividend

Crestwood Equity (NYSE:CEQP) declares $0.655/share quarterly dividend, in line with previous. Forward yield 10.79% Payable Aug. 12; for shareholders of record Aug. 5; ex-div Aug. 4. See CEQP Dividend Scorecard, Yield Chart, & Dividend Growth.

Seeking Alpha • Nov 30

The Crestwood-Oasis Midstream Merger Is Interesting

Crestwood Equity Partners' acquisition of Oasis Midstream Partners represents continued integration in the sector. The companies have strong asset overlap and significant FCF before synergies and a 10% dividend yield, showing their strength. The combined companies also represent one of the first midstream companies to begin looking at share repurchases. We expect the combined company to continue generating double-digit shareholder returns for the long run.

Seeking Alpha • Oct 26

Crestwood: 8.7% Yield And 30% Upside With Accretive Acquisition Of Oasis Midstream

$1.36 distributable cash flow/unit, $5.44/unit annualized. $2.50/unit distribution growing 5% to $2.62/unit, 8.7% yield well over 2x covered. Acquiring Oasis Midstream at no premium. Deal should be immediately accretive and deleveraging upon closing next year. Low leverage and increased scale in highly contracted business make this one of the safest and cheapest yield plays in the market.

Seeking Alpha • Jul 28

Crestwood: Now Best In Class On Many Metrics

Strong volume growth across all geographies even factoring in Q2 '20 Covid-related shut-ins. New well connections likely leading to even better H2 '21 volume growth. Leverage ratio of 3.6x EBITDA post-Stagecoach closing leaves with industry leading credit metrics. 2.2x distribution coverage also industry leading (without having cut the dividend in 2020). Raised guidance midpoint of free cash flow after distributions from $155mm to $165mm.

Seeking Alpha • Jul 15

Crestwood Equity Partners: Higher Distributions Could Follow Their Stagecoach Divestiture

Crestwood Equity Partners managed to defy the pressure of 2020 and sustained their distributions, which could now grow higher following their Stagecoach divestiture. Once completed, it appears that the divestiture of these assets will reduce their earnings and thus operating cash flow by approximately 10%. Thankfully they should still have strong distribution coverage that provides scope for higher payments to unitholders. Since their net debt will decrease by over 20%, this divestiture will reduce their leverage and thus improve one of the biggest previous issues with their units as an income investment. Following this improving outlook, it should be of little surprise that my bullish rating is being maintained for their high near 9% distribution yield.

Snowflake Score
Valuation	2/6
Future Growth	3/6
Past Performance	3/6
Financial Health	1/6
Dividends	3/6

Historical stock prices
Current Share Price	US$28.26
52 Week High	US$30.16
52 Week Low	US$22.11
Beta	2.41
1 Month Change	-0.74%
3 Month Change	5.84%
1 Year Change	-3.75%
3 Year Change	111.37%
5 Year Change	-14.96%
Change since IPO	-80.78%

	CEQP	US Oil and Gas	US Market
7D	3.5%	2.8%	0.8%
1Y	-3.7%	18.9%	20.6%

CEQP volatility
CEQP Average Weekly Movement	3.2%
Oil and Gas Industry Average Movement	5.9%
Market Average Movement	7.3%
10% most volatile stocks in US Market	16.6%
10% least volatile stocks in US Market	3.2%

CEQP fundamental statistics
Market cap	US$2.97b
Earnings (TTM)	US$136.30m
Revenue (TTM)	US$4.83b

CEQP income statement (TTM)
Revenue	US$4.83b
Cost of Revenue	US$3.82b
Gross Profit	US$1.01b
Other Expenses	US$874.00m
Earnings	US$136.30m

Earnings per share (EPS)	1.30
Gross Margin	20.93%
Net Profit Margin	2.82%
Debt/Equity Ratio	145.3%

Data	Last Updated (UTC time)
Company Analysis	2023/11/04 19:51
End of Day Share Price	2023/11/02 00:00
Earnings	2023/09/30
Annual Earnings	2022/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Ethan Bellamy	Baird
Heejung Ryoo	Barclays
Dennis Coleman	BofA Global Research

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Crestwood Equity Partners (CEQP) Stock Overview

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Price History & Performance

Recent News & Updates

Crestwood Equity Partners Files Form 15

NYSE Files A Notification of Removal of Listing on Form 25 to Delist the Crestwood Equity Partners LP's Common Units

Third quarter 2023 earnings released: US$0.33 loss per share (vs US$0.64 loss in 3Q 2022)

Crestwood Equity Partners: Strong Value Potential As Acquisition Deal Is Finalizing

Energy Transfer LP (NYSE:ET) entered into a definitive merger agreement to acquire Crestwood Equity Partners LP (NYSE:CEQP) for approximately $4.5 billion.

Crestwood Equity To Become Part Of Energy Transfer Empire

Recent updates

Crestwood Equity Partners Files Form 15

NYSE Files A Notification of Removal of Listing on Form 25 to Delist the Crestwood Equity Partners LP's Common Units

Third quarter 2023 earnings released: US$0.33 loss per share (vs US$0.64 loss in 3Q 2022)

Crestwood Equity Partners: Strong Value Potential As Acquisition Deal Is Finalizing

Energy Transfer LP (NYSE:ET) entered into a definitive merger agreement to acquire Crestwood Equity Partners LP (NYSE:CEQP) for approximately $4.5 billion.

Crestwood Equity To Become Part Of Energy Transfer Empire

New major risk - Financial position

Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind

Crestwood: Marginally Weaker Quarter But Unchanged Thesis

Upcoming dividend of US$0.66 per share at 9.1% yield

Crestwood Equity Partners LP to Report Q2, 2023 Results on Aug 01, 2023

Crestwood Equity Partners: 10.2% Yield, 1.7x DCF Coverage, Low Valuation

First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind

Upcoming dividend of US$0.66 per share at 11% yield

Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind

Crestwood Equity: Dealmaking Has Transformed The Company

Crestwood Equity goes ex dividend monday

Upcoming dividend of US$0.66 per share at 9.6% yield

Crestwood Equity Partners LP to Report Q4, 2022 Results on Feb 21, 2023

Crestwood Equity: 9.5% Yield, Strong Distribution Coverage, Cheap Valuation

Third quarter 2022 earnings: EPS and revenues miss analyst expectations

Crestwood Equity Partners LP Revises Earnings Guidance for the Full Year 2022

Crestwood Equity Q3 2022 Earnings Preview

Upcoming dividend of US$0.66 per share

Antero Midstream Corporation (NYSE:AM) completed the acquisition of Marcellus natural gas gathering and compression assets of Crestwood Equity Partners LP (NYSE:CEQP).

Crestwood Equity declares $0.655 dividend

Crestwood Equity Partners LP Declares Cash Distribution for the Quarter Ended September 30, 2022, Payable on November 14, 2022

Crestwood Equity Partners: The Numbers Are Not Stacking Up

Crestwood Equity Partners LP has completed a Follow-on Equity Offering.

Antero Midstream Corporation (NYSE:AM) agreed to acquire Marcellus natural gas gathering and compression assets of Crestwood Equity Partners LP (NYSE:CEQP) for approximately $210 million in cash.

Crestwood announces common units secondary offering & concurrent common unit repurchase

Crestwood Equity Partners LP Announces Leadership Promotions

High number of new directors

Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

Upcoming dividend of US$0.66 per share

Crestwood Equity Q2 2022 Earnings Preview

Crestwood Equity Partners LP to Report Q2, 2022 Results on Jul 26, 2022

Crestwood Equity declares $0.655 dividend

Crestwood Equity Partners LP Announces Board Changes

Crestwood Equity Partners LP (NYSE:CEQP) has entered into an agreement to acquire remaining 50% stake in Crestwood Permian Basin Holdings LLC from First Reserve Corporation for $320 million.

Upcoming dividend of US$0.66 per share

First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

High number of new directors

Crestwood Equity Partners LP Increases Quarterly Distribution for the Quarter Ended March 31, 2022, Payable on May 13, 2022

High number of new directors

Crestwood Equity Partners LP, Annual General Meeting, May 12, 2022

High number of new directors

Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind

Crestwood Equity Partners LP Provides Earnings Guidance for the Fiscal Year 2022

Crestwood Equity Partners LP (NYSE:CEQP) completed the acquisition of Oasis Midstream Partners LP (NasdaqGS:OMP) from Oasis Petroleum Inc. (NasdaqGS:OAS), OMS Holdings LLC and others.

Upcoming dividend of US$0.63 per share

Insufficient new directors

Insufficient new directors

The Crestwood-Oasis Midstream Merger Is Interesting

Third quarter 2021 earnings released: US$1.03 loss per share (vs US$0.28 loss in 3Q 2020)

Upcoming dividend of US$0.63 per share

Crestwood: 8.7% Yield And 30% Upside With Accretive Acquisition Of Oasis Midstream

Executive VP recently sold US$58k worth of stock

Upcoming dividend of US$0.63 per share

Second quarter 2021 earnings released: US$1.01 loss per share (vs US$0.68 loss in 2Q 2020)

Crestwood: Now Best In Class On Many Metrics