Crestwood Equity Partners (CEQP) Reports Q1 Loss Per Share of $0.66
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Crestwood Announces First Quarter 2020 Financial and Operating Results, Provides Update on Current Market Response and Revised 2020 Outlook Based on Expected Market Conditions
May 5, 2020 7:00 AM EDTFirst quarter 2020 results exceeded previous guidance expectations delivering a net loss of $23.4 million, Adjusted EBITDA of $151.4 million, a 31% year-over-year increase, Distributable Cash Flow of $94.0 million, a 38% year-over-year increase, leverage ratio of 4.0x, and distribution coverage of 2.1x
Due to the COVID-19 pandemic and resulting volatility in the commodity and capital markets, Crestwood has implemented stricter workforce safety initiatives and has aggressively responded to current market dislocations by engaging with customers to optimize operations, reduced remaining 2020 gross capital by approximately $40 million and decreased O&M and G&A expenses by approximately $40 million on... More
