Crestwood Equity Partners (CEQP) Tops Q4 EPS by 5c

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Go back to Crestwood Equity Partners (CEQP) Tops Q4 EPS by 5c

Crestwood Announces Fourth Quarter 2022 Financial and Operating Results, the Divestiture of Tres Palacios for $335 Million, and Provides 2023 Guidance and Outlook

February 21, 2023 7:00 AM EST

Delivered full-year 2022 net income of $72.5 million and Adjusted EBITDA1 of $762.1 million, a 27% increase year-over-year, driven by expanded operations in the Williston and Delaware Basins from the Oasis Midstream, Sendero Midstream, and CPJV acquisitions offset by the Barnett and Marcellus divestitures; efficient integration of acquired assets led to cost savings and commercial synergies offset by extreme weather events and producer development delays in fourth quarter 2022

Divestiture of Tres Palacios for $335 million; Crestwoods 50% interest yields $167.5 million of cash proceeds which will be used for debt paydown and to accelerate leverage reduction; non-core... More