March 03, 2015 11:25 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Crestwood Midstream Partners LP

Company Overview

Crestwood Midstream Partners LP is engaged in the gathering, processing, treating, compression, storage, and transportation of natural gas; storage and transportation of natural gas liquids (NGLs); and gathering, storage, and terminalling of crude oil in the United States. The company operates in three segments: Gathering and Processing, NGL and Crude Services, and Storage and Transportation. The Gathering and Processing segment provides gathering, compression, treating, and processing services to producers in various unconventional resource plays. This segment owns and controls natural gas facilities with approximately 2.5 billion cubic feet of natural gas/per day (Bcf/d) of gathering capac...

700 Louisiana Street

Suite 2060

Houston, TX 77002

United States

Key Executives for Crestwood Midstream Partners LP

Crestwood Midstream Partners LP does not have any Key Executives recorded.

Crestwood Midstream Partners LP Key Developments

Crestwood Midstream Partners LP Announces Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2014

Crestwood Midstream Partners LP announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, revenues were $614.4 million, operating loss was $34.5 million, loss before income taxes was $60.5 million and net loss attributable to company was $65.9 million or $0.43 per diluted share against revenues were $366.0 million, operating loss was $14.9 million, loss before income taxes was $42.6 million and net loss attributable to company was $45.3 million or $0.50 per diluted share for the same period a year ago. Net loss was $60.4 million against $42.3 million a year ago. EBITDA was $26.6 million against $33.7 million a year ago. Adjusted EBITDA was $117.7 million against $90.9 million a year ago. Adjusted distributable cash flow attributable to CMLP was $89.1 million against $64.3 million a year ago. Net cash provided by operating activities was $147.1 million against $56 million a year ago. For the full year, revenues were $2,565.5 million, operating income was $90.9 million, loss before income taxes was $21.2 million and net loss attributable to partners was $55.9 million or $0.46 per diluted share against revenues were $658.6 million, operating income was $57.1 million, loss before income taxes was $14.4 million and net loss attributable to company was $20.0 million or $0.82 per diluted share for the same period a year ago. Net loss was $21.9 million against $15.1 million a year ago. EBITDA was $311.9 million against $178.7 million a year ago. Adjusted EBITDA was $442.5 million against $261.9 million a year ago. Adjusted distributable cash flow attributable to CMLP was $328.1 million against $189.0 million a year ago. Total capital expenditures, joint venture contributions, and acquisitions were approximately $535 million. Total debt was $2,013.5 million. Net cash provided by operating activities was $322.9 million against $186.5 million a year ago. For the fourth quarter 2014, the company provided gathering system resulting in average gathering volumes of 629 MMcf/d. Fourth quarter 2014 compression volumes averaged 658 MMcf/d, 89% higher than the fourth quarter 2013, due to the completion of numerous compression station projects for Antero in 2014. Fourth quarter 2014 gathering volumes were 36% above the fourth quarter 2013, but 3% lower than the third quarter 2014 largely due to a slowdown in Antero completion activity and downstream processing and take away capacity constraints. Total gathering volumes were 1,251.1 MMcf/d against 1,086.0 MMcf/d a year ago. Processing volumes were 189.5 MMcf/d against 198.1 MMcf/d a year ago. Compression volumes was 657.7 MMcf/d against 347.3 MMcf/d a year ago For the year, the company reported total gathering volumes were 1,214.3 MMcf/d against 1,044.8 MMcf/d a year ago. Processing volumes were 189.5 MMcf/d against 210.2 MMcf/d a year ago. Compression volumes was 542.3 MMcf/d against 295.5 MMcf/d a year ago For 2015, the company expects net income in the range of $73 million to $113 million, depreciation, amortization and accretion to be in the range of $240 million to $250 million. Adjusted EBITDA will be in the range of $480 million to $510 million. Maintenance capital expenditure will be in the range of $22 million to $25 million. Distributable cash flow attributable to CMLP will be in the range of $335 million to $365 million. Cash interest expense is to be $118 million. For the fourth quarter of 2014, the company reported $48.8 million of goodwill impairment.

Crestwood Midstream Seeks Acquisitions

Crestwood Midstream Partners LP (NYSE:CMLP) will consider acquisitions. We will continue to explore strategies designed to position Crestwood for long-term growth, such as completing the drop-down of Crestwood Equity Partners' NGL business, enhancing our current GP sponsorship structure and executing strategic and bolt-on acquisitions around our existing operating footprint to take advantage of synergies," stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwood's General Partner.

Crestwood Midstream Announces Quarterly Cash Distribution, Payable on February 13, 2015

The Board of Directors of Crestwood Midstream GP LLC, general partner of Crestwood Midstream Partners LP announced that it has declared the partnership's quarterly cash distribution of $0.41 per limited partner unit ($1.64 annually) for the quarter ended December 31, 2014. In addition, Crestwood Midstream will issue 414,325 additional Class A units to the owners of the Class A units in lieu of cash distributions. The distributions will be paid on February 13, 2015, to unitholders of record as of February 6, 2015.

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