Crestwood Increases Quarterly Distribution and Schedules First Quarter 2022 Earnings Release Date

Source: www.gulfoilandgas.com 4/14/2022, Location: North America

Crestwood Equity Partners LP announced 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.


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