Crestwood Announces Third Quarter 2015 Financial and Operating Results
11/3/2015
HOUSTON--(BUSINESS WIRE)-- Crestwood Equity Partners LP (NYSE:CEQP) (“Crestwood Equity” or “Crestwood”) reported today its financial and operating results for the three months ended September 30, 2015.
Third Quarter 2015 Highlights
Third quarter 2015 adjusted EBITDA of $133.5 million, a 4% increase over $128.9 million in the third quarter 2014; First nine months 2015 adjusted EBITDA of $408.5 million, a 12% increase over $363.2 million in the first nine months 2014
Net loss of $623.4 million, compared to net income of $11.9 million in the third quarter 2014. Net loss for the third quarter 2015 includes non-cash charges for goodwill impairments of $609.9 million. These Goodwill impairments were largely attributed to discount rate increases resulting from continued commodity price
volatility and Crestwood’s current unit price
Distributable cash flow of $91.6 million, compared to $96.0 million in third quarter 2014, resulting in a third quarter 2015 cash distribution coverage ratio of 0.97x; trailing twelve months cash distribution ratio of 1.02x
Closed the merger between Crestwood Equity and Crestwood Midstream Partners LP (“CMLP” or “Crestwood Midstream”), with CMLP’s unitholders receiving 2.75 Crestwood Equity units for each CMLP unit owned
Closed an amended and restated $1.5 billion Crestwood Midstream revolving credit facility; $717 Million outstanding at September 30, 2015
Declared third quarter cash distribution of $0.1375 per common unit, or $0.55 per common unit on an annualized basis, payable on November 13, 2015 to unitholders of record as of November 6, 2015
