HOUSTON–(BUSINESS WIRE)–Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced that its general partner’s board of directors has declared the partnership’s quarterly cash distribution of $0.655 per limited partner unit ($2,620 per year) for the quarter ended March 31, 2022, representing an increase of approximately 5% quarter over quarter. In addition, Crestwood announced a quarterly cash distribution of $0.2111 per Class A Preferred Share unit ($0.8444 per annum). Ordinary and preferred distributions will be paid on May 13, 2022 to unitholders of record as of May 6, 2022.
Robert G. Phillips, Founder, President and Chief Executive Officer of Crestwood, said, “Crestwood is pleased to report an increase of nearly 5% in our first quarter 2022 joint distribution following the recent acquisition of Oasis Midstream which closed on February 1. , 2022. The integration of Oasis Midstream is progressing ahead of schedule and general market conditions are very favorable for Crestwood to meet our full year expectations. We expect high producer activity in the Williston, Powder River and Delaware Basins for the remainder of the year as our gathering and processing assets are leveraged to grow in a market where raw material prices raw are high. The increased common distribution reflects both our overall outlook for 2022 and the generation of positive free cash flow, as well as our strategy of returning capital to our unitholders while maintaining strong financial metrics.
Crestwood expects to release its first quarter 2022 financial results 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 operational 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 an 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.
About Crestwood Equity Partners LP
Based in Houston, Texas, Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in several shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treatment, compression, storage and transportation of natural gas; storage, transport, terminalling and marketing of NGLs; collection, storage, terminalling and marketing of crude oil; and collection and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
This press release may include certain statements regarding expectations for the future that are forward-looking statements as defined by federal securities law. These forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict, many of which are beyond management’s control. These risks and assumptions are described in Crestwood’s annual reports on Form 10-K and other reports available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s views only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
Notice of taxation to foreign investors
This release serves as qualified notice to applicants under sections 1.1446-4(b)(4) and (d) of the Treasury Regulations. Please note that 100% of Crestwood’s distributions to foreign investors are attributable to income actually connected with a trade or business in the United States. Accordingly, all distributions by Crestwood to foreign investors are subject to federal income tax withholding at the highest effective personal or corporate tax rate, as applicable. Nominees, not Crestwood, are treated as withholding agents on distributions they receive on behalf of foreign investors.