In the fourth quarter2021, Crestwood completed its second materiality assessment providing the framework for the companys 2022-2024 sustainability strategy and its first carbon management plan. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect managements view only as of the date made, and Crestwood assumes no obligation to update theseforward-looking statements. Based on current producer forecasts, Crestwood expects volumes at the Orla plant to grow significantly during 2022. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. In 2022, Crestwood expects to connect in approximately 100 - 110 wells driven by amix of public and private producers on the Willow Lake system, ConocoPhillips on the Nautilus system and Percussion on the newly acquired Oasis Midstream system. As a result, volumes at the Orla processing plant nearly doubledyear-over-year and exited the year at 120 MMcf/d. Crestwood expects incremental volumes from new third-partygathering and processing agreements commensurate with Crestwoods gathering system expansion throughout 2022 and into the first half of 2023. During the fourth quarter 2021, theWilliston Basin averaged crude oil gathering volumes of 80 MBbls/d, natural gas gathering volumes of 141 MMcf/d, natural gas processing volumes of 132 MMcf/d, and produced water gathering volumes of 91 MBbls/d. SPECIAL NOTICE REGARDING LIMITED PARTNERSHIPS OWNED IN YOUR ACCOUNT. ASP Immigration Services Limited, our firm provides comprehensive immigration representation to clients located throughout New Zealand and the world. We believe that free cash flow after distributions provides additional information for evaluating our ability to generate cash flow after paying ourdistributions to common unitholders and paying for our growth capital expenditures. You must also be aged 55 or under, and meet English language, health, and character requirements. Date of report (Date of earliest event reported): February22, 2022, (Exact name of Registrant as specified in its charter), (Address of principal executive offices) (Zip code), Registrants telephone number, including area code: (832) 519-2200. With carbon management as a leading component of Crestwoods strategy, therecently published carbon management plan outlines meaningful, near-term emissions reduction activities that the company intends to implement as it continues to expand its G&P asset portfolio. Distributable cash flow, as we define it, maynot be comparable to distributable cash flow or similarly titled measures used by other companies. The Gatheringand Processing North segment includes the Williston Basin and the Powder River Basin assets. Common Distributions: In connection with the close of the Oasis Midstream merger, Crestwood intends torecommend to the Board of Directors an increase to the common unit distribution to approximately $2.62/unit annually, representing an approximate 5% increase year-over-year attributable to the first quarter 2022. We provide the highest quality of service and utmost personalized level of support to our clients. EBITDA and Adjusted EBITDA should not be considered alternatives to net income, operating cash flow or any other measure of financial performance presented in accordance with GAAP. Crestwood remains on track topublish its fourth annual sustainability report in June 2022 in accordance with the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB) Midstream Framework, the Task Force on Climate-Related Financial Disclosures(TCFD) and the EIC/GPA ESG Reporting Framework. Across the Willow Lake and Nautilus systems, 95 wells were connected during 2021,exceeding the original guidance range of 65 75 well connects. The guidance range is generally estimated to reflect Crestwoods business performance in an oil price environment of $75 to $85 per barrel taking into consideration the impact commodityprice movements may have on Crestwoods customers development plans, as well as the limited direct commodity price exposure Crestwood has under its percent of proceeds and marketing contracts. K-1 information will be available online for each partnership as follows: BP Midstream Partners, LP taxpackagesupport.com/bpmp, Brookfield Infrastructure Partners, LP taxpackagesupport.com/brookfield, Brookfield Renewable Partners, LP taxpackagesupport.com/bep, Crestwood Equity Partners, LP taxpackagesupport.com/ceqp, Energy Transfer, LP www.taxpackagesupport.com/et, EnLink Midstream Partners, LP (FKA Crosstex) www.taxpackagesupport.com/enlink, Enterprise Products Partners, LP www.taxpackagesupport.com/enterprise, Oasis Midstream Partners, LP www.taxpackagesupport.com/oasis, Phillips 66 Partners, LP www.taxpackagesupport.com/Phillips66, Sunoco, Inc. www.taxpackagesupport.com/sunocolp, Western Midstream Partners, LP www.partnerdatalink.com/westernmidstream. A Gall website. Once the transaction closes, Continental will become the newanchor customer on the Jackalope system, and Crestwood will proactively work with Continental to support future development plans on the Jackalope system. Crestwood investedapproximately $26.0million in consolidated growth capital projects and joint venture contributions during the fourth quarter 2021 and approximately $50.7million during full-year 2021 (excluding litigation-related capital pertaining tothe Bear Den II processing plant). Get an internationally recognised education and have the time of your life. Crestwoods K-1 tax packages are expected to be made available online and mailed the week of March14, 2022.Once available, K-1s can be found online at www.taxpackagesupport.com/CEQP for the common units, www.taxpackagesupport.com/CEQP Preferred for the preferred units, andwww.taxpackagesupport.com/oasis for Oasis Midstream. The 10-K report will be available to view, print or download on the Investors page of Crestwoods website at www.crestwoodlp.com. During the fourth quarter 2021, six wells were connected to the Jackalope system by a largeindependent operator, resulting in a total of 21 well connects in 2021. Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. In 2022, Crestwood expects to connect 110 - 120 total wells across the Williston Basin systems.Crestwoods capital investments in the Williston Basin will include the build-out of three product infrastructure for Oasis Petroleums City of Williston and South Nesson acreage positions and thecontinued expansion and optimization of the Arrow water system to support producer development plans on the Fort Berthold Indian Reservation (FBIR). Crestwoods 2022 guidance reflects the general business updates and outlook noted above, the most recent feedback from customers, andCrestwoods current outlook on commodity prices. Five three-product wells were connected during the fourth quarter, resulting in a total of 47 wells connected in 2021. I arrived with nothing on hand but my ASP Immigration Services Ltd2022, All Rights Reserved. Due to seasonality and working capital requirements in the NGL business, the companys leverage ratio is typically slightly higher in the secondand third quarters and lower in the first and fourth quarters. Management will host a conference call for investors and analysts of Crestwood today at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) which will be broadcastlive over the Internet. Sources: FactSet, Dow Jones, Stock Movers: Gainers, decliners and most actives market activity tables are a combination of NYSE, Nasdaq, NYSE American and NYSE Arca listings. The words expects, believes, anticipates,plans, will, shall, estimates, and similar expressions identify forward-looking statements, which are generally not historical in nature. Cash interest expense less amortization of deferred financing costs. We take great care to develop a strong client relationship, coupled with efficient communication. Storage& Logistics (S&L) segment EBITDA totaled $13.9million in thefourth quarter 2021, compared to $42.2million in the fourth quarter 2020. International stock quotes are delayed as per exchange requirements. Full Year 2022 Adjusted EBITDA, Distributable Cash Flow and Free Cash Flow Guidance, Adjusted EBITDA from unconsolidated affiliates, PRB cash received in excess of recognized revenues(d), Cash distributions to preferred unitholders(e), Distributable cash flow attributable to CEQP(f), Cash Flows from Operating Activities Reconciliation, Net cash provided by operating activities, net, Changes in operating assets and liabilities, net, Less: Distributions to common unitholders, Includes gain (loss) on modification/extinguishment of debt, net. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income or operating income or any other GAAP measure of liquidity or financial performance. New Zealands business migration categories are designed to contribute to economic growth, attracting smart capital and business expertise to New Zealand, and enabling experienced business people to buy or establish businesses in New Zealand. The Storage and Logistics segment includesthe NGL Logistics business, the COLT Hub, the Tres Palacios JV, as well as the Stagecoach Gas Services assets that were divested in July 2021. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertaintiesdescribed in Crestwoods reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its subsequent reports, which are available through the SECs EDGARsystem at www.sec.gov and on our website. Distributable cash flow is defined as Adjusted EBITDA, adjusted for cash interest expense, maintenance capitalexpenditures, income taxes, the cash received from our Powder River Basin operations in excess of revenue recognized, and our proportionate share (based on the distribution percentage) of our unconsolidated affiliates distributable cash flow.Distributable cash flow should not be considered an alternative to cash flows from operating activities or any other measure of financial performance calculated in accordance with GAAP as those items are used to measure operating performance,liquidity, or the ability to service debt obligations. Crestwood forecasts this activity to drive a significantincrease in volumes and expects the Delaware Basin assets to generate in excess of $50million in 2022 cash flow net to Crestwood. In thefourth quarter 2021, five wells were connected in the Williston Basin and six wells were connected in the Powder River Basin. The accompanyingschedules of this news release provide reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Delaware Basin water gathering volumes (MBbls/d)(a), Gulf Coast Storage - firm contracted capacity (Bcf)(a). Average price target from 8 ratings: $36.88, Stocks: Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. J.P. Morgan Global High Yield& Leveraged Finance Conference, Miami, FL, February28 March2, 2022, US Capital Advisors Corporate Access Day, Houston, TX, March30, 2022, 2022 EIC Investor Conference, West Palm Beach, FL, May 15 - 17, 2022. Adjusted EBITDA, distributable cash flow and free cash flow are non-GAAP financial measures. For more information on Crestwoods approach to sustainability, please visit https://esg.crestwoodlp.com. During the fourth quarter 2021, the Delaware Basin averaged natural gas gathering volumes of 251 MMcf/d, an increase of 45% year-over-year, and processingvolumes of 112 MMcf/d, an increase of 99% year-over-year. Gathering and Processing North (G&P North) segment EBITDA totaled $116.5million in the fourth quarter 2021, compared to $108.6million in thefourth quarter 2020, an increase of 7% year-over-year. Senior Vice President, Sustainability and Corporate Communications, Earnings (loss) from unconsolidated affiliates, net, Gain (loss) on modification/extinguishment of debt, Net income attributable to non-controllingpartner, Net income (loss) attributable to Crestwood Equity Partners LP, Net income attributable to preferred units, Net income (loss) attributable to partners.
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