May 6, 2015, 9:11 AM
Apr. 28, 2015, 11:59 AM
- Crestwood Equity Partners (CEQP -2%) and Crestwood Midstream Partners (CMLP -2%) are downgraded to Neutral from Overweight at J.P. Morgan, which sees no near-term catalyst to reinvigorate investor confidence.
- JPM sees little reason not to expect further yield compression for CMLP, with an "even longer road" to full distribution coverage for CEQP since a strategic combination is unlikely to materialize given that the company has been exploring these options for a long time now.
- The firm cuts its price target for CEQP to $7.50 from $8.50 to $7.50 and for CMLP to $17 from $18.
Apr. 22, 2015, 3:33 PM
- Niska Gas Storage Partners (NKA +8.6%), whose value has collapsed from more than $1B to just $80M and who stopped distributions to shareholders in February to preserve cash, is exploring a sale, Bloomberg reports.
- NKA, controlled by P-E funds Riverstone Holdings and Carlyle Group, is said to be working with Evercore Partners to find a buyer, as part of a broader restructuring effort as it struggles to revive its prospects amid the natural gas glut.
- Boardwalk Pipeline Partners (NYSE:BWP) and Crestwood Midstream Partners (NYSE:CMLP) also provide gas storage services and have struggled, but they are considered less vulnerable than NKA because they are more diversified.
Oct. 21, 2014, 2:45 PM
- Crestwood Midstream Partners (CMLP +3%) says it successfully completed a non-binding open season to assess early interest in a proposed pipeline connecting its New England system to planned infrastructure in the region.
- CMLP says it had received natural gas commitments of 700M cf/day to be transported on a 30-mile pipeline linking to a system owned by its Central New York Oil & Gas subsidiary.
- New England has been a major destination for midstream investment due to a growing electricity and home heating market; last winter, a shortage of natural gas sent prices soaring and threatened to interrupt the region’s electricity generation.
Dec. 5, 2013, 2:51 PM
- Crestwood Midstream (CMLP -2.4%) and Crestwood Equity Partners (CEQP -10.6%) are sharply lower after providing 2014 financial and operational guidance.
- At CMLP, adjusted EBITDA is seen at $465M-$510M, a 34% increase from anticipated 2013 performance; distributable cash flow is estimated at $330M-$360M, 6%-10% Y/Y growth at coverage of 1.05x-1.1x cash distributions paid.
- Adjusted 2014 EBITDA from operational assets owned by CEQP is estimated at $55M-$60M; distributable cash flow is estimated at $85M-$95M, 5%-10% Y/Y growth at coverage of 1x-1.05x cash distributions paid.
Oct. 18, 2013, 9:15 AM
Oct. 17, 2013, 4:29 PM
Sep. 9, 2013, 4:29 PM
- Inergy Midstream (NRGM) -3.9% AH after announcing a public offering of 11M common units.
- NRGM plans to use the proceeds to repay borrowings under its revolving credit facility, for ongoing expansion projects in its midstream business and for general partnership purposes.
Jun. 26, 2013, 3:59 PMUBS is trimming numbers on Inergy (NRGY +1%) from $19 to $16 to reflect current dilution as 2 of 3 steps for its Crestwood (CMLP) merger are now complete. The 3rd stage, set for Q3, will fold CMLP into NRGY. The firm alsy lowers FY13 EPS from $0.24 to $0.07 and FY14 EPS from $0.53 to $0.11. | Jun. 26, 2013, 3:59 PM
Jun. 19, 2013, 1:59 PM
Inergy (NRGY -37.5%) completes its distribution to unitholders of the ~56.4M common units it previously held in Inergy Midstream (NRGM -1.3%), marking the first step in Crestwood Midstream's (CMLP +1%) takeover of NRGY, which is expected to close by Q3. Raymond James calls the move a "structural cleanup" ahead of CMLP's takeover.| Jun. 19, 2013, 1:59 PM
Jun. 19, 2013, 12:45 PM
May 6, 2013, 7:47 AM
Crestwood Midstream Partners (CMLP) announces a merger with Inergy (NRGY) and Inergy Midstream (NRGM) to form an entity with an enterprise value of ~$7B. The merger will be implemented through a series of transactions, and CMLP CEO Robert Phillips will lead the combined company. NRGY +4% premarket.| May 6, 2013, 7:47 AM | 1 Comment
Mar. 18, 2013, 5:33 PM
Mar. 18, 2013, 4:32 PM
Crestwood Midstream Partners (CMLP) -3.7% AH after announcing a public offering of 4.5M common units. CMLP says it will use the net proceeds to pay down debt and for general partnership purposes.| Mar. 18, 2013, 4:32 PM
Dec. 18, 2012, 11:25 AM
Nov. 5, 2012, 11:55 AM
Inergy Midstream (NRGM +2.2%) agrees to acquire Rangeland Energy, owner and operator of the COLT crude oil rail terminal, storage, and pipeline facilities in North Dakota's Bakken and Three Forks shale areas, for $425M. NRGM will sell $225M of common units in a private placement and has obtained committed unsecured debt financing to fund the acquisition. NRGY +4.1%.| Nov. 5, 2012, 11:55 AM