Wed, May 6, 9:11 AM
Wed, May 6, 7:47 AM
- Crestwood Equity Partners (NYSE:CEQP) and Crestwood Midstream Partners (NYSE:CMLP) agree to merge into a single publicly-traded partnership with a consolidated enterprise value of ~$7.5B.
- CMLP unitholders will receive 2.75 units of CEQP for each CMLP unit they own, representing a 17% premium to CMLP's closing price yesterday; the company will continue to be listed on the NYSE under the ticker CEQP.
- As a result of the consolidation, Crestwood estimates another $5M of incremental cost savings can be achieved and added to the $25M-$30M run-rate savings identified as a part of 2015 cost reduction initiatives.
Wed, May 6, 7:11 AM| Comment!
Tue, May 5, 5:30 PM
- ANSS, ARQL, ATHM, AVA, AYR, BAM, BUD, CEQP, CHH, CHK, CKSW, CLH, CMLP, CRNT, CRZO, CSTE, DAVE, DDD, DNR, EE, EGAN, ENB, EXK, GDP, GLOG, HAIN, HCLP, HFC, HSC, HSNI, HTA, IMN, INFI, KELYA, LAMR, LG, LINC, MEMP, MPO, MSI, MWE, NOR, NXTM, OXY, PERI, PGNX, POWR, RDC, RHP, SBGI, SCMP, SE, SNH, SODA, STRA, SUP, SWC, TMHC, TRXC, VG, VOYA, VSI, WCG, WD, WEN, WIX, WMC, WPX, XLS, XRAY
Tue, Apr. 28, 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.
Thu, Apr. 23, 5:44 PM| 1 Comment
Wed, Apr. 22, 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.
Tue, Mar. 17, 5:45 PM
- Quicksilver Resources (NYSE:KWK) and its U.S. subsidiaries file for Chapter 11 bankruptcy protection, and say they will continue normal business operations; KWK's Canadian subsidiaries are not part of the filing.
- KWK says its strategic marketing process did not produce viable options for asset sales or other alternatives to fully address the company’s liquidity and capital structure issues.
- Crestwood Midstream Partners (NYSE:CMLP), whose gathering and processing systems are integral to KWK's Barnett Shale operations, says KWK is current on all outstanding invoices received from CMLP.
Wed, Feb. 25, 11:35 AM
- Crestwood Midstream Partners (CMLP +0.2%) is downgraded to Hold from Buy at Stifel, after CMLP reported solid Q4 results with the second consecutive quarter of distribution coverage in excess of 1x but provided lower than expected 2015 guidance and eliminated distribution growth expectations for 2015.
- Stifel also noted that Quicksilver Resources (NYSE:KWK), one of CMLP's customers in the Barnett Shale, is experiencing liquidity issues and could negatively affect cash flow.
- On a positive note, CMLP management discussed a potential restructuring of the general partner to create a growth story and drive value.
Tue, Feb. 24, 7:37 AM| Comment!
Mon, Feb. 23, 5:30 PM
- AIXG, ALKS, AMT, BMO, CBRL, CEQP, CLDT, CLDX, CMCSA, CMLP, COT, CRNT, CRZO, CYRN, DAKT, DCI, DPZ, DRH, DYAX, ECL, EXAS, EXLS, EXPD, FDML, GLDD, GTLS, HD, IART, IPXL, M, MNKD, NEO, ODP, PCRX, PF, PLL, RLGY, SAFM, SAH, SHLX, SHOO, SPAR, SPWR, SUI, THRM, TOL, TREX, TRXC, UTHR, VAL, VSI, WEN, WIN, WLK, WPC, ZINC
Thu, Jan. 22, 5:49 PM| Comment!
Nov. 24, 2014, 8:49 AM
- Crestwood Equity Partners (NYSE:CEQP) agrees to sell its interest in Tres Palacios Gas Storage to a newly formed joint venture between Crestwood Midstream Partners (NYSE:CMLP) and an affiliate of Brookfield Infrastructure (NYSE:BIP) for $130M.
- CMLP will own 50.01% of Tres Palacios and will be the operator of Tres Palacios and its assets.
- As a part of the transaction, BIP is entering into five-year, fixed-fee contracts with Tres Palacios for 15B cf of firm storage capacity and 150K dkm/day of enhanced interruptible wheeling services.
Nov. 5, 2014, 7:21 AM| Comment!
Oct. 22, 2014, 7:27 PM| 1 Comment
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.
CMLP vs. ETF Alternatives
Crestwood Midstream Partners LP owns, manages and operates crude oil, natural gas and NGL midstream assets. The Company is engaged in gathering, compression, treating, processing, storage and transportation of natural gas.
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