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
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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.
Oct. 13, 2014, 5:31 PM
- In a Q3 operations update, Crestwood Midstream Partners (NYSE:CMLP) says its natural gas gathering volumes rose 5%, with September monthly volumes averaging ~1.3B cf/day, and average crude oil volumes gained 7%, with September monthly volumes averaging ~260K bbl/day.
- CMLP also announces a non-binding open season for its 1B cf/day MARC II Pipeline serving the Marcellus dry gas region in northern Pennsylvania.
Sep. 23, 2014, 12:37 PM
- The MLP analyst team at UBS expects the healthy M&A atmosphere in the sector to continue, and lists four MLPs it thinks could be in the running to be acquired.
- The group is headlined by NuStar Energy (NYSE:NS), which is flirting with 52-week highs; NS is among those building docks, storage tanks and other facilities at the Corpus Christi port, which shipped out 350K bbl/day of crude last year vs. fewer than 10K at the start of 2012.
- UBS' three other MLP acquisition contenders are CMLP, NGL and SEMG.
Aug. 6, 2014, 7:07 AM
Jul. 22, 2014, 10:14 AM
- The site where an underground pipeline owned by Crestwood Midstream Partners (CMLP +0.3%) leaked 1M gallons of saltwater into the North Dakota badlands earlier this month could take at least three years to clean up, according to an official involved in the cleanup.
- CMLP says there is no evidence the spill reached Lake Sakakawea, a source of drinking water for the Fort Berthold Indian Reservation; beaver dams are credited with helping contain the leak.
- Saltwater (brine) is a byproduct of oil production that can be 30x saltier than seawater, and is considered an environmental hazard.
Jul. 10, 2014, 7:52 AM
- A North Dakota pipeline owned by a subsidiary of Crestwood Midstream Partners (CMLP) has leaked ~1M gallons of saltwater, some of it into a bay that leads to a lake that provides drinking water for an American Indian reservation.
- Tribal and company officials say the leak has been isolated and drinking water is unaffected; it isn't known how much of the saltwater spilled into the bay.
- The company says the leak likely started over the holiday weekend but was not discovered until Tuesday; the pipeline is not equipped with a system that sends an alert when there is a leak.
Jun. 17, 2014, 9:55 AM
- Crestwood Midstream Partners (CMLP +1.3%) says it secured $500M in preferred equity commitments from a group of strategic investors, including Magnetar Capital, affiliates of GSO Capital Partners, and GE Energy Financial Services.
- With the closing of the equity commitment, CMLP sold $300M of the preferred units at $25.10/unit, a 16% premium to yesterday's closing price of CMLP common units.
- Proceeds from the sale will be used to fund ongoing expansions and development projects in CMLP's core growth areas - including the Marcellus, Bakken and Niobrara shale plays - and to reduce outstanding borrowings under its revolving credit facility.
Apr. 14, 2014, 11:38 AM
- Energy Infrastructure analysts at J.P. Morgan make the case that with commodity prices soaring, its top-rated high-yielding MLPs in the category are a solid bet in a choppy market.
- NuStar Energy (NS) and Crestwood Midstream Partners (CMLP) pay distributions well in excess of 7%, Williams Partners (WPZ) and Regency Energy Partners (RGP) each pay ~7%, and Energy Transfer Partners (ETP) pays 6.8% after defying the recent market selloff to trade near 52-week highs.
Feb. 26, 2014, 7:41 AM
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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