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.
Oct. 10, 2013, 7:44 AM
- Crestwood Midstream Partners (CMLP) agrees to acquire privately held Arrow Midstream Holdings for $750M to tap demand for pipeline and storage services in the Bakken shale field.
- CMLP expects the transaction to be immediately accretive to estimated distributable cash flow per unit in 2014.
- CMLP says the deal will make it one of the largest Bakken midstream service providers, servicing ~18% of current total Bakken crude oil production.
Oct. 7, 2013, 3:05 PM
- Crestwood Midstream Partners (CMLP -0.9%), whose shareholders approved its merger with Inergy Midstream (NRGM), is on the hunt for more assets to expand its oil and natural gas liquids business, focusing on shale regions such as the Marcellus shale, CEO Robert Phillips tells Bloomberg.
- CMLP may target businesses of $100M-$1B in size, depending on how a deal could be financed, Phillips says; he's aiming for an investment grade rating from the credit agencies, and CMLP needs ~$500M in annual free cash flow to achieve it, which Phillips says "certainly" is within reach next year if it makes additional purchases.
- Phillips, former CEO at Enterprise Products Partners (EPD), says he’s a believer in EPD’s diversified portfolio; "We’re striving to replicate that business model. That’s the primary strategic rationale behind the Crestwood-Inergy merger."
Jun. 24, 2013, 8:16 AMCrestwood Midstream Partners (CMLP) agrees to buy a 50% stake in Jackalope Gas Gathering Services from privately-held RKI for ~$108M. Jackalope's gathering and processing system is located in Wyoming, giving CMLP access to the emerging Powder River Basin Niobrara Shale play. Access Midstream Partners (ACMP) owns the remaining 50% of Jackalope. | Comment!
May 6, 2013, 7:47 AMCrestwood 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. | 1 Comment
Jan. 8, 2013, 12:12 PMCrestwood Midstream Partners (CMLP) acquires the 65% interest it doesn't already own in its Marcellus Shale JV with Crestwood Holdings for $258M. The transaction is expected to be 7%-8% accretive to CMLP's 2013 distributable cash flow, and is funded with $129M drawn on CMLP's existing revolving credit facility and ~6.2M new Class D units issued to Crestwood Holdings. | Comment!
Nov. 5, 2012, 11:55 AMInergy 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%. | Comment!
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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