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Crestwood Midstream Partners LP (CMLP)

  • Wed, May 6, 9:11 AM
    | 1 Comment
  • 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.
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  • 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.
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  • 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.
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  • 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
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  • Oct. 17, 2013, 4:29 PM
    • Crestwood Midstream Partners (CMLP) -4.9% AH after announcing a public offering of 14M common units.
    • CMLP plans to use net proceeds to fund part of its pending acquisition of Arrow Midstream Holdings and related transaction costs and expenses.
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  • 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.
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  • Jun. 26, 2013, 3:59 PM
    UBS 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.
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  • 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.
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  • Jun. 19, 2013, 12:45 PM
    Midday top 10 gainers: MNOV +28%. AVHI +18%. DGLY +18%. ARL +16%. TRUE +13%. AQQ +13%. DQ +13%. ASYS +12%. MFRI +12%. ICPT +11%.
    Midday top 10 Losers: OSH -63%. NRGY -38%. VNDA -24%. ZN -20%. FMAR -16%. TTEK -13%. VTSS -12%. CPGI -11%. VIPS -10%. BIOD -10%.
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  • 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.
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  • Mar. 18, 2013, 5:33 PM
    After-hours top gainers, as of 5:15 p.m.: SKUL +4%. FSL +4%. DRYS +4%. NOK +3%. FOSL +3%.
    After-hours top losers: INTX -14%. USMO -5%. LRE -4%. CMLP -4%. HPT -4%.
  • 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.
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  • Dec. 18, 2012, 11:25 AM
    Holly Energy Partners (HEP +4.9%) pushes higher after Alerian announces that HEP will be added to the Alerian MLP Index (AMLP) beginning Dec. 21. Inergy (NRGY -3.6%) will be removed from the index at that time.
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  • 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%.
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Company Description
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.