Crestwood Equity Partners LP

crestwoodlp.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2023 10-Q, filed Nov 2, 2023. Its latest SEC filing is a SC 13G/A from Nov 20, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Sells crude oil, natural gas and natural gas liquids to third parties and provides gathering, processing and storage services to producers.

How Did They Make Money?

Crestwood sells crude oil, natural gas and natural gas liquids to third parties; under some contracts it remits part of the proceeds to producers. It also charges fixed or volume-based fees for services, billing as those services are provided or weekly, bi-weekly or monthly.

revenue

Segment	Share	How money arrives
Product Sold outright	87% FY2019: 87%	Sold outright
Product, Related Party Sold outright	3.7% FY2019: 0.1%	Sold outright
Service	7.2% FY2019: 13%
Service, Related Party	2.5% FY2019: 0.0%

Who Were Their Customers?

Its gathering and processing services go to producers in the Williston, Powder River and Delaware basins. Its storage, terminal and transport services serve producers and other energy businesses, including refiners, marketers and utilities.

Did Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2022 and turned 3 cents into free cash flow.

Operating income, FY2022

4% of revenue

▲ +6% vs FY2021 ($222.7M, 5%)

Net income, FY2022

1% of revenue

▲ Now profitable vs FY2021 (−$78.5M, −2%)

Free cash flow, FY2022

3% of revenue

▼ −39% vs FY2021 ($343.5M, 8%)

How Were They Changing?

Since the FY2022 annual report

Latest quarter: Q3 FY2023, the three months to Sep 30, 2023

Revenue: ▼ −27%; vs $1.6B in Q3 FY2022
Net income: ▼ −62% (Loss); vs −$53.3M in Q3 FY2022

Nov 3, 2023 Energy Transfer completed its merger with Crestwood Crestwood common units were converted into Energy Transfer common units under the merger terms.

Grew. Revenue grew 64% in 4 years, from $3.7B in FY2018 to $6B in FY2022, about 13% a year.

Exited Barnett and Marcellus The older report described gathering and processing operations in the Barnett and Marcellus; the latest report says those operations were fully exited and focuses on the Williston, Delaware and Powder River basins.

Expanded its Delaware Basin position The older report described Delaware Permian systems through an equity-method joint venture; the latest report adds Sendero's Carlsbad system and says Crestwood acquired the other interest in Crestwood Permian.

Revenue over time

Product Product, Related Party Service Service, Related Party

$10B$5B$0

FY2018 FY2019 FY2020 FY2021 FY2022

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