Crestwood Announces Quarterly Distribution and Schedules Second Quarter 2020 Earnings Release Date
Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood” or “CEQP”) announced today that the board of directors of its general partner has declared the partnership’s quarterly cash distribution of $0.625 per limited partner unit ($2.50 annually) for the quarter ended June 30, 2020, which is flat quarter over quarter. In addition, Crestwood announced a quarterly cash distribution of $0.2111 per Class A preferred equity unit ($0.8444 annually). Both common and preferred distributions will be made on August 14, 2020, to unitholders of record as of August 7, 2020.
Robert G. Phillips, Chairman, President and Chief Executive Officer commented, “Based on strong forecasted second quarter results relative to current market conditions, Crestwood is pleased to announce we will maintain our current level of common and preferred distributions, reflecting the stability and resilience of our diversified asset portfolio. Crestwood’s better than expected results in the second quarter were driven by lower shut-ins across our G&P segment and the immediate value we achieved from the successful integration of the newly acquired NGL assets into our MS&L segment. We continue to have increasing optimism around the second half of 2020 relative to our revised guidance as limited production remains shut-in on our oil-weighted systems and our largest producers in the Bakken have initiated completion crews to begin completing DUC inventories in the second half of the year.”
Mr. Phillips continued, “As is always the case, we will continue to evaluate our distribution policy every quarter and set the distribution payout at an appropriate level that is supported by the current and forecasted performance of our assets and in conjunction with our long-term strategies towards maintaining balance sheet strength and maximizing unitholder value. Despite the current volatility in the energy and midstream sectors, we anticipate that Crestwood will generate positive free cash flow after paying out all common and preferred distributions beginning in the third quarter of this year and remains well positioned to execute on the financial priorities we have laid out for 2020 and beyond.”
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