Leading Independent Proxy Advisory Firm Glass Lewis Recommends Crestwood Unitholders Vote “FOR” the Transaction with Energy Transfer

Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced that leading independent proxy advisory firm Glass Lewis & Co. (“Glass Lewis”) recommends that unitholders vote “FOR” the pending transaction (the “Transaction”) with Energy Transfer LP (NYSE: ET) (“Energy Transfer”) ahead of the special meeting of unitholders scheduled to be held on October 30, 2023.

In its report dated October 20, 2023, Glass Lewis stated¹:

• “We believe the terms of the merger are favorable for Crestwood and its stockholders [and] combining into the larger entity would mitigate risks and longer-term challenges associated with Crestwood business that are inherent for a smaller scale company.”
• “…Crestwood unitholders would benefit from access to a stronger balance sheet and greater potential for value creation compared to the standalone status quo…we believe that the proposed transaction warrants shareholder support at this time.”

Crestwood issued the following statement:

“We are pleased that both Glass Lewis and ISS support the Board’s unanimous recommendation that unitholders vote “FOR” the Transaction with Energy Transfer. The recommendation from Glass Lewis further validates our belief that the Transaction delivers strong value to Crestwood unitholders through participation in the long-term success of the combined company. We look forward to working with Energy Transfer to complete the Transaction and initiate the next phase of our growth journey.”

The Transaction is expected to close in the fourth quarter of 2023, subject to the approval of Crestwood’s unitholders and other customary closing conditions.

The special meeting of Crestwood unitholders will be held via webcast on October 30, 2023, at 9:00 A.M. Central Time. Crestwood unitholders of record as of September 22, 2023, are entitled to vote at, or in advance of, the special meeting.

Crestwood unitholders who need assistance in completing the proxy card or need additional copies of the proxy materials should contact Crestwood’s proxy solicitor:

Innisfree M&A Incorporated

Toll Free: [phone] (from the U.S. and Canada) or

[phone] (from other locations)

10:00 am-7:00 pm ET, Monday-Friday; 10:00 am-2:00 pm ET, Saturday