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News Breaks
January 8, 2013
11:58 EDTCMLPCrestwood Midstream acquires remaining interest in Marcellus Shale joint venture
Crestwood Midstream announced that it has purchased the remaining 65% interest in Crestwood Marcellus Midstream from Crestwood Holdings Partners for $258M. The transaction is expected to be 7-8% accretive to Crestwood's 2013 distributable cash flow on a fully diluted basis and was funded with $129M of cash drawn on Crestwood's existing revolving credit facility and approximately 6.2M new Crestwood Class D units issued to Crestwood Holdings. As a part of the consideration received for the transaction, Crestwood Holdings is maintaining its 2% general partner interest in Crestwood. Crestwood does not expect any additional capital markets activity related to this transaction.
News For CMLP From The Last 14 Days
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February 25, 2015
10:01 EDTCMLPOn The Fly: Analyst Downgrade Summary
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07:05 EDTCMLPCrestwood Midstream downgraded at Stifel
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06:07 EDTCMLPCrestwood Midstream downgraded to Hold from Buy at Stifel
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February 24, 2015
07:43 EDTCMLPCrestwood Midstream reports cost reduction initiatives to realign cost structure
07:41 EDTCMLPCrestwood Equity sees FY15 adjusted EBITDA $540M-$575M
Adjusted EBITDA, including CMLP (CMLP), is estimated to be in the range of $540M-$575M. Adjusted EBITDA from operating assets owned directly by Crestwood Equity (CEQP) is estimated to be in the range of $60M-$65M in 2015; Adjusted distributable cash flow is estimated to be in the range of $80M-$85M; and Consistent with CMLP’s announced cost reduction initiative, Crestwood Equity also anticipates significant cost reductions including workforce reductions in the first half of 2015, which will position Crestwood to better withstand any sustained downturn in commodity prices.
07:41 EDTCMLPCrestwood Midstream sees FY15 adjusted EBITDA $480M-$510M
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07:40 EDTCMLPCrestwood Equity reports Q4 EPS 21c, consensus 10c
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07:39 EDTCMLPCrestwood Midstream reports Q4 EPS (43c), may not compare to consensus 6c
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