Reese Energy Consulting today is showing some love to our midstream compadres that also enjoyed a stellar Q2. Houston-based Crestwood Equity Partners is no exception but comes with a couple of interesting twists to stay tuned for. Crestwood, which operates gathering, processing, storage and pipeline systems in the Permian, Bakken, and Powder River basins, has announced second quarter revenues of $929.6 million, compared with $352.7 million in the same period last year. A staggering comeback, no doubt. But recent changes still in play could well reveal bigtime opportunities for this company on a fast track to grow, minus the ties that bind. Let’s review. Crestwood in March split the sheets with private equity backer First Reserve, which also served as general partner. In the divorce settlement, the company will shell out $400 million to buy out First Reserve’s 24% stake. In June, Crestwood and Marcellus partner Con Edison closed on the $1.23 billion sale of Stagecoach Gas Services to Kinder Morgan. Now, feeling a might freer with a little more pad in the pocket, Crestwood is biding its time to make just the right strike.
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Crestwood Equity Partners
Crestwood Equity Partners LP (NYSE: CEQP) is a publicly traded master limited partnership that owns and operates midstream assets located primarily in the Bakken Shale, Delaware Basin, Powder River Basin, Marcellus Shale and Barnett Shale.