HOUSTON--(BUSINESS WIRE)--The Board of Directors of Crestwood Midstream GP LLC, general partner of Crestwood Midstream Partners LP (NYSE: CMLP) (“Crestwood Midstream”) announced that it has declared the partnership’s quarterly cash distribution of $0.41 per limited partner unit ($1.64 annually) for the quarter ended March 31, 2014. The distribution will be paid on May 15, 2014, to unitholders of record as of May 8, 2014.
“The decision by Crestwood Midstream’s Board of Directors to maintain the quarterly distribution at the existing rate, for the first quarter of 2014, reflects our commitment to improve distribution coverage throughout 2014 as cash flows continue to ramp-up from recent acquisitions and as ongoing capital projects are completed,” stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwood Midstream’s general partner.
“We are in the early stages of building the new Crestwood into a premier midstream competitor in multiple high-growth shale plays. As we further integrate the assets and operations of Crestwood and Inergy, we are increasingly optimistic about the long-term growth opportunities surrounding our fully diversified value chain platform. Importantly, we are pleased with the current operating performance of our existing assets and continue to expect full year 2014 distributable cash flow to fall within the range of our previous guidance estimates.
“Additionally, we continue to make significant progress in developing a substantial multi-year portfolio of investment opportunities to provide sustained growth for the partnership. Our management team and Board of Directors are committed to balancing distribution coverage and growth to drive long-term value for our unit holders,” Phillips said.
Earnings Conference Call
Crestwood Midstream and Crestwood Equity Partners LP (NYSE: CEQP) each plan to report financial results for the first quarter 2014 on Tuesday, May 6, 2014, before the New York Stock Exchange opens for trading. Following the announcement, management will host a joint conference call for investors and analysts at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) that day to discuss the operating and financial results. The call will be broadcast live over the internet. Investors may participate either by phone or audio webcast.
Dial 480-629-9643 at least 10 minutes before the call and ask for the Crestwood Earnings Call. A replay will be available for seven days by dialing 800-406-7325 and using the access code 4680744#.
Connect to the webcast via the “Presentations” page of Crestwood’s Investor Relations website at www.crestwoodlp.com. Please log in at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call for 90 days.
About Crestwood Midstream Partners LP
Houston, Texas, based Crestwood Midstream (NYSE: CMLP) is a master limited partnership that owns and operates midstream businesses in multiple unconventional shale resource plays across the United States. Crestwood Midstream is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation and terminalling of NGLs; and gathering, storage and terminalling of crude oil.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns the general partner interest, including the incentive distribution rights and an approximate 4% limited partner interest of Crestwood Midstream. In addition, Crestwood Equity’s operations include a natural gas storage business in Texas and an NGL and crude oil supply and logistics business that serves customers in the United States and Canada.
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in Crestwood Midstream’s annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
Tax Notice to Foreign Investors
This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of Crestwood Midstream’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Crestwood Midstream’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not Crestwood Midstream, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.