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ECP has announced a definitive agreement to sell Sendero Midstream Partners, LP to Crestwood Midstream Partners LP for an enterprise value of $600 million, subject to adjustments for working capital. Sendero, based in Eddy County, New Mexico, boasts a gas processing capacity of 350 MMcf/d and a pipeline network of 140 miles. The transaction, pending regulatory approval under the Hart-Scott-Rodino Act, is expected to close in July 2022. This move is seen as a strategic alignment with Crestwood's midstream capabilities.
EnLink Midstream has announced its agreement to acquire North Texas gathering and processing assets from Crestwood Equity Partners for $275 million, pending regulatory approval. This acquisition aligns with EnLink's strategy to enhance operational synergies and redeploy assets to other areas, promising attractive transaction economics with an expected 4.0x EBITDA multiple and high-teens unlevered returns. The assets will boost EnLink's position in the Barnett Shale, reduce capital expenditures, and improve emission intensity through electric compression.
Crestwood Equity Partners LP (NYSE: CEQP) announced strategic transactions to acquire Sendero Midstream Partners for $600 million and First Reserve's 50% interest in Crestwood Permian for $320 million. This increases Crestwood's natural gas processing capacity in the Delaware Basin and is expected to generate $190-$200 million in adjusted EBITDA for 2023, contributing about 20% to overall cash flow. The divestiture of Barnett Shale assets for $275 million supports asset optimization. The transactions maintain a strong balance sheet while enhancing operational synergies and cash flow.
Crestwood Equity Partners LP (NYSE: CEQP) reported a net income of $22.2 million for Q1 2022, an improvement from a net loss of $38.3 million in Q1 2021. Adjusted EBITDA rose to $172.8 million, marking a 4% year-over-year increase. The company achieved free cash flow exceeding $28 million and a distribution coverage ratio of 2.0x. Crestwood increased its common unit distribution by 5% year-over-year. It also reported a leverage ratio of 3.5x and received an S&P credit rating upgrade to BB from BB-. Future growth is projected from increased producer activity in key basins.
Crestwood Equity Partners LP (NYSE: CEQP) declared a quarterly cash distribution of
Crestwood Equity Partners LP (CEQP) reported a full-year 2021 net loss of $37.4 million but achieved record Adjusted EBITDA of $600.1 million, exceeding guidance. The acquisition of Oasis Midstream on February 1, 2022, positions Crestwood as the third-largest processor in the Williston Basin, enhancing its enterprise value to about $7 billion. 2022 projections indicate an Adjusted EBITDA of $780-$840 million and free cash flow of $75-$135 million. Crestwood plans a 5% increase in common unit distributions starting Q1 2022 while focusing on maintaining a balanced capital allocation strategy.
Crestwood Equity Partners LP (NYSE: CEQP) announced changes to its Board of Directors following the acquisition of Oasis Midstream Partners LP (NASDAQ: OMP). Effective February 1, 2022, John Jacobi and John Lancaster, Jr. join the board, bringing extensive experience in the energy sector. Jacobi will be part of the Sustainability Committee, while Lancaster will join the Compensation and Finance Committees. The board will now consist of ten members, with 90% being independent. Alvin Bledsoe has resigned due to a potential audit independence issue, but this was not related to any disagreements.
Crestwood Equity Partners LP (NYSE: CEQP) and Oasis Midstream Partners LP have successfully completed their merger, enhancing Crestwood's scale in the Williston and Delaware Basins. This strategic move is expected to generate approximately $45 million in operational and commercial synergies, significantly improving financial strength and flexibility. Under the merger terms, Oasis Midstream common unit holders will receive 0.8700 Crestwood common units. Crestwood plans to utilize available free cash flow for the $0.625 per limited partner unit distribution attributed to Q4 2021, payable on February 14, 2022.
TortoiseEcofin announced that Oasis Midstream Partners LP (OMP) will be removed from the Tortoise MLP Index, Tortoise North American Pipeline Index, and Tortoise Decarbonization Infrastructure Index due to its merger with Crestwood Equity Partners LP (CEQP). This change will take effect on February 1, 2022, at market open. The removal occurs without a special rebalancing, as CEQP's post-acquisition weight does not exceed the required thresholds for any of the indices. These indices track companies engaged in energy and decarbonization infrastructure.
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