On 23 March 2020, Crestwood Equity Partners LP stock identified change of 60.00% away from 52-week low price and recently located move of -89.40% off 52-week high price. It has market worth of $244.22M and dividend yield of 58.96%. CEQP stock has been recorded -81.60% away from 50 day moving average and -86.62% away from 200 day moving average. Moving closer, we can see that shares have been trading -68.72% off 20-day moving average.
Crestwood Equity Partners LP (CEQP) stated recently its financial and operating results for the three months ended December 31, 2019.
Fourth Quarter and Full-Year 2019 Highlights1
- Fourth quarter 2019 net income of $47.2M, contrast to net income of $59.6M in fourth quarter 2018; Full-year net income of $319.9M, contrast to net income of $67.0M in 2018
- Fourth quarter 2019 Adjusted EBITDA of $149.0M, contrast to $114.1M in the fourth quarter 2018; Full-year Adjusted EBITDA of $526.5M, contrast to $420.1M in 2018, a raise of 25% year-over-year
- Fourth quarter 2019 distributable cash flow (“DCF”) to ordinary unitholders of $89.6M; The fourth quarter 2019 coverage ratio was 2.0x
- Ended 2019 with about $2.4B in total debt and a 4.1x leverage ratio. Crestwood has substantial liquidity accessible under its $1.25B revolver with $557M drawn as of December 31, 2019
- Fourth quarter 2019 cash distribution of $0.625 per ordinary unit, or $2.50 per ordinary unit on an annualized basis, a 4.2% increase quarter-over-quarter, paid on February 14, 2020, to unitholders of record as of February 7, 2020
Recent Developments and 2020 Capital Summary
- Bucking Horse II plant commissioning operations commenced in February 2020; The Bucking Horse II facility is a 200 MMcf/d cryogenic processing plant that increases total Crestwood plant capacity to 345 MMcf/d in the Powder River Basin
- Crestwood Permian Joint Venture (“CPJV”) signed long-term water gathering and disposal contract in the Delaware Basin with a large integrated producer; CPJV has begun construction on related infrastructure with first volumes predictable in second quarter 2020
- Crestwood expects to invest $150M to $200M of growth capital in 2020 including the final costs for the Bucking Horse II processing plant and Jackalope gathering system expansions in the Powder River Basin, upgrades and expansion of the Bakken Arrow produced water gathering system and expansion of natural gas gathering and produced water systems in the Delaware Basin
Fourth Quarter 2019 Section Results and Outlook
Gathering and Processing section EBITDA totaled $112.9M in the fourth quarter 2019, a raise of 40%, contrast to $80.9M in the fourth quarter 2018. During the fourth quarter 2019, section EBITDA increased as a result of volume growth in Crestwood’s three core G&P growth areas in the Bakken, Powder River Basin and the Delaware Basin, slightly offset by natural field declines in Crestwood’s legacy gas basins. In the Bakken, natural gas and crude oil gathering volumes increased 50%, produced water gathering volumes increased 49%, and total processing volumes over doubled, over the fourth quarter 2018. In the Powder River Basin, natural gas gathering and processing volumes increased 23% and 25%, respectively, over the fourth quarter 2018. In the Delaware Basin, volume growth was driven by a 35% increase in natural gas gathering volumes on the Nautilus system.
Storage and Transportation section EBITDA totaled $16.8M in the fourth quarter 2019, a raise of 23%, contrast to $13.7M in the fourth quarter 2018. Fourth quarter 2019 natural gas storage and transportation volumes averaged 2.0 Bcf/d, contrast to 1.95 Bcf/d in the fourth quarter 2018. During 2019, the S&T section benefited from the final step-up in cash distribution at the Stagecoach joint venture and improving basin fundamentals at the COLT Hub rail facility. At the COLT Hub, daily rail loading volumes increased 11% from the fourth quarter 2018 driven by increased production volumes across the Bakken, tightened pipeline takeaway capacity and favorable economics for Bakken crude with refinery consumers in the East and West Coast markets.
Marketing, Supply and Logistics section EBITDA totaled $19.3M in the fourth quarter 2019, contrast to $20.3M in the fourth quarter 2018. In full-year 2019, the MS&L section generated record EBITDA of $84.3M, exceeding the high end of the range of before increased guidance by about $9M. All periods exclude the non-cash change in fair value of commodity inventory-related derivative contracts. During the fourth quarter 2019, Crestwood’s mid-continent NGL team benefited from colder than average weather, extended crop drying and was able to optimize storage inventories built throughout the year.
Combined O&M and G&A expenses, net of non-cash unit-based compensation, in the fourth quarter 2019 were $53.1M contrast to $44.5M in the fourth quarter 2018. The increase in O&M expenses was Because of Crestwood taking over operations in the Powder River Basin as a result of the Jackalope acquisition in April 2019, while G&A expenses reduced Because of lower insurance and administrative personnel costs.
Crestwood Equity Partners LP noticed change of -15.71% to $4.24 along volume of 1881187 shares in recent session compared to an average volume of 891.94K. CEQP’s shares are at -86.01% for the quarter and driving a -87.80% return over the course of the past year and is now at -86.24% since this point in 2018. The average volatility for the week at 44.71% and for month was at 22.99%. There are 57.6M shares outstanding and 49.97M shares are floated in market.