Press release from PR Newswire
Crestwood Announces Second Quarter 2013 Distribution
Thursday, July 18, 2013
Crestwood Announces Second Quarter 2013 Distribution07:30 EDT Thursday, July 18, 2013
Earnings Release and Conference Call Scheduled for August 6
HOUSTON, July 18, 2013 /PRNewswire/ -- Crestwood Midstream Partners LP (NYSE: CMLP) ("Crestwood") announced today that it is maintaining its quarterly distribution of $0.51 per unit, or $2.04 per unit on an annualized basis, for the quarter ended June 30, 2013. This distribution will be payable on August 9, 2013, to unitholders of record on August 1, 2013.
With respect to the second quarter 2013 distribution, Crestwood's Class D units will receive additional Class D units in lieu of a cash distribution, as consistent with past practice. The Class D units will convert to common units on March 1, 2014.
Crestwood plans to report financial results for the second quarter 2013 on Tuesday, August 6, 2013, before the New York Stock Exchange opens for trading. Following the announcement, Crestwood will host a conference call for investors and analysts at 10:00 a.m. Eastern Time (9:00 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 480-629-9723 at least 10 minutes before the call and ask for the Crestwood Earnings Call. A replay will be available for 30 days by dialing 303-590-3030 and using the access code 4631393.
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 is a growth-oriented, midstream master limited partnership which owns and operates predominately fee-based gathering, processing, treating and compression assets servicing natural gas producers in the Barnett Shale in north Texas, the Marcellus Shale in northern West Virginia, the Fayetteville Shale in northwest Arkansas, the Granite Wash in the Texas Panhandle, the Avalon Shale/Bone Spring in southeastern New Mexico and the Haynesville/Bossier Shale in western Louisiana. For more information about Crestwood, visit www.crestwoodlp.com. The general partner of Crestwood is owned by Inergy, L.P. (NYSE: NRGY). For more information about Inergy, visit www.inergylp.com.
The statements in this news release regarding future events, occurrences, circumstances, activities, performance, outcomes and results are forward-looking statements. Although these statements reflect the current views, assumptions and expectations of Crestwood's management, the matters addressed herein are subject to numerous risks and uncertainties which could cause actual activities, performance, outcomes and results to differ materially from those indicated. Such forward-looking statements include, but are not limited to, statements about the future financial and operating results, objectives, expectations and intentions and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect Crestwood's financial condition, results of operations and cash flows including, without limitation, changes in general economic conditions; fluctuations in oil, natural gas and NGL prices; the extent and success of drilling efforts, as well as the extent and quality of natural gas volumes produced within proximity of our assets; failure or delays by our customers in achieving expected production in their natural gas projects; competitive conditions in our industry and their impact on our ability to connect natural gas supplies to our gathering and processing assets or systems; actions or inactions taken or non-performance by third parties, including suppliers, contractors, operators, processors, transporters and customers; our ability to consummate acquisitions, successfully integrate the acquired businesses, realize any cost savings and other synergies from any acquisition; changes in the availability and cost of capital; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control; timely receipt of necessary government approvals and permits, our ability to control the costs of construction, including costs of materials, labor and right-of-way and other factors that may impact our ability to complete projects within budget and on schedule; the effects of existing and future laws and governmental regulations, including environmental and climate change requirements; the effects of existing and future litigation; and risks related to our substantial indebtedness, as well as other factors disclosed in Crestwood's filings with the U.S. Securities and Exchange Commission. You should read our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2012, and our most recent Quarterly Reports and Current Reports for a more extensive list of factors that could affect results.
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's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Crestwood'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, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.
SOURCE Crestwood Midstream Partners LP; Inergy, L.P.