Crestwood Equity Partners LP
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- Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that develops, acquires, owns, operates, and manages midstream energy infrastructure assets across the United States, including natural gas storage facilities in Texas; crude oil and NGL gathering, processing, and transportation systems primarily in the Williston Basin and other key shale plays; gathering and processing operations in the North and South regions; marketing, supply, and logistics services; as well as terminaling, loading, and risk management solutions for energy producers, refiners, and other customers in the oil and gas sectors. The partnership operates fee-based assets focused on storage and logistics, gathering and processing, and related midstream services, targeting independent producers and major energy companies primarily in onshore U.S. basins such as the Bakken, Permian, and Marcellus. Founded in 2001 and headquartered in Houston, Texas, Crestwood previously functioned as an independent entity with approximately 753 employees before its acquisition by Energy Transfer LP, under which it now operates as a subsidiary with integrated assets listed under Energy Transfer's 8111 Westchester Drive address in Houston. In a major strategic development, Energy Transfer LP completed its $7.1 billion acquisition of Crestwood Equity Partners LP on November 3, 2023, following shareholder approval and consent solicitations earlier that year, resulting in CEQP's delisting from the NYSE and integration into Energy Transfer's expansive pipeline and midstream network. This transaction marked the culmination of prior strategic moves, including the 2022 merger with Oasis Midstream Partners LP (Oasis Midstream) and acquisition of Sendero Midstream Partners LP, which expanded Crestwood's footprint in the Williston Basin and boosted adjusted EBITDA through diversified, fee-based contracts. Earlier, in March 2021, Crestwood executed transactions with First Reserve to acquire approximately 11.5 million common units and the general partner interest for $268 million, alongside authorizing a $175 million unit repurchase program through 2022, enhancing its distributable cash flow, credit profile, and investor base. These changes have solidified Crestwood's role within Energy Transfer's portfolio, emphasizing operational efficiencies and growth in U.S. energy midstream infrastructure.
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