CEQP - Earnings call transcript Q2 2018 | Crestwood Equity Partners LP

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Operator

Good morning and welcome to today’s conference call to discuss Crestwood Equity Partners’ Second Quarter 2018 Financial and Operating Results.

Before we begin the call, listeners are reminded that the company may make certain forward-looking statements as defined in the Securities and Exchange Act of 1934, that are based on assumptions and information currently available at the time of today’s call. Please refer to the company’s latest filings with the SEC for a list of risk factors that may cause actual results to differ.

Additionally, certain non-GAAP financial measures such as EBITDA, adjusted EBITDA and distributable cash flow will be discussed. Reconciliations to the most comparable GAAP measures are included in the news release issued this morning.

Executive prepared Phillips; Chairman, and and Officer, Halpin; with Executive and Chief today Chief Robert Bob and Officer, Executive and us remarks Heath President are Chief Financial Operating Joining Officer, President Deneke. Vice Vice President

the Today’s of will team to recorded. this Instructions] call and is management the analysts following time, be Crestwood’s At turn over session being Bob with senior current for the I the question members Additional available answer prepared call will remarks. Phillips. [Operator

Bob Phillips

Thank morning. you for you, of to we’re today, to for want Powder adjusted cylinders quarter expansions second Crestwood week about results last Thanks million, on joining happening to to first, on financial another pleased the congratulate $XXX lot EBITDA our very announcements fire Crestwood the year. quarter, Last past in things investors. from second the up and River And a great we financially Delaware Operator, Basin. for that’s with In operationally the good important and and delivering announce all made continued several weeks. to And us. of quarter. I X% of We’ve strong positive two at had Crestwood commercially, team all Basin

gas growth quite requires had has lot we those We business, distribution from low $XX approximately about years, primary strategy in been production It we the -- ongoing a assets. is the maintenance of opportunities. with a of higher it ongoing And at coverage and Importantly, growth refining California assets has has like California capital market. sale rationalize This given NGL relevant for of it in needed consolidation shrinking NGL ratio to customers to and our the as announcement, at divestiture the remain a promise, inventory. annual portfolio the but sold going This commercially regional markets. talk give we delivered West price ratio significant to and good capital. faces high just million you additional of NGL like think projects, on Also you for and announced I X.Xx another redeploy leverage we was color for time, for let on Crestwood. give strong the the which would The of is Westcoast to second X.Xx. and the the some Crestwood assets some to our consistent of assets strategically. the Coast where Robert we've divesture growth quarter details challenges our I’m

processing Delaware which and areas, business. are the three The Bakken, benefiting River long-term exceed economics and gathering basins. our producers breakeven strong the commodity in all prices, the near-term those to for with the areas Powder growth fundamentals First, Basin, from both Permian those and

the Colt to for gas see of visible Tres this in solid service Stagecoach Northeast, model greater even downstream power all the optionality Gulf and to connectivity storage improve in demand to as increases assets fully as to for that over continues to to provide very Palacios grow in our producer demand more for transportation great our we are and be group In segment, to Against well the netbacks substantially oil and to market assurance. are netbacks in our Stagecoach located both as rising accelerate prices, year-over-year makes now Coast growth and flow available time. strong Tres that got our operations good crude from basins producers line Similarly, is for and spread, on motivated year-over-year. gas integrate West expand to Coast, Our as completions. growing years drive markets more top where performance to marketing And and growth higher in certainly, oil which Bakken continues the improvements Palacios a reasonable these think we and continue three we market the and exports, assets show in development WTI/Brent and economic customers North are refiners come. production Bakken producers as market, even long-term financially Coast. the more Dakota acreage. oil diverse, backdrop, with flow storage expand still infrastructure long-term drilling continue the even of on We LNG production, we and services Mexican if natural are dedicated seeing expect gas production market to East and out

truck, We our of review past of due In clearly, terminal. in the bottom-to-top has delivery trends rail logistics the expect team a first and supply improved systems, our X well. fundamental half cost streamline these in months, marketing, resulting and XX performance finished to operating to and to segment, business supplies new better continue XXXX NGL lower NGL as organization,

higher gathering won transportation and CCJ the processing Year this of business supportive transportation, Award implementations of very -- here electronic and trucking recently are U.S. example, Same fundamentals an team XXXX storage fleet. As our as processing the in growth, our Conway demand, Bakken, for market, Innovator from potentially in with the system implement the growing book in the sales and plant Permian Powder capacity and River absolute expanding Delaware in business NGL our the a the driving to significant supply spread strong Mont downstream Basin. export balancing prices NGL Belvieu

past remain our over what the next the we supporting clearly program we the In our fundamentals downturn the our continue in have over executed pleased summary, on projects doing the and the years. business next is dilutive growth in during us that that the stayed capital improvements in River, XXXX And visibility given team earnings with issuance, segments, ability those confident organization as leader Equity Partners. to invested to want investors strong Crestwood in make the the as field and any NGL on plan. Powder I and that growth the XX strategic equity thank without of well. our highly finance the our recently current our to all become with in Bakken, we’re several Delaware years, sheet, Crestwood So our months, have the we and industry in balance forecasted the guidance has a few to Permian

about We’re we future. the well. financial you of to very know Robert review our a that turn excited over And I’ll results. it are that, second quarter as for With

Robert Halpin

second to very Bob. you, report financial for quarter. pleased Thank results the am strong the I

of $XXX adjusted up the from year-over-year second EBITDA quarter up and totaled million quarter XXXX, quarter to Our sequentially of $XX which X% million, second compared in X% the was to XXXX. first

in and and logistics processing, and and to by flow distribution unit supply of Distributable quarterly cash available quarter cash A the unit were common marketing results driven for our was strong our outperformance Class our million, net-net holders gathering $XX holders. second segments. Our to preferred

segment our half increased in million the we EBITDA and we contributor Segment begin segment, to of River distribution the a continued investments benefit second the the quarter lower In result the holders, our decreased the Northeast in XXXX, XXXX. of of For year-over-year of distribution the segment to in demand quarter segment, the in coverage million of $X.XX common million and quarter expect a the cash compared growth, storage In during and segment and across spreads. and EBITDA resulting expected X.Xx. of $XX see of to second unit cash from $XX new increase a a declared Colt to increased favorable as million second processing In benefit of to segment, quarter compared and second second and million second segment our generation totaled the processing quarter gathering in as gathering our our power a marketing into second the Stagecoach the XXXX. Bakken. WTIs logistics and XXXX. contributions XXXX projects storage Delaware our rail Brent for flow totaled the in quarter XXXX, the $XX transportation of EBITDA approximately of our of Segment at utilization volume to of distribution quarter totaled large million segment growth to the second systems. EBITDA our transportation Basin we Powder to $XX service expect $XX increased XXXX, second due EBITDA to hub quarter $XX the XXXX, the In half supply XXXX loading we from in quarter compared result of Colt step-up, of our hub. Bakken, capital the as EBITDA In in XX% be primarily transportation go

market logistics which quarter U.S. divestiture EBITDA. Salt, and result segment EBITDA of regional increased sale the the as marketing, U.S. increased pipeline high-growth of various and contributed for expanded segment supply for EBITDA dislocations supplies approximately million Second reflects U.S. by as of NGL base XX% from the NGL as regions an caused segment a XXXX of Adjusted well outages. supply Salt, year-over-year $X.X

Now to continued insurance million as marketing, Combined combined due operations in to safety streamline expenses. our were was the operating second by or expenses supply to O&M and and logistics Crestwood's efforts for $X.X second The well compared decrease across in G&A XX% of quarter improvement to quarter expenses expenses down XXXX. as lower moving the segment driven our operational platform.

balance to looking the Now, sheet.

under This and As Xx. XX, our outstanding, at senior outstanding $X.X resulted in a billion ratio in billion Crestwood credit billion of facility. $XXX debt $X.X of including notes approximately had of borrowings fixed-rate revolving $X.X June million leverage

XXXX, million and our quarter, have capital River systems first are processing in consolidated growth $XX growth the During the XXXX. the accumulative the in basins. million through capital Delaware growth of gathering in Powder Bakken In half in invested to capital $XXX approximately second and we actively expand invested we and investing to

of reflect River previously for the and million on remains issue remainder capital $XXX does Based equity of Crestwood outlook NGL XXXX, and million recently commitments to XXXX West model to approved XX% our our our to XXXX, our capital current firmly of this significant capital $XXX utilizing basin needs. from Crestwood to capital joint to revolving current and availability credit facility Delaware self-funding stated our XXXX assets, excess basin $XXX into increasing $XXX the continue from Powder expanded any growth funding through is Coast committed retained the to expect proceeds full-year expansions. divestiture Crestwood to partners guidance For the million million interest not on up execute its to the plan. venture DCF, existing in

complete year Xx to range expect total leverage within to the X.Xx. guided our ratio of previously We

the addition, range EBITDA $XXX are In our the million to divestitures exclude financial increase very of of first $X year full to NGL be strong guidance an million announced our call of to over a to for XXXX, the result from provision we is from turn range in EBITDA adjusted upward also in our to today. $XXX of million I'll of This now capital provide previous we a update the that, to a XXXX now Heath with on to million, million half $XXX result our the as $XXX and range results as the West tightening midpoint. outlook. projects business officially Coast adjusted the assets equating And

Heath Deneke

Robert. Thanks

had oil our due core G&P portfolio assets quarter. pricing we've strong to results, of in another and $XX well will efficiency, levels, we quarter biometric advancement overall barrel across continue per and our growth Crestwood. the our duration of crude basins continued So in experience the really strong to full producer of exceeds activity improvement And for growth

great operations volumes teams to curve Our those our driving and Barnett cost job, and efficiencies system Marcellus a outperform continue are in doing decline regions. expectations

of from posted refinery and supply Conway and Our fractionation well results basis our to segment widening NGL the pricing associated differential advantage with production customers. output by NGL as growing Belvieu favorable Mont downstream as increased taking MS&L strong of

look system this in the of region. in year. highlights pickup sector forward from the localized Our gas from increased and tight which takeaway in also the lending assets X.X price later quarter price the as Bcf/d the the We Northeast volatility, transportation as believe comes storage activity we further on third some line gas as situation Stagecoach power the to well additional benefited on extreme growing projects demand

had the Bakken. River I’ll on projects Powder really on color the project these two processing a the an and and as provide update Finally, in more debottlenecking projects ongoing Delaware the last in expansion exciting well week currently we announcements major little Basins. as bit

Delaware So starting the Basin. with

first quarter, averaged second assets increase and quarter MMcf/day, second quarter natural volumes our XXXX, sequentially XXX XXX% a Crestwood’s XXXX. XX% During the of over of of gas the of gathering

of management our announcement our for across running the built in outstanding a step the Orla record was in-service and in-service important to date very remainder that project We expect provide continue now system July update, nine the want team strategic Basin. now to Basin. importantly operational the throughout a the processing pleased have over volumes planned. that operating at our markets. the from Delaware competitive Last NGL week, marked that we safety a announcing Basin to as in integration takeaways Lake fully spans doing first extracted and will move plant maintaining the Delaware year plant of are Orla the to rigs an the two outstanding in very an project fully XXX and plant job congratulate across of The and there projects footprint. we grow track delivering are heart as gathering currently comprehensive franchise Orla, in the of NGL to solution Delaware Willow Nautilus Coast full the That Gulf building miles integrated systems budget I

has As to capacity rapid that is and and associated the day Willow as processing at million located per New provide Eddy to grow growing designed reminder, additional to Reeves, system for that meet accommodate our in Orla Nautilus County, processing trains been least a around the is Texas. to XXX as a producers spans our services cryo, Loving at plant The Orla the of in as a Ward gathering footprint. Lake and continue million Mexico, centrally system gas a XXX both Counties two needs volumes gas System pace day facility well

Orla long-term knew and for is from fierce. long one to a integration Willow and midstream platform some Delaware larger large to the integrated scale compete, with need Lake have liquid had have now Basin in effective systems. solution to very full reporting As with gas the to have we that particularly We compete NGL the processing haul the gathering, compete very the and you develop would of plant cost day of a platforms. G&P takeaway to understood Similarly, Nautilus over that also companies the in competition expect, to the facility of and we services Basins the that we

So funded very First interconnect was announced acquired transactions venture takeaway Orla Phillips takeaway have and our over be we Benedum, the for our capacity with EPIC was purchased Pipeline Pipeline Simultaneously area. plant segment Orla transaction, Basin are revolver two by optionality new the originating new plant Station. the while our last barrels Chemical have outlook as Orla-to-Benedum trained excited transactions. competitive a Chem or multiple NGL complete as interest day NGLs a These of EPIC we through Reserve the and for inch for create to and undivided our Chevron from will in CP pipeline. and in EPIC long-term NGL Oral with we planned joint adequate capacity ownership provides also a Texas to delivered joint as ensuring pipelines NGL joint -- out will agreement deliver sale that The our XX connect XX,XXX week, of venture with NGLs Benedum very we and inner EPIC via These to the well entered Orla Y-grade Permian EZ at first our to Orla-to-Benedum of our and with into CP Crestwood Chem expansions. Chem's The CP pipeline purchase sell at of purchase control via that per level.

products to Coast agreement, the markets located So Complex to be through along Phillips' move key to the the Crestwood optionality feedstock Gulf to CP region. maintaining while the premium Chem a expects Chevron Sweeny supplier NGL

and with to gathering new our G&P our and gathering, we're very an integrated now look to on compete and in continue to service. growth handling, also liquids and side, summary, We expand previous processing existing for water scale is customers working Delaware for of disposal Reserve that in and platform processing alongside Similar footprint. large platform reuse in well-positioned forward First plans gas announced our fully this system produce basin. believe located with now the So closely to develop Basin, integrated infrastructure approach our to to we’ve

to and the Permian, our made don’t progress very specific have in we commercial make to we business water time, like this Delaware our we're very pleased the a have be While about excited strategy the that with at really continue announcement teams case. we

and River north In formations Sussex shove Turner, would Frontier, to targeting including Powder operating let’s XX activity formations. Niobrara to continue the rigs producer stack the the basin Basin. So River, Powder multi we see the now resurgence over now in

quarter added rig. recently On system ran of the second Jackalope fifth rigs during majority Chesapeake a four the has and the

Jackalope proceeding the approximately gathering for oil, as Based of at appraisal day $XXX the and highs of is dedicated a daily of is capture XXXX. the XX% capacity and systems train productivity second release, its Jackalope formation. more development expanded natural activity volume the than week, So double comprised response these surrounding net the a is jointly third shifted day recent to to announced Chesapeake net volumes in on gas million than in increasing expansions XX% in forecasted Crestwood expand of of increased production targeting offset natural And XXX during in of production which Turner total With in a and generate this we approach with Chesapeake our issued the In acreage, release invest second as Powder level gathering several to are recent XXXX, And of well over Turner Horse that to have per processing in expected by Williams gas Bucking during planning volumes a projects is add its and press now within Boe range energy last XXXX. the early the in full on in ventures of exceeded Xx by million million XX,XXX mode the XXX of quarter XX% as the facility from quarter. years. system XXXX July, currently the of the of to coming and Separately, Chesapeake that into of third-party compared more rig plans region associated stated press the net to XX% we’re Crestwood the of full that quarter next over River liquids. volume per model growth in record reached from fourth Xx expects approximately joint Niobrara day This expansion. are current further stages formations to the basins to we portion the the years our growth the the processing gathering expect time frame. to growth, expected volumes operators. 'XX-'XX to

Shifting In addition, of Converse and now gathering our we’re in surrounding to the systems to growing County areas producer actively new foot crude the print. needs pursuing G&P in support development in basin Bakken.

quarter, volumes second we produced XX%, the water and increased respectively. and During natural XX% saw gas

of On the the been tucked volumes Arrow system, bottlenecks projects alleviate that beginning or that curtailed off to flared, as Arrow a capture and system. were completed previously newly infrastructure are result

in producer volume track to done of And most are our of complete when half continued products XXXX. ’XX second are the We’re quarter the acceleration on the in projects service. throughout end into we completions of our and third expect the and placed ’XX corresponding remaining growth of as debottlenecking by those

terrific side cost Arrow producers gain results well. make continue productivity while We as see the well gains efficiency on our to and continue to

So example, per with completion about on costs of record equivalent barrels X,XXX one the that second further XX% XXX day the acreage IP rate producers' as million company oil quarter, system, of of North Arrow the approximately XX highlights cut. record per now most of our which some largest oil on WPX in announced well Also producers occurred pads. an year Energy, and in X.X during an is our supports are system averaging economic This drilling America. the

the who done an a will plant total bring side, well third the a as the our which of quarter, facility. phase are handling marketing our operated processing the second Bear the We’ve which a as of million capacity million pricing at team through XXXX. expansion, construction utilization XXX in high out which also day of to aggregate flow million during the assurance NGL the second of Den additional will day to collaboration XXX liquids X capacity, day the Den competitive XXX Bear shifting processing provided So quarter producers by Arrow provide netback processing of of with

the during once Crestwood position an on Also to Elk and NGLs, So Creek our anchorage an the agreement on project of gas their signed we with comes turns also One Oak will is expected when the in complete, Bear Arrow second be to second become of project XXX% shipper half plant on quarter, process the system system. which reached online, NGL to XXXX. Den their the in for be gathered

expect netbacks will markets. this will the best Mont NGL up provide outlet and additional We customers or will -- Belvieu out Bakken, ultimately of the in NGL the Arrow the liquids its that best NGL move which netbacks show

expansions processing So invest approximately the to gathering at gas to per and and through our beginning our the capacity natural Arrow in period million XXXX XXXX gathering system, barrels gathering day; crude expand to XXX,XXX $XXX barrels full total are million Crestwood our overall returns is expansion processing multiples. in committed produced program generate expected to XXX is a build per the well water extremely per XX,XXX and gathering capability attractive below When an to to these Xx with day. projects project capacity total, expected day, complete

to total cash and growth track and plus for beyond, remain at cash cumulative XXXX rate meaningful annual XXXX, these XXXX going drive very flow to contribution expected As on Crestwood from XXXX. growth XX% projects Arrow's flow in an accretive with

years new customers identify system potential the to teams our the opportunities from growth in annual and expected In as and Arrow next addition, in as based over further continue increase capacity on system well additional cumulative commercial for existing rate customers could Arrow expansion increase asset. five feedback project our area, the some the that

quality organic the we projects three we questions, are fronts. think is investors how performing high and for remainder how We with growth. to well is of high then pleased these of with business our in the with positioned growth I’d projects the that, year into opening XXXX. believe before for on accretive Crestwood visibility basins. cash a like all And to our We’ve base multiyear say backlog provide flow of going line So

access not markets Importantly, capital growth we on exceeding need to execute the to do this strategy.

that, with line believe open I for So operator, questions. to we’re ready the

Operator

time this a with session. your be At we’ll first SunTrust. Tristan conducting Our proceed comes line from question-and-answer Instructions] Please of from [Operator Richardson the question question.

Tristan Richardson

Just on on your approve recently third accommodate train. you a have announced projects, Permian talk Y-grade the is capacity that such acquisition, the that there could and line? you capacity potentially Until second commercializing time noted those capacity that to there a you about you

Heath Deneke

Yes, absolutely.

Heath this So Deneke. is

entered train we when of gone one the transaction capital off the back look this economics. and is expenditure, really underwrote So the into

So returns really really we the line. increase expected relates get one utilization they better our to the transaction, as only overall the of and capacity

of up train kind plans kind we fill near-term we our three. inject kind and to two grow as it available one of trains then trains our exclusively So keep system into and are for

Tristan Richardson

Got solution it. you've of PRB helpful. where Horse relate in sort just, talked about you've seen could pinch to the points there. that and events it just talk Could Bucking expansion little about crude And the what crude opportunity the triggered now there? then That’s the a bit are you

Heath Deneke

cost look cost think $X It When better. there to market. to to of want in basin just in crude trough half full development out per some that the we mean, I sometimes gathering in the the obviously, If Yes, getting systems perhaps well, majority producers currently, at shift the mode, in situations, me ramp-up cut we’re is we can let into basin seeing we start level. $X activity. a barrel. or at

the all years efficiency that’s there. of So to producers think as the handle are as We here really possible. that be going oil getting we coming shift want definitely in as much produced feel starting crude cost get the both well to to to quantity to as

ultimately crude -- well take actual as the foot combination hub, gathering basin will as crude advantage us, the access. a near in to they markets and if us particular, investment For both that prints, in we solutions to crude barrels we the a competitive that investments oil to two terminal Jackalope And Douglas. rail gives of think put you develop that the crude these the get want

--with I think, in it, But again as foot foot have that secure our gas to well we some have a print. our appreciate. particularly very of it's we’re So, got that’s why print did competitive on these focused Douglas as we and our those as been try up gathering think we -- terminal, to market lend systems,

Operator

comes proceed your the of Bank Coleman of Our line from next question Dennis Please from with America. question.

Dennis Coleman

bit Just can purchase. talked as little decision and to there there, two a decision at for the EPIC on plants, what Orla, you've expansion? timing you the opportunities about on we about Tristan's points question on expansion the process, obviously, think make How are key tech

Heath Deneke

we've timing, going we one -- of need we our we kind I with think into the got mean, think got I train Yes, what XXXX.

are I permitting train, kit placed and we've where ongoing. efforts think next an already having the order we the for are

it's remain the on us our by the continue the next that put that it With for XXXX. to filling capacity good means we in those that up XXXX, XX sight process. day. have processed activity. if have volumes that -- midpoint in one, to in and dependent the think, in to the certainly believe the to secure FID in that But our XXXX; year, And made up on that other ramp-up that years. plant maybe location. existing Willow could of of -- we of the service which we being of day chance the point, customers of highly I connection close better largely Lake to the planning process million end was with at have shifted line to your will production put that train that a we’re we borrowings we think as customers contracts not this we been need in going early coming made will producer we think going the the to somewhere yet, are next be I upon we and this So But we’ll Again, services system

Dennis Coleman

So build other if trained takes it some doing months takes XX but another you’re -- of that -- to FID things it where year sounds sure? this for it like sometime

Heath Deneke

we time Well, XX to to XX we’re FID think make here if completion in time. -- We pretty think if to soon being months go XXXX, from we’ve be I we need roughly. to going

one. As go, go. have so -- ready said We’ve of it’s Permian project permits to completed prepare Orla the are ordered kit, ready the to to next activities site we’ve our I some to train to the already the

So we we I this probably button. really, like hit need at go the said, to in months, time, to XX point XX inside, think

there’s some some think be of market But we of we know potentially the ongoing I that for good us. in So FID that dependent we’ll is need really the -- could off. there on will success timing the the we’ve chance a RPs upon depending when

Dennis Coleman

And then anything what when opportunity capital in on be on the might about you might talk can basin, be? the you Delaware the opportunity water specific more And that?

Heath Deneke

calling area the bottlenecks, going in any the understand has I look, I water are of the We share potential the just think the ramp-up basin. or think it’s type amount Permian, you produced the if of be really of gathered to us debottle in studied lot achieve to primary one that the -- across that mean, that’s will, Yes, Delaware for of Basin.

think of a business scale large really to an of and position acreage solution, just not in pipe more putting like that costs through producer larger magnitude it’s to needs the to approach of where at and get is looking than be down, but scale segment you’re It we going ground a get solution midstream needs a water of middle the out handle to to. SWD that pressure coming production laying think have then we high to quality area mean also to the rejected. and So the

large it we I it’s that mean, the be of we a size, very quantity of early, little So think terms I handle. the need in bit water could think to

million at we’ve per a of -- XX,XXX are from we think I X.X up day barrels to opportunity looked barrels ranging day.

with a deal basin. but to secured CPJV the general we think, for the think I it be have customer, bit size, little opportunity where we we’ll the I meaningful So along announce our very until growth could the of a set base kind get the further in

Dennis Coleman

terms me. A CP specific purchase couple and share can terms agreement on in the ones a Anything hopefully, sale tender more, of you for Chem volumes? of or of quick the

Heath Deneke

I where what the CP subject recent -- you’re in mean, other options I came of through Chem very and constraints we And disclosed somewhat months run-ups in and out what the are I depending let’s you a we’ve seeing in think extensive release of people the negotiated and where are for getting RFP really could systems. is we some transportation would do the provider secured due and think curtail those I the good services to and on I mean you fractionation bottlenecks the in the call not one, allocation we press were on overall any virtually feel of is day to XX,XXX scripts. system. with for this capacity, discussed basin. X say just is we transaction. process in issues we barrels that every Number tell of pipeline Lot

one and be just again, number our be train we move subsequent to train. NGLs privately-held for is that And to able is this for now will feel not liquidity but So to this a access got going we like pipeline. we

capacity do. to intent for shippers, can our preserve which that we we so processing And

that to again, and the put for advantages As on pricing we I continue it price think, go have certainly best to some customers. believe compete we we’re relates competing we in of and basin the our we new will to

markets, thing only is CP have day, and a look but of options on additional to continue we markets could significant downstream quantity, to I opportunities barrels deliver other of Chem portion it side to it's it's Y-Grade XXX% is for that exclusive, Regarding of a the it that is do so our other XX,XXX volumes, but substantial and not the add portion. not

agreement EPIC producers are Chem of some well comment The to our well county, that transactions wanting to other on think as to CP their get the Chem CP the well downstream opportunities, flexibility we within deal. maintain the of growing barrels thing in do with would direct flexibility is we our do the Pipe as back I have on amount combined exercise that liquid as that is we that until

think if guarantee and in that wants the certainly our we it's we really saw hit rate flow and very we So the for terms again sales assurance producers, think attractive of someone flexible to mark long-term place. in would market most the

Dennis Coleman

Is for you XXX ratable kind that about that to sort I half for got And about CapEx the of XXX. and second color. you to all expect quarters it? the the Thanks over of cadence think what then one my last that just for is wish do

Heath Deneke

fairly ratable. think Yes, Dennis, it I is

the being Powder Delavar now timing the by plus I in CapEx second of mentioned. largely year the we additive the Bakken continuation the we River which of Basin with we our capital expansion plus think -- driven the

you will third a between the and quarter. think spread see fairly evenly fourth I

Operator

from Raymond comes question with James. question. the next your JR Our line Please Weston proceed from of

JR Weston

the from of we’ve commercial recent perspective then and Salt the I U.S. today’s on back the to grow on and A JV. contribution Congrats a Willow and perspective. going the guess, asset kind of options And seen to the both and three lot successes. table really, financing with Lake announcement sales quarter the now recently a

And Just interest reserves kind how color Reserve's sales asset there? on CPJV of of First curious there can customers? kind on additional is CapEx in in and that, the investment us remind kind with along consideration any first much then with XXXX? credit for of And potential is remaining you much incremental how

Robert Halpin

there. hit will this I is order JR, Sure, your in questions Robert. to

at to first, and longer-dated be in portfolio in around the company Delaware our capital. River strategy the Basin of Powder being Basin strategic time opportunities allocating from think, think that's the we the then on growth we divestitures where to strategy the time. core speaking think around of clear and And growth kind proceeds internally or and been core we CP pretty and Marcellus. largely act Bakken it's we've the whether I So I will still see I deployed direct of And generated the Northeast the

those the opportunistic perfect example we've have divestiture we opportunities when ongoing. are high As areas. DCF they into is and to the is an of utilizing program plans capital be divestiture would to attractive been active certainly core growth growth continuation just able and advantage growth areas. arise. our and committed But today found self sources of to core what now continue We times a in of at think our West to divest non-core in excess on another prices that. the I those of higher other executing take past, assets Coast those We funding and more proceeds redeploy of don't And growth model we

active point. but I think, second a with million that, the so the your Reserve, the opportunities to do desire service. structure asset we any First with Basin that Delaware And of or new on have arise, eminent level. upon no $XXX at And feature the revolver the brought revolver down capitalize the Orla at them And now plant, this Orla divest data, from we through in-service one there, as we'll program commitment had in others certainly then to them, we've

that utilization of their completed We have capital.

through financing the as subsequent at structure any but from that do joint plan capital have revolver well purchasers down and level. equity FID future investment ourselves capital any XX-XX, split So capital be on both a to self as venture we contained that will

JR Weston

Kind little gears a Great. that. of I appreciate bit. switching

maybe your Just plans capital distribution for kind just for growth XXXX sheet coverage even and updated curious might into this unit strength if rest preferences kind kind balance year relative your of how and that to of the repurchases? is And sense be investor allocation or what at of all? influencing between

Robert Halpin

and, we JR. allocate closed XX well I a as And really assets growth at of very evaluation capital as forward best our sheet returns or great our can expanding months the those balance clear XXXX quarters an be we've strategy and is long-term XXXX, row XXXX. going it’s into question last I to capital. X.Xx think return. think for been keep in XXXX, said, objectives been better is there, we've better backlog of than and there where for at of utilization we've that in foreseeable believe to got those better expect near-term still to around we Xx many future, and or And and X.Xx fact, long-term build at greatest types opportunities we we That's And about to a that multiples Xx the year-to-date, our into in continue the all heading coverage portfolio. our our now also it call execute of towards as of a

in more unit right balance, and And appropriate balance a clearer planned mix the And investing capital the new the growth start evaluating holders. I in of exact so year our be to coming of remainder think in this strategy quarters. an between those And we around that we'll I there's further components. think, return of

Bob Phillips

this is Hey Bob. JR,

pretty me add Let that. We've to well peer just little a our compared group. color year-to-date done to

of still to causing strategy industry that this that strategy kind while strength anything financial price deviate If for see you we've experienced. current primarily quarter and return, all to from the quarter, is just absolute look quarter to been we've the rewarded from I financial execution is us can't primary our total of strength. at that And downturn strategy, which of recovering from

business evaluate as we'll investors goes on the financial three is a and time, in are and more MLP customer of they that on than our sheet producers and that more that if based have point where balance they into rewarding come regions higher strong As the we lot executing are growth the back and time activity. keeping strength, space, plan entire in and at

I that well markets actually doing far we’re that. in think quite rewarded for so the us

market going 'XX XXXX, now. right think hit our strategy may particularly us of of don’t into I end we revised that the to see sexy a one roll-up the it's from I a our deviating as not and the current more story, and It likes you’re even guidance So see same. but lot be move

Operator

UBS. Gershuni from next with your Our Please question line Shneur proceed from of question. comes the

Shneur Gershuni

you we appreciated right? wanted was to pointed over I you last of I of can And of Bob, one just of or when there. about companies and price path, have that a of but the stock the step back perspective not your your I But strategy self-funding right last the down are to your in as going understand the follow-up And think what now definitely started, lot wondering -- earliest and you’re adopters gone But sort over question. you lot on sort on if that if several perspective investors a I seen definitely that’s actually that path. we rewarding have out, that so, months gone that the now.

the have tell see we differentiation to of sort the sheet, the to ready you a test so And we and waiting are but you is next growth waters investors growth? you And and repaired of balance reward that bit. kind the to for I over a that move will little to you're see understand phase the as that

or see we Or shift I kind of you're cross going point a XXX watching -- kind just we’ll go there’s at so some how don't you it? forward of are thinking that on triggers about the red cross that realize out line, just be distribution the there to stage have of that wondering kind you raise we definitely step-up does buyback and you to right before but a already XXX And be it and or line, absolutely sheet basis? to balance of Is units? call this we clear now that and it have there

Bob Phillips

No.

to to compounded say we DCF do excess with quarter investors excess when We than know more investors it cash Shneur. we DCF growth. shows going in by when peer plan X-year be cash that what you And and our that’s not rewarding going that going times. future advance year growth had top that growth. that get I’ve group What our type doing XX% this do planted investors that grow you during flow annual flow? we’re And we and are the think the to think it. just to with we several announced our you second per flag We’re watching We do in us of conversation be

for assets out think, I that that to making, more ultimately DCF going paying other transformational. even we’re lower is compound the right very doing whether ratio an flow our of that cash to that three is as may this investments thing on and it with team So down the even And significantly focused be the on we’re we focused years. or predicting management the course, our achieve forward, growth, let’s XX% over which, add annual next at flexibility debt growth of do us and portfolio excess reserves leverage transactions stay and portfolio getting

more a balance that I and then doesn't distributions, strength might and that. do through we increased investors, which comfortable our start think but thought in towards through markets, with availability of sheet our aggressive the position from can’t of today, without exist You event the cash excess very returning sheet moving actually flexibility, about balance capital or feel that capital we the we’re some ways flow away from additional

XX% on the that year Let’s that we’re that the stay and focused per rate making. investments current growth predicting we're portfolio out of

Shneur Gershuni

follow-up question enough. may. if I Fair one Okay. And

way on a CAGR or producer rate buckets? versus going sort you of capital kinds DCF. step-out organic happen you're into to capital? where you growth growth capital of are XX% just versus able of there these that growth the about incremental type your with to Are up those with minimal to can what Is a -- about debt rate opportunities; into is kind XX% just Just give talked you've lot bifurcate of

Robert Halpin

is this Shneur, Yes, Robert.

attractive notably, our to rail in returns the mentioned we current I that on upon and XXXX Bakken those your development around and the think we project existing line outlined Most timeframe, as currently to continue capacity you developing plans. the that our and remarks producers the with based generate projects it in for service expect underwritten in extremely next what we've expansion early being shale built portfolio. organically ongoing

of unidentified we addition And part made is in on not XX% are today. outlook executing no projects, or so that but there to actively that underway growth we

XXXX. our be would there organic of and through no would Bakken It's that the plan River growth just announced -- that Delver is the rate. So to be bifurcation, that Powder contribution Basin around the an really to execution

Operator

proceed Jeremy question. Tonet next Our the comes from line Morgan. question your JP of with from Please

Jeremy Tonet

should like first But annualizing to you're lifting that. the what midpoint of have of already Just have clearly materialize with the a it you in terms the here, PRV about? of Or back hit wanted kind growth yet guidance and seems over here, year of in bottom conservative Permian, half half all offsets the on you there we the kind XXX thinking end And this positive. Bakken, extend be to you half year. to back continuing bit a the the take is there? the of of just the Could Are guide?

Bob Phillips

is there think don’t offset to I any Jeremy, Yes, it.

on of to where projects growth go, I Bakken we are that everything heading as environment, updated about capital always think, in relative up hearts our goes feel some exactly talked debottlenecking there exceptional execution will that our in we If job Heath there, as XXXX. operating And and plan service are amount with and element bringing projects time with we projects our I But 'XX get of we outlook management is that I into on Again of we think have that end tremendous continue. that. And execute. around of happens, up from if centered perform I moving to operations long-term very the of timing both we highlighted, the our winter year. an for think, and that into season, these be we as budget. and project teams really done we expect think pleased will to well guidance closure to a

Jeremy Tonet

announced more anymore from could the share diving Jackalope; a kind of with thoughts economics some little just of are color If these or project get into guarantees Chesapeake you projects? that even kind can there new then any back here bit just your the And on of there more. here or we on

Bob Phillips

guess I multiple builds of the said I mean, is It Yes. substantial we baked. well Xx. as Bakken

those So of a in have little existing growth lot volume I been troughed. levels or production and that economics clearly either bit driven by are are of think is those there flared -- well, currently

think very end in math. our feel confident we So I

to growth as the being engine I did, to double expected their Utica in the company. And emphasize the Powder that that to stated, the think I production mean, their Power, billion fact Chesapeake for when they into in that they XXXX really of you going go after broadcasted just again $X XXXX. River of transaction Shale's they continue here kind

all expansion to other So I day to, next point think production. we million processing is we the the that kind plant for is five committed the which to to to XXXX, get thing out feel happen is as really confident a Chesapeake that If stated they XXXX timeframe gathering. XXX they're to is this what need by have rigs, associated run to in do. the continue addition for of said, And about full

us. the upside going of we When that likewise we development into one and So another for there offset starting that, are there are [Anshuts] lot in operators being consideration other in underplays; operators we're have I the additional to be ground opportunities. area system kind think successful And competing that mode. shift given we very third-party think to investment, beyond world a a Balidor a that there's underwrote lot of several for are that and being certainly, of

more said, supported parties. were base here. third existing our but economics we think we got a it years, upside the just lead -- simply of what activity, expansions production maintaining us could we that the So as with to by could we've rig whole And early probably lot announced we than enhance but in

So investment we ourselves come. inventory teams. here we let's team, got spent of more curves closely the on really the potential independent We've say CMT work of the tight a Chesapeake just about and and we're the lot excited time a with think very a to there's working And levels. lot marketing lot

Jeremy Tonet

And And back play? upside kind How just at I wider go COLT -- you there. think versus where been about these you we think touched on been just it's given about at with COLT, but just of there. should want dynamics recovering you've to talked

Bob Phillips

utilization think have definitely helped projected that terminal. exceed diffs I we the So the for the

more the I to lot the pipeline self-performing connections others the shifted terminal some rail have and as facility. both a at we team and that through that really model well and DAPL our of crude think the to the crude as has were driving

getting outperformed see all but think kind we we to the when days that Brent the see here, spread, of here and did data. think to ought winding continue say our that expectations to to don’t the being this fold the six prepared see that’s I to go, even with of we DAPL months with COLT was maybe terminal to returning look, with necessarily So, WIT of we were closer

connected of asset. now think the conservative performance we're being growth that in COLT plan potential I kind some to about again, think, that with place the of very optionality I we're of going have continue to So in lot a we in a But that well to -- terminal of and have the production. and outlook excited

Bob Phillips

Jeremy, this is Bob.

Let to some add color months transportation asset. teams; I crude me our last that. and optimize on to collaborated our brag this they the six really to over want

price heels might You North lot right of couple recall Dakota years of third that down a collapse, trucking literally we drilling. shut right up businesses bought the -- tier ago second on tier, in a the before

old that it approved our that for a aggressive and how the customers. optimizing with traditional leased take long-term got marketing not West transportation to not set barrels barrels come COLT fashioned lease buying big barrels, given new lever tracking that refiners and any together rail even are a of team they were the think there I loading on want up Steven the fees located, to the to the relatively days were to is at and crude old think lot the those facilities with well-connected new been these have good and where business the others barrels is, that and to capacity non-traditional So go are how couple the COLT crude barrels to that team of dormant of in back associated buyers years. contracts East with Robin don’t storage has team Coast type Coast. from

overall is and year ago. way We’re up we supplies Dakota, really XX,XXX think which in of increase attributable from excited we And from and going month-over-month crude is where the barrels it's about directly being only going day bottom presently, think clearly the just saw a to a it's there North moving which a we long quarter-over-quarter. order in indicated

positioned barrels. marketing business optimizing well. not It’s own attract as our with gathering, business, So asset that’s we high-margin lot that's that to particularly in either but there players us strategically that I we’re a a processing out for additional potentially and we’re of located available, an keeps well NGL think

activity to rail fully-integrated chain. commercial right pleased pretty team storage with value combination crude So Dakota entire now the Dakota North old-style wellhead now. from gathering and the the crude and has a in of an more business have North activities all the loading we just we’re And going basic at on of

Operator

from Our line next the with Please question. Stifel. of from question Akyol your comes Selman proceed

Selman Akyol

hit. everything have just I Almost quick been has two questions.

Williams? you First up Williams would in conjunction up seeing there about be opportunity with doing of all when in the opportunities you all, or crude the the talk you’re outside PRB, of

Bob Phillips

it be Williams. with could think I

with system. Jackalope are I to have of be think various opened under reserved with Eagle there’s the -- that potentially Twin opportunities synergistic which think PRBIC some that to we our and we others

the here to we kind think I optionality do of it. have So

partners really that work combination to can in of partner our cost-effective drive that and of that most partners we’ll that to we think within existing the is be most orbit. which the want do expansion. think we and or we What’s think with synergies going I basin we profitable try

Selman Akyol

And funding then just you how Can you us other what’s on JV talked one, is balances current in are? remind about and Delaware, revolver the your large revolver. that

Bob Phillips

about million facility $XX and million side, at we’ve today. the $XXX got overall drawn

Operator

question from Goldman comes question. of with Please your line Jerren the next proceed Sachs. from Holder Our

Jerren Holder

on obviously, of kind that? side, volumes Maybe going gathering Bakken, the there driver water crude great the back but of were volumes gas to was the down. What and

Unidentified Company Representative

I’ll Yes, that one. take

and year had second some We’ve on talked we half near quarter, producers as our replace in system. of operational of we’re to lot of kind first Den of And the until in about a that Bear we of would second year. projects otherwise the been X have fairly as have a fully half the completed we well of the had lot some the really have constrained. the -term completions result, got constraints deferred the done of our the the we until bottlenecking a So -- service

would performance water for pent think up or we I in see pretty the expectations gas debottleneck line the our actually We being we this as increase is So system was in much with thought and away. year. of kind production either flared trucked that

more seeing volume that's the think so represented increases I you’re in So there.

as well to again as will As the year infrastructure. with the we on second we into there bottleneck kind completion, that But crude of fully crude grow it side, we get our production. do kind put of half the debottleneck in get continue it's think of the the in just board that this just and we

Jerren Holder

looking you know, are something I And Conway Is How guys Okay. why that guys that? Belvieu differentials that mentioned maybe for rest factor has continue switching of Mont will the year? then you think you there? across, at the positive

Unidentified Company Representative

as is over that really down there Mont mark waiting This the the is There come And of additional next to get be now. couple into to to lot coming John. product capacity the quarters that that tries we’re online. going production We Sure. Belvieu that think on market. a right constrains to additional of

into particularly couple demand next butane. continue we as that anticipate not as for of is both well the season the nearly get to higher propane over so as today, And it we where but would to spread quarters, kind

a been would than more see over come So to the traditionally Conway spread XX anticipate next underdevelopment over in. X has But months that we this you complex. will what definitely little -- being bit

Unidentified Company Representative

oriented are higher lot to too, base supply are of being have the trending on segments color just team And benefited the little his MSL Belvieu but that a Convey-based the JP than Crestwood significantly NGL the our the Convey. towards sales that price. and add we agreements to have of One Belvieu G&P assets with really that top large by Just price spread.

the G&P to as Convey. as So helped I it that well premium our really for the has getting performance think spread customers NGL with the is our growth are relative Belvieu still netbacks trading

hit been really it's think I dynamic course. So

Jerren Holder

propane trucking done? So right like is that to just you’re get this be using the clear to

Unidentified Company Representative

comp Yes, and terminals, pipelines, it’s a trucking, combination of so rail all well. to as midstream it’s the storage our access of assets, rail,

have So integrated midstream size NGL. the that on fully it’s the we the of combination

Jerren Holder

transportation, maybe around. some like to kind the you And of switching is lastly, and moving capacity then look contracted storage

of I what's asset? little going you bit, the sort of for us up there? down of been trends we've growth the for think bit. this to transportation remind some the storage is opportunities looking kind a a on that And some little Can outlook

Unidentified Company Representative

transportation the and you’re business, assuming I’m In the Stagecoach about talking storage facilities?

Jerren Holder

Yes.

Unidentified Company Representative

I But and through. latest Mitchell Mark look we’re us expectations I'll comment will the we When just -- year. operating as now come fully at the within think for of and I Stagecoach see kind you let well. subscribed operate

And to and how asset in think little going that’s believe We a going to Mark during to optimistic. bit business this Sunrise got can is very Atlantic we online well the coming We’re positioned be impact about to that favorably. continue our we talk long-term. growth

in we've quarter, into feed that. footprint had and spread, cash in from is the the in saw it the created we outages a able in storage, foreign a second to need from access, of we on some the pipeline if we DA. an huge users, further maintenance we’re add have matter that couple the market it's As our of benefit new dislocation how to that its minor that the what on and think that a in new production X.X market Northeast bringing Bcf you, pipeline day a think importantly demand given disruption established more and infrastructure whether debottlenecks, impact transportation or we its supply really what don’t But there, the end or shows extremely producers tight, any is either is I having balance up with before market and with just just expand of time to bringing have

attractions kind little growth get that more believe have half little with continue see around largely state we think, to Sunrise and growth would color to turnover, I a our projects near-term Mark in-service robust and other of the resulted our but our and position. lot our in, Stagecoach again, ample pushed delays we back is from there's give as targets have going So back, opportunities the But plan. a of a around you of to bit that

Unidentified Company Representative

is Northeast directly in at and Yes, to Atlantic pipeline Sunrise Southeast. And is of our the in assets to facilities. I MARC facilities where the Mid-Atlantic part pipeline gas Sunrise market Bcf mean, the set out I X.X stated going connected as line the are of to we've move Pennsylvania

on expect that do our throughput we So to delivery alternative increased see here customers. our for to system new due

a seen high and assets, directly since I at fired as summer facilities is around in new to this gas load of well. a power MARC -- our projects running Panda online connected that's number come Hummel June. our power factors And we've specifically generation and been the Additionally Station

across So I remain increased mean fully volumes across and system we in and see contracted volume see are we contracts customer the interest improving. the do system, continued

expect continue. to that We trend

Operator

of question question. Ned Wells from line Fargo. next Our Baramov from proceed your the comes with Please

Ned Baramov

recurring Most morning. you two your questions on you ones would optimization answered. opportunities OpEx with have SG&A, Or theme and and been my done of to this in any asset you're a positive I further real largely cut asked Do had the and reduction at quick Good say been results. additional maybe streamlining see point? of But expenses? has which

Unidentified Company Representative

think I as and optimize our streamline ways our available. think, cost efficiencies business business, we're Ned, always saving I and looking gain for to

from tremendous I team execution couple tremendous over of had years. last and we the effort the have a think

hopefully perform savings drive imminent I don't say from and this incremental on to front. well that that very meaningful to has continue here. think point, I would I at continued any we can would see opportunities

we've business I got as guided. a we've pretty good think

call I think cylinders of definitely throughout kind we're now. this all on clicking

to we business continue of the us to organization as right front got execute and our on in the opportunities sized think best I possible. operate manner

front. where so say I'd And are that's we that on

Unidentified Company Representative

as to bit well. commentary I’ll little that provide a of

particularly operating critical high really focused to going Basins, think our Bakken kind I think and really and expenses, the what OpEx driving of proportionally of volumes operators mass do those we're we increase, Permian, that growth we're and increase. is the that we but in Powder as on have is don’t and our

again, to going driving that possible try a our And team range. our higher margins more to that definitely on margins, X% growth focus as volumes high lower to we're X% Basins, relentless from Basins. focused our in of as be keep and potentially mature declining, to of operating So kind in higher decline lot particularly those as growth are

continued look volumes for we’ll sure overall for I growth. think make our continue and as margin they've to to and as we're there's there. as think possible job So I ways done But a efficient definitely improvement room system being remarkable

Ned Baramov

in second And was on then million CapEx, -- to one Does from your the Orla there million. potential XXXX May, XXX Got of the – train CapEx It. second I for think, slides the train? XXX reflect guidance EBITDA second that

Unidentified Company Representative

expansion That at our it number train well fully week as include is on all does ongoing point. capital Bakken up the Basin does not Delaware that’s FID in Powder include River for a underwritten projects second a Orla. potential been our this of last as the and What

Ned Baramov

last update West pro the total one sale maybe provide as portfolio Coast of of fee-based And then in EBITDA on percent an could your a you the the business? forma, NGL

Unidentified Company Representative

I And number it think -- to stays think always overall across move number closer really I XX%, XX% a the We’ve that unchanged. you it’s around been know XX% all in the that lot. doesn’t portfolio. scale, Ned,

Operator

Jeremy a proceed last Morgan. Our is Please question. follow-up from with Tonet from your question JP question

Jeremy Tonet

here. question quick ask I a Just because

and plant? said you Creek. You NGL Elk the for willing you discuss dedicated dedications Den Have to to Bear Jackalope X

Unidentified Company Representative

Yes.

We have.

our to that we built team signed Crestwood’s so our in of as In strategic fact one flexibility also part deal we that Basin have the as to marketing opportunity. of was while that negotiation Powder River was that growing and thought for we that utilize want NGL capacity

to fine are in liquids and dedication know access access, So can a make back we’ll point the I’d and headed to ways his our move third-party those for both have take in I move have for opportunities peck we say, about for contract have those out other all very one the River rails securities and some to Powder John our don’t grow Permian to just markets. Belvieu. looking baring to Belvieu in the that like option and Chesapeake that to margin they ways Bakken of will the NGLs, kind are very cost-effective of we but also that do assets. talked of strategic all so separate have all, downstream we receive we to team further

Operator

and for to Ladies Phillips the gentlemen to we’ve session. Bob end of question-and-answer I closing remarks. the back reached turn like the call And would

Bob Phillips

for of thanks again you operator, all Thanks, to morning. us joining this

-- for particularly where tell well Crestwood. we’re the excited very in you is team the three about As basins growth and positioned can we’re the at how

station water Then, complex. processing In year producers up by the system gas, quarter X Den debottlenecking third-party Let disposal Bear think attributable that. increase Den activity well our just growth the our in of projects, second the when system. the up on half Lake station their year; me touched volumes is so as on the see their directly to processing these of on to the Bear Delaware gas several processing Shell just both the significant compressor the We third Bakken comment Willow I line on the a is good to as completed. questioners of and more pumps, water jump line lot their system, wells, all continue more of more on on-system next rig salt the their course, big loops, as visibility. clear a there enhancements, compressors, looping Permian, start big move on-system We Nautilus

a the with costs, NGL downstream connections volumes. competitive be that new region to got a into more operating we we've that and recovers, going But volumes. now set should Orla producers plant of we’re funneling increase that continuing pretty to in All their commitment And and of active to year. that next half their year second real to they PRB engine. us. Chesapeake the low it to on exciting this focus a growth well because brag their results through and high for on us and directly as be gas natural on that the are their helps for PRB great of imminently story prominent continually lot see there continues of

about those netbacks synergies development. position sheet year-over-year result opportunities We're in the think does We’re XX. benefit production financially two gas to and which improve accelerated their get operating venture, business. them, know gathering and balance that their forecast translate that joint with we particularly systems. we’re for doubling excited And to that merge crude to And see we them Chesapeake the better costs, of and to business to unique, excited we continue from of Williams think from the lower in boards intend will to We to gathering well competitive the 'XX stronger. there Crestwood for

the markets us exciting And the early our on customers as fill group we're located on utilization Mexican we that traces strategically by positioned. ahead line around happening see storage focused and so Northeast three The touched grow in and to as with grow continue excited North we’re grow at oil Coast but I we in primary positive things clear edges. and assets in the area. that about an increase sight time So that. Dakota begin of well our are and in winter of Stagecoach think the of team both all areas gas crude supplies got as those on as well, up our the exponentially Gulf L&G to pretty We

position notwithstanding winter than Finally, translate think that. that which a into we profitable first plan for NGL we more the our do our storage, activities the business normal model job the almost expect of will strong depends cost us should or business going but half product done in in into on of team winter, year better another

strong halfway drive with job through coverage Robert the positioning a leverage ratio. we’re deliver I done have we team still ratio. positioned to here So And but X.X areas. and think good well the DCF us continue as a of across capital midyear all program, well as finance and growth really our

have at Appreciate think now. on hit those take we who a to I stuck right So Congratulations equity look us with team. our investors story are starting cylinders. that all hard the and again the to

we’re think I really in good shape.

the all So Look call. with forward to that of operator, Thank third to quarter. the we you will the after end you. close talking

Operator

teleconference. today's concludes This

your at you disconnect participation. time. Thank may lines for your You this

Crestwood Equity Partners (CEQP) 31 Jul 182018 Q2 Earnings call transcript