CEQP - Earnings call transcript Q2 2022 | 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 2022 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, distributable cash flow, and free cash flow will be discussed. Reconciliations to the most comparable GAAP measures are included in the news release we issued this morning.

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

keypad. assistance, Additional from being available the this members over should recorded. At Crestwood analysts If question be remarks. your prepared Operator with for following session anyone of the Phillips. turn management please answer Today’s I’ll will zero the senior Mr. current to the telephone press team star, and call time, require is call Bob

Robert Phillips

Thanks Thanks this for good Rob, quarterly and morning again for everyone. update. joining

want commodity completed company We’re Crestwood of results the to in we lot I for going want are outlook quarter to the for past our transactions second our management to second front some brag the half in detail repositioning of I year, also in team highlight a has strategically the discuss current where as on and of cycle. really first the XX months. key this but

business we’re the to under weather touch a market the that Dakota. quarter. North winter extremely the positioned up next bit It I experienced the want in really we well come on late of grow us caused to to incident think also little couple I years. over in expectations for

and I commodity and a a at updated come tell for started, current get turn right If think come in of well are we short back is XX results Robert a for of to detail also portfolio looks to to long that here. to the we go good in Crestwood results, way and I’m cycle. back, pleased impact would which has amount you critically guidance the the you think the time. how to when you have add the quarterly months over XXXX, important see--when I how our take step the next I’m To positioned actual expectations. in in it we through going consensus Then,

reach with in connects we’re and core paired XXXX, in date and system filling review, in eastern organic remember regional a strategy Express of basins, are projects, in proud Den completed in Texas These our three up Horse resources and acreage projects the of Bucking and without business, might Sendero made Continental gas in through a plant strong consolidation very the those the Williston, we critical Powder and that our in the each long Just were up, that term year to all oil projects Delaware, clearly gave significant there. continental expansion the XXXX balance Bear including as the of be In bolt-on Delaware. Williston, underpinning the of and and through forward. Powder as plant us the a the Dakota, the going Wyoming, there to XXXX rolling in JV continue areas Oasis core you distribution, capital CP our the which COVID up in executing infrastructure XXXX, acquisitions the Delaware Basin, as company North plant we grow - such to those Midstream we quick down that the actions number the cutting those expanded This sheet maintained such River started assets the to basin. through we River, is including of In disruptions currency and in XXXX, some to and our pipeline a the complementary we it on able Basin.

acquired to a company of our strategy strength areas. maintain the Throughout be all will we our was top were assets and in aligning priority, top and and accretive with recent immediately core interest common that Crestwood the to our many is continue goal in the holders transactions consolidation which equity, three G&P Our of balance execution with DCF. of of these flexibility, sheet to

growth multiples, portfolio in growth portfolio our which assets at the our We the premium overall market improved also divested greatly potential of future. some low for

EBITDA As I limited transformed and base of scattered year that a we adjusted that now with advantage just of areas with regions we’re growth of at operational solid the base in and of company basins, - these million Delaware, competitive Crestwood competitive $XXX generating the north of was core from million a a that the a result, the synergies, is we highlight a asset our that’s much generating adjusted want that XX%, scale, relatively over and to increase positioning, River. and Williston, EBITDA XXXX strong Powder $XXX base operate about high in enhanced and where an asset in we’ve are competitive generating with in larger an and customer

really a to quick right growth these on a now strategy Just strong we real some good think areas. - update generate we’re in position in our

pleased bounces now processing acquisitions in headed these that to core each was synergies, we is Crestwood storms. of before have into to acquired as that grow avoiding rigs XX expenditures while it basins. have back they to million Today, significant capacity back operational due commercial and processing of compression and barrels capacity winter we positions each easily our timely, importantly, excess see Our a $XXX day, the Most offer significant integrated continue in to of we million in they’re the production been the have it day X.X I’m to future and running allow a capital from Williston and about storms. they there these acquisitions.

capacity of region you all producing processing I rig is We most the million count active day the think know a the by in Delaware, have U.S. $XXX in which today.

assets to Orla, growth Powder how transactions late there of Then with capacity are pleased we processing mode on focus Lake, available Sendero our from ensure future platforms. all forward integration ’XX us gives back we and of we shift have and the going integrating producers, and expectations of for benefits meet optimization great now a River Each we really to We’re million $XXX capacity in we’re to in these together. growth combined finally, ready and our as that have production to these capture Willow the day valuable assets our the strategy Basin and XXXX. from harvest

the benefited you and Now Chord consolidations merged Energy resource amongst high and Williston, largest and the two the basins system, where and alongside by and the with basins. and they very we’re strong that the assets strategically the Williston or number are Arrow each one integration potential gathering of us. only leading the These Basin-focused we’ve much really that past our number that will dedicated customers active the of also with that of three our not future us value synergies Also, producers producer basin and into highlights on Williston in seamless nature our the the just completed underpinned acquisitions about pleased to the has River all its about A&D see head combinations enhance that’s now program, Whiting Oasis long two, the Basin as Devon all year company. for acquisition our the we great that system. optimism from In to of also multiple gives over Williston, group. really core of commodity of the some Delaware, RimRock, our Powder, just they’re acreage of customer Energy, the pleased fact Basin, upstream supported a as highlights we a the know, Arrow benefit In and base a Powder will most that It’s create quality and cycle. term producer upstream the of so fairly are and in group and players but of Continental the

four Now of the winter second in experience North that two shifting storms brought and across gears, impacted power facilities unusually prolonged extreme Basin. snow the outages in volumes which over Williston Dakota, did caused disruptions we and quarter production other feet late,

that I’m and as subsided. teams that operations our producer alongside of safely weather While mitigate possible is our always want efficiently back and that up commercial and assets I the after of customers storm to as proud ensure and did impact outside the were extremely say the the running work our to control, our

areas in all Delaware of impact that competitive financial the create and for before now back now, well are existing synergistic this very in the the am operate. build proud XXXX. into their and and impact. assets future checked to efforts Powder and finally to of second our guess Sendero stronger and despite over hand catch While The a organically I’d I up, are our volumes opportunities go are the negative continue commercial to $XX better, opportunities. particularly we had through our Robert extremely the estimate that were the around fundamentals event relationships. weather assets core Williston, in the quarter existing I third half and The right producers operational Crestwood short noise scale and assets working boxes how Oasis play We to say with activity value completion full were to consolidation like call I bigger, and a flow about million creation and second have now employees necessary the of tools in opportunities numbers, our logical of year capacity strong for term to cash the we to our the the which drive be results, to party of quarter and to hard should second business

forward, that quarter create the excited excess benefit really the that a term operate. that, about transactions, operational over I’ll holders. to and we’re it make XX just scale, will six the from going Again, as well enhanced turn benefit flow significant to results. point, great we months that cash price to significant now provide in, in I commodity positioned begin I’m to of we’re With think benefit we’re meaningful to position our after Robert the to and long we from for think second areas value right unit details in from very market upside outlook the our really we

Robert Halpin

Thank you Bob.

Crestwood generated quarter, million, second adjusted cash million respectively. the flow of of of $XXX distributable EBITDA $XXX and increases and XX% XX% For year-over-year

Williston the would of Basin were the slightly internal commodity the been quarter. with not ahead for strong activity have offset and driven impact, If $XX storms the of by second earnings that May. Basin results big Delaware Our robust weather from for April prices for quarter line portion forecasts our in million a and the our impacted to impact winter by budget

Crestwood X.X in to a For unit coverage a announced times. holders $X.XXX on X, of distribution record August of as second payable quarter, of August the resulting XX ratio

quarter second the second and the north from result segments, million, $XXX increase Oasis contribution of gathering totaled largely in the the processing XXXX, assets. XX% the EBITDA to of the segment, Looking of XXXX quarter Midstream an over

volumes During already in the and Express quarter, began exceeded the expectations. the Powder Continental internal have flowing pipeline Basin through River

the the natural Delaware Basin XXXX increase representing EBITDA Continental We executes running rigs gathering in south in are volumes the Powder ramp XX% continue shale Resources Barnett currently its segment, million, by on to and drilling the quarter and There Williston expect to year-over-year the and up segment $XX In Basin basin. strong prices that in these program a Basin. two second as driven gas recently processing rigs divested assets. running the totaled River in four on growth

to Delaware During be XXXX. average the now seven rigs. acquired the an we quarter, Sendero Including anticipate wells assets, our all the of of newly in than more connected Basin in producers XXX operated

EBITDA a joint the venture of assets. in Finally our due decrease impact $X to logistics negative in commodity Stagecoach year-over-year gathering the and July processing the the and exposure XXXX hedges second totaled storage of primarily of Gas quarter related segment, our to divestiture the and Services XXXX million, on

opportunities. During of $XXX is from adjusted constraints divestiture to range Sendero impacts half the $XXX Dakota, in business favorable services million. impacts Crestwood acquisitions, increased activity and in of first strategic recent North EBITDA assets, Barnett Basin. the storage due offset revised weather shifts to offset by partially million transactions, NGL timing volumes the the CP quarter, the by now the oilfield expects the results the logistics JV This by to and well be of completion the events the in on Williston in weather the and fewer year benefited and driven full of some Based ongoing range

to are assets range A Basin. we and acquired Sendero $XXX capital addition, support capital XXXX centered which approximately the many we systems mix year. of to $XX with and capital growth acquisitions revising $XX the in a sizeable includes customer we last to the CP $XXX program also have in which million around projects In over primarily Crestwood’s approximately with our million of million the inherited organic underwritten of newly activity, accelerated of recent JV Delaware integrating that our is legacy XXXX million,

As positions and our favorable capital flow commodity growth in development significant Crestwood requirements. execute backdrop, volumetric with robust continue plans remains for strong in to XXXX financial maintaining Crestwood customers this sheet committed their to lower substantially balance cash and flexibility. a this

the billion a X.X As long of with resulting ended drawn times. $X.X debt, on of Crestwood revolving ratio leverage including quarter second our facility, billion $X.X XX, June term credit $XXX in in million

represent high and Before Crestwood we to with is through recent grade made the here term - assets underpinned the positioned basin. I want significantly upstream basins, echo All by am best investments the economic with have of contracts the three the I pleased active operating XX respective which most how going producers in most U.S. Crestwood’s in Q&A, our core The sentiments our expand to in capitalized and in Bob’s long months midway footprint each basins last XXXX. core very are

result, of continued of into and second commodity growth extent XXXX volume better the this we XXXX half capture current are well in a positioned cycle. As the full to now in

integration our resulting delivering executed has we and around and term position its we will line With in now exclusively shift M&A flow ready growth cash focus use strategy believe As up value our now investors. that, Operator, our to of meaningful enhance long this best Crestwood areas, organic for near continue further reduce to that to holders. to towards will of Crestwood are term we questions. projects, unit our growth assets new open free these leverage returns consolidation the We for core

Operator

[Operator instructions] Thank you.

your Our JP of with the first proceed from Morgan. with Jeremy question will Tonet Please line be question.

Jeremy Tonet

good morning. Hi,

Robert Phillips

morning Good Jeremy.

Jeremy Tonet

as fractionation facility fire an far to was there. wanted there with from just as get guys update Medford I you in a of the some

have any your operations wondering the could over color that Just any balance year, you might if the of impact there. on or provide

Robert Phillips

the probably are Kansas JP, Oak, most relationship you Powell information. and got our the on so business City NGL with has we’ve phone on? John he the One Jeremy, in updated runs - has he

John Powell

Yes. Jeremy, thanks for the question.

pipeline. and area exercise good. a able Oak was June, these far, clear lot with so recently to with be plenty seen diverse and a that in Bellevue, discussions disruption a liquids, confidence up is or so This lot with are exercise good run One they in a we this handle and Oak that to a to infrastructure of so They so they’re relative issue we the just it’s able In in of frac. so I critical from our standpoint. so to hand, think portfolio so it question at frac but currently have they piece One One Y-grade, industry back their to of plenty the with similar assets Oak, any there. that parties offload in running--continue similar is down to from that took haven’t storage Oklahoma have Medford was May that of their capacity, capacity, of working other Obviously pipeline the

able well a but Just been everything from looks do able we’ve so well truck take running, as Oak plant so to clear barrels. be keep as One to through the to necessary well we’re to to to everything if positioned far, the as standpoint that backdrop, as rail, a continue

Jeremy Tonet

Got recently. over, been you it, on wanted - future helpful. thoughts know, Crestwood’s midstream to consolidation quite get very pivoting active your that’s just Then

you and wondering, Crestwood the would more industry harvest think think a but at be towards there consolidation is later date? time, partnerships here, mode said you over I involved do in moving just more

Robert Halpin

thanks Yes, Jeremy.

Consolidation yes I and has think midstream the happened play your is space in over time. answer. will out

if the us XX months. long just expected those making right assets But I really expect not investments, us would that acquired to we’re to on next we’ve XX now, call return in, though, over six it from months participate not generate concentrating optimizing and we probably more. the the For and last that we sure but integrating term, the

Jeremy Tonet

helpful. thanks. it that’s leave it, I’ll there, Got

Robert Phillips

Well, build-out saw great it’s substantially question XXXX, strategy. again really a core long to we our executed three the XXXX up really organic finished and we basins and assets, which the Oasis Midstream the to we’ve our position that, add the the inventory have in to think and highlights we After opportunity those I that to rock term acquisition. dedicated on flawlessly with great

and historically than reach additional drilled number substantial us the by Willow - as positions processing thing Bakken some of we’re Orla which combining that our and substantial Delaware region, our heavily drilling gets Sendero, adding Lake, our doubles capacity out system been central has of have. the as more into locations. the Same not know, acreage, western maybe a in You and

drilling our and recall, down the in think coincidentally to systems, have generate smaller in to growth continue flow consolidation, phase those to prolific, on this at Delaware Crestwood. more our are is now the strategy see many again laser next the we obviously basins, it’s same which I if free - The we for return we many, so I the right see, be to X,XXX added shareholders. what and we’ll X,XXX and drive accomplished getting target locations years but we’ve just about opportunistic to to our cash up really a leverage wait we number, back initial goal Delaware patient focused Bakken lot of and about three position but core think our in drive and will to that

Operator

you. Thank

questions. Our Please of with with line Neal comes the from Dingmann Securities. your next proceed question Truist

Neal Dingmann

the just able, you think when progress color, more give and how of and nice you’ll others? process made is if maybe going you a integration on fully just the wondering, Sendero you like deals. seems be bit could integrated on you’re It the some I’m all. little on Morning recent

Robert Halpin

chime may little Neal. I’ll bit, Yes, to ask to then and a if speak briefly in he’s Diaco thanks comments. incremental that got

the is things think going short answer exceptionally I are well.

the production ours elements was of assets very compression completed that’s One where very, efficiency feeling a outlook two pipeline capacity. I’m capital us having systems, standpoint plant the interconnect those Mexico positioned from to and Sendero the report integrate from do capacity happy assets was relative each New obviously excess to the it most largely our that just their and of attractive are of system and we enabled that what to about to good our customers. with

a a the we’re of got dollars think ahead and have been very expected signs of not this favorable. so that early cash half. I schedule here couple flow would generation out capacity all our assets, look big I expect million think that to without a to We XX development lot of producers and around gate continue excess able as would second expect year monthly in of the these capture of for schedules to are trend and integration forward ourselves. We getting we’ve

Robert Phillips

Doc, Oasis the the cost you on why savings, integration? on particularly comment don’t

Robert Halpin

as originally targeting Yes, $XX synergies million to achieve. of around so announced, integration, for the were cost we Oasis were

so XX, are that, costs We we’re coming cost anticipated standpoint $X we’re million now than right synergy that for about on a what track believe of we related we cost with far ahead ahead through to lower of right Oasis. our June from so actually targets or in schedule

those able a to achieve well standpoint, from assets going and cost for as those well, to back believe we synergies soon. be Sendero from office as the integrating actively are We assets standpoint a we’re

Robert Phillips

And synergies? Diaco, how about commercial

Diaco Aviki

the our Sendero utilized Sendero infrastructure revenue and year of the very perspective, are a into we’ll and opportunities forecast, synergies pour and We weren’t the Bakken, that that as couple planning the to so in see we’re ’XX progresses well. fairly a be predominantly, there and picked the are continue the going plants between we’ve facility through up about Those ’XX forecast excited In to then two outstanding. that. from in

Neal Dingmann

have, more deal? the sound prior a synergies even than So expected you to does bit do like, little it

Diaco Aviki

Absolutely.

Neal Dingmann

assets make talk typical sort Great, great. could you have was or it issues used second of to or offline post all came specifically changes any you the to, Bakken I permanent on any that maybe Then the did XQ make somewhat sort just did question just permanent back? to guess, infrastructure, typical, storms, lastly, changes, you’re what you of,

Diaco Aviki

good of Yes, question. this midstream were is versus more an Bakken storms really upstream a The Diaco, event. event

a you of activity. of amount loss If a facilities tremendous power drive think the does really about out offline there,

the our our As that was customers much we a generation, in place Bob referenced, did about the and impact than did with operations industry’s Bakken, to less producer had in standby, team of great already power generation our on job tune redundancy so impact through the fantastic less, back-up did a to went back back capital major due getting two safety a No customers up Devon, job changes, storms. job one hurt. it, one getting necessary the their got there great assets unscathed, was No our about thing no those online. facility and best number improvements Chord, online. were XX% We priority.

Neal Dingmann

hear. to guys. Thanks Great

Robert Phillips

Thanks Neal.

Operator

Our from Elvira Markets. RBC Scotto with of with the next your questions. question Please Capital is proceed line

Elvira Scotto

good morning Hey, everyone.

about maybe is so there’s talk - your any seeing bit you know little just those Can environment impact that First returns, and some around question a to talk capex, you’re creep maybe--you on maybe cost inflation well. bit into as we know, about a that contracts, then built any escalators the inflationary little inflation.

Diaco Aviki

Great is Diaco. question. this Elvira, Hey

contracts. me contracts. start in all are Let with of escalators the The commercial our

in escalate basis. We done a continue they and see inflation. Then job all have the operating expect them an through the side, follow annual secondly those we mitigating CPI, predominantly to so in predominantly have on them play to contracts capital on we of fantastic as

Our operating below are expenses budget.

levels amazing times, for inventory our we’ve inventory done year, job projects Some inventory being have zero based times, be waiting All understand have the in that an on as suppliers to things at we just our so so under in levels and had challenge the inventory XXXX, lead underwritten we at pushed look our you’ll we late of check we due, is team. to adjust with these equipment we ’XX we’ve out, the respond ’XX. projects early material see for know, of times from because levels, lead mitigate--you that projects didn’t projects on we’ve that our completed lead projects come in forecasted actually that big and we’ve is just capital the sourcing a perspective, critical of got come source ’XX, been most some budget have the our we needs, or customers’ or to What’s in and our able in most of by quickly budget the underwritten were even and fruit to issues. outstanding and

Elvira Scotto

Great, my thank assets. there next for portfolio, you’ve done sale? your I core that pruning selling you. less question, just guess, maybe you maybe job Then any some that be of, could Are under assets a consideration great consider core less other

Will Moore

this Yes Elvira, Will. is

I As that we say if capex the at looking going opportunity of other someone in into to or there and sheet we the we around going will to right transact, at opportunistic on active always asset program always we’re so sense have wouldn’t programs, divestiture to an be into cash a now, going our situations. put a it but is we’re as it. we’re and at that redeploy portfolio we manager, value that look balance portfolio have to those types an think our portfolio, look makes that

Elvira Scotto

Great, very you thank much.

Robert Phillips

Thanks Elvira.

Operator

Thank you.

next question press to US with Please star, you reminder, from today, may one. line ask Carreker of your proceed a As James The questions. is Capital with the question a Advisors.

James Carreker

you to the to impact and hedges your if segment in through that quantify walk of wondering through the could revised QX then of was kind the S&L ’XX I quickly there’s flow question. G&P if the any for guys guidance. and mechanics way thanks how Hi,

Robert Halpin

our the NGL commodity any logistics storage activities the commodity--from portfolio with benefit appears that Yes, hedges hedges portfolio. through G&P to then business management on the and and so the so obviously the the hedge book in we G&P associated see segment, pop risk any in of impact, the and hedging the run obviously impacts and segment, all

see the impact to Just be some that’s it, million a to of given Obviously driver of benefit That’s how pop across S&L of portfolio the if through the the segments. of expect you. full G&P it outlook to of for segment. year, so XXXX get we flows in through, $XX three price that’s helps the full year about on higher kind you we our a primary on year what the we the hedge realization full current basis, the in that price put that the impacts see book, as there guidance the flow revision commodity movement numbers so kind and

James Carreker

S&L realized includes the losses? the gains So segment and and unrealized the both

Robert Halpin

Yes, that’s correct.

James Carreker

Okay. at the of the getting Are same some time, of start out? compacted slipping we a guess, the are how maybe year? full touched so winter connect Then the this but I amount those is does into of versus is ’XX look wells impacts, maybe or going you remarks, in your this year opening wells ’XX? How playing with that weather your in well count today quickly, dynamic

Robert Halpin

track would on across we’re three largely areas. say I core our Yes,

just today, XXX to communicated guidance generally of we we XXX as think north the complete full the we’re with to that in of of shifts year we beginning during wells at North in weather, in that expect out kind wells. Q. deferrals XXX kind As in scheduled and winter did that back right still XXX just were of and of quarter put we year still--you timing the the Dakota in North Dakota, press because wells, we the the original around completions our and around got pushed the in know, release some commentary, at talked We for year, about line roughly everything of see second the

I how feel about good think we’re we pretty positioned there.

Basin, think total the you’d look and the more second standpoint? You’ll both across the I in a assets you big, We the commercial add year, XXXX. a half When have of at some right course us of which - in close Crestwood from assets. complete, expect legacy all Diaco, to over the wells timing in anything uptick XXX shifts should activity it systems will there really to production direction. Sendero busy an so across now year, seen turning both the into we’ve well be position the and Delaware

Diaco Aviki

be thing into we ducts--there’s There wells Yes, order did that are and modifications ’XX, thank want had some XX exist will those ’XX to facility-related have sitting upstream on nine some some today, where side will completion nine I you James, do that activity into is some that in ’XX. add push is they on Robert. are and and our system. pushed more make those to facilities one ducts the

James Carreker

I of and thoughts in, Chord about conversations just one units, complete the long could any their with updated your obviously any know, If you with great. now That’s plans fit term owners significant merger those? amount a more - them of

Robert Phillips

James, great I highlighted since of Chord. them We’ve great will know for time. that that long in them comments. that’s got combined both We team, my known sets opening know a a alignment executive with that form strategic question well, a executives

be which our fact, producers on original lot system. In of Whiting that to group the Arrow a one used Kodiak, was of

We’re management really how integration governance with now. pleased team shook structure is the that are shaking out, their right undergoing how their they out, process

and months, previously over Our weeks several has the to owing largely to Oasis, the of of collaboration level dramatically now increased last of communication the merger. Chord, with couple completion

some by integration about down excited process which up Whiting program of and both get are that, the all have not gearing nature large a really like they hitting the as so might speed underway, as winter to both, up back impacted merger event scale that that. producer slowed and weather to just their we’re Oasis - well think now right it been but I ’XX cylinders on

assets now commercial a It’s a Energy, an that levels from them can give great full of significant of have in the the relationship can I’m capital Chord regularly with which We that standpoint operating so expectation all them, you financial Robert, about inherited update spending. we’ve pleased talk the here we’re with capital almost on see terms really you development more Oasis there. We numbers of from in by of program, as and a the from all at standpoint. you entirely so quoted talk us project it fairly a amount company.

Robert Halpin

side. Yes mentioned operations the and relationship the James, Bob commercial on

board our they and have around with that still relationship we’re very We leadership ownership. forward. representatives about going have two excited similar a growing relationship alignment on and the Obviously our team

provider into there’s of their production interest customer as service market efficiently finds obviously possible, their any continue ensuring and I North insight business expectations, and our from think largest I alignment as that, its as plans to that way they know, to Dakota so our largest result strong execution like think and don’t--you I we don’t updates have having they a of and them. as recent our meaningful

the across the very the and just it I over and I and do relationship last forward the months, them their and like and and integration think aligns don’t ownership some really them, behind several commodity the opportunities specifically, strategic the future. the look with ongoing they, think position of price seeing know for Crestwood broader underway, market so and backdrop, benefits the still merger in we’ll current that portfolio sector now to discussions them continue their broader I given getting into the to see us, is activity from much that think

Robert Phillips

not reps with on but I James, and board significantly really Chord that. pleased already our pleased for should on working They’ve starting people, to add very And to happy the board diversity mentioned two experienced that only so about jumped the - we’re overall designated them us and with the in us, have value has experience, very new board. energy chain will that very have we’re

James Carreker

color. all for that thanks Great,

Operator

Bob question remarks. the of We’ve the Thank reached you. and end closing turn answer for now session. Phillips call back I’ll the to

Robert Phillips

investors, to just performance data Crestwood. Thanks breaking really the half like has rise of in been at make second year the our kind reporting, but oftentimes point record first quarter this safety of to this of that our or to Operator. I’d level doesn’t performance a

if on a done, kind we’ve teams how I safety suffers on years and the got can assets; standpoint. and as and tells going first over integration XX of know, the best a you year. second and We company’s they’re tell mergers, having you that to the have of now momentum mature that company. is have performance of of half when the had half year the made a the been the of into now time, actually I’m at divest job this you on. Oftentimes, divestitures, the acquire the Sendero. know very our it history for through and both performance old, a year company integrate We’ve me, is of from XX so fact, We’re this is nine What we lot very in divestitures, mature in an long acquisitions, back in the safety XX business at acquisitions and go integration integration, and going proud Oasis organization. really is history,

We’re past quick, that us. efficient, we’re we we’re thorough, get

proud scheduling we’re on be the waiting the team and management and that project both were they capital hole, those projects efficiency of the engineer pleased the to from that is sitting mature I performance both that a organization, quickly Our companies, has that and on and timing are jumped a moved safety company well have related in really about I’m would Crestwood. very great showing of at what weather during challenges we’ve just as challenges year done a integration of us. say as

be second the to be ’XX is year even and will better. think of half great I the going

integration As Will always only the the execution team next the in but strategy but execution that in the so as of in an that of so opportunity the said, cost well. we’re of the we’re now for not we the investors big proud on excellent synergies, really update now looking analysts the savings, for Hope opportunistic half doing of mode our with the harvest areas operate, the performance give can first XXXX. commercial the of achieving and safety some and

the and for look after joining performance. to company their you today. this forward talking to report. Thank With of you and proud safety us that, all done third really Operator, We’re we’re quarter for

Operator

This conference. Thank you. today’s concludes

and this we your You time may your thank participation. you disconnect for at lines

Crestwood Equity Partners (CEQP) 26 Jul 222022 Q2 Earnings call transcript