Crestwood Equity Partners saw lower gathering and processing volumes at its systems in the Powder River Basin, Marcellus, Barnett and Delaware (Permian) shale basins in Q1, versus year ago levels. Nonetheless, EBITDA rose by 9 percent and distributable cash flow surged 15 percent.
That pushed dividend coverage up to 2.8 times and produced free cash flow after distributions of $63.6 million. And debt to EBITDA came in at a low 4.2 times. Management also announced it has closed on the purchase of the remaining general partner interest and is now an independent MLP with its own board of directions and no incentive distribution rights to pay. And it raised its 2021 EBITDA guidance range to a mid-point of $600 million, DCF to $360 million and free cash flow after dividends to $155 million.
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Elliott and Roger on Jul. 27, 2022