Crestwood Closes Previously Announced Buy-In Option with Shell Midstream Partners in the Delaware Basin
18 October 2017 - 11:30PM
Business Wire
Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood” or
“CEQP”) announced today the closing of the previously announced
equity option agreement with Shell Midstream Partners, L.P.
(NYSE:SHLX)(“Shell Midstream”), a master limited partnership formed
by Royal Dutch Shell plc (“Shell”), to purchase a 50% equity
interest in Crestwood Permian Basin LLC which owns the Nautilus gas
gathering system. The other 50% equity interest continues to be
owned by Crestwood Permian Basin Holdings LLC (“CPJV”). The
Nautilus system gathers the majority of Shell’s operated Delaware
Basin gas under a 20-year tiered, fixed-fee contract.
Robert G. Phillips, Chairman, President and Chief Executive
Officer of Crestwood’s general partner, commented, “We are pleased
to begin our partnership with Shell Midstream in the Delaware
Basin. Crestwood expects to use the proceeds to reinvest in
on-going accretive growth projects and reduce borrowings under our
revolving credit facility.”
About Crestwood Permian Basin Holdings LLC
Crestwood Permian Basin Holdings LLC (“CPJV”) is a 50%/50% joint
venture between Crestwood Equity Partners LP and First Reserve, a
leading global private equity investment firm exclusively focused
on energy, focused on developing, owning and operating midstream
infrastructure in the Delaware Basin.
About First Reserve
First Reserve is a leading global private equity investment firm
exclusively focused on energy. With nearly 35 years of industry
insight, investment expertise and operational excellence, the Firm
has cultivated an enduring network of global relationships and
raised approximately USD $31 billion of aggregate capital since
inception. First Reserve has completed over 600 transactions
(including platform investments and add-on acquisitions), creating
several notable energy companies throughout the Firm’s history. Its
portfolio companies operate on six continents, spanning the energy
spectrum from upstream oil and gas to midstream and downstream,
including resources, equipment and services, and associated
infrastructure. Visit us at www.firstreserve.com for more
information.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners
LP (NYSE: CEQP) is a master limited partnership that owns and
operates midstream businesses in multiple unconventional shale
resource plays across the United States. Crestwood is
engaged in the gathering, processing, treating, compression,
storage and transportation of natural gas; storage, transportation,
terminalling, and marketing of NGLs; and gathering, storage,
terminalling and marketing of crude oil.
Forward Looking Statements
This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal securities law. Such forward-looking statements
are subject to a variety of known and unknown risks, uncertainties,
and other factors that are difficult to predict and many of which
are beyond management’s control. These risks and assumptions are
described in Crestwood’s annual reports on Form 10-K and other
reports that are available from the United States Securities
and Exchange Commission. Readers are cautioned not to place undue
reliance on forward-looking statements, which reflect management’s
view only as of the date made. We undertake no obligation to update
any forward-looking statement, except as otherwise required by
law.
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version on businesswire.com: http://www.businesswire.com/news/home/20171018005265/en/
Crestwood Equity Partners LPInvestor ContactsJosh
Wannarka, 713-380-3081josh.wannarka@crestwoodlp.comVice President,
Investor RelationsorElizabeth Suman, 832-519-2276elizabeth.suman@crestwoodlp.comManager, Investor
Relations & Corporate CommunicationsorFirst
ReserveMedia ContactJoele Frank, Wilkinson Brimmer
KatcherJonathan Keehner / Julie Oakes, 212-355-4449joakes@joelefrank.com
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