2023-05-02 07:09:06 ET
- Crestwood Equity press release ( NYSE: CEQP ): Q1 GAAP EPS of $0.15 beats by $0.05 .
- Revenue of $1.26B (-20.3% Y/Y) misses by $40M .
- CEO comment: "With a G&P portfolio concentrated in oil-weighted basins and robust drilling activity in the current commodity price environment, we continue to expect substantial volumetric and cash flow growth throughout 2023. After a significant year of M&A completed in 2022, we are now focused on commercializing our expanded footprints in our three core basins to drive incremental throughput across our available gathering and processing capacities. Combined with a reduction in operating expenses and capital expenditures, we anticipate significant free cash flow generation beginning in the second half of 2023, which will be allocated to debt paydown and leverage reduction. We believe our near-term capital allocation strategy will provide enhanced financial flexibility for the company and drive a compelling long-term value proposition to our unitholders.”
For further details see:
Crestwood Equity GAAP EPS of $0.15 beats by $0.05, revenue of $1.26B misses by $40M