Crestwood Equity Partners ( NYSE: CEQP ) -2.2% post-market Wednesday after saying it expects Q4 results will be affected by extreme winter weather events that hurt volumes and well connect activity across its gathering and processing assets.
Crestwood ( CEQP ) expects FY 2022 financial results will be slightly below prior guidance, as it estimates Q4 Williston Basin gathering volumes fell ~15% while Powder River Basin and Delaware Basin gas gathering volumes dropped 5%-10%.
"As producers battled oilfield services constraints and labor and supply chain issues throughout the year, extreme weather events in the fourth quarter created difficult operational conditions that, when combined, materially impacted forecasted producer drilling and completion activity and drove a lower 2022 exit rate than expected," Crestwood ( CEQP ) Chairman and CEO Robert Phillips said.
Crestwood Equity Partners' ( CEQP ) "balance sheet remains in great shape, [and] distribution coverage remains robust," CashFlow Hunter writes in an analysis posted on Seeking Alpha .
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Crestwood sees full-year results hit by Q4 extreme weather