Crestwood Equity Partners
Crestwood Equity Partners LP, a company involved in various midstream energy services, was acquired by Energy Transfer and ceased to be publicly traded on November 3, 2023.
Acquisition by Energy Transfer
Energy Transfer successfully acquired Crestwood Equity Partners LP on November 3, 2023. This acquisition marked the end of Crestwood as a publicly-traded company. Consequently, Crestwood's common stock and preferred units, which were previously listed on the NYSE under the ticker symbols 'CEQP' and 'CEQP-P,' discontinued trading effective November 3, 2023. As part of the acquisition terms, Crestwood common unitholders will receive 2.07 Energy Transfer common units for each Crestwood common unit they owned immediately prior to the transaction.
Services and Operations
Crestwood Equity Partners LP offered a range of services in the energy sector. The company's operations included the gathering, processing, treating, compression, storage, and transportation of natural gas. Additionally, Crestwood was involved in the storage, transportation, terminalling, and marketing of Natural Gas Liquids (NGLs). The company also focused on the gathering, storage, terminalling, and marketing of crude oil, as well as the gathering and disposal of produced water. Through these services, Crestwood played a significant role in the midstream energy market.
Corporate Headquarters
Crestwood Equity Partners LP maintained its corporate headquarters at 8111 Westchester Drive, Dallas, Texas 75225. Additionally, the company had an executive office located at 2440 Pershing Rd., Suite 600, Kansas City, MO 64108. These locations served as the central hubs for managing the company's extensive operations and executing its strategic initiatives.
Preferred Units and Unitholder Options
Prior to the acquisition, Crestwood Equity Partners LP's 9.25% preferred units were traded on the New York Stock Exchange under the ticker symbols CEQP/P, CEQP.P, or CEQP-P. These units had a par value of $9.13 per unit and paid an annual distribution of $0.8444 per unit, broken down into quarterly payments of $0.2111. Furthermore, these preferred units generated Unrelated Business Taxable Income (UBTI). Following the acquisition, preferred unitholders were provided options to convert their units into common units, new Energy Transfer preferred units, or redeem them for cash or common units.
Acquisition of Oasis Midstream Partners
Crestwood Equity Partners LP completed the acquisition of Oasis Midstream Partners LP on February 1, 2022. This strategic acquisition was part of Crestwood's efforts to enhance its midstream service capabilities and expand its operational footprint. The acquisition further solidified Crestwood's position in the energy sector by integrating Oasis Midstream's assets and services into its portfolio.