Crestwood Equity reports Q1 EPS 15c, consensus 13c

Reports Q1 revenue $1.26B, consensus $1.53B. "I am pleased to report a solid start to the year with first quarter operational and financial results that delivered on the expectations we set at the beginning of the year. Operationally, producer activity resulted in 70 new wells connected to our gathering assets, driving strong volumes during the quarter. Financially, Crestwood delivered first quarter 2023 Adjusted EBITDA of $193 million, distributable cash flow of $104 million, and a coverage ratio of 1.5x, all metrics meeting or exceeding our internal estimates. Additionally, we successfully closed the divestiture of Tres Palacios and used the sale proceeds to paydown debt and accelerate our leverage reduction. Pro forma for the divestiture, Crestwood’s leverage ratio is now at 4.0x, with line of sight to further deleveraging throughout the year via EBITDA growth and free cash flow allocation to debt paydown," commented Robert G. Phillips, Founder, Chairman, and CEO of Crestwood.