Reports Q4 revenue $1.4B, consensus $1.5B.Reports Q4 adjusted EBITDA of $200.3M, compared to $149.1M in the fourth quarter 2021, an increase of 34% year-over-year; full-year Adjusted EBITDA of $762.1M, compared to $600.1M in 2021, an increase of 27% "2022 was another transformational year for Crestwood as we continued to realign our midstream portfolio by expanding in the Williston, Delaware, and Powder River Basins, which are highly economic, oil-weighted resource plays, while divesting our Barnett and Marcellus assets which were non-core, gas-weighted, and low-growth. We have continued that strategy with the recent sale of our Tres Palacios natural gas storage facility to reduce debt and improve our balance sheet," commented Robert G. Phillips, Founder, Chairman, and Chief Executive Officer of Crestwood. Mr. Phillips added, "While we are disappointed in last year’s operating and financial results due to the impact of severe weather events, upstream consolidation, and oilfield services and labor constraints on producer drilling and development activity, we are excited about current 2023 rig activity and planned customer developments on our G&P assets. Moreover, this year we will be focused on realizing additional merger synergies and further commercialization of our systems, as we continue to integrate and expand the Oasis Midstream and Sendero Midstream assets with a measured capital program to capture the significant supply potential based on years of drilling inventory, which was a key component of the acquisitions last year."
Published first on TheFly
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