Crestwood unitholders approve Energy Transfer transaction

Crestwood Equity Partners LP (CEQP) announced that, at its special meeting of unitholders, Crestwood unitholders approved the previously announced transaction with Energy Transfer LP (ET). The Transaction is expected to close on November 3, 2023. “On behalf of Crestwood, I would like to thank our unitholders for their strong support in approving the Transaction with Energy Transfer. We believe the combination with Energy Transfer is highly strategic for Crestwood and provides Crestwood unitholders a compelling value enhancing opportunity as part of a significantly larger, more diverse MLP with a strong balance sheet, backlog of growth opportunities, and a target distribution per unit growth rate of 3 – 5% per year. Finally, Crestwood management and the board of directors would like to sincerely thank the employees of Crestwood for their hard work and dedication over the past 12 years to build a first-class organization and an asset portfolio of high-value, critical infrastructure. We look forward to the combined success of Crestwood and Energy Transfer for many years to come,” commented Robert G. Phillips, Founder, Chairman, and Chief Executive Officer of Crestwood.