Crestwood Equity Partners LP (NYSE:CEQP) Q4 2019 Earnings Conference Call - Final Transcript

Feb 18, 2020 • 09:00 am ET


Crestwood Equity Partners LP (NYSE:CEQP) Q4 2019 Earnings Conference Call - Final Transcript


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Greetings and welcome to the Crestwood Equity Partners Fourth Quarter 2019 Financial and Operating Results, and 2020 Outlook Call. [Operator Instructions]

Before we begin, listeners may [Phonetic] are reminded that the Company may make certain forward-looking statements as defined in the Securities and Exchange Act of 1934 that are based on assumptions and information currently available at the time of today's call. Please refer to the Company's latest filings with the SEC for a list of risk factors that may cause actual results to differ. Additionally, certain non-GAAP financial measures such as EBITDA, adjusted EBITDA and distributable cash flow will be discussed. Reconciliations to the most comparable GAAP measures are included in the news release issued this morning.

Joining us with the prepared remarks are Chairman, President and Chief Executive Officer, Bob Phillips; and Executive Vice President and Chief Financial Officer, Robert Halpin. Additional members of the senior management team will be available for the question-and-answer session with Crestwood's current analysts following the prepared remarks. Today's call is being recorded.

At this time, I'll turn the call over to Bob Phillips.

Robert G. Phillips

Thanks, Melissa, and good morning to all of you. Thank you for joining us so early today. We're pleased to announce our 2019 results and give you a really good look at our forecast for 2020. Before I begin, I do want to acknowledge that this is the 10-year anniversary of Crestwood and the partnership that we formed with First Reserve, our general partner, back in the summer of 2010 to acquire the Barnett assets was the beginning of this great corporate story. Really proud of that partnership between Crestwood and First Reserve over the last decade.

We've built a company with close to 1,000 employees nationwide. We've assembled a network of assets across three different operating segments that support producers that are developing oil, gas and gas liquids and produced water supplies in the most premier basins or shale plays in the US. We've been very fortunate to locate our assets around the best rock with the best economics.

But clearly, during this period, we've seen large shifts in commodity prices, significant improvements in upstream technological advancements and real change in investor preferences, particularly regarding energy investments. But what has been constant throughout that decade is the support and commitment that we've received from First Reserve, our general partner, as well as the Crestwood employees that have been committed to safety as our top priority for the entire decade and to maximize value for all of our investors, our common equity investors, our preferred shareholders and our bond investors.

I've always said, based on my 40 -- now 43 years in the business that it takes 10 good years to build a great midstream company and I'm proud of, and I know the leadership team here at Crestwood is proud of, how we've positioned the Company today for the next 10 years as we continue to practice sustainability and financial discipline, which we think will drive peer-leading growth throughout