HOUSTON--(BUSINESS WIRE)--
Crestwood Equity Partners LP (NYSE:CEQP) (“Crestwood” or “CEQP”) today
issued the following statement regarding Raging Capital Management,
LLC’s (“Raging Capital”) letter to the Crestwood Board of Directors. The
letter, along with a detailed overview of Crestwood, was made public by
Raging Capital on December 14, 2015.
“On behalf of Crestwood’s Board of Directors, First Reserve and senior
management, we remain fully committed to generating long-term value for
Crestwood’s unitholders,” said Robert G. Phillips, Chairman and CEO of
Crestwood. “In 2015, we have taken several material and actionable steps
to re-position the Company in this depressed commodity price
environment. Despite these important steps completed so far, as Raging’s
Capital’s letter highlights, there remains a material value disconnect
between Crestwood’s common unit price and the fundamentals that support
our diversified asset portfolio. We appreciate Raging Capital’s
investment in Crestwood and their public recognition of the fundamental
long-term value of our assets and the value creation opportunity that
exists at Crestwood today.”
Crestwood’s management and Board of Directors continuously review
strategies to improve the partnership’s competitive position including,
but not limited to, those options described in Raging Capital’s letter.
We appreciate the input from all of our investors, particularly given
the difficult market conditions being experienced by the energy industry.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a
master limited partnership that owns and operates midstream businesses
in multiple unconventional shale resource plays across the United
States. Crestwood Equity is engaged in the gathering, processing,
treating, compression, storage and transportation of natural gas;
storage, transportation, terminalling, and marketing of NGLs; and
gathering, storage, terminalling and marketing of crude oil.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995 and Section
21E of the Securities and Exchange Act of 1934. The words “expects,”
“believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and
similar expressions identify forward-looking statements, which are
generally not historical in nature. Forward-looking statements are
subject to risks and uncertainties and are based on the beliefs and
assumptions of management, based on information currently available to
them. Although Crestwood believes that these forward-looking statements
are based on reasonable assumptions, it can give no assurance that any
such forward-looking statements will materialize. Important factors that
could cause actual results to differ materially from those expressed in
or implied from these forward-looking statements include the risks and
uncertainties described in Crestwood’s reports filed with the Securities
and Exchange Commission, including its Annual Report on Form 10-K and
its subsequent reports, which are available through the SEC’s EDGAR
system at www.sec.gov
and on our website. Readers are cautioned not to place undue reliance on
forward-looking statements, which reflect management’s view only as of
the date made, and Crestwood assumes no obligation to update these
forward-looking statements.
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Source: Crestwood Equity Partners LP