CEQP

General

What is Crestwood's ticker symbol and where is it listed?

Crestwood’s common units are listed with the New York Stock Exchange under the ticker symbol “CEQP.”

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Can I purchase units directly from Crestwood?

No, Crestwood does not offer a direct investment program and units must be purchased through a broker.

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Does Crestwood pay a distribution?

Yes, Crestwood pays a distribution in accordance with its partnership agreement for both its outstanding common and preferred units. Distributions are declared by the Board of Directors are paid quarterly in February, May, August and November. For information on the current distribution, click here.

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Does Crestwood have a distribution reinvestment plan (“DRIP”)?

No, Crestwood does not offer a DRIP program at this time.

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When will I receive my K-1 tax package?

Crestwood strives to deliver K-1 tax packages to its unitholders in a timely manner each year. Typically, for unitholders that have requested a hard-copy of their K-1 tax package, these are mailed in the middle of March. Tax packages are also available electronically at www.taxpackagesupport.com/ceqp where you can also set up email alerts for when documents are available. Click here for additional information.

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Who do I contact if I lost my K-1 tax package or need a prior year K-1 tax package?

Due to our large number of unitholders, Crestwood offers a tax package support center that can assist unitholders obtain K-1 tax packages, correct account information, and answer basic questions. Unitholders may contact tax package support by dialing (800) 230-1134.

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Who is Crestwood's transfer agent and how do I contact them?

American Stock Transfer & Trust Company LLC
6201 15th Avenue
Brooklyn, NY 11219

 

Shareholder Services
Tel: (800)-937-5449
https://www.astfinancial.com/

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What is a Master Limited Partnership (“MLP”)?

A Master Limited Partnership (MLP) is a publicly traded partnership with a pass-through tax structure. A share in an MLP is called a “unit,” and owning MLP units makes you a limited partner. Owning units in an MLP is different from owning corporate stock in a number of ways, most notably their taxation. As a limited partner, each unitholder is allocated on paper a proportionate share of the MLP’s income, gain, deductions, losses, and credits for tax purposes and entitled to receive any distribution paid by the partnership. This is reported annually on the K-1 form versus a 1099 for corporation dividends.


For more information on Master Limited Partnerships, please visit eic.energy.com or www.alerian.com/education/resources.

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What is the difference between a distribution and a dividend?

A common unit distribution is paid by a partnership to its partners. Under the tax code, common unit distributions are a return of capital and are generally tax-deferred. The costs basis in your partnership units, (the amount you paid, increased or decreased by various adjustments), is lowered by the amount of the distribution. A dividend is paid by a corporation to its stockholders and is generally taxable in the year it is received.

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Does an investment in Crestwood’s common units generate UBTI (Unrelated Business Taxable Income)?

Any positive income will result in UBTI and will be reported on the Schedule K-1. As Crestwood cannot provide tax advice, we encourage unitholders to reach out to their tax advisors to discuss their personal tax situation.

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Crestwood 9.25% Preferred Units

Where are Crestwood’s 9.25% preferred units listed and what is the par value?

As of July 2019, Crestwood’s 9.25% preferred units are traded on the New York Stock Exchange. The ticker symbol is CEQP/P, CEQP.P, or CEQP-P depending on trading platform. The par value is $9.13 per unit.

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Will holders of the 9.25% preferred units receive a K-1?

Yes, preferred unitholders will receive a K-1 tax package, separate from any K-1 received from an investment in Crestwood’s common units. Typically, for unitholders that have requested a hard-copy of their K-1 tax package, these are mailed in the middle of March. Tax packages are also available electronically at www.taxpackagesupport.com/ceqp_preferred  where you can also set up email alerts for when documents are available. For assistance obtaining a preferred K-1 tax package or correcting preferred account information, unitholders may reach out to tax package support at (800) 364-7567. Click here for additional information. 

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Do the 9.25% preferred units pay a distribution?

Yes, the Crestwood preferred units pay an annual distribution of $0.8444 per unit, $0.2111 per unit quarterly, or 9.25%. Distributions are declared by the Board of Directors are paid quarterly in February, May, August and November.

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How do cash distributions, income, and losses affect my tax basis on the 9.25% preferred units?

In order to maintain preferred status, preferred unitholders are allocated income in an amount to match distributions for the year. Your share of Crestwood’s taxable income increases your tax basis. Your share of Crestwood’s taxable loss and cash distributions decrease your tax basis.

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Does an investment in the Crestwood 9.25% preferred units generate UBTI (Unrelated Business Taxable Income)?

Yes, the income allocated to the 9.25% preferred units generates UBTI and will be reported on your Schedule K-1. As Crestwood cannot provide tax advice, we encourage unitholders to reach out to their tax advisors to discuss their personal tax situation.

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For additional questions regarding the 9.25% preferred units, please reach out to investorrelations@crestwoodlp.com.

Oasis Midstream Partners

On February 1, 2022, Crestwood completed the previously announced acquisition of Oasis Midstream Partners LP (“OMP”).

How many units of CEQP did I receive in exchange for my OMP units?

Public OMP unitholders received 0.87 CEQP units for each OMP unit, with fractional units rounding up to the next whole unit. For example, if you owned 150 units of OMP, you received 131 units of CEQP (150 x 0.87 = 130.5, rounds to 131).

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I was an OMP unitholder in 2021. When will I receive my K-1 tax package?

Former OMP unitholders will be mailed 2021 Schedule K-1s in mid-March 2022. Tax packages are also available electronically at www.taxpackagesupport.com/oasis where you can also set up email alerts for when documents are available. For assistance obtaining an OMP K-1 or correcting account information, unitholders may reach out to tax package support at (833) 608-3510. Click here for additional information.

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I was an OMP unitholder when the transaction closed in February 2022. When will I receive my final OMP Schedule K-1?

Former OMP unitholders that received CEQP units as part of the acquisition transaction will receive two K-1 tax packages for tax year 2022 – one for OMP for January 1, 2022 – January 31, 2022, and one for CEQP for the remainder of the year. These Schedule K-1s will be available in March 2023. As the merger was not effective in 2021, OMP unitholders will only receive one tax package for their investment in OMP during 2021.

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Contact: 811 Main St., Suite 3400, Houston, TX 77002.