Crestwood Equity Partners LP (NYSE:CEQP) Q2 2023 Earnings Conference Call August 1, 2023 9:00 AM ET

Corporate Participants

Bob Phillips - Founder, Chairman and Chief Executive Officer

Robert Halpin - President

Johnny Black - Executive Vice President and Chief Financial Officer

Diaco Aviki - Executive Vice President and Chief Operating Officer

Conference Call Participants

Tristan Richardson - Scotiabank

Neal Dingmann - Truist Securities

Ned Baramov - Wells Fargo

Charles Bryant - Citi

Operator

Good morning, and welcome to today's conference call to discuss Crestwood Equity Partners Second Quarter 2023 Financial and Operating Results.

Before we begin the call, listeners are reminded that 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 and adjusted EBITDA, distributable cash flow and free cash flow, will be discussed. Reconciliations to the most comparable GAAP financial measures are included in the news release issued this morning.

Joining us today with prepared remarks are Founder, Chairman and Chief Executive Officer, Bob Phillips; President, Robert Halpin; and Executive Vice President and Chief Financial Officer, Johnny Black. Additional members of the senior management team will be available for the question-and-answer session with Crestwood's current analyst following the prepared remarks.

At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, today's call is being recorded.

At this time, I will turn the conference over to Bob Phillips.

Bob Phillips

Thank you, operator and good morning, everyone. Thanks for joining us today to discuss our second quarter 2023 results and our outlook for the second half of the year.

Let me begin with a few opening remarks. And then, I'll turn it over to Robert for an operational review of the quarter and finally to Johnny to review the second quarter financial results in greater detail.

To kick things off, I want to say that we had another strong quarter of producer activity and volume throughput across our entire G&P portfolio. We give you several of the highlights of the quarter from that perspective. One, we connected 73 new wells during the quarter, bringing the year-to-date total to 143 wells connected so far, which is slightly ahead of our expectations from the beginning of the year.