Crestwood Equity Partners LP (NYSE:CEQP) Q4 2022 Earnings Conference Call February 21, 2023 9:00 AM ET

Company Participants

Robert Phillips - Founder, Chairman, and Chief Executive Officer

Robert Halpin - President

John Black - Executive Vice President and Chief Financial Officer

Conference Call Participants

Spiro Dounis - Citi

Neal Dingmann - Truist Securities

Operator

Good morning, and welcome to today's conference call to discuss Crestwood Equity Partners' Fourth Quarter 2022 Financial and Operating Results and 2023 Outlook. Before we begin the call, listeners 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, distributable cash flow, and free cash flow will be discussed. Reconciliations to the most comparable GAAP measures are included in the news release issued this morning.

Joining us today with prepared remarks are Founder, Chairman, and Chief Executive Officer, Robert Phillips; President, Robert Halpin; and Executive Vice President and Chief Financial Officer, John Black. Additional members of the senior management team will be available for question-and-answer session with Crestwood's current analysts following the prepared remarks. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, today's call is being recorded.

It is now my pleasure to introduce your host Bob Phillips. Thank you sir. You may begin.

Robert Phillips

Thank you, operator and good morning to everyone. Thanks for joining us today. I’m going to start us off with a recap of the strategic transition that we've made over the past couple of years and then I'll turn it over to Robert to discuss our operational results in our segment outlooks. And then finally to Johnny to dive deeper into our 2022 financial results and our 2023 guidance.

So, let me start with 2022. It was another extremely important year for Crestwood as we push forward with our regional consolidation strategy, which was designed to establish Crestwood as a Top 3 gatherer processor in the Williston, Delaware, and Powder River Basins. This follows a portfolio realignment strategy, which we started in 2021 to core up our competitive position in all weighted resource plays, which have better long-term producer economics and decades of undrilled inventory, which are dedicated to our system.