Crestwood Equity Partners LP (NYSE:CEQP) Q2 2022 Earnings Conference Call July 26, 2022 9:00 AM ET
Company Participants
Robert Phillips - Chairman, Chief Executive Officer
Robert Halpin - President, Chief Financial Officer
John Powell - Senior Vice President, Marketing, Supply and Logistics
Diaco Aviki - Executive Vice President, Chief Operating Officer
Will Moore - Executive Vice President, Corporate Strategy
Conference Call Participants
Jeremy Tonet - JP Morgan
Neal Dingmann - Truist Securities
Elvira Scotto - RBC Capital Markets
James Carreker - US Capital Advisors
Operator
Good morning and welcome to today’s conference call to discuss Crestwood Equity Partners’ second quarter 2022 financial and operating results.
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 we issued this morning.
Joining us today with prepared remarks are Founder, Chairman and Chief Executive Officer, Bob Phillips; President and Chief Financial Officer, Robert Halpin; and Executive Vice President and Chief Operating Officer, Diaco Aviki. Additional members of the senior management team will be available for the question and answer session with Crestwood current analysts following the prepared remarks.
Today’s call is being recorded. If anyone should require Operator assistance, please press star, zero from your telephone keypad.
At this time, I’ll turn the call over to Mr. Bob Phillips.
Robert Phillips
Thanks Rob, and good morning everyone. Thanks again for joining for this quarterly update. We’re going to discuss our second quarter results in some detail and our outlook for the second half of the year, but first I want to highlight where we are strategically as Crestwood has completed a lot of key transactions in the past 18 months. I also want to really brag on the management team for repositioning the company in front of this current commodity cycle. I think we’re extremely well positioned to really grow the business over the next couple of years.
I also want to touch on the late winter weather incident that we experienced up in North Dakota. It caused us to come in a little bit under market expectations for the quarter. I think when you see--when you add back the impact of that to our actual results, we would have come in right at consensus and expectations. Then, I’m going to turn it over to Robert to go through the quarterly results in detail and also the updated guidance for 2022, which I think is critically important here.