Crestwood Equity Partners LP (NYSE:CEQP) Q1 2022 Earnings Conference Call April 26, 2022 9:00 AM ET

Company Participants

Bob Phillips – Founder, Chairman and Chief Executive Officer

Robert Halpin – President and Chief Financial Officer

Diaco Aviki – Executive Vice President and Chief Operating Officer

Conference Call Participants

Kyle May – Capital One Securities

Dan Walk – JPMorgan

Ned Baramov – Wells Fargo

Operator

Good morning, and welcome to today’s conference call to discuss Crestwood Equity Partners First Quarter 2021 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 issued this morning. Joining us today with prepared remarks are Founder, Chairman and Chief Executive Officer, Bob Phillips; and President and Chief Financial Officer, Robert Halpin. Additional members of the senior management team will be available for a question-and-answer session with Crestwood’s current analysts following the prepared remarks. Today’s call is being recorded. At this time all participants are in a listen-only mode. [Operator Instructions]

It’s now my pleasure to turn the call over to Bob Phillips. Please go ahead.

Bob Phillips

Thanks operator, and good morning to everyone. Thanks again for joining us today. We’re very pleased to report another strong quarter for Crestwood in a really good start to the rest of the year. I’m going to make a few general industry comments highlight some of our first quarter achievements update on expectations for the full year 2022, and then turn it over to Robert to go through the quarterly numbers.

So first let me just comment on what’s going on around the world. We continue to manage through volatility, both domestically and globally. Some of the recent global events that reemphasized to us the importance of secure low cost, reliable energy, and I’m proud that the U.S. energy industry continues to show the ability to provide this energy and service safely and sustainably.

I believe Crestwood will continue to play in a really important role in connecting American energy supply to market demand. As you know, global commodity prices are high and been volatile, but they’re still well ahead of our 2022 budget and they remain very constructive for the balance of the year. We have 12 rigs operating on our assets today, and we’re planning on significant producer activity through the rest of 2022 and into 2023. This is keeping our gathering and processing teams busy getting ready for a big ramp up in volumes in the second and third quarters of the year.