Crestwood Midstream 3Q12: Profits Up, Marcellus Gas Flows Up
Crestwood Midstream Partners, a pipeline and processing plant company with operations across the U.S, including in the Marcellus, released their third quarter financial and operational update today. Unlike drillers, midstream companies are faring a bit better in this low natgas price climate. Crestwood’s 3Q12 financials show the company’s net profit rose 10% from 3Q11 and was up 12% from 2Q12.
The company owns 35% of Crestwood Marcellus Midstream (CMM). The volume of gas flowing through CMM’s pipelines increased by 32 million cubic feet per day from the second quarter of this year. Crestwood took over pipeline operations in the Marcellus from Antero Resources in April of this year.