Crestwood Midstream Partners reported their 2012 results earlier this week. In 2012, Crestwood spent $560 million on new assets: gathering pipelines, processing plants and compressor stations—most of it in the Marcellus Shale region. Crestwood’s “wet gas” gathering volumes were 62% of their total gathering volumes in 4Q12. Wet gas was just 26% in 4Q11, meaning the company has put a premium on expanding in areas where wet gas is found (western PA, northern WV and eastern OH).
Select portions of the Crestwood update: