Crestwood 1Q16: Spills the Beans on Antero DUCs; Pipe Delays Good

Don't Spill the BeansCrestwood Equity Partners (nee Crestwood Midstream) issued its first quarter 2016 update last week. In April Crestwood announced that New York City utility giant Consolidated Edison Inc. has formed a 50/50 joint venture to purchase ownership of pipelines and storage facilities in the PA and NY Marcellus region (see Utility Giant ConEdison Buys a Piece of the Marcellus Midstream). The newly formed jv, called Stagecoach Gas Services, will continue to be operated by Crestwood. Stagecoach and other projects in the Marcellus/Utica get an update in this latest quarterly report from Crestwood. We also grabbed some of the unscripted commentary from Crestwood’s quarterly analyst phone call. Interesting tidbits from that include comments by CEO Robert Phillips that the cancellation of Kinder Morgan’s NED pipeline and the delay of Williams’ Constitution Pipeline gives Crestwood a big opening and huge advantage with the Stagecoach deal. Also interesting: Crestwood doesn’t foresee Antero Resources (one of its major customers) completing 22 already-drilled wells and bringing them online until 2017/2018. Did Crestwood just spill the beans on Antero’s plans in that neck of the woods?…

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