Crestwood 3Q16: Turnaround Success, No Word on Finger Lakes LPG

CrestwoodCrestwood Equity Partners (nee Crestwood Midstream) recently issued its third quarter 2016 update. 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, became official in June (see Con Ed & Crestwood Seal the Deal on Marcellus Pipeline/Storage JV). Perhaps the biggest news is that Crestwood has turned things around financially. In 3Q15 they lost $634 million. In 3Q16 they made $3 million. That’s a huge turnaround year over year (2/3 of a BILLION dollars!). Stagecoach and other projects in the Marcellus/Utica get an update in this latest quarterly report from Crestwood. We also spotted a few interesting slides from the latest PowerPoint deck…

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