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

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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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