By Michael Dabaie
Crestwood Equity Partners LP said its deal to acquire Oasis Midstream Partners LP in an equity and cash transaction valued at about $1.8 billion including debt will expand its gathering and processing footprint.
On deal for Oasis Midstream:
"Strategically, the announcement today to acquire Oasis Midstream, with complementary systems in the Williston and Delaware Basins, allows us to expand Crestwood's [gathering and processing] footprint in two of our core growth basins and makes the company a top midstream operator in the Williston Basin."
"The increase in dedicated acreage and undrilled inventory in the Williston Basin positions us for long term growth in a world-class resource play that is currently enjoying strong commodity prices that should drive further near-term supply development."
On Gathering and Processing results:
Gathering and Processing segment EBITDA (earnings before interest, tax, depreciation and amortization) totaled $131.4 million in the third quarter 2021, an increase of 22% compared to $108.0 million in the third quarter 2020.
"There was a 17% and 14% increase in Arrow natural gas gathering and processing volumes, respectively, a 41% and 37% increase in Powder River Basin gathering and processing volumes, respectively, a 41% and 79% increase in Delaware Permian natural gas gathering and processing volumes, respectively, and a 16% increase in Barnett gathering volumes."
"Crestwood expects fourth quarter results to benefit from continued producer development activity and the continued positive impact of current commodity prices."
On commodity price environment:
"Based on year-to-date results and the current commodity price environment, Crestwood expects to end full-year 2021 at or above the high end of its previously announced adjusted EBITDA guidance range of $570 million to $600 million", said Robert Phillips, chairman, president and chief executive officer of Crestwood's general partner."
Write to Michael Dabaie at michael.dabaie@wsj.com
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October 26, 2021 at 09:07PM
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Crestwood Oasis Midstream Deal Expands Gathering, Processing Footprint -- Commodity Comment - MarketWatch
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