June 6, 2017 - 8:30 AM EDT
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Crestwood Announces the Completion of the Initial Build-Out of the Nautilus Gas Gathering System in the Delaware Basin

Crestwood Equity Partners LP (NYSE:CEQP) (“Crestwood Equity” or “Crestwood”) today announced that the initial build-out of the Nautilus gas gathering system in the Delaware Basin is complete and the system has been placed into service with first flow occurring on Friday, June 2, 2017. The initial build-out includes 20 receipt point meters, 60 miles of pipeline, a 24 mile high pressure header system, 10,800 horsepower of compression and a high pressure delivery point. This phase of the system has been successfully completed ahead of schedule, under budget and without any employee or contractor recordable safety incidents. The Nautilus gas gathering system is owned by Crestwood Permian Basin Holdings LLC, a Crestwood and First Reserve joint venture focused on developing, owning and operating midstream infrastructure in the Delaware Basin. First Reserve is a leading private equity investment firm exclusively focused on energy.

J. Heath Deneke, Chief Operating Officer and President, Pipeline Services Group, commented, “We are very pleased with the successful execution of the project by our project management team and key contractors to complete this project safely, ahead of schedule and under budget. The success of this project demonstrates our ability to capture and execute on accretive greenfield opportunities in and around our current asset footprint, and our commitment to best-in-class customer service, safe operations and environmental stewardship.”

In September 2016, Crestwood entered into a long-term agreement with SWEPI LP (“SWEPI”), a subsidiary of Royal Dutch Shell plc, to construct, own and operate a natural gas gathering system in Shell’s operating position in the Delaware Basin. The Nautilus system is designed for gas gathering in an area of dedication of approximately 100,000 acres across Loving, Reeves and Ward counties, Texas. The system will ultimately include 194 miles of low pressure gathering lines, 36 miles of high pressure trunk lines and centralized compression facilities which are expandable over time as production increases, providing gas gathering capacity of no less than 250 million cubic feet per day.

About Crestwood Equity Partners LP

Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple unconventional shale resource plays across the United States. Crestwood Equity is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling, and marketing of NGLs; and gathering, storage, terminalling and marketing of crude oil.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. The words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Crestwood believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in Crestwood’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made, and Crestwood assumes no obligation to update these forward-looking statements.

Crestwood Equity Partners LP
Investor Contact
Josh Wannarka, 713-380-3081
Vice President, Investor Relations
[email protected]

Source: Business Wire (June 6, 2017 - 8:30 AM EDT)

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