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Slide #51. Crestwood Midstream Partners — Arrow Midstream
Crestwood Midstream Partners (CMLP)
Crestwood Midstream Partners LP (NYSE: CMLP) ("Crestwood" or the "Partnership") today announced that its wholly-owned subsidiary, Crestwood Arrow Acquisition LLC ("Crestwood Arrow"), has entered into an agreement to acquire Arrow Midstream Holdings, LLC ("Arrow"), a privately-held midstream company, for approximately $750 million, subject to customary purchase price adjustments. The acquisition marks a continuation of Crestwood's liquids-focused strategy by significantly expanding Crestwood's operational footprint in the Bakken Shale and highlights the immediate benefits of the merger of Crestwood and Inergy Midstream, which was completed on Monday, October 7, 2013. The transaction is expected to be immediately accretive to Crestwood's estimated distributable cash flow per limited partner unit in 2014, with growing accretion thereafter based upon projected production increases from the Arrow assets. The transaction is expected to close in the fourth quarter of 2013.
Crestwood Midstream Partners is a limited partnership that develops, acquires, owns and operates primarily fee-based assets and operations within the energy midstream sector. Co. has three segments: gathering and processing, which provides natural gas gathering, processing, treating and compression services in unconventional shale plays in West Virginia, Wyoming, Texas, Arkansas, New Mexico and Louisiana; natural gas liquid (NGL) and crude services, which includes its crude oil rail terminals, the Arrow gathering system, a NGL storage facility, and operations of its US Salt, LLC subsidiary; and storage and transportation, which consists of its natural gas storage and transportation assets.
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Buy (2.71 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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