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Citrix methods, Inc. (Nasdaq:CTXS), the international leader in access infrastructure options, nowadays introduced the launch of Citrix(R) access Suite four.0, an built-in industry access solution that permits on-demand access to any assistance resource for any licensed user, with any device, over any network connection, while cutting back working fees, enhancing guidance protection, and increasing company agility. access Suite four.0 includes the flagship Citrix Presentation Server(TM) four.0, Citrix Password supervisor(TM) four.0 and the novel Citrix access Gateway(TM) 4.0, a benchmark SSL VPN confess for both statistics and voice applications.
With this launch, the industry moreover introduces Citrix SmartAccess know-how, a sense-and-respond capacity that supplies continually optimized entry for clients whereas fastidiously keeping the protection of company counsel. SmartAccess straight senses and dynamically responds to distinctive labor scenarios with tailor-made entry and protection controls. The Citrix access Suite 4.0 is designed for companies of complete sizes and is the foundation of the Citrix entry Platform.
"Our three,200 independent agents depend on Citrix to log into the community from instruments they don't own, over connections they execute not manage, yet still with the merits of single signal-on technology and requisites-based protection. Citrix's suite of products gives us finished exploit over the community," referred to Charlton Monsanto, chief counsel officer for Prudential Fox & Roach. "They permit us to finely tune person permissions and controls in accessing specific purposes. They appear forward to Citrix's future items for an even more advantageous scalable, dynamic and flexible access platform."
"utility permitting companies to create a extremely reliable, scalable, virtualized IT infrastructure has experienced surprising 25 p.c boom between 2003 and 2004," spoke of Dan Kusnetzky, IDC's vice chairman of device application research. "virtual environment software is now a $19.three billion combination market global and is expected to undergo a rapid rate of enlarge complete through IDC's forecast duration. Citrix's imaginative and prescient of access Infrastructure utility is evidently a subset of IDC's digital environment application market. As such, it may be expected to adventure the same degree of increase."
Regulatory compliance requirements are additionally using the enterprise need for entry Suite 4.0 and its novel SmartAccess and Citrix SmoothRoaming(TM) technologies. IT spending on compliance is anticipated to grow in 2005 by passage of 43 p.c to $2 billion in the U.S. alone. entry Suite 4.0 makes it practicable for companies to define a compliance framework with standardized methods that enable IT administrators to implement safety controls and video display, audit and document access security. SmartAccess takes this policy framework one step extra with an unparalleled plane of granular entry control over applications, data, web content material and electronic mail attachments in accordance with consumer position within the company, labor place, outfit and connectivity guidelines.
the following portfolio of products beget up the brand novel entry Suite 4.0:
Citrix Presentation Server four.0
Citrix Presentation Server is the world's most generally deployed presentation server. With more than 50 novel facets, Presentation Server four.0 centralizes and standardizes the deployment of any home windows(R), UNIX(R) or net software to any worker using any gadget. The most up-to-date edition offers exceptional scalability by assisting extra clients per server and more than 1,000 servers per farm, and step forward utility compatibility with throughout-the-board usher for complete customer purposes. the novel Proximity Printing characteristic enables handy one-click printing to the nearest printer and a novel printing engine that can provide as much as four hundred p.c faster performance with more desirable administrative controls.
Citrix entry Gateway 4.0
Citrix access Gateway is a close SSL VPN appliance that offers a relaxed, always-on, single aspect-of-entry to any assistance resource. It combines the most fulfilling features of IPSec and ordinary SSL VPNs - without the costly and cumbersome implementation and management - to beget entry handy for clients, relaxed for the business, and low cost for IT administrators. entry Gateway is the handiest universal SSL VPN to present superior entry exploit for IT administrators to exploit no longer only what can moreover be accessed, but additionally what actions are accepted after access is granted, in response to the user's position, vicinity, classification of device, configuration of equipment, and connection.
The entry Gateway works through any firewall and supports complete applications and protocols, together with IP telephony. The access Gateway immediately and seamlessly reconnects users to their purposes and files once they exchange locations and devices, providing clients at any faraway vicinity the same access event that they've at their computing device. It will moreover be deployed as a stand-by myself product or tightly integrated with the access Suite.
Citrix Password supervisor four.0
Citrix Password manager is an commercial enterprise single sign-on confess that streamlines and automates consumer entry to password-blanketed applications operating on computing device computers, centralized on Presentation Server, and hosted on net websites and legacy programs. As a standalone product or integrated with the access Suite, Password supervisor helps create a complete identity management confess that protects company assistance assets and offers complete, secure assistance entry to personnel, companions and shoppers. novel aspects in Password manager four.0 consist of self-service password reset and wide auditing alternate options through finished event logging. In a part press liberate issued nowadays, Citrix announced that HP has chosen Citrix as its favored enterprise single signal-on companion, and is providing Password supervisor as a vital share of the HP OpenView identity and entry administration suite.
Pricing and Availability
-- Citrix entry Suite four.0 - for brand spanking novel Citrix customers who need interoperable access infrastructure to give, manage, measure, and parade screen on-demand entry to IT capabilities for employees, companions and consumers. This package comprises Presentation Server four.0, access Gateway 4.0, and Password manager 4.0, and has a suggested retail cost of $599 per concurrent user. It can be purchasable in the 2d quarter of 2005.
-- Citrix entry Suite 4.0, Step-Up edition - For consumers which hold already implemented Presentation Server and want to extend their entry platform with a SSL VPN and commercial enterprise single sign-on solutions; this kit includes access Gateway and Password supervisor, and has a advised retail rate of $229 per concurrent user. It can be available in the 2d quarter of 2005.
Citrix entry Suite 4.0 is purchasable for purchase in the 2nd quarter of 2005 beneath the handy, Open and Flex licensing models. expenditures encompass Citrix Subscription abilities(TM), which presents automatic, precedence entry to the latest product improvements and enhancements. For greater counsel on Citrix entry Suite four.0, gratify visit http://www.citrix.com/accesssuite.
Citrix systems, Inc. (Nasdaq:CTXS) is the international chief in access infrastructure options and probably the most trusted cognomen in secure access for companies and individuals. more than one hundred sixty,000 businesses around the world employ Citrix day by day. Their entry utility, features and appliances give americans relaxed and neatly-managed entry to company assistance at any situation it lives--on demand. Citrix purchasers encompass 100% of the Fortune 100 corporations, 99% of the Fortune 500, and 97% of the Fortune world 500. primarily based in castle Lauderdale, Florida, Citrix has workplaces in 22 nations, and approximately 6,200 channel and alliance partners in additional than 100 international locations. For extra information visit http://www.citrix.com.
For Citrix buyers
This unencumber contains forward-searching statements which are made pursuant to the safe harbor provisions of area 21E of the Securities alternate Act of 1934. The forward-looking statements in this liberate execute not limn ensures of future performance. those statements involve a brace of factors that could cause exact consequences to vary materially, together with risks linked to the business's company involving the company's products, their construction and distribution, financial and competitive components and the business's key strategic relationships and other risks distinctive in the enterprise's filings with the Securities and alternate fee. Citrix assumes no duty to update any ahead-searching assistance contained in this press free up or with admire to the announcements described herein.
Citrix(R), Citrix Presentation Server(TM), Citrix Password supervisor(TM), Citrix access Gateway(TM), Citrix SmoothRoaming(TM) and Citrix Subscription abilities(TM) are registered emblems or trademarks of Citrix methods, Inc. in the U.S. and different countries. UNIX(R) is a registered trademark of The Open neighborhood in the U.S. and different nations. home windows(R) is a registered trademark of Microsoft service provider within the U.S. and/or different countries. complete different logos and registered logos are property of their respective house owners.
Citrix methods, a provider of entry infrastructure options, lately introduced the launch of Citrix entry Suite 4.0 (AS4). AS4 comprises the flagship Citrix Presentation Server four.0, Citrix Password supervisor 4.0 and the brand novel Citrix entry Gateway, including a ordinary SSL VPN confess for each facts and voice functions.
Citrix moreover introduced it’s SmartAccess know-how, a sense-and-reply means that would convey perpetually optimized access for users whereas rigorously conserving the company tips. SmartAccess directly senses and dynamically responds to discrete labor situations with tailored entry and security controls.
probably the most modules that entry Suite four.0 includes of consist of; Citrix Presentation Server four.0, which centralizes and standardizes the deployment of any home windows, Unix, or web software to any employee using any equipment; Citrix access Gateway four.0, a benchmark SSL VPN outfit that provides a relaxed, at complete times-on, single point-of-access to any tips aid; Citrix Password supervisor 4.0, an enterprise single sign-on confess that streamlines and automates consumer access to password-protected applications operating on computing device computer systems, centralized on Presentation Server, and hosted on web sites and legacy programs.
Citrix claims that the AS4 has been designed for companies of complete sizes and is the foundation of the Citrix access platform.
a passage to deploy Citrix access Suite Licensing is the newest DABCC TechTip. here is moreover a DRAFT of the licensing component of the upcoming Methodology in a box 4.0 for Citrix Presentation Server four.0.
during this Tech Tip you're going to learn how to install and configure the Citrix access Suite License Server. This comprises installation the utility, configuring delegated administration, and the passage to permit historical record generation.
click on to download the DABCC.com Tech counsel – a passage to installation the Citrix access Suite Licensing
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When Arm Holdings, the division of the Softbank conglomerate that designs and licenses the core component of the processor architecture that bears its name, launched its Neoverse revamping of the Arm architecture for the datacenter and the edge final October, the company attach the architecture on a strict annual cadence and promised to deliver 30 percent performance increases at the system plane with each generation.
This is an ambitious set of performance and process node goals. And straight out of the chute this year, with the “Ares” Neoverse designs, which will henceforth be known as the N1, Arm is doing one better and guaranteeing a baseline of more than double that performance, and is showing gains of much more than this on many workloads that are being tested on prototype chips and simulators. It is not so much that Arm low-balled the performance gains it thought it could acquire with the Ares chips so much as a lot of different factors in hardware and compilers are coming together at the same time to beget a boost that is bigger than Arm had planned when it started the Neoverse project, which seeks to deliver processor designs tuned specifically for the datacenter core and edge, over five years ago.
When they suggested to Mike Filippo, who is an Arm Fellow and lead architect for engineering, at a recent Tech Day event in San Jose for selected chipheads, that the engineers could now coast relish crazy, he laughed and said, “You might deem so, but unfortunately on the engineering side, just because they overshoot here doesn’t denote they can undershoot there. They just beget their jobs harder.”
All joking aside, they probably should not acquire used to Arm beating its own performance goals so dramatically. While there is always a chance that performance can be pushed higher, each process node is harder to labor with and it is always tough to forecast how other technologies within a system will continue to evolve. Even 30 percent performance – again, at the system plane – every year means that performance is 2.2X higher than the baseline three years into the future. This is better than the Intel Xeon architecture has been delivering in recent years, and a Little bit faster than the pace that IBM has delivered in its Power7 through Power9 generations from 2010 through 2018.
Frankly, it was time for Arm to acquire a lot more creative with its server core designs, with the Cortex-A72 and Cortex-A75 cores not having enough oomph and therefore compelling the company’s server partners to invest in creating custom 64-bit core designs. This has had the result of slowing down the delivery of server designs as Arm advances the architecture, and hopefully going forward more Arm licensees that are already in the server space or who aspire to be can pick these Neoverse designs, add in the remembrance controllers, PHYs, and PCI-Express controllers that Arm does not supply and very quickly acquire tapeouts to their fab of preference and acquire chips into the field. (It is really down to Taiwan Semiconductor Manufacturing Corp at this point, with some possibilities perhaps with Samsung Electronics, maybe someday United Microelectronic Corp of China, and – if hell freezes prerogative over solid relish quartz – maybe Intel. GlobalFoundries is out of the game of pushing processes and is hanging back at the 14/16 nanometer node.)
The Ares designs are tuned for the 7 nanometer node at TSMC; it is not transparent just how much the HiSilicon division of Huawei Technology relied on the Ares design to create its Kunpeng 920 processor, which it revealed back in early January and which will ship later this year. But the Kunpeng 920, despite what HiSilicon says about designing its own Armv8 core, looks an Awful lot relish the 64-core Ares reference chip, with eight DDR4 remembrance controllers and PCI-Express 4.0 peripheral controllers, that Arm unveiled at that Tech Day event. Hmmmm….
With the Neoverse designs, Arm is moving from the ring topology linking elements of the system on chip with the Cortex-A72 to a mesh topology that has higher bandwidth across the components and lower latency between them, on average, and it is this, perhaps more than anything, that is giving the Ares Neoverse N1 chip such a titanic performance boost compared to its “Cosmos” predecessor based on a modified Cortex-A72. Here is what the compute element of the Ares chip looks like:
“This has been a five year labor of love, across many development sites, to create a novel set of infrastructure products,” explains Filippo. “We came into the project concurrently optimizing for performance, power efficiency, and areal efficiency, and this is important. If they had gone after absolute peak single threaded performance, they would hold been leaving throughput on the table. This is a fine balancing act. The power efficiency that they bring to endure is really there to enable us to hold very tall core weigh systems, at complete frequency sustained complete day long with any workload that you want to hurl at it. The Ares will scale up – they will talk titanic numbers complete day long – but it will moreover scale down. They hold a processor that will scale up to tall discontinue datacenter systems complete the passage down to low power SmartNICs.”
The maximum clock hurry of the cores on the Ares N1 chip as etched in the initial 7 nanometer processes from TSMC tops out at around 3.5 GHz, according to Filippo, with customers licensing the Neoverse N1 designs expected to thrust the clock speeds in the ambit of 2.,6 GHz to 3.1 GHz typically to appropriate into unavoidable thermal design points for server, storage, and networking devices.
The Ares core has 64 KB of L1 instruction cache and 64 KB of data cache, and the well-organized thing with this design, which is not something that is technically required by the Armv8.2 specification, is that the instruction caches are coherent. Depending on the beget and model, the Ares design offers 512 KB or 1 MB of private L2 cache per core, and the core involved has a special tall bandwidth, low latency pipe called Direct Connect that links the cores to the novel mesh interconnect that lashes together complete of the cores and the other elements of the system on chip.
The Ares core has a novel and deeper pipeline that can be reconfigured on the cruise to hold fewer stages when the clock frequencies are jacked up to the hilt and the lowest latency practicable through the core is desired. Here is what it looks like:
The N1 core pipeline has an 11-stage “accordion” pipeline that can scale back to 9 stages. The 11-stage pipeline has complete access to the 1 MB shared L2 cache on the chip, which is spread around the mesh in segments matching to cores up to 128 MB for a device with 128 cores. When dropping back to the 9-stage pipeline, the L2 cache chunks gear back to 512 KB and that provides the lower latency that is required for having fewer stages running at a higher frequency. That L2 system plane cache, what Arm calls SLC, runs complete out on a 128-core device and delivers more than 1 TB/sec of aggregate bandwidth across those L2 cache segments hanging off the mesh.
There are part and decoupled fetch pipes and offshoot pipes in the Ares core. The core has three 64-bit integer Arithmetic Logic Units (ALUs) plus a dedicated offshoot unit, and downstream from the integer units are two 128-bit AdvSIMD vector math units, which are twice as wide as the vector units in the Cortex-A72.
“We hold effectively doubled the overall floating point bandwidth from the prior generation,” explains Filippo. “These are aboriginal quad-word, dual 128-bit units fed by part issue queues and going into latency optimized execution pipelines. These latencies are two cycles for floating point add, three cycle for floating point multiply, and four cycle floating point multiply add. So they are pushing the latency on their AdvSIMD units pretty hard.”
The upshot of the Ares core is that it is designed to Run flat out with complete of its cores cranked and yet moreover be able to cope with the hefty, offshoot weighty virtual machine/hypervisor, database, and application serving workloads that are typical in the modern datacenter. It is curious that the Ares architecture does not hold L3 cache as its final level, but there is nothing stopping Arm licensees from adding this if they deem it will add to the architecture. (We did not acquire the stamp that Arm thinks L3 cache is useful, an persuasion that more than a few chip designers share; others, notably Intel and IBM, disagree.)
The DDR4 remembrance controllers and PCI-Express 4.0 peripheral controllers hang off the Ares interconnect mesh, just relish the core complexes do. Here is what it looks relish logically with a 64-core design:
This hypothetical chip shown above assumes a monolithic design, but that is not the only option. To lower the manufacturing costs of the overall socket, Ares licensees can choose to atomize the monolith into chiplets, relish this:
In this case, the 64-core die is broken into four 16-core segments, and CCIX interconnects coming off the mesh are used to link the four chiplets into one analytic processor. By the way, more CCIX links can moreover be added over the PCI-Express transport to create NUMA interconnects between sockets. (AMD’s Infinity Fabric on the Epyc X86 server processors similarly employ a quad chiplet design and tweaked PCI-Express interconnects to create multi-chip modules for a socket and to link multiple sockets together.) Their guess is that the Ares architecture has enough PCI-Express bandwidth to exploit some peripherals and maybe execute four-socket NUMA boxes. This would cover the needs of the vast majority of the systems market.
The bandwidth of that mesh in the Ares design is considerably higher than the ring in the Cortex-A72 design. A monolithic 64-core test chip has a peak of 200 GB/sec of aggregate remembrance bandwidth per socket, according to Filippo, and running the STREAM Triad remembrance benchmark test, it is coming in at around 175 GB/sec. A 32-core Cortex-A72 reference design could deliver 64 GB/sec tops on STREAM Triad. On the LMBench microbenchmark test suite for C/C++ applications, that Cortex-A72 had an average latency of 110 nanoseconds; the 64-core Ares test chip came in at 83 nanoseconds. That’s a pretty titanic drop in latency as these things disappear – a 25 percent drop in latency is a titanic deal in any device – and nearly a factor of three higher bandwidth per socket.
The Ares core design, says Filippo, offers 30 percent better performance per watt than the Cortex-A72 if both were implemented in the same 7 nanometer process, and that is a pretty rare architectural re-engineering, indeed. The shrink from 16 nanometers to 7 nanometers allows for the core counts on a design to, in theory, be doubled with some clock uplift on top of that. That 64-core Ares test design will near in at around 105 watts for its thermal design point, with a single core delivering a SPECint_rate2006 of about 37 per core and 1,310 across 64 cores within that thermal envelope. (That is on the GCC8 compiler stack.) As for floating point performance, using the GCC7 compilers, that 64-core chip will execute SPECfp_rate2006 of around 1,200, Arm estimates. (We will be drilling down into the expected performance of the Ares design separately, and the gains are quite large on various workloads compared to Cortex-A72 systems.)
The Ares designs are expected to scale up to 128 cores with 150 watts and possibly beyond as clock speeds are pushed, with smaller edge devices scaling down to 16 core to 64 core designs with between 35 watts and 105 watts of heat dissipation. Ares chips for network, storage, and security devices will scale between 8 cores and 32 cores with between 25 watts and 65 watts being burned.
Crestwood Equity Partners LP CEQP, -0.70% (“Crestwood”) reported today its financial and operating results for the three months ended December 31, 2018.
Fourth Quarter and Full-Year 2018 Highlights 
“Throughout 2018, Crestwood stayed committed to their strategy of investing in accretive projects across their core growth assets while focusing on capital efficiency and maintaining strict financial discipline to drive value for unitholders. As a result, their assets generated full-year 2018 Adjusted EBITDA of over $420 million, exceeding the tall discontinue of their guidance ambit and consensus estimates, and resulted in strong fourth quarter coverage and leverage ratios of 1.51x and 4.25x, respectively,” said Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwood’s general partner. “We remain confident in their aptitude to generate a 15% annual growth rate in EBITDA and DCF per unit through 2020 by executing on the expansion opportunities currently in their portfolio which can be funded with excess cash flow, revolver borrowings and joint venture contributions while they continue to focus on further pile their equipoise sheet strength.”
Mr. Phillips continued, “Beginning in 2017, Crestwood committed to invest approximately $850 million in a 3-year capital program to organically grow their franchise gathering and processing positions in the Bakken, Powder River Basin and Delaware Basin systems. These much-needed infrastructure expansions were supported by strong producer activity, increased well performance and improved breakeven economics for their customers despite significant commodity volatility during this period. By year-end 2019, Crestwood expects their capital investments to result in incremental EBITDA of approximately $160 million from 2017, implying the realization of an approximately 5.5x investment multiple. Looking beyond 2019, they view continued growth potential across their core oil-weighted basins through the continued development of complete midstream value chain facilities and services in their footprint and the chance to consolidate their joint venture partners and third party facilities in the regions that they operate as production volumes from stacked shale plays grow and change over time.”
“Finally, Crestwood’s capital allocation will continue to be dedicated toward prudent investments in accretive, tall recur capital projects that meet their strict investment hurdles. As they execute their current set of investment opportunities they will stay dedicated to maintaining solid financial metrics. While there is significant debate in the industry today about the allocation of capital and excess cash flow, their strategy is clear. Crestwood plans to maintain their current distribution throughout the 2019 investment cycle using excess cash stream for reinvestment and increasing coverage ratio. Once they achieve their targeted leverage ratio between 3.5x and 4.0x in 2020, they will reevaluate distribution growth. Their goal is to generate long-term value for their investors and they believe maintaining equipoise sheet strength, financial flexibility, and funding expansions with cash stream from operations and joint venture partners, is the preempt capital allocation strategy in the current market environment.”
Fourth Quarter 2018 Segment Results and Outlook
Gathering and Processing segment EBITDA totaled $80.9 million in the fourth quarter 2018, compared to $74.3 million in the fourth quarter 2017. During the fourth quarter 2018, segment EBITDA increased as a result of a 16% enlarge in processing volumes, a 45% enlarge in produced water volumes and a 19% reduction in Marcellus and Fayetteville O&M expenses from the fourth quarter 2017. During the full-year 2018, natural gas gathering volumes increased 5%, raw oil gathering volumes were relatively flat, and produced water gathering volumes increased by 31%. In 2019, Crestwood expects volume growth across complete three products as gathering system debottlenecking completed in 2018 and processing expansion projects alleviate system constraints and will provide producers with complete midstream champion to achieve 2019 development plans.
Storage and Transportation segment EBITDA totaled $13.7 million in the fourth quarter 2018, compared to $21.1 million in the fourth quarter 2017, which included a one-time deficiency payment of $6.7 million Crestwood received related to the COLT Hub in 2017. Segment EBITDA in 2017 excludes a $57 million non-cash loss on contingent consideration recorded in 2017 related to Crestwood’s Stagecoach equity investment. Fourth quarter 2018 natural gas storage and transportation volumes averaged 1.95 Bcf/d, compared to 1.99 Bcf/d in the fourth quarter 2017. During 2018, the Storage and Transportation segment benefited from the step-up in cash distribution at the Stagecoach joint venture and improved basin fundamentals at the COLT Hub rail facility. effective July 1, 2018, Crestwood began receiving a 40% cash distribution from the Stagecoach joint venture and will start receiving the final distribution step-up of 50% in July 2019, which will result in an estimated $10 million in incremental EBITDA, or an enlarge of 20% over 2018. At the COLT Hub, daily rail loading volumes increased 142% from the fourth quarter 2017 driven by wider WTI to Brent spreads, increased production volumes across the Bakken and benign economics for Bakken raw with refinery customers in the East and West Coast markets. In 2019, Crestwood anticipates similar market conditions at the COLT Hub as a result of a combination of (i) strong production growth across the Bakken; (ii) tightening pipeline capacity; and (iii) COLT Hub’s access to multiple supply sources that position the facility to capture market share.
Marketing, Supply and Logistics segment EBITDA totaled $20.3 million in the fourth quarter 2018, compared to $14.4 million in the fourth quarter 2017. Both periods exclude the non-cash change in unbiased value of commodity inventory-related derivative contracts and goodwill and other impairments recorded in 2017. During the fourth quarter 2018, Crestwood’s northeast NGL team benefitted from the seasonal spreads captured from low-cost storage inventories built throughout 2018 as a result of increased NGL supplies from various high-growth regions and regional pipeline project delays. Additionally, Crestwood’s raw marketing team utilized excess storage capacity and transportation assets to capture low-risk, high-margin opportunities created by widening of the WTI to Bakken basis differentials and contango oil market in the fourth quarter. As Crestwood continues to expand its processing assets in the Bakken, Powder River Basin and Delaware Basin, Crestwood expects its MS&L segment to continue to champion the G&P segment through its extensive network of trucking, rail and terminal assets that will provide its producer customers stream assurance and premium market access.
Combined O&M and G&A expenses, net of non-cash unit based compensation, in the fourth quarter 2018 were $44.5 million compared to $50.9 million in the fourth quarter 2017. Crestwood reduced combined O&M and G&A expenses by approximately $6.4 million, or 13%, primarily driven by Crestwood’s efforts to streamline its MS&L segment operations (including the sale of Crestwood’s West Coast and US Salt businesses) and lower personnel expenses.
Fourth Quarter 2018 industry Update and FY 2019 Outlook
During the fourth quarter 2018, the Arrow system averaged raw oil volumes of 82.6 MBbls/d, 1% higher than fourth quarter 2017, while natural gas volumes of 68.6 MMcf/d and produced water volumes of 53.8 MBbls/d, both increased 45%, respectively, over fourth quarter 2017. As of January 2019, the Arrow system achieved daily record gathering volumes of 102.8 MBbls/d of raw oil, 77.7 MMcf/d of natural gas and 61.6 MBbls/d of produced water. During the fourth quarter 2018, producers on the Arrow system connected 21 wells resulting in 54 total well connections in 2018. Following, the completion of a majority of the system debottlenecking projects in 2018, Crestwood expects to connect approximately 30 novel wells in the first quarter 2019 and approximately 100 novel wells by the discontinue of 2019. FY 2019 completion activity is expected to be driven by WPX Energy and XTO Energy, both of which primarily utilize Arrow’s DAPL interconnect to deliver barrels to the LLS market.
In 2019, Crestwood expects to invest capital in the Bakken to complete the endure Den II processing plant, current Arrow debottlenecking projects and expand the Arrow water gathering system as a result of the novel Enerplus Corporation (“Enerplus”) produced water agreement. The processing expansion will enlarge Crestwood’s total processing capacity to 150 MMcf/d and is scheduled to be completed in the third quarter 2019. Once the expansion is placed into service, Crestwood will immediately start processing 100% of the natural gas gathered on the Arrow system. As a result, Crestwood expects cash stream from Arrow to step-up meaningfully in the second half of the year. Additionally, in fourth quarter 2018, Crestwood entered into a novel commercial agreement with an existing Arrow customer, Enerplus, to expand the Arrow produced water gathering system by approximately 30 MBbls/d. Crestwood expects to invest approximately $60 million across 2019 and 2020 on the water system expansion. On the basis of Enerplus’ forecasted water volumes and pace of development, this implies a 4x project build multiple.
During 2018, the COLT Hub rail facility outperformed internal expectations as benign market conditions drove fourth quarter 2018 average rail loading volumes of 55.8 MBbls/d, a 142% increase, compared to 23.1 MBbls/d in the fourth quarter 2017. As a result of increased rail loading demand in the basin, Crestwood has begun to enter into 6 to 12 month loading contracts with East and West coast customers sourcing Bakken raw oil. Additionally, Crestwood has seen an enlarge in NGL loading demand and expects the COLT Hub will serve as a valuable facility to transport NGLs out of the basin as incremental processing plants are placed into service throughout 2019.
Powder River Basin Update
During the fourth quarter 2018, the Jackalope system averaged gathering volumes of 125.5 MMcf/d, an enlarge of 77%, compared to 70.8 MMcf/d in the fourth quarter 2017. Crestwood expects continued volume growth on the system as Chesapeake Energy (“Chesapeake”) has recently committed to maintaining a five rig program targeting the prolific Turner formation throughout 2019 and continues to evaluate adding a sixth rig in 2019 to further delineate and test other production benches, such as the Niobrara and Parkman. As a result, exit rate system volumes are expected to double by year-end 2019. In fourth quarter 2018, the previously announced Bucking Horse plant expansion from 120 MMcf/d to 145 MMcf/d was successfully placed into service. In conjunction with these capital expansions, Crestwood and Williams previously announced an extension of its gathering and processing acreage dedication agreement with Chesapeake by ten years, through 2037, under existing terms.
In 2019, Crestwood expects to invest capital in the Powder River Basin to expand the Bucking Horse processing plant and Jackalope gas gathering system to total capacities of 345 MMcf/d during 2019 and 2020 to accommodate Chesapeake’s development plans. Crestwood has recently assumed project management responsibilities for the Bucking Horse side 2 expansion. The Powder River Basin is expected to be Crestwood’s second largest growth driver in 2019 and 2020 due to strong producer economics, reservoir property and strong forecasted volume growth in the basin by Chesapeake and notable offset producers.
Delaware Basin Update
During fourth quarter 2018, Crestwood’s Delaware Basin gathering assets averaged natural gas volumes of 182 MMcf/d, a 63% enlarge compared to 111 MMcf/d in fourth quarter 2017. Gathering volumes in the Delaware Basin increased as a result of continued Nautilus system volume growth in the fourth quarter 2018. Currently, there are five lively rigs operating on Crestwood’s Delaware Basin gathering systems and Crestwood expects increased volumes in the second half of 2019 as the Orla plant NGL residue outlet volumes benefit from more benign transportation and fractionation pricing to the Gulf Coast markets through Crestwood’s contract with Chevron Phillips.
In 2019, Crestwood expects to invest capital in the Delaware Basin on Nautilus system expansions and well connections. Crestwood continues to promote commercial discussions with on-system and off-set producers to provide midstream services that would comprise produced water gathering and disposal and novel natural gas gathering and processing.
2019 financial Guidance
Based upon the industry update and outlook famous above, Crestwood’s 2019 guidance is provided below. These projections are topic to risks and uncertainties as described in the “Forward-Looking Statements” section at the discontinue of this release.
Capitalization and Liquidity Update
Crestwood invested approximately $125 million in consolidated growth capital projects and joint venture contributions during the fourth quarter 2018 and approximately $332 million during 2018. As of December 31, 2018, Crestwood had approximately $1.8 billion of debt outstanding, comprised of $1.2 billion of fixed-rate senior notes and $578 million outstanding under its $1.25 billion revolving credit facility. Crestwood’s leverage ratio was 4.25x as of December 31, 2018. Based on the current outlook for 2019, Crestwood expects to continue to utilize excess retained DCF, significant availability under its revolving credit facility, and evaluate non-core asset divestitures to fund its 2019 capital program. Crestwood currently has 71.3 million preferred units outstanding (par value of $9.13 per unit) which pay a fixed-rate annual cash distribution of 9.25%, payable quarterly.
Sustainability Program Update
During the fourth quarter, Crestwood made significant progress in the implementation of an MLP industry leading sustainability program. Crestwood’s commitment to sustainability is demonstrated by the formation of a Board of Directors plane Sustainability committee in the fourth quarter 2018 which provides governance oversight and will ensure that environmental, convivial and governance risks are incorporated into its long-term industry strategy. Recently, Crestwood completed a Materiality Assessment that identified key content to address in its 2018 report and remains on track to publish its inaugural sustainability report, in accordance with the Global Reporting Initiative, in June 2019. For up to date information on Crestwood’s on-going commitment to sustainability gratify visit www.crestwoodlp.com/sustainability.
Upcoming Conference Participation
Crestwood’s management will participate in the following upcoming investor conferences. Prior to the start of each conference, novel presentation materials may be posted to the Investors section of Crestwood’s website at www.crestwoodlp.com.
2018 K-1 Tax Packages
Crestwood’s K-1 tax packages are expected to be made available online and mailed the week of Monday, March 11, 2019.
2018 Annual Report figure 10-K
Crestwood plans to file its annual report on figure 10-K with the Securities and Exchange Commission for the year ended December 31, 2018 on February 22, 2019. The 10-K report will be available to view, print or download on the Investors page of Crestwood’s website at www.crestwoodlp.com. Crestwood will moreover provide a printed copy of the annual report on figure 10-K, free of imbue upon request. Such requests should be directed in writing via email to firstname.lastname@example.org or via mail to Investor Relations, 811 Main St., Suite 3400, Houston, TX 77002.
Earnings Conference muster Schedule
Management will host a conference muster for investors and analysts of Crestwood today at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) which will be broadcast live over the Internet. Investors will be able to connect to the webcast via the “Investors” page of Crestwood’s website at www.crestwoodlp.com. gratify log in at least 10 minutes in promote to register and download any necessary software. A replay will be available shortly after the muster for 90 days.
Non-GAAP financial Measures
Adjusted EBITDA and distributable cash stream are non-GAAP financial measures. The accompanying schedules of this news release provide reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Their non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income or operating income or any other GAAP measure of liquidity or financial performance.
This news release contains forward-looking statements within the significance 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 topic 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. principal factors that could cause actual results to disagree materially from those expressed in or implied from these forward-looking statements comprise the risks and uncertainties described in Crestwood’s reports filed with the Securities and Exchange Commission, including its Annual Report on figure 10-K and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on their website. Readers are cautioned not to situation undue reliance on forward-looking statements, which reflect management’s view only as of the date made, and Crestwood assumes no duty to update these forward-looking statements.
AboutCrestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP CEQP, -0.70% is a master limited partnership that owns and operates midstream businesses in multiple 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; gathering, storage, terminalling and marketing of raw oil; and gathering and disposal of produced water.
 gratify view non-GAAP reconciliation table included at the discontinue of the press release.CRESTWOOD EQUITY PARTNERS LP
Consolidated Statements of Operations
(in millions, except unit and per unit data)
Three Months EndedDecember 31,Year Ended December 31, 2018 2017 2018 2017 Revenues: Gathering and processing $ 108.6 $ 479.7 $ 946.6 $ 1,686.4 Storage and transportation 4.3 12.5 17.1 37.2 Marketing, supply and logistics 655.4 754.3 2,689.4 2,155.5 Related party 0.1 0.4 1.0 1.8 Total revenues 768.4 1,246.9 3,654.1 3,880.9 Costs of products/services sold 610.7 1,103.1 3,129.4 3,374.7 Expenses: Operations and maintenance 29.8 32.6 125.8 136.0 General and administrative 15.3 24.9 88.1 96.5 Depreciation, amortization and accretion 39.9 46.5 168.7 191.7 Loss on long-lived assets, net 0.9 59.3 28.6 65.6 Goodwill impairment — 38.8 — 38.8 Loss on contingent consideration — 57.0 — 57.0 85.9 259.1 411.2 585.6 Operating income (loss) 71.8 (115.3 ) 113.5 (79.4 ) Earnings from unconsolidated affiliates, net 13.8 18.6 53.3 47.8 Interest and debt expense, net (25.4 ) (24.6 ) (99.2 ) (99.4 ) Loss on modification/extinguishment of debt (0.9 ) — (0.9 ) (37.7 ) Other income, net 0.2 0.9 0.4 1.3 Income (loss) before income taxes 59.5 (120.4 ) 67.1 (167.4 ) (Provision) benefit for income taxes 0.1 0.8 (0.1 ) 0.8 Net income (loss) 59.6 (119.6 ) 67.0 (166.6 ) Net income attributable to non-controlling partners 4.1 6.5 16.2 25.3 Net income (loss) attributable to Crestwood Equity Partners LP $ 55.5 $ (126.1 ) $ 50.8 $ (191.9 ) Net income attributable to preferred units 15.0 15.0 60.1 62.5 Net income (loss) attributable to partners $ 40.5 $ (141.1 ) $ (9.3 ) $ (254.4 ) Common unitholders' interest in net income (loss) $ 40.5 $ (141.1 ) $ (9.3 ) $ (254.4 ) Net income (loss) per limited ally unit: Basic and Diluted $ 0.57 $ (2.01 ) $ (0.13 ) $ (3.64 ) Weighted-average limited partners’ units outstanding (in thousands): Basic and Diluted 71,217 70,274 71,205 69,839 CRESTWOOD EQUITY PARTNERS LP
Selected equipoise Sheet Data
(unaudited)December 31, 2018 2017 Cash $ 0.9 $ 1.3
Outstanding debt:Revolving Credit Facility $ 578.2 $ 318.2 Senior Notes 1,200.0 1,200.0 Other 1.5 2.4 Subtotal 1,779.7 1,520.6 Less: deferred financing costs, net 26.4 28.4 Total debt $ 1,753.3 $ 1,492.2
Crestwood Equity Partners LP partners' capitalTotal partners' capital $ 2,033.8 $ 2,180.5 Common units outstanding 71.7 70.7 CRESTWOOD EQUITY PARTNERS LP
Reconciliation of Non-GAAP financial Measures
Three Months EndedDecember 31,Year Ended December 31, 2018 2017 2018 2017
EBITDANet income (loss) $ 59.6 $ (119.6 ) $ 67.0 $ (166.6 ) Interest and debt expense, net 25.4 24.6 99.2 99.4 Loss on modification/extinguishment of debt 0.9 — 0.9 37.7 Provision (benefit) for income taxes (0.1 ) (0.8 ) 0.1 (0.8 ) Depreciation, amortization and accretion 39.9 46.5 168.7 191.7
EBITDA [(a)]$ 125.7 $ (49.3 ) $ 335.9 $ 161.4 Significant items impacting EBITDA: Unit-based compensation charges 0.6 6.6 28.5 25.5 Loss on long-lived assets, net 0.9 59.3 28.6 65.6 Goodwill impairment — 38.8 — 38.8 Loss on contingent consideration — 57.0 — 57.0 Earnings from unconsolidated affiliates, net (13.8 ) (18.6 ) (53.3 ) (47.8 ) Adjusted EBITDA from unconsolidated affiliates, net 25.7 25.4 95.6 80.3 Change in unbiased value of commodity inventory-related derivative contracts (25.3 ) (10.3 ) (18.3 ) 2.2 Significant transaction and environmental related costs and other items 0.3 2.0 3.1 12.4 Adjusted EBITDA [(a)] $ 114.1 $ 110.9 $ 420.1 $ 395.4
Distributable Cash Flow
Adjusted EBITDA [(a)]$ 114.1 $ 110.9 $ 420.1 $ 395.4 Cash interest expense [(b)] (26.0 ) (23.5 ) (97.4 ) (95.1 ) Maintenance capital expenditures [(c)] (3.9 ) (5.9 ) (20.6 ) (22.0 ) Adjusted EBITDA from unconsolidated affiliates, net (25.7 ) — (95.6 ) — Distributable cash stream from unconsolidated affiliates 24.1 — 90.5 — (Provision) benefit for income taxes 0.1 0.8 (0.1 ) 0.8 Deficiency payments — (6.7 ) — (6.1 ) Distributable cash stream attributable to CEQP 82.7 75.6 296.9 273.0 Distributions to preferred (15.1 ) (15.0 ) (60.1 ) (30.0 ) Distributions to Niobrara Preferred (3.3 ) (3.8 ) (13.2 ) (15.2 ) Distributable cash stream attributable to CEQP common [(d)] $ 64.3 $ 56.8 $ 223.6 $ 227.8 (a) EBITDA is defined as income before income taxes, plus debt-related costs (interest and debt expense, net, and gain (loss) on modification/extinguishment of debt) and depreciation, amortization and accretion expense. Adjusted EBITDA considers the adjusted earnings impact of their unconsolidated affiliates by adjusting their equity earnings or losses from their unconsolidated affiliates to reflect their proportionate share (based on the distribution percentage) of their EBITDA, excluding impairments. Adjusted EBITDA moreover considers the impact of unavoidable significant items, such as unit-based compensation charges, gains and losses on long-lived assets, impairments of long-lived assets and goodwill, gains and losses on acquisition-related contingencies, third party costs incurred related to potential and completed acquisitions, unavoidable environmental remediation costs, the change in unbiased value of commodity inventory-related derivative contracts, costs associated with the realignment of their operations (including their Marketing, Supply and Logistics operational realignment and other cost savings initiatives), and other transactions identified in a specific reporting period. The change in unbiased value of commodity inventory-related derivative contracts is considered in determining Adjusted EBITDA given that the timing of recognizing gains and losses on these derivative contracts differs from the recognition of revenue for the related underlying sale of inventory to which these derivatives relate. Changes in the unbiased value of other derivative contracts is not considered in determining Adjusted EBITDA given the relatively short-term nature of those derivative contracts. EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP, as they execute not comprise deductions for items such as depreciation, amortization and accretion, interest and income taxes, which are necessary to maintain their business. EBITDA and Adjusted EBITDA should not be considered alternatives to net income, operating cash stream or any other measure of financial performance presented in accordance with GAAP. EBITDA and Adjusted EBITDA calculations may vary among entities, so their computation may not be comparable to measures used by other companies. (b) Cash interest expense less amortization of deferred financing costs. (c) Maintenance capital expenditures are defined as those capital expenditures which execute not enlarge operating capacity or revenues from existing levels. (d) Beginning in 2018, distributable cash stream is defined as Adjusted EBITDA, adjusted for cash interest expense, maintenance capital expenditures, income taxes, and their proportionate share (based on the distribution percentage) of their unconsolidated affiliates' distributable cash flow. In 2017, distributable cash stream was defined as Adjusted EBITDA, less cash interest expense, maintenance capital expenditures, income taxes, and changes in deferred revenue (primarily related to deficiency payments). Distributable cash stream should not be considered an alternative to cash flows from operating activities or any other measure of financial performance calculated in accordance with GAAP as those items are used to measure operating performance, liquidity, or the aptitude to service debt obligations. They believe that distributable cash stream provides additional information for evaluating their aptitude to declare and pay distributions to unitholders. Distributable cash flow, as they define it, may not be comparable to distributable cash stream or similarly titled measures used by other companies. CRESTWOOD EQUITY PARTNERS LP
Reconciliation of Non-GAAP financial Measures
Three Months EndedDecember 31,Year Ended December 31, 2018 2017 2018 2017
EBITDANet cash provided by operating activities $ 52.7 $ 27.7 $ 253.6 $ 255.9 Net changes in operating assets and liabilities 50.9 64.9 46.9 (0.3 ) Amortization of deferred financing costs (1.4 ) (1.8 ) (6.8 ) (7.2 ) Interest and debt expense, net 25.4 24.6 99.2 99.4 Unit-based compensation charges (0.6 ) (6.6 ) (28.5 ) (25.5 ) Loss on long-lived assets, net (0.9 ) (59.3 ) (28.6 ) (65.6 ) Goodwill impairment — (38.8 ) — (38.8 ) Loss on contingent consideration — (57.0 ) — (57.0 ) Earnings from unconsolidated affiliates, net, adjusted for cash distributions received (0.8 ) (2.4 ) (0.5 ) 0.1 Deferred income taxes 0.5 1.4 0.7 2.1 Provision (benefit) for income taxes (0.1 ) (0.8 ) 0.1 (0.8 ) Other non-cash expense — (1.2 ) (0.2 ) (0.9 )
EBITDA [(a)]$ 125.7 $ (49.3 ) $ 335.9 $ 161.4 Unit-based compensation charges 0.6 6.6 28.5 25.5 Loss on long-lived assets, net 0.9 59.3 28.6 65.6 Goodwill impairment — 38.8 — 38.8 Loss on contingent consideration — 57.0 — 57.0 Earnings from unconsolidated affiliates, net (13.8 ) (18.6 ) (53.3 ) (47.8 ) Adjusted EBITDA from unconsolidated affiliates, net 25.7 25.4 95.6 80.3 Change in unbiased value of commodity inventory-related derivative contracts (25.3 ) (10.3 ) (18.3 ) 2.2 Significant transaction and environmental related costs and other items 0.3 2.0 3.1 12.4 Adjusted EBITDA [(a)] $ 114.1 $ 110.9 $ 420.1 $ 395.4 (a) EBITDA is defined as income before income taxes, plus debt-related costs (interest and debt expense, net, and gain (loss) on modification/extinguishment of debt) and depreciation, amortization and accretion expense. Adjusted EBITDA considers the adjusted earnings impact of their unconsolidated affiliates by adjusting their equity earnings or losses from their unconsolidated affiliates to reflect their proportionate share (based on the distribution percentage) of their EBITDA, excluding impairments. Adjusted EBITDA moreover considers the impact of unavoidable significant items, such as unit-based compensation charges, gains and losses on long-lived assets, impairments of long-lived assets and goodwill, gains and losses on acquisition-related contingencies, third party costs incurred related to potential and completed acquisitions, unavoidable environmental remediation costs, the change in unbiased value of commodity inventory-related derivative contracts, costs associated with the realignment of their operations (including their Marketing, Supply and Logistics operational realignment and other cost savings initiatives), and other transactions identified in a specific reporting period. The change in unbiased value of commodity inventory-related derivative contracts is considered in determining Adjusted EBITDA given that the timing of recognizing gains and losses on these derivative contracts differs from the recognition of revenue for the related underlying sale of inventory to which these derivatives relate. Changes in the unbiased value of other derivative contracts is not considered in determining Adjusted EBITDA given the relatively short-term nature of those derivative contracts. EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP, as they execute not comprise deductions for items such as depreciation, amortization and accretion, interest and income taxes, which are necessary to maintain their business. EBITDA and Adjusted EBITDA should not be considered alternatives to net income, operating cash stream or any other measure of financial performance presented in accordance with GAAP. EBITDA and Adjusted EBITDA calculations may vary among entities, so their computation may not be comparable to measures used by other companies. CRESTWOOD EQUITY PARTNERS LP
Three Months EndedDecember 31,Year Ended December 31, 2018 2017 2018 2017
Gathering and ProcessingRevenues $ 159.5 $ 520.3 $ 1,139.1 $ 1,822.7 Costs of product/services sold 65.4 430.9 767.0 1,480.8 Operations and maintenance expense 19.0 16.6 71.7 68.4 Loss on long-lived assets, net (0.9 ) (10.5 ) (3.0 ) (14.4 ) Earnings from unconsolidated affiliates 6.7 11.2 22.5 18.9 Other income, net — 0.8 — 0.8 EBITDA $ 80.9 $ 74.3 $ 319.9 $ 278.8
Storage and TransportationRevenues $ 7.7 $ 14.5 $ 27.6 $ 43.9 Costs of product/services sold 0.1 — 0.2 0.3 Operations and maintenance expense 1.0 0.8 3.3 4.2 Loss on contingent consideration — (57.0 ) — (57.0 ) Earnings from unconsolidated affiliates 7.1 7.4 30.8 28.9 EBITDA $ 13.7 $ (35.9 ) $ 54.9 $ 11.3
Marketing, Supply and LogisticsRevenues $ 601.2 $ 712.1 $ 2,487.4 $ 2,014.3 Costs of product/services sold 545.2 672.2 2,362.2 1,893.6 Operations and maintenance expense 9.8 15.2 50.8 63.4 Loss on long-lived assets (0.6 ) (48.8 ) (27.3 ) (48.2 ) Goodwill impairment — (38.8 ) — (38.8 ) EBITDA $ 45.6 $ (62.9 ) $ 47.1 $ (29.7 ) Total Segment EBITDA $ 140.2 $ (24.5 ) $ 421.9 $ 260.4 Corporate (14.5 ) (24.8 ) (86.0 ) (99.0 ) EBITDA $ 125.7 $ (49.3 ) $ 335.9 $ 161.4 CRESTWOOD EQUITY PARTNERS LP
Three Months EndedDecember 31,Year Ended December 31, 2018 2017 2018 2017
Gathering and Processing (MMcf/d)Bakken - Arrow 68.6 47.2 66.4 47.7 Marcellus 331.7 490.8 377.4 423.3 Barnett 269.9 314.5 277.8 319.2 Delaware [(a)] 181.6 111.3 155.8 74.3 PRB Niobrara - Jackalope Gas Gathering [(a)] 125.5 70.8 103.2 59.6 Other 44.0 50.3 46.5 56.1 Total gathering volumes 1,021.3 1,084.9 1,027.1 980.2 Processing volumes 321.7 277.1 294.0 235.5 Compression volumes 398.0 504.6 446.8 489.4 Arrow Midstream Bakken raw oil (MBbls/d) 82.6 82.5 78.3 80.1 Bakken Water (MBbls/d) 53.8 37.2 46.2 35.4
Storage and TransportationNortheast Storage - hard contracted capacity (Bcf) [(a)] 33.7 32.6 33.2 34.4 % of operational capacity contracted 97 % 94 % 95 % 99 % Firm storage services (MMcf/d) [(a)] 311.3 371.5 361.3 363.8 Interruptible storage services (MMcf/d) [(a)] 0.7 1.2 1.9 2.3 Northeast Transportation - hard contracted capacity (MMcf/d) [(a)] 1,565.0 1,488.8 1,544.6 1,465.4 % of operational capacity contracted 86 % 82 % 84 % 82 % Firm services (MMcf/d) [(a)] 1,223.6 1,270.1 1,312.9 1,311.0 Interruptible services (MMcf/d) [(a)] 36.3 54.6 45.4 75.2 Gulf Coast Storage - hard contracted capacity (Bcf) [(a)] 29.3 28.2 28.0 28.3 % of operational capacity contracted 76 % 73 % 73 % 74 % Firm storage services (MMcf/d) [(a)] 313.5 204.0 332.4 225.8 Interruptible services (MMcf/d) [ (a)] 62.2 92.1 112.1 83.3 COLT Hub Rail loading (MBbls/d) 55.8 23.1 47.9 37.4 Outbound pipeline (MBbls/d) [(b)] 18.7 10.4 14.3 13.2
Marketing, Supply and LogisticsNGL Operations NGL volumes sold or processed (MBbls/d) 136.7 145.1 128.1 124.3 NGL volumes trucked (MBbls/d) 36.8 52.4 40.7 52.6 Crude Operations Crude barrels trucked (MBbls/d) 8.9 4.6 8.3 5.5 (a) Represents 50% owned joint venture, operational data reported at 100%. (b) Represents only throughput leaving the terminal. CRESTWOOD EQUITY PARTNERS LP
Full Year 2019 Adjusted EBITDA and Distributable Cash stream Guidance
Reconciliation to Net Income
(unaudited)Expected 2019 Range Low - High Net income $105 - $135 Interest and debt expense, net 110 - 115 Depreciation, amortization and accretion 165 - 170 Unit-based compensation charges 25 - 30 Earnings from unconsolidated affiliates (65) - (70) Adjusted EBITDA from unconsolidated affiliates 110 - 115 Adjusted EBITDA $460 - $490 Cash interest expense [ (a)] (115) - (120) Maintenance capital expenditures [(b)] (20) - (25) Adjusted EBITDA from unconsolidated affiliates (110) - (115) Distributable cash stream from unconsolidated affiliates 105 - 110 Cash distributions to preferred unitholders [(c)] (75) Distributable cash stream attributable to CEQP [(d)] $245 - $275 (a) Cash interest expense less amortization of deferred financing costs. (b) Maintenance capital expenditures are defined as those capital expenditures which execute not enlarge operating capacity or revenues from existing levels. (c) Includes cash distributions to preferred unit holders and Crestwood Niobrara preferred unitholders. (d) Distributable cash stream is defined as Adjusted EBITDA, adjusted for cash interest expense, maintenance capital expenditures, income taxes, and their proportionate share of their unconsolidated affiliates' distributable cash flow. Distributable cash stream should not be considered an alternative to cash flows from operating activities or any other measure of financial performance calculated in accordance with GAAP as those items are used to measure operating performance, liquidity, or the aptitude to service debt obligations. They believe that distributable cash stream provides additional information for evaluating their aptitude to declare and pay distributions to unitholders. Distributable cash flow, as they define it, may not be comparable to distributable cash stream or similarly titled measures used by other companies.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190219005285/en/
SOURCE: Crestwood Equity Partners LP
Crestwood Equity Partners LPInvestor ContactJosh Wannarka, email@example.comVice President, Investor Relations
Copyright industry Wire 2019
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