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Crestwood Equity Partners LP has closed the previously announced Delaware Basin acquisitions of Sendero Midstream Partners LP for approximately $600 million in cash and First Reserve’s 50% interest in Crestwood Permian Basin Holdings LLC for 11.3 million Crestwood common units.
Additionally, on July 1, 2022, Crestwood completed the previously announced divestiture of its Barnett Shale assets for $275 million in cash.
As a result of these strategic transactions, Crestwood has high graded its asset portfolio in the prolific Delaware Basin and has significantly expanded its operational footprint in Eddy County, New Mexico, one of the most active counties in the contiguous United States. Based on current producer activity levels, a planned integration of the Sendero and CPJV gathering systems, immediate operating, customer, and project synergies, and 550 MMcf/d of total processing capacity, Crestwood expects the Delaware Basin to become its second largest cash flow contributor, representing approximately 20% of total cash flow in 2023.
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