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Crestwood Equity Partners LP has made a statement following the bankruptcy filing of its customer, Chesapeake Energy Corp.
Crestwood provides gathering and processing services for operations in the Powder River Basin as part of a dedicated acreage agreement.
Crestwood noted it has been preparing for this event over the past few months and is well-positioned to maintain full operations to Chesapeake throughout bankruptcy proceedings. Chesapeake is current on all outstanding invoices payable to Crestwood.
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In the Powder River Basin, Crestwood's midstream assets are supported by a 358,000 acreage dedication by Chesapeake and a 30,000 acreage dedication by Panther Energy, as well as dedications by other producers in the basin. The Bucking Horse processing facility and the Jackalope gas gathering system are supported by a 20-year fixed fee gathering and processing agreement with Chesapeake that was restructured in the first quarter 2017 and reflects competitive market terms in-line with other midstream operators in the basin. Crestwood provides a critical service to Chesapeake with over 320 wells connected to the Jackalope system.
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