Crestwood and Con Edison Announce Closing of Stagecoach Gas Services Divestiture
July 09 2021 - 4:35PM
Business Wire
Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) and
Consolidated Edison, Inc. (NYSE: ED) (“Con Edison”) today announced
the successful divestiture of the subsidiaries of Stagecoach Gas
Services LLC (“Stagecoach”), with the exception of Twin Tier
Pipeline LLC, to a subsidiary of Kinder Morgan, Inc. (NYSE: KMI)
for $1.195 billion. The cash proceeds from the divestiture were
shared between Crestwood and Con Edison in line with each member’s
50% ownership interest in the joint venture. The closing of the
remainder of the transaction, which consists of the Twin Tier
Pipeline LLC, for an additional $30 million, is subject to New York
state regulatory approval and is expected to close during the first
quarter 2022.
Stagecoach is comprised of premier natural gas pipeline and
storage facilities that provide a critical link between robust
natural gas supply and Northeast US demand markets. Located in New
York and Pennsylvania, Stagecoach consists of four natural gas
storage facilities (Stagecoach, Thomas Corners, Steuben and Seneca
Lake) with a combined storage capacity of approximately 41 Bcf and
three natural gas pipelines (MARC I, North/South and the Twin Tier
Pipeline) with a combined delivery capacity of approximately 3 Bcf
per day.
Forward-Looking Statements
This news release contains forward-looking statements that are
intended to qualify for the safe-harbor provisions of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The words “expects,”
“believes,” anticipates,” “intends,” “plans,” “will,” “shall,”
“estimates,” and similar expressions identify forward-looking
statements, which are statements of future expectations and not
facts. Forward-looking statements reflect information available and
assumptions at the time the statements are made, and speak only as
of that time. Actual results may differ materially from those
included in the forward-looking statements because of various
factors such as those identified in reports Crestwood and Con
Edison have filed with the Securities and Exchange Commission,
which are available through the SEC’s EDGAR system at www.sec.gov
and on each party’s respective website. Readers are cautioned not
to place undue reliance on forward-looking statements. Crestwood
and Con Edison assume no obligation to update forward-looking
statements.
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 shale resource plays across the United
States. Crestwood 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 crude oil; and
gathering and disposal of produced water. Visit Crestwood Equity
Partners LP at www.crestwoodlp.com; and to learn more about
Crestwood’s sustainability efforts, please visit
https://esg.crestwoodlp.com.
About Con Edison
Consolidated Edison, Inc. is one of the nation's largest
investor-owned energy-delivery companies, with approximately $12
billion in annual revenues and $62 billion in assets. The company
provides a wide range of energy-related products and services to
its customers through the following subsidiaries: Consolidated
Edison Company of New York, Inc., a regulated utility providing
electric service in New York City and New York’s Westchester
County, gas service in Manhattan, the Bronx, parts of Queens and
parts of Westchester, and steam service in Manhattan; Orange and
Rockland Utilities, Inc., a regulated utility serving customers in
a 1,300-square-mile-area in southeastern New York State and
northern New Jersey; Con Edison Clean Energy Businesses, Inc., the
second-largest solar developer in the United States and the
seventh-largest worldwide, which, through its subsidiaries
develops, owns and operates renewable and sustainable energy
infrastructure projects and provides energy-related products and
services to wholesale and retail customers; and Con Edison
Transmission, Inc., which falls primarily under the oversight of
the Federal Energy Regulatory Commission and through its
subsidiaries invests in electric transmission projects supporting
its parent company’s effort to transition to clean, renewable
energy. Con Edison Transmission manages, through joint ventures,
both electric and gas assets while seeking to develop electric
transmission projects that will bring clean, renewable electricity
to customers, focusing on New York, New England, the Mid-Atlantic
states and the Midwest.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210709005451/en/
Crestwood Equity Partners LP Investor Contact Josh
Wannarka, 713-380-3081 josh.wannarka@crestwoodlp.com Senior Vice
President, Investor Relations, ESG & Corporate
Communications
Rhianna Disch, 713-380-3006 rhianna.disch@crestwoodlp.com
Director, Investor Relations
Sustainability and Media Contact Joanne Howard,
832-519-2211 joanne.howard@crestwoodlp.com Vice President,
Sustainability and Corporate Communications
Consolidated Edison, Inc. Media Relations Jamie
McShane, 212-460-4111 (24 hours) mcshanej@coned.com Director, Media
Relations
Investor Contact Jan Childress, 212-460-6611
childressj@coned.com Director, Investor Relations
Crestwood Equity Partners (NYSE:CEQP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Crestwood Equity Partners (NYSE:CEQP)
Historical Stock Chart
From Apr 2023 to Apr 2024