Crestwood and Con Edison Announce Completion of Sale of Stagecoach Gas Services
HOUSTON & NEW YORK – (COMMERCIAL THREAD) – 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 of the disposal were shared between Crestwood and Con Edison in accordance with each member’s 50% interest in the joint venture. Closing of the remainder of the transaction, which consists of Twin Tier Pipeline LLC, for an additional $ 30 million, is subject to regulatory approval by the New York State and is expected to be finalized in the first quarter of 2022.
Stagecoach is comprised of world-class natural gas pipelines and storage facilities that provide a critical link between a robust supply of natural gas and the demand markets of the Northeastern United States. 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 pipelines (MARC I, North / South and the Twin Tier Pipeline) with a combined delivery capacity of approximately 3 billion cubic feet per day.
This press release contains forward-looking statements which 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”, “estimates”, “intends”, “plans”, “will”, “must”, “estimates” and similar expressions identify forward-looking statements, which are statements of future expectations, not facts. Forward-looking statements reflect information available and assumptions at the time the statements are made, and speak only then. Actual results may differ materially from those included in forward-looking statements due to various factors such as those identified in reports that Crestwood and Con Edison have filed with the Securities and Exchange Commission, which are available through the SEC’s EDGAR system. at the address 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 any forward-looking statements.
About Crestwood Equity Partners LP
Crestwood Equity Partners LP (NYSE: CEQP), based in Houston, Texas, is a master limited partnership that owns and operates intermediary businesses in several shale resource areas across the United States. Crestwood is engaged in the collection, treatment, treatment, compression, storage and transportation of natural gas; storage, transport, terminalling and marketing of NGLs; collection, storage, terminalling and marketing of crude oil; and the collection 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 distribution 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 electricity services in New York and in Westchester County in New York, 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 an area of 1,300 square miles in southeastern New York and northern New Jersey; Con Edison Clean Energy Businesses, Inc., the second-largest solar developer in the United States and the seventh in the world, 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 reports primarily to the oversight of the Federal Energy Regulatory Commission and, through its subsidiaries, invests in power transmission projects supporting its parent company’s efforts to switch to clean energy and renewable. Con Edison Transmission manages, through joint ventures, power and gas assets while seeking to develop power transmission projects that will bring clean, renewable electricity to customers, with a focus on New York, New England, the Mid-Atlantic states and the Midwest.