Crestwood Equity Partners LP (CEQP)

[dotconnector999]

CEQP is a solid midstream MLP investment--mostly natural gas related. Company has several things going for it. First, it got rid of its IDR problem in 2015. Second, it has a Wall Street energy investment fund First Reserve which has provided the deep pockets financing needed by all MLPs to move ahead with big bucks projects that increase distributions over time. Third, leverage has gradually moved lower over the last 1-2 years to industry average levels. Fourth, the company has gone joint venture to expand without putting leverage out of whack. Joint venture partners are very prominent names including First Reserve, Shell, Williams Bros. and ConEd, the huge NY utility. I don't believe these big boys would mess around with any company close to bankruptcy. The company's distribution has held level at $2.40 yr for most of past two years. But look for mgmt to boost the payout say by 4Q18 as several projects are completed and fee-based cash flow rolls in. The company was a mess in 2015/2016 but mgmt hung in there, assisted mightily by First Reserve, and righted the ship. CEQP is my second largest holding after Teekay LNG (TGP).