Crestwood Completes Acquisition of Oasis Midstream

Houston (Feb. 1, 2022) — Crestwood Equity Partners LP and Oasis Midstream Partners LP announced today that the companies have successfully closed the transactions contemplated by the previously announced merger agreement. As a result of the combination, Crestwood has significantly enhanced its scale and competitive position in the Williston and Delaware Basins, enabling the company to capture expected operational and commercial synergies of approximately $45 million and driving enhanced financial strength and flexibility.

As previously announced, under the terms of the merger agreement, public holders of Oasis Midstream common units will receive 0.8700 Crestwood common units in exchange for each Oasis Midstream common unit. As previously announced, Crestwood unitholders as of the Feb. 7, 2022, record date, including legacy Oasis Midstream unitholders that remain Crestwood unitholders, will receive Crestwood’s $0.625 per limited partner unit distribution, attributed to the fourth quarter 2021 and payable on Feb. 14, 2022. Crestwood will utilize excess available free cash flow from the combined company to make the fourth quarter 2021 distribution payment.

About Crestwood Equity Partners LP

Houston, Texas-based Crestwood Equity Partners LP 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 crestwoodlp.com.