Energy Transfer Completes Acquisition of Crestwood

Dallas (Nov. 3, 2023) — Energy Transfer LP announced the completion of its previously announced merger with Crestwood Equity Partners LP. The merger was approved by Crestwood unitholders at its special meeting of unitholders held on Oct. 30, 2023. Effective with the opening of the market on Nov. 3, 2023, Crestwood’s common units and preferred units ceased trading on the New York Stock Exchange.

As a result of the acquisition, Energy Transfer now owns and operates more than 125,000 miles of pipelines and related assets in all the major U.S. producing regions and markets across 41 states, further enhancing its position in the midstream sector. The transaction is immediately accretive to distributable cash flow per unit for Energy Transfer, and adds significant cash flows from firm, long-term contracts and significant acreage dedications. Additionally, the combined operations of the two companies are expected to generate initial annual run-rate cost and efficiency synergies of at least $40 million before additional anticipated benefits of financial and commercial synergies.