Crestwood Equity Partners LP (CEQP) responds to the letter from Raging Capital. Here is the Raging Captial letter and below is Crestwood’s response.
“On behalf of Crestwood’s Board of Directors, First Reserve and senior management, we remain fully committed to generating long-term value for Crestwood’s unitholders,” said Robert G. Phillips, Chairman and CEO of Crestwood. “In 2015, we have taken several material and actionable steps to re-position the Company in this depressed commodity price environment. Despite these important steps completed so far, as Raging’s Capital’s letter highlights, there remains a material value disconnect between Crestwood’s common unit price and the fundamentals that support our diversified asset portfolio. We appreciate Raging Capital’s investment in Crestwood and their public recognition of the fundamental long-term value of our assets and the value creation opportunity that exists at Crestwood today.”
Crestwood’s management and Board of Directors continuously review strategies to improve the partnership’s competitive position including, but not limited to, those options described in Raging Capital’s letter. We appreciate the input from all of our investors, particularly given the difficult market conditions being experienced by the energy industry.
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