Revenue during the quarter dropped 6.83 percent to $587.60 million from $630.70 million in the previous year period. Gross margin for the quarter contracted 820 basis points over the previous year period to 20.58 percent. Operating margin for the quarter period stood at positive 2.91 percent as compared to a negative 93.28 percent for the previous year period.

Operating income for the quarter was $17.10 million, compared with an operating loss of $588.30 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $103.50 million compared with $133.50 million in the prior year period. At the same time, adjusted EBITDA margin contracted 355 basis points in the quarter to 17.61 percent from 21.17 percent in the last year period.

“During the third quarter, Crestwood generated strong Adjusted EBITDA and distributable cash flow, resulting in a coverage ratio of 1.8x and a leverage ratio of 4.0x, and further demonstrating our commitment to optimization of our assets and continued financial discipline,” stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwood’s general partner. “Additionally, our Delaware Permian growth strategy is beginning to pay off as our Willow Lake facilities had a record quarter in the northern Delaware, we announced another high quality gathering and compression project with Shell affiliate SWEPI and we extended our exclusivity and reimbursement agreement with the anchor party to our proposed RIGS gathering system adjacent to the SWEPI system. These projects are examples of accretive greenfield opportunities within our portfolio that will generate quality long-term cash flow growth. Importantly, finalizing the Delaware joint venture with First Reserve, our general partner, solidifies our ability to flexibly finance these projects and maintain our strong balance sheet.”