8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (date of earliest event reported): July 21, 2012

CRESTWOOD MIDSTREAM PARTNERS LP

(Exact name of Registrant as specified in its charter)

DELAWARE	001-33631	56-2639586
(State of incorporation or organization)	(Commission file number)	(I.R.S. employer identification number)
700 Louisiana Street, Suite Houston, TX 77002		2060
(Address of principal executive offices)		(Zip code)

Registrant’s telephone number, including area code: (832) 519-2200

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operation and Financial Condition

On July 23, 2012, Crestwood Midstream Partners LP (the “Partnership “) issued a press release reporting preliminary results of operations for the second quarter ended June 30, 2012. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.

The information contained in this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information is not incorporated by reference into any registration statements or other document filed under the Securities Act or the Exchange Act, regardless of the general incorporation language contained in such filing, except as shall be expressly set forth by specific reference to this filing.

Item 7.01 Regulation FD Disclosure

The information set forth under Item 2.02 hereof is incorporated by reference into this Item 7.01.

On July 23, 2012, the Partnership issued a press release announcing updated guidance for full year 2012 results. A copy of the press release is furnished as Exhibit 99.2 to this report and is incorporated herein by reference.

The information contained in this Item 7.01, including Exhibit 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and such information is not incorporated by reference into any registration statements or other document filed under the Securities Act or the Exchange Act, regardless of the general incorporation language contained in such filing, except as shall be expressly set forth by specific reference to this filing.

Item 8.01 Other Events.

Devon Acquisition

On July 21, 2012, the Partnership entered into a Purchase and Sale Agreement (the “Purchase and Sale Agreement”) by and among the Partnership, and Devon Gas Services, L.P. and Southwestern Gas Pipeline, Inc., both of which are subsidiaries of Devon Energy Corporation (“Devon”). Under the Purchase and Sale Agreement, the Partnership will acquire certain gathering and processing assets in the liquids-rich southwestern area of the Barnett Shale for $90 million (the “Devon Acquisition”). The assets to be acquired from Devon consist of a 74 mile low pressure natural gas gathering system, a 100 million cubic feet per day (“MMcfd”) cryogenic processing facility and 23,100 horsepower of compression equipment located in the western portion of Johnson County, Texas in close proximity to the Partnership’s Cowtown gathering system. Additionally, the Partnership and Devon will enter into a 20 year, fixed-fee gathering, processing and compression agreement under which the Partnership will gather and process Devon’s natural gas production from a 20,500 acre dedication. Current natural gas production under the agreement is approximately 95 MMcfd of natural gas. The transaction is expected to close in the third quarter 2012, subject to customary closing conditions. The Purchase and Sale Agreement contains representations and warranties, covenants and indemnification provisions that are typical for transactions of this nature.

On July 23, 2012, the Partnership issued a press release announcing the Devon Acquisition. A copy of the press release is furnished and attached as Exhibit 99.3 hereto and is incorporated herein by reference.

Risk Factors.

Our pending acquisition of Devon assets in the Barnett Shale

The Devon Acquisition is expected to close in the third quarter of 2012 and is subject to customary closing conditions and regulatory approvals. If these conditions and regulatory approvals are not satisfied or waived, the acquisition will not be consummated. If the closing of the acquisition is substantially delayed or does not occur at all, or if the terms of the acquisition are required to be modified substantially due to regulatory concerns, we may not realize the anticipated benefits of the acquisition fully or at all. Certain of the conditions remaining to be satisfied include:

• timely approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for the transaction contemplated by the Purchase and Sale Agreement;

• the continued accuracy of the representations and warranties contained in the Purchase and Sale Agreement;

• the performance by each party of its obligations under the Purchase and Sale Agreement; and

• the absence of any injunction, decree or other order from any governmental authority enjoining or prohibiting, or of any law being enacted which would prohibit, the consummation of the transactions contemplated in the Purchase and Sale Agreement.

In addition, the Purchase and Sale Agreement may be terminated by mutual agreement of the parties or by either Devon or us (i) if the acquisition has not closed on or before November 30, 2012 (the “Termination Date”), provided however, that if the Closing does not occur by the Termination Date solely for failure to obtain governmental approval of the transactions contemplated by the Purchase and Sale Agreement, such date will be extended to December 31, 2012, (ii) if any of the mutual conditions to Closing becomes permanently incapable of fulfillment, (iii) if the other party has breached its obligations under the Purchase and Sale Agreement, which breaches have not been cured in 30 days, (iv) if any order permanently prohibiting the consummation of the transactions contemplated thereby has become final and non-appealable, or (v) by mutual agreement of Devon and us in writing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release dated July 23, 2012, announcing distribution and expected results for second quarter 2012.
99.2	Press Release dated July 23, 2012, announcing updated guidance for full year 2012 results.
99.3	Press Release dated July 23, 2012, announcing Devon Acquisition.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CRESTWOOD MIDSTREAM PARTNERS LP
By:	Crestwood Gas Services GP LLC,
	Its General Partner

Date: July 24, 2012	By:	/s/ William G. Manias
		William G. Manias, Senior Vice President and Chief Financial Officer

Exhibit No.	Description
99.1	Press Release dated July 23, 2012, announcing distribution and expected results for second quarter 2012.
99.2	Press Release dated July 23, 2012, announcing updated guidance for full year 2012 results.
99.3	Press Release dated July 23, 2012, announcing Devon Acquisition.

EX-99.1

Exhibit 99.1

N e w s R e l e a s e CRESTWOOD MIDSTREAM PARTNERS LP 700 Louisiana Street, Suite 2060 Houston, TX 77002 www.crestwoodlp.com

Crestwood Announces Distribution and

Expected Results for Second Quarter 2012

HOUSTON, TEXAS, July 23, 2012 – Crestwood Midstream Partners LP (NYSE: CMLP) (“Crestwood”) announced today the Board of Directors of its general partner has declared a regular quarterly distribution of $0.50 per unit for the quarter ended June 30, 2012. This quarterly distribution will be payable on August 10, 2012, to unitholders of record on August 2, 2012, and represents a 9 percent increase over the $0.46 per unit distribution paid with respect to the second quarter of 2011. The Class C units will not receive a cash distribution, but will instead be issued additional Class C units.

Crestwood plans to report financial results for the second quarter 2012 on Monday, August 6, 2012, before the New York Stock Exchange opens for trading. Following the announcement, Crestwood will host a conference call for investors and analysts at 10:30 a.m. Central Time that day to discuss the operating and financial results. Interested parties may participate by joining the conference call at 888-437-9315 and entering passcode 3402935. The conference call will also be webcast live and can be accessed through the Investor Relations section of our website. A replay will be available for 30 days following the conference call by dialing 888-203-1112 and entering the replay passcode 3402935.

Crestwood has not yet closed its books for the second quarter ended June 30, 2012, and its independent accounting firm has not completed its review of Crestwood’s results for its second quarter. Set forth below are certain preliminary estimates of the results of operations that Crestwood expects to report for the second quarter ended June 30, 2012. Crestwood’s actual results may differ materially from these estimates due to the completion of its financial closing procedures, final adjustments and other developments that may arise between now and the time the financial results for the second quarter are finalized.

For the second quarter 2012, Crestwood expects to report total gathering volumes of approximately 560 million cubic feet per day (“MMcf/d”), compared to 611 MMcf/d during the first quarter 2012. The decrease in gathering volumes during the second quarter 2012 resulted from a combination of production related factors including well shut-ins, reduced production from existing wells and lower gas lift volumes at Crestwood’s Alliance and Lake Arlington gathering systems. In addition, producer delays in the connection of scheduled new wells in both the Barnett Shale and Fayetteville Shale impacted second quarter production due to temporary well shut-ins of existing production required during completion activities of the new wells. While the new wells have recently commenced production, the longer than

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expected shut-ins and delayed completions resulted in lower overall production for the second quarter. Additionally, shut-in volumes and the implementation of a new restricted choke program designed to enhance the long term recoverable reserves of existing wells by producers resulted in lower volumes on Crestwood’s Sabine gathering system in the Haynesville/Bossier Shale. The reduced volumes are expected to result in adjusted earnings before interest, taxes, depreciation, amortization and accretion (“Adjusted EBITDA”) of approximately $28 million to $29 million and adjusted distributable cash flow of approximately $20 million to $21 million for the second quarter 2012. Net income for the quarter will also include approximately $2 million of non-recurring expenses primarily related to due diligence activities of a potential acquisition that is not expected to be completed.

Adjusted EBITDA and adjusted distributable cash flow are non-generally accepted accounting principles (“non-GAAP”) financial measures. The accompanying schedule of this news release provides a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income or operating income or any other GAAP measure of liquidity or financial performance.

About Crestwood Midstream Partners LP

Houston, Texas based Crestwood is a growth-oriented, midstream master limited partnership which owns and operates predominately fee-based gathering, processing, treating and compression assets servicing natural gas producers in the Barnett Shale in north Texas, the Fayetteville Shale in northwest Arkansas, the Haynesville/Bossier Shale in western Louisiana, the Granite Wash in the Texas Panhandle, the Avalon Shale in southeastern New Mexico and the Marcellus Shale in northern West Virginia. For more information about Crestwood, visit www.crestwoodlp.com.

Forward-Looking Statements

The statements in this news release regarding future events, occurrences, circumstances, activities, performance, outcomes and results are forward-looking statements. Although these statements reflect the current views, assumptions and expectations of Crestwood’s management, the matters addressed herein are subject to numerous risks and uncertainties which could cause actual activities, performance, outcomes and results to differ materially from those indicated. Such forward-looking statements include, but are not limited to, statements about the future financial and operating results, objectives, expectations and intentions and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect Crestwood’s financial condition, results of operations and cash flows including, without limitation, changes in general economic conditions; fluctuations in oil, natural gas and NGL prices; the extent and success of drilling efforts, as

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well as the extent and quality of natural gas volumes produced within proximity of our assets; failure or delays by our customers in achieving expected production in their natural gas projects; competitive conditions in our industry and their impact on our ability to connect natural gas supplies to our gathering and processing assets or systems; actions or inactions taken or non-performance by third parties, including suppliers, contractors, operators, processors, transporters and customers; our ability to consummate acquisitions, successfully integrate the acquired businesses, realize any cost savings and other synergies from any acquisition; changes in the availability and cost of capital; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control; timely receipt of necessary government approvals and permits, our ability to control the costs of construction, including costs of materials, labor and right-of-way and other factors that may impact our ability to complete projects within budget and on schedule; the effects of existing and future laws and governmental regulations, including environmental and climate change requirements; the effects of existing and future litigation; and risks related to our substantial indebtedness, as well as other factors disclosed in Crestwood’s filings with the U.S. Securities and Exchange Commission. You should read our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2011, and our most recent Quarterly Reports and Current Reports for a more extensive list of factors that could affect results.

Investor Contact:

Mark Stockard

832-519-2207

mstockard@crestwoodlp.com

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CRESTWOOD MIDSTREAM PARTNERS LP

Expected Results—Second Quarter 2012

Reconciliation of Non-GAAP Financial Measures

(in millions)

Net income	$	5 to $6
Add / (Deduct):
Depreciation, amortization and accretion expense	$	11
Interest expense	$	8
Income tax provision	$	1
EBITDA	$	25 to $26
Non-recurring expenses (1)	$	2
Equity earnings from Crestwood Marcellus Midstream (“CMM”)	($	1	)
35% of CMM's Adjusted EBITDA	$	2
Adjusted EBITDA	$	28 to $29
Net income	$	5 to $6
Add / (Deduct):
Depreciation, amortization and accretion expense	$	11
Income tax provision	$	1
Amortization of deferred financing costs	$	1
Maintenance capital expenditures	($	1	)
Distributable cash flow	$	17 to $18
Non-recurring expenses (1)	$	2
Equity earnings from CMM	($	1	)
Distributions received from CMM	$	2
Adjusted distributable cash flow	$	20 to $21

⁽¹⁾  Includes approximately $2 million of non-recurring expenses primarily related to due diligence activities of a potential acquisition that is not expected to be completed.

EX-99.2

Exhibit 99.2

N e w s R e l e a s e CRESTWOOD MIDSTREAM PARTNERS LP 700 Louisiana Street, Suite 2060 Houston, TX 77002 www.crestwoodlp.com

Crestwood Announces Updated Guidance for Full Year 2012 Results

HOUSTON, TEXAS, July 23, 2012 – Crestwood Midstream Partners LP (NYSE: CMLP) (“Crestwood”) announced today that for the full year 2012, adjusted earnings before interest, taxes, depreciation, amortization and accretion (“Adjusted EBITDA”) is expected to be in the range of $125 million to $130 million, compared to previous guidance of $135 million to $140 million. Gathering volumes for the full year 2012 are expected to be in a range of 575 to 625 million cubic feet per day (“MMcf/d”) and capital spending continues to be estimated at approximately $30 million, excluding acquisitions. The revised estimates include expected second quarter 2012 results that were impacted by delays in well completions and moderated drilling activity in dry gas areas for the remainder of the year. The revised guidance also includes nine months of contribution from the Marcellus Shale assets acquired through our joint venture at the end of the first quarter 2012, and the expected closing of the gathering and processing assets located in the liquids-rich area of the Barnett Shale to be acquired from certain subsidiaries of Devon Energy Corporation, for $90 million in the third quarter 2012.

“Although we have reduced the mid-point of our current Adjusted EBITDA guidance range by 7% from previous estimates, we continue to execute on our strategy to diversify our business,” stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwood’s general partner. “The acquisition we announced earlier today to acquire additional gathering and processing assets in the liquids-rich area of the Barnett Shale represents an excellent bolt-on to our existing system and partially offsets the impact of reduced drilling activity in dry gas areas that is occurring throughout the industry. The acquisition, which is anticipated to close in the third quarter 2012, is expected to be immediately accretive to cash flow. Given the combined impact of this acquisition with our joint venture in the Marcellus Shale that was completed at the end of the first quarter 2012, and performance from our existing systems, we expect distribution growth for the full year 2012 to be approximately 8% over 2011.”

Adjusted EBITDA is a non-generally accepted accounting principles (“non-GAAP”) financial measure. The accompanying schedule of this news release provides a reconciliation of this non-GAAP financial measure to its most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income or operating income or any other GAAP measure of liquidity or financial performance.

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About Crestwood Midstream Partners LP

Houston, Texas based Crestwood is a growth-oriented, midstream master limited partnership which owns and operates predominately fee-based gathering, processing, treating and compression assets servicing natural gas producers in the Barnett Shale in north Texas, the Fayetteville Shale in northwest Arkansas, the Haynesville/Bossier Shale in western Louisiana, the Granite Wash in the Texas Panhandle, the Avalon Shale in southeastern New Mexico and the Marcellus Shale in northern West Virginia. For more information about Crestwood, visit www.crestwoodlp.com.

Forward-Looking Statements

The statements in this news release regarding future events, occurrences, circumstances, activities, performance, outcomes and results are forward-looking statements. Although these statements reflect the current views, assumptions and expectations of Crestwood’s management, the matters addressed herein are subject to numerous risks and uncertainties which could cause actual activities, performance, outcomes and results to differ materially from those indicated. Such forward-looking statements include, but are not limited to, statements about the future financial and operating results, objectives, expectations and intentions and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect Crestwood’s financial condition, results of operations and cash flows including, without limitation, changes in general economic conditions; fluctuations in oil, natural gas and NGL prices; the extent and success of drilling efforts, as well as the extent and quality of natural gas volumes produced within proximity of our assets; failure or delays by our customers in achieving expected production in their natural gas projects; competitive conditions in our industry and their impact on our ability to connect natural gas supplies to our gathering and processing assets or systems; actions or inactions taken or non-performance by third parties, including suppliers, contractors, operators, processors, transporters and customers; our ability to consummate acquisitions, successfully integrate the acquired businesses, realize any cost savings and other synergies from any acquisition; changes in the availability and cost of capital; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control; timely receipt of necessary government approvals and permits, our ability to control the costs of construction, including costs of materials, labor and right-of-way and other factors that may impact our ability to complete projects within budget and on schedule; the effects of existing and future laws and governmental regulations, including environmental and climate change requirements; the effects of existing and future litigation; and risks related to our substantial indebtedness, as well as other factors disclosed in Crestwood’s filings with the U.S. Securities and Exchange Commission. You should read our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2011, and our most recent Quarterly Reports and Current Reports for a more extensive list of factors that could affect results.

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Investor Contact:

Mark Stockard

832-519-2207

mstockard@crestwoodlp.com

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CRESTWOOD MIDSTREAM PARTNERS LP

Full Year 2012 Adjusted EBITDA Guidance

Reconciliation of Net Income to Adjusted EBITDA

(in millions)

Net income		$	38 to $43
Add:	Depreciation, amortization and accretion expense	$	45
Add:	Interest expense	$	35
Add:	Income tax provision	$	1
EBITDA		$	119 to $124
Add:	Non-recurring expenses (1)	$	2
Deduct:	Equity earnings from Crestwood Marcellus Midstream (“CMM”)	($	3	)
Add:	35% of CMM’s Adjusted EBITDA	$	7
Adjusted EBITDA		$	125 to $130

⁽¹⁾  Includes approximately $2 million of non-recurring expenses primarily related to due diligence activities of a potential acquisition that is not expected to be completed.

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EX-99.3

Exhibit 99.3

N e w s R e l e a s e CRESTWOOD MIDSTREAM PARTNERS LP 700 Louisiana Street, Suite 2060 Houston, TX 77002 www.crestwoodlp.com

Crestwood Announces Agreement to Acquire West Johnson County Gathering and Processing Assets from Devon Energy Corporation

HOUSTON, TEXAS, July 23, 2012 – Crestwood Midstream Partners LP (NYSE: CMLP) (“Crestwood”) announced today an agreement to acquire, from certain subsidiaries of Devon Energy Corporation (“Devon”), certain gathering and processing assets in the liquids-rich southwestern area of the Barnett Shale for $90 million. Additionally, Crestwood and Devon have entered into a 20 year fixed-fee gathering, processing and compression agreement under which Crestwood will gather and process Devon’s natural gas production from a 20,500 acre dedication. Current natural gas production under the agreement is approximately 95 million cubic feet per day (MMcf/d). The transaction is expected to close in the third quarter 2012, subject to customary closing conditions.

West Johnson County Assets

The assets to be acquired from Devon consist of a 74 mile low pressure natural gas gathering system, a 100 MMcf/d cryogenic processing facility and 23,100 horsepower of compression equipment located in the western portion of Johnson County, Texas. Devon’s West Johnson County pipeline system and processing plant, constructed since 2006, are located immediately adjacent to Crestwood’s Cowtown gathering system which includes two state of the art natural gas processing plants (the Cowtown plant and the Corvette plant) with a combined processing capacity of approximately 325 MMcf/d. The Crestwood Cowtown system and the Devon West Johnson County system are currently interconnected and Crestwood has processed gas volumes from Devon’s West Johnson County system from time to time in the past. Upon closing, Crestwood is expected to consolidate the systems by increasing the system interconnect capacity with the ultimate goal to process all of Devon’s West Johnson County natural gas production in Crestwood’s Cowtown and Corvette processing plants. This integration plan is expected to result in future cost savings for Crestwood and provide Devon with lower wellhead pressures, higher natural gas liquids (“NGL”) recoveries and expanded market outlets.

20 Year Gathering and Processing Agreement

As part of the transaction, Crestwood and Devon have entered into a 20 year gathering, processing and compression agreement that will provide for 100% fixed-fee based revenues to Crestwood and includes a dedicated production area from Devon of approximately 20,500 acres. The West Johnson County system currently gathers from approximately 230 wells. Due to the liquids-rich quality of the natural gas production in this portion of the Barnett Shale, Devon has maintained an active drilling and development plan for the West Johnson County area in 2012 and expects to continue to further develop the dedicated properties in 2013.

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“We are excited about this transaction with Devon which represents a meaningful increase in our liquids-rich operations in the Barnett Shale,” stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwood’s general partner. “The acquisition allows us to consolidate the two systems, optimize the available capacity in Crestwood’s existing high-recovery cryogenic processing plants and provides long term benefits to Devon through lower wellhead pressures, higher NGL recoveries and expanded marketing options for their natural gas and NGL production. The transaction is expected to be immediately accretive to Crestwood and allows us the option of leaving the West Johnson County plant in place to handle future production requirements or to move it to another rich gas region such as the Marcellus/Utica, Granite Wash or Avalon Shale plays where we are currently working on new rich-gas development opportunities,” commented Phillips.

About Crestwood Midstream Partners LP

Houston, Texas based Crestwood is a growth-oriented, midstream master limited partnership which owns and operates predominately fee-based gathering, processing, treating and compression assets servicing natural gas producers in the Barnett Shale in north Texas, the Fayetteville Shale in northwest Arkansas, the Haynesville/Bossier Shale in western Louisiana, the Granite Wash in the Texas Panhandle, the Avalon Shale in southeastern New Mexico and the Marcellus Shale in northern West Virginia. For more information about Crestwood, visit www.crestwoodlp.com.

Forward-Looking Statements

The statements in this news release regarding future events, occurrences, circumstances, activities, performance, outcomes and results are forward-looking statements. Although these statements reflect the current views, assumptions and expectations of Crestwood’s management, the matters addressed herein are subject to numerous risks and uncertainties which could cause actual activities, performance, outcomes and results to differ materially from those indicated. Such forward-looking statements include, but are not limited to, statements about the future financial and operating results, objectives, expectations and intentions and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect Crestwood’s financial condition, results of operations and cash flows including, without limitation, changes in general economic conditions; fluctuations in oil, natural gas and NGL prices; the extent and success of drilling efforts, as well as the extent and quality of natural gas volumes produced within proximity of our assets; failure or delays by our customers in achieving expected production in their natural gas projects; competitive conditions in our industry and their impact on our ability to connect natural gas supplies to our gathering and processing assets or systems; actions or inactions

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taken or non-performance by third parties, including suppliers, contractors, operators, processors, transporters and customers; our ability to consummate acquisitions, successfully integrate the acquired businesses, realize any cost savings and other synergies from any acquisition; changes in the availability and cost of capital; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control; timely receipt of necessary government approvals and permits, our ability to control the costs of construction, including costs of materials, labor and right-of-way and other factors that may impact our ability to complete projects within budget and on schedule; the effects of existing and future laws and governmental regulations, including environmental and climate change requirements; the effects of existing and future litigation; and risks related to our substantial indebtedness, as well as other factors disclosed in Crestwood’s filings with the U.S. Securities and Exchange Commission. You should read our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2011, and our most recent Quarterly Reports and Current Reports for a more extensive list of factors that could affect results.

Investor Contact:

Mark Stockard

832-519-2207

mstockard@crestwoodlp.com