Crestwood Equity Partners LP is expecting a one-off hit to its fourth quarter earnings because of extreme weather that caused well freeze-offs and production shut-ins across multiple Lower 48 basins, management said Wednesday.

crestwood

The harsh winter weather “adversely impacted volumes and well-connect activity across Crestwood’s gathering and processing assets during the quarter,” the Houston-based midstream operator said. “The severity and duration of these weather events forced producers to contend with surface equipment freezing, widespread power outages and limited road accessibility, which resulted in well shut-ins, facility downtime and delays in drilling and completion activity.”

Crestwood assets primarily serve the Williston, Powder River and Permian Delaware...