Crestwood Equity Partners LP

Crestwood Equity Partners LP is being recognized with a 2021 Energy ESG Top Performers Award in the public midstream category.

Crestwood Equity Partners LP - ESG

Crestwood remains committed to seeking ways to enhance its emissions monitoring. (Source: Crestwood Equity Partners LP)

Energy ESG Awards

Environmental accomplishments: 

Crestwood Equity Partners LP continues to reduce its carbon footprint through an enhanced focus on understanding its emissions sources and increasing its operational efficiencies. Crestwood has reduced emissions across the company, realizing a reduction of approximately 14% in greenhouse-gas emissions intensity and a 32% reduction in its methane emissions intensity in 2020. The company also joined ONE Future and The Environmental Partnership to work collaboratively and share best practices on emissions reductions activities. The company has developed a robust and authentic carbon management plan, which it plans to publish in first-quarter 2022.

Crestwood also supports biodiversity and land use. Crestwood continues to focus on minimizing habitat disturbances and is honored to have received Wildlife Habitat Council’s 2021 Grassland Award for its grassland reclamation efforts on the Fort Berthold Indian Reservation in North Dakota, further edifying its commitment to environmental stewardship.

Societal efforts: 

Crestwood reinforced its commitment to diversity and inclusion by appointing a chief diversity officer and publishing a Diversity and Inclusion Five-Point Plan that focuses on developing awareness, creating an inclusive culture and building a future pipeline of talent. Crestwood is also proud to be one of three midstream companies included in the 2021 Bloomberg Gender-Equality Index.

Since 2018 Crestwood has invested approximately $3.7 million to the communities in which it operates. Through its robust social investment program, the company has ensured that investments are strategic, impactful and aligned with its corporate values. Crestwood continues to provide financial assistance to students pursuing a post-secondary STEM-related degree through its scholarship program, which has provided nearly $517,500 in scholarships to 128 recipients over the past three years. 

Governance achievements:

Crestwood’s ESG journey began in earnest in 2018. At that time, the company created a Sustainability Committee at the board level to provide oversight of its ESG risks and opportunities, annual sustainability report and sustainability strategy. During the past three years, Crestwood has not only made substantial progression internally by developing and executing upon a three-year sustainability strategy, but it also links employee and executive compensation to sustainability key performance indicators. In 2021 Crestwood tied its methane emissions intensity rate to all employee compensation and reduced its methane emissions intensity rate by 32%. 

The company made significant strides in early 2021 with the successful buy-in transaction of First Reserve’s common units and general partner interest, culminating its 10-year strategic partnership with First Reserve. This action will enable Crestwood to transition to a publicly elected board and enhance the number of independent directors with diverse perspectives, driving leading MLP governance.

Crestwood also took an industry leadership role to advance ESG within the midstream sector. In late 2019 the Energy Infrastructure Council (EIC) established a board-level ESG Working Group, which is co-led by Crestwood’s Chairman, President and CEO Bob Phillips. In December 2020, the EIC ESG Working Group, in collaboration with GPA Midstream, released the first Midstream ESG Reporting Template. Almost a year in the making, this reporting template is the product of extensive review of best-practice ESG reporting among EIC member companies and the ESG reporting requirements from numerous critical stakeholders. This collaborative process involved significant participation from in-house ESG specialists and professionals with operational and technical expertise. To ensure widespread adoption, the Working Group also received critical input and guidance from numerous investors. The EIC and GPA Midstream are also committed to engaging with ESG rating agencies and standard setters to ensure alignment and consistency between the Midstream ESG Reporting Template and the various channels through which investors access ESG information for the midstream sector.