Revenue during the quarter grew 26.37 percent to $795 million from $629.10 million in the previous year period. Gross margin for the quarter contracted 1038 basis points over the previous year period to 18.87 percent.

Operating loss for the quarter was $42.50 million, compared with an operating loss of $1,296.10 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $125.60 million compared with $118.90 million in the prior year period. At the same time, adjusted EBITDA margin contracted 310 basis points in the quarter to 15.80 percent from 18.90 percent in the last year period.

"Despite record commodity price volatility and challenging industry conditions in 2016, Crestwood delivered on all of the strategic initiatives we laid out to investors at the beginning of the year," stated Robert G. Phillips, chairman, president and chief executive officer of Crestwood’s general partner. "With strong fourth quarter Adjusted EBITDA of $126 million, Crestwood delivered full-year 2016 Adjusted EBITDA of $456 million and achieved the upper end of our 2016 guidance range, resulting in a full-year distribution coverage ratio of 1.8x and a year-end leverage ratio of 3.7x. Also during 2016, we favorably resolved longstanding producer issues on our Barnett and PRB Niobrara gathering systems, reduced our outstanding debt by $1 billion, reduced operating and G&A expenses by another 15%, adjusted our common unit distribution to retain excess cash flow for reinvestment in new projects during 2016 and 2017, and repositioned Crestwood for long-term growth through the Nautilus system with Shell, and the formation of strategic partnerships with Con Edison in the Northeast and with First Reserve in the fast growing Delaware Permian."