What is Inergy Midstream LP Probability of Financial Distress (%)?
Probability of Financial Distress (%) measures the probability that a company will go bankrupt in the upcoming year given its current financial position. A higher ratio indicates a larger probability of bankruptcy for the company, while a lower ratio indicates a healthier fundamental. As of today, Inergy Midstream LP's Probability of Financial Distress (%) is 0.00%.
Like the Altman Z-Score, the PFD measures a company's bankruptcy risk. However, the main drawback of the Z-score is it does not apply to banks and insurance companies. According to Investopedia, the concept of "working capital" does not apply to banks and insurance companies, as financial institutions do not have typical current assets or current liabilities like inventories or accounts payable.
Competitive Comparison of Inergy Midstream LP's Probability of Financial Distress (%)
For the Oil & Gas Midstream subindustry, Inergy Midstream LP's Probability of Financial Distress (%), along with its competitors' market caps and Probability of Financial Distress (%) data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Inergy Midstream LP's Probability of Financial Distress (%) Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Inergy Midstream LP's Probability of Financial Distress (%) distribution charts can be found below:
* The bar in red indicates where Inergy Midstream LP's Probability of Financial Distress (%) falls into.
Inergy Midstream LP Probability of Financial Distress (%) Calculation
Probability of Financial Distress (%) (PFD) was developed by John Campbell, Jens Hilscher and Jan Szilagyi in their Search of Distress Risk. It measures the probability that a company will go bankrupt within the next 12 months given its current financial position.
The Probability of Financial Distress (%) was obtained by a logit probability model based on eight explanatory variables. The logit formula to compute the probability of financial distress (LPFD) is given below:
| LPFD | = | -20.12 * NIMTAAVG | + | 1.60 * TLMTA | - | 7.88 * EXRETAVG | + | 1.55 * SIGMA | - | 0.005 * RSIZE | - | 2.27 * CASHMTA | + | 0.070 * MB | - | 0.09 * PRICE | - | 8.87 |
| = | 0.00 |
The Probability of Financial Distress (%) (PFD) was then obtianed by:
| PFD | = | 1 | / | (1 + e^(-LPFD)) | * | 100% |
| = | 0.00% |
The eight explanatory variables are:
1. NIMTAAVG = Net Income to Market Total Assets
*Note that for companies reported quarterly, geometrically declining weighted quarterly Net Income data in latest four quarters are used.
2. TLMTA = Total liabilities to Market Total Assets
3. CASHMTA = Cash to Market Total Assets
For non-financial companies, CASHMTA is measured as:
4. EXRETAVG = Excess Return compared to the S&P 500
EXRETAVG is the weighted excess return compared to the S&P 500 in past 12 month. Geometrically declining weights are imposed on the monthly excess return to reflect lagged information. The weight is halved each quarter.
5. SIGMA = Standard Deviation of Daily Returns
For sigma, we use the annualized standard deviation of a company's returns over the past 92 days (or 63 trading days).
6. RSIZE = Relative Size
| RSIZE | = | log (Market Cap | / | Total Market Cap of S&P 500 companies) |
7. MB = Market to Adjusted Book Equity Ratio
8. PRICE
PRICE is measured as the log of the stock price, capped at log(15).
Inergy Midstream LP (Inergy Midstream LP) Business Description
Traded in Other Exchanges
N/A
Address
Crestwood Midstream Partners LP, formerly known as Inergy Midstream, L.P., is a Delaware limited partnership formed in November 2011. The Company develops, acquires, owns and operates fee-based assets and operations within the energy midstream sector. The Company owns and operates a diversified portfolio of crude oil and natural gas gathering, processing, storage and transportation assets that connect energy supply with energy demand across North America. The Company has three reporting segments: Gathering and Processing, NGL and crude services, and Storage and Transportation. The Gathering and Processing operations engage in the gathering, processing, treating, compression, transportation and sales of natural gas and the delivery of NGLs. In Gathering and Processing, the Company provides natural gas gathering, processing, treating and compression services to producers in unconventional shale plays located in West Virginia, Wyoming, Texas, Arkansas, New Mexico and Louisiana. The Company owns rich gas systems in the Marcellus, Powder River Basin, Niobrara, Barnett, Granite Wash, and Avalon/Bone Spring Shale plays, and dry gas gathering systems in the Barnett, Fayetteville and Haynesville/Bossier Shale plays. The NGL and crude services operations provide gathering, storage and transportation services to producers, refiners, marketers, and others that effectively provide flow assurances to customers, as well as the production and sale of salt products. Operations in NGL and Crude segment include crude oil rail terminals, the Arrow gathering system, an NGL storage facility, and U.S Salt, LLC. The Storage and Transportation operations provide natural gas storage and transportations services to third parties. The corporate operations include all general and administrative expenses that are not allocated to the reportable segments. The Company owns and operates four natural gas storage facilities located in New York and Pennsylvania that have an aggregate working gas storage capacity of approximately 41.0 Bcf namely Stagecoach, Thomas Corners, Steuben, and Seneca Lake. Further, the Company owns natural gas transportation facilities located in New York and Pennsylvania namely North-South Facilities, MARC I Pipeline, and East Pipeline. Sales of crude oil, NGLs and salt are recognized at the time product is shipped or delivered to the customer depending on the sales terms. The Company is expanding its gathering and compression facilities in the Marcellus Shale.
Executives
| John J Sherman |
director |
C/O CRESTWOOD EQUITY PARTNERS LP, 811 MAIN ST., SUITE 3400, HOUSTON TX 77002 |
| Crestwood Gas Services Holdings Llc |
director, 10 percent owner |
717 TEXAS AVENUE, SUITE 3150, HOUSTON TX 77002 |
| Crestwood Holdings Llc |
director, 10 percent owner |
717 TEXAS AVENUE, SUITE 3150, HOUSTON TX 77002 |
| Fr Xi Cmp Holdings Llc |
director, 10 percent owner |
ONE LAFAYETTE PLACE, GREENWICH CT 06830 |
| Crestwood Holdings Ii Llc |
director, 10 percent owner |
811 MAIN STREET, SUITE 3400, HOUSTON TX 77002 |
| Crestwood Holdings Partners, Llc |
director, 10 percent owner |
717 TEXAS AVENUE, SUITE 3150, HOUSTON TX 77002 |
| Fr Midstream Holdings Llc |
director, 10 percent owner |
ONE LAFAYETTE PLACE, THIRD FLOOR, GREENWICH CT 06830 |
| First Reserve Gp Xi, L.p. |
director, 10 percent owner |
262 HARBOR DRIVE, THIRD FLOOR, STAMFORD CT 06902 |
| First Reserve Gp Xi, Inc. |
director, 10 percent owner |
262 HARBOR DRIVE, THIRD FLOOR, STAMFORD CT 06902 |
| William C Gautreaux |
officer: President, Liquids and Crude |
|
| Michael Gordon France |
director |
600 TRAVIS STREET, SUITE 6000, HOUSTON TX 77002 |
| David Lumpkins |
director |
600 TRAVIS STREET, SUITE 3250, HOUSTON TX 77002 |
| William E Macaulay |
director, 10 percent owner |
290 HARBOR DRIVE, FIFTH FLOOR, STAMFORD CT 06902 |
| J Heath Deneke |
officer: Chief Operating Officer |
700 LOUISIANA STREET, SUITE 2550, HOUSTON TX 77002 |
| Warren H Gfeller |
director |
|
Inergy Midstream LP (Inergy Midstream LP) Headlines
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