Connections for Americas Energy Investor Presentation Presentation Title March 2020 Presentation Subtitle 2/27/2020 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Company Information Crestwood Equity Partners LP Contact Information NYSE Ticker CEQP Corporate Headquarters Investor Relations Market Capitalization (MM)(1,2) 1,965 811 Main Street investorrelationscrestwoodlp.com Enterprise Value…
Diversified Portfolio in Multiple High-Growth Basins Bakken Powder River Northeast Basin Marcellus Key Statistics (1) 2,067 miles of pipeline Delaware 3.3 Bcf/d gas gathering Basin 1.6 Bcf/d gas transportation 1.0 Bcf/d…
Key Investor Highlights Culmination of 3-year Capital Program Drives Free Cash Flow in 2020+ Well-positioned assets in low-cost basins support volume growth and enhanced margins EXECUTION Strong track record of delivering on operational…
Fourth Quarter 2019 Highlights Crestwood Well-Positioned to Achieve 2020 Objectives Crestwood has reached an inflection point in cash flow growth and is well positioned to generate positive free cash flow in 2020 Q4 Adjusted EBITDA of…
Track Record of Solid Execution and Delivering Results Crestwoods integrated asset footprint and strategy of self-funding and capital discipline continues to drive results into 2020 Increasing producer activity, accretive organic Strong…
2020E Financial Outlook Crestwood expects to achieve its previously stated 15% cash flow growth in 2020 with strong producer forecasts and growth from recently completed organic growth projects Adjusted EBITDA 590 million 620 million…
Connections for Americas Energy Well-Positioned to Achieve 2020 Objectives 8
Crestwood Assets Located in Top-3 Low Cost Basins Support Producer Oil Growth in Current Environment Crestwoods growth capital investments building scalable franchise positions in the Bakken, Powder River Basin and Delaware Basin with…
Balanced Portfolio; High Quality Customers Excellent Diversity of Services, Customers and Markets Stable cash flows supported by fixed-fee contracts, top-tier customer base and balanced commodity exposure CEQP Contract Portfolio…
Conservative Capital Allocation Strategy Crestwood is committed to generate unitholder value through disciplined capital allocation Value Creation Criteria for Growth Capital and Acquisitions Integrates / Optimizes footprint in core…
Leader in Sustainability in MLP Midstream Industry Crestwood has been recognized for its sustainability performance and commitment to transparency and disclosure Inaugural ESG Report Recognition 2019 Report Highlights The 2019…
Crestwoods Strategy Drives Top-Tier Metrics Crestwoods metrics compare favorably to predominately larger cap peer group, yet still trades at a discount 2020E Leverage Ratio 2020E Coverage Ratio 6.0x 5.0x 4.5x 5.0x 4.0x 3.5x 4.0x…
Connections for Americas Energy Core Basin Strategies Build Long-term Growth Platform 14
Bakken Growth Strategy Crestwood has invested 600MM at sub-5x build-multiples over the last three years to expand its Bakken footprint to fully support strong producer development Arrow Overview Arrow is a three-product gathering and…
Arrow System Volume Growth Outlook Arrow volume growth driven by producer development plans, strong FBIR well performance, and completed capital projects 2020 Overview Major Arrow System Expansions Complete 118 3-product well…
Bakkens Bear Den Processing Complex Key Highlights Bear Den II Processing Plant Bear Den II 120 MMcf/d plant began commercial operations in August 2019 Bear Den processing complex has total capacity of 150 MMcf/d and provides…
Bakkens Full-Service Business Model Crestwoods integrated Bakken franchise offers Arrow producers full-service midstream solution to ensure flow assurance and competitive pricing out of the Basin 1 Wellhead Services - Fully Integrated…
Powder River Basin Growth Strategy Crestwood operates of one of the basins largest gathering and processing systems Overview Bucking Horse II 200 MMcf/d cryogenic processing plant placed into service in early February 2020 increases…
Powder River Basin Offers Exceptional Economics Crestwoods large asset footprint and multiple stacked formations offer producers top tier economics; Offset producer activity drives upside Overview Producer Commentary To date, four of…
PRBs Bucking Horse Processing Complex Key Highlights Bucking Horse Processing Facilities Bucking Horse II plant began commissioning in February 2020 New 200 MMcf/d processing plant increases total capacity to 345 MMcf/d allowing…
Delaware Basin Growth Strategy Crestwood operates a fully integrated G&P system in the heart of the Delaware Basin through 50/50 JV with First Reserve (CPJV) and JV with Shell Midstream Delaware Basin Overview Asset Map Current…
Delaware Basins Full-Service NGL Solution Crestwoods Delaware Basin competitive advantage enhanced with EPIC NGL pipeline capacity and favorable PSA with Chevron Phillips; Provides G&P customers guaranteed NGL capacity and pricing to…
NE Marcellus Provides Long-Term Growth Potential NE Marcellus is the most prolific US dry gas basin; Stagecoach is strategically located to capture infrastructure expansion opportunities from NE gas demand growth Stagecoach Overview…
Legacy Gas Assets Provide Stable Cash Flow and Long-term Optionality Crestwoods SW Marcellus and Barnett system generate over 100MM combined annually; Average system declines of 6% to 10% forecasted through 2021 SW Marcellus System…
Connections for Americas Energy Balance Sheet Strength and Disciplined Capital Allocation 26
Strong Balance Sheet and Liquidity Crestwood is committed to maintaining a strong balance sheet and financial flexibility; Leverage expected to achieve target…
Self-Funded 2020 Capital Program With 3-year capital growth program complete, growth capital decreased 58% in 2020 In 2020 Crestwood expects to invest 150 million 2020E Growth Capital by Quarter - 200 million MM 2020 capital…
Free Cash Flow in 2020 Drives Return of Capital Crestwoods MLP leading DCF per unit growth combined with reduced growth capital investments will drive free cash flow generation in 2020 and result in a meaningful return of capital to…
Key Investment Highlights Diversified midstream asset portfolio located in best oil basins No IDRs, simplified structure, and stable, supportive GP Completed 3-year 1 billion net capital program to expand key assets for long-term…
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Crestwoods Sustainability Program At Crestwood, sustainability means operating ethically, environmentally and socially responsible; focusing on safety; respecting and supporting our communities; protecting the environment; and developing…
Crestwoods 3 Year Sustainability Strategy Crestwoods long-term sustainability strategy enhances transparency on managements approach to identifying and mitigating key ESG risks Continue to demonstrate our commitment to our Safety and…
Crestwoods Industry Recognition Crestwood continues to be recognized for its unwavering commitment to best in class customer service, community engagement, environmental stewardship and unitholder alignment Committed to best in class…
Key ESG Performance Data Crestwood is committed to enhancing transparency and disclosure of our environmental, social and governance (ESG) performance. As we progress on our sustainability journey, we will continue to improve our key…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in millions) (unaudited) Three Months Ended December 31, Year Ended December 31, 2019 2018 2019 2018 EBITDA and Adjusted…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Full Year 2020 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in millions) (unaudited) Expected 2020 Range Low - High Net income 135 -…
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