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Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp

Crestwood Midstream Partners Lp · Jun 10, 2014 · 28 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 1
    Connections for Americas Energy Credit Suisses 2nd Annual Presentation MLP Title & Energy Logistics Conference Presentation Subtitle 6/6/2014 June 10-11, 2014 Crestwood Midstream Partners LP Crestwood Equity Partners LP
  2. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 2
    Crestwood Corporate Structure Two publicly traded MLPs provides strategic flexibility to enhance value Crestwood/Inergy merger creates a substantial long term growth platform First Reserve/Crestwood 9.0 BB enterprise value Holdings…
  3. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 3
    Strategic Focus on Long Term Growth Diverse midstream platform with substantial long term growth potential Expanding platform in premier shale plays across North America Targeting Focused in crude oil and liquids-rich plays that…
  4. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 4
    US Midstream Portfolio in All the Right Places Assets and operations divided into 4 operating regions to gain scale, reduce costs and generate commercial synergies Rockies Region Northeast Region Western Region Central…
  5. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 5
    Diverse Business Mix Low Commodity Exposure Attractive Growth Areas Northeast and Rockies primary 2014E EBITDA 2014E EBITDA growth regions West Significant business diversification 4% Gathering & provides cash flow stability…
  6. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 6
    Supply Driven Growth Liquids Focused Existing assets and future growth opportunities in shale plays where producer wellhead economics are strongest 2014 Calendar Strip Price: 8.00 4.60/MMBtu(1) 7.16 7.43 7.00 6.00 5.67 5.70 5.72…
  7. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 7
    Northeast Region Marcellus / Utica Core growth opportunity in the most prolific natural gas play in history Regional Commentary (1) 20 Bcf/d and 1 MMBbl/d NGLs out of Marcellus / Utica by 2020 timeframe Distribution constraints for…
  8. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 8
    NE Region Southwest Marcellus Gathering Providing extensive gathering and compression services for the most active producer in the rich-gas Southwest Core of the Marcellus Antero Resources/Crestwood Agreements 20-year, 100% fixed-fee…
  9. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 9
    NE Region Southwest Marcellus Q1 2014 Update EAOD System Volume & Utilization Forecast EAOD System Update MMcf/d 90% 80% EAOD system build-out kept up with Antero 1,000 production during Q1 2014 EAOD system capacity now at 700…
  10. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 10
    NE Region Marcellus Storage & Transportation 41 Bcf high performance, multi- cycle storage Critical supply points for premium NE markets Fully contracted primarily with NE utilities including ConEd, PSEG and NJ Natural Gas…
  11. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 11
    NE Region Storage & Transport Q1 2014 Update Storage and Transportation portfolio 100% contracted through March 2015 TGP Marcellus/MPL East Pool -- Daily Basis 5.50 Q1 2014 Performance 5.00 Record demand from severe winter 4.50…
  12. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 12
    Rockies Region: Bakken / PRB Niobrara Value chain strategy at work in Bakken and PRB Niobrara Regional Commentary (1) Bakken Shale the premier crude oil shale play in North America 1.5 MMBbls/d by 2020 194 active rigs running in…
  13. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 13
    Rockies Region COLT Hub Combined w/ Arrow gathering the COLT and Dry Fork terminals provide an integrated Bakken operating footprint COLT Hub Overview 160 MBbl/d rail facility in Williams County, ND; connected to BNSF rail system…
  14. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 14
    Rockies Region Arrow Midstream Supply aggregation begins with Arrow Midstream Asset Overview Asset Map 150,000 acreage dedication in Dunn and McKenzie Counties, ND on Fort Berthold Reservation Crude pipeline interconnects with…
  15. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 15
    Rockies Region Bakken Shale Q1 2014 Update Supply aggregation begins with Arrow Midstream MBbl/d Arrow Volumes MMcf/d Arrow Gathering / COLT Hub Update 70 70 60 60 Severe winter weather and downstream 50 50 pipeline disruptions…
  16. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 16
    Rockies Region PRB Niobrara Development Expanding gathering and processing system in the Powder River Basin (PRB) to serve increasing production Jackalope Gas Gathering 50/50 JV with Access Midstream 20-year cost-of-service agreement…
  17. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 17
    Central Region Barnett, Permian, Fayetteville, Granite Wash / Haynesville & Gulf Coast Storage Emerging growth from Permian Regional Commentary Current gas price and forward strip support development in core dry gas operating areas…
  18. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 18
    Central Region Barnett Shale Q1 2014 Update Turning the Corner in the Barnett Shale Recent Quicksilver (KWK) / Tokyo Gas well completions show improved performance in Barnett dry area 4 recent Texas Motor Speedway wells 30- day IP…
  19. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 19
    Central Region Delaware Permian Development Phase I Converted existing Las Animas system from dry gas to rich gas NM TX Installed 10 MMcf/d refrigerated JT skid Q3 2013 Phase II - Constructing Willow Lake Gathering & Processing…
  20. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 20
    Central Region Tres Palacios Update Long Term Re-positioning for the Future Mexico Plans 42 Gas-Fired Power Projects Significant cost-cutting initiatives underway Joint venture discussions coupled with long-term storage…
  21. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 21
    NGL Supply, Logistics, Transportation & Salt CEQP growing business segment instrumental in executing Crestwoods wellhead-to-burner tip operating model Leading purchaser of Marcellus / Utica liquids One of the largest LPG truck fleets…
  22. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 22
    Q1 2014 Review Segment EBITDA Sequential EBITDA growth across operating segments ( in millions) 4th Quarter 1st Quarter Key Drivers for 2014 Outlook CEQP Total Segment EBITDA 2013 2014 % Change Marcellus volume growth (1) Bucking…
  23. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 23
    Q1 2014 Review Balance Sheet Profile Improving coverage, leverage and liquidity critical strategic focus in 2014 Key Drivers for 2014 Outlook ( in millions) 4th Quarter 1st Quarter 2013 2014 Natural deleveraging through CMLP Balance…
  24. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 24
    Long-Term Growth Drivers Premier Shale footprint provides attractive backlog of organic projects; successful execution at 5.0x to 7.0x all-in build multiples drives substantial future growth Arrow Midstream crude oil, natural gas and…
  25. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 25
    Attractive 5-Yr Investment Profile Drivers for Long-term Outlook Total Segment EBITDA 15% 5-yr EBITDA CAGR Imbedded organic growth from 1.2 BB projects Long-term coverage ratio of 1.1x 6 to 10% long-term distribution growth…
  26. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 26
    Key Investor Highlights Financial stability with visible growth through execution of value chain strategy Footprint covers premier US natural gas, liquids- rich and crude oil shale plays Growth underpinned by Marcellus/Utica, Bakken,…
  27. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 27
    Crestwood Equity Partners LP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP (FORMERLY INERGY, L.P.) Segment Data (in millions) Three Months Ended (unaudited) March 31, December 31, 2014 2013 Gathering and Processing…
  28. Credit Suisse 2nd Annual MLP and Energy Logistics Conference – Crestwood Midstream Partners Lp – slide 28
    Crestwood Equity Partners LP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP (FORMERLY INERGY, L.P.) Reconciliation of Non-GAAP Financial Measures (in millions) Three Months Ended (unaudited) March 31, December 31, 2014 2013…

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