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Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp

Crestwood Midstream Partners Lp · Feb 24, 2015 · 22 slides

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Slides

  1. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 1
    Connections for Americas Energy 4Q 2014 Earnings and 2015 Guidance Overview Presentation Title Presentation February Subtitle 24, 2015 2/26/2015 Crestwood Midstream Partners LP Crestwood Equity Partners LP
  2. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 2
    Strategy Unchanged by Current Market Volatility Two publicly traded MLPs provides strategic flexibility to enhance value Current Strategy Evolving First Reserve/ CEQP transitioning to pure-play GP entity Crestwood Holdings CMLP…
  3. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 3
    Fourth Quarter Highlights Adjusted EBITDA of 117.7MM, 29% over 2013 Distributable cash flow of 89.1MM, 39% over 2013 Quarterly cash distribution of 0.41/common unit paid February 13, 2015 Consolidated Adjusted EBITDA of…
  4. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 4
    Key 2014 Accomplishments Fully integrated Crestwood Inergy post-merger organization Implemented combined operating culture and performance standards Integrated Arrow Midstream acquisition Consolidated Arrow, COLT Hub and crude oil…
  5. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 5
    Consolidated Operating Statistics Q4 2014 Q4 2013 Gathering and Processing Gathering (Bcf/d) 1.3 1.1 Processing (MMcf/d) 187 198 Compression (MMcf/d) 658 347 Storage and Transportation Firm (Bcf/d) 1.6 1.4 Interruptible (MMcf/d)…
  6. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 6
    Fourth Quarter Financial Results - CMLP (US Millions) Q4 2014 Q4 2013 Total Revenues 614 366 Gross Margin 170 126 Operations and Maintenance 39 25 General and Administrative 22 37 Net Loss(1) (60) (42) Adjusted EBITDA 118…
  7. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 7
    Fourth Quarter Financial Results - CEQP (US Millions) Q4 2014 Q4 2013 Total Revenues 997 808 Gross Margin 209 161 Operations and Maintenance 55 39 General and Administrative 27 41 Net Loss(1) (31) (42) Adjusted EBITDA 133…
  8. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 8
    Positioned for Success in 2015 Crestwoods 2015 operating plan will continue to build distribution coverage and enhance credit metrics to reduce long-term cost of capital Three balanced operating segments contribute to 2015 EBITDA:…
  9. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 9
    Leading Fixed-Fee Contract Portfolio 92% of CMLP 2015E EBITDA from take-or-pay and fixed-fee contracts Key Assets protected from commodity change and volume reduction CMLP Contract Portfolio CMLP Take-or-Pay Contract Portfolio…
  10. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 10
    Core Acreage Positions Crestwoods assets are competitively positioned to benefit from industry-best producer economics which should lead to continued development activity Bakken (Fort Berthold Reservation) Top-tier development area…
  11. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 11
    Breakeven WTI Price (/bbl) 30 40 60 70 20 50 80 90 Eag le Ford Oil Tier 1 Bakken Tier 1 TFS Tier 1 Niobrar a Tier 1 WTI 5yr Strip Eag le Ford Oil Tier 2 Source: HPDI and TPH. Bakken Tier 2 Price(1):…
  12. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 12
    Major Project Update 2015 Growth Driven from Existing Platform Marcellus North/South Pipeline Expansion 200 MMcf/d expansion completed in 2014; Binding open season for additional 100 MMcf/d capacity Q1 2015 MARC I and II Pipeline…
  13. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 13
    2015 Cost Reduction Initiative Overview Reduce/eliminate all discretionary 2015 budget expenses Cost reduction designed Phase 1 to immediately realign Now Target New hiring protocol to eliminate any new our cost structure to drive…
  14. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 14
    CMLP Financial Guidance Guidance Commentary Adjusted EBITDA MM 2015E Adjusted EBITDA of 480 - 510 MM 600 12% annual growth primarily attributable to 12% Marcellus, PRB Niobrara and Bakken Shale 480 - 510 development 500 443…
  15. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 15
    CMLP Capitalization and Liquidity Limited capital markets activity expected to fund 2015 capital plans Remaining 60 MM of Class A Preferred CMLP Leverage Ratio capital to be drawn in 2Q/3Q 2015; opportunistic senior notes offering to…
  16. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 16
    CEQP Financial Guidance Guidance Commentary Consolidated Adjusted EBITDA 2015E consolidated Adjusted EBITDA of 540 MM to 575 MM 700 12% 540 - 575 14% annual EBITDA growth 600 496 2015E Adjusted DCF of 80 to 85 MM (1) 500 400…
  17. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 17
    Financial Guidance Summary Statistic FY2014A FY2015E 2015E EBITDA Mix MM 100% Adjusted EBITDA 443 480 - 510 NGL & Crude 80% Services Distributable Cash Flow (1) 328 335 - 365 CMLP 60% Storage & Transportation 40% Growth…
  18. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 18
    2015 Key Initiatives In response to the current market environment, Crestwood is actively repositioning the Company to build long-term value for unitholders Actively manage and reduce costs without compromising customer service,…
  19. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 19
    CMLP Non-GAAP Reconciliations CRESTWOOD MIDSTREAM PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in m illions) (unaudited) Three Months Ended December 31, Year Ended December 31, 2014 2013 2014 2013 EBITDA Net income…
  20. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 20
    CMLP Non-GAAP Reconciliations CRESTWOOD MIDSTREAM PARTNERS LP Full Year 2015 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in m illions) (unaudited) Expected 2015 Range Low - High Net income…
  21. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 21
    CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in m illions ) (unaudited ) Three Months Ended December 31, Year Ended December 31, 2014 2013 2014 2013 EBITDA Net income…
  22. Q4 2014 EARNINGS CALL AND 2015 GUIDANCE OVERVIEW – Crestwood Midstream Partners Lp – slide 22
    CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Full Year 2015 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in m illions) (unaudited) Expected 2015 Range Low - High Net income 56 -…

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