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NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P.

Inergy Midstream, L.P. · May 22, 2013 · 40 slides

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Slides

  1. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 1
    NAPTP 2013 MLP Investor Conference May 22-23, 2013
  2. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 2
    Significant Transformation Post-Merger Inergy, L.P. (NYSE: NRGY) General partner of NRGM/CMLP with Crestwood incentive distribution Retail Propane NRGM IPO Merger rights and LP Divestiture Announced ownership(a) As of…
  3. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 3
    Transformational Combination Crestwood and Inergy to merge forming a 7 billion midstream partnership Crestwood Midstream Partners (NYSE: CMLP), Crestwood Holdings LLC, Inergy, L.P. (NYSE:NRGY) and Inergy Midstream, L.P. (NYSE:NRGM)…
  4. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 4
    Premier Shale Player Pro Forma Asset Summary Operations in virtually every premier shale play in North America 1,300+ mmcf/d natural gas transportation capacity 2,000+ mmcf/d gathering capacity 400+ mmcf/d processing capacity…
  5. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 5
    Strategic Highlights Materially Increased Size, Strong Scale and Complementary Sponsorship Diversity Growth and Alignment of Interest with Strategies LPs Significant Expanded Management Participation in Experience & the…
  6. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 6
    Increasing Scale & Diversification In a market where size matters, the pro forma enterprise possesses the critical scale and diversified platform to be a formidable competitor across the full midstream value chain CMLP NRGM + NRGY Pro…
  7. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 7
    Expanding the Value Chain The combined partnership represents a fully integrated midstream service provider with complementary business platforms positioned to compete across the midstream value chain Offering customers a more…
  8. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 8
    Linking Supply to Demand Expect significant commercial and operating synergy by linking Crestwood producer relationships and access to supply at the wellhead with Inergy demand-side services and relationships Natural Gas NGLs Crude…
  9. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 9
    Cash Flow Stability and Visibility 2013E EBITDA Mix Significant diversification provides greater cash flow stability US Salt Other Cowtown Within the core operating segments, 10+ different assets with diversified fundamental growth…
  10. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 10
    Enhanced Credit Profile Strong Balance Sheet, enhanced credit profile and increasing float maximizes access to capital and minimizes cost of capital Significantly increases size, scale and cash flow diversity Balance sheet-friendly…
  11. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 11
    Strong Sponsorship After this transaction, First Reserve, Crestwood management and Inergy management will have in excess of 1.5 billion invested in the combined partnership First Reserve, the largest and most experienced private…
  12. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 12
    Low Cost Capital Drives Organic Growth Significant Backlog of Organic Growth Projects and the Currency to Execute 2.0 Bn of identified potential greenfield development and bolt-on 5 acquisition opportunities Both Crestwood and…
  13. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 13
    Unified Strategic Vision Unified and complementary strategic vision to delivering unitholder value Develop and Acquire Assets Where the Infrastructure Requirements are Greatest: Become the Premier Shale Player Leverage the Value…
  14. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 14
    Financial Overview 15
  15. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 15
    Transaction Overview Transaction Steps 1. NRGY distributes all NRGM units currently held to NRGY unitholders in a tax-free distribution 2. Crestwood Holdings acquires the GP control of NRGY 3. Crestwood Holdings contributes the…
  16. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 16
    Pro Forma Capital Structure Fully committed financing in place to close transactions with no financing contingencies Crestwood Holdings Commitment for 365 million Term Loan B 20.5mm 53.8mm NRGM NRGY Units Units Seeking consent…
  17. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 17
    Historical Financials (2) CMLP Adjusted EBITDA Inergy Adjusted EBITDA(b) 150.0 142.9 (a) 250.0 132.5 211.2 120.0 110.0 200.0 183.5 164.8 90.0 150.0 140.3 76.5 125.2 116.3 99.6 60.0 (1) 100.0 90.2 30.0 50.0 0.0 0.0 2010…
  18. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 18
    Financial Principles Continue to grow utilizing a disciplined financial policy Grow pro forma business consistent with stable, fee-based MLP business model Maintain ample liquidity and preserve financial flexibility Fund organic…
  19. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 19
    Strategic Highlights Materially Increased Size, Strong Scale and Complementary Sponsorship Diversity Growth and Alignment of Interest with Strategies LPs Significant Expanded Management Participation in Experience & the…
  20. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 20
    Appendix 21
  21. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 21
    Inergy Overview 22
  22. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 22
    Strategically Located Assets An integrated asset and services portfolio positioned to link fundamental energy supply with fundamental energy demand across geography and time Core natural gas infrastructure in Northeast US in the heart…
  23. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 23
    Northeast Storage and Transportation Platform Northeast assets provide critical midstream infrastructure Northeast storage & transportation hub with access to multiple gas and NGL supply sources and pipeline interconnects into…
  24. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 24
    Texas Natural Gas Storage and Transportation Platform Overview Located 100 miles southwest of Houston in Matagorda County, TX 38.4 Bcf of working gas capacity Expansion potential to 47.9 Bcf at attractive multiple 2.5 Bcf/day (max)…
  25. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 25
    Gas Storage Facilities Thomas Seneca Tres Stagecoach Steuben Corners Lake Palacios 26.3 Bcf working gas 5.7 Bcf operational 6.2 Bcf working gas 1.5 Bcf working gas 38.4 Bcf working gas capacity working gas capacity capacity capacity…
  26. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 26
    Transportation Asset Overview North-South Pipeline FERC regulated firm transportation and wheeling services between TGP, Millennium and all points in between 325,000 MMcf/d capacity 100% contracted with 5 year terms Phase II may add…
  27. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 27
    NGL and Crude Oil Supply and Logistics Tailgate to Burner Tip Solutions Provide assured flow and optimal value for producers and refiners/processors in the rich shale plays such as the Marcellus, Utica, Eagle Ford, Bakken and other…
  28. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 28
    NGL Storage & Terminal Overview Bath Facility Watkins Glen Project 1.5 MMBbl of NGL Developing 2.1 MMBbl of underground storage underground NGL storage Located in Steuben County, NY Located in Schuyler County, NY 100% contracted…
  29. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 29
    West Coast NGL Facility West Coast Facility Strategically located near Bakersfield, CA between major West Coast refining centers Inergys West Coast capabilities 12,000 BPD fractionator 8,000 BPD butane isomerization unit 24…
  30. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 30
    COLT Hub Highly integrated network of crude oil rail car loading, pipeline, and storage assets located in the heart of the Bakken Long-term strategic value Newly constructed and strategically located 98% of capacity is contracted or…
  31. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 31
    US Salt Operations High Quality Assets Located outside of Watkins Glen, NY on the shores of Seneca Lake Provides significant sustained source of future capacity in energy storage platform 1 Bcf per year natural gas storage capacity…
  32. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 32
    NRGY Historical Financials 33
  33. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 33
    Historical Financial Overview & Non-GAAP Reconciliations Inergy, L.P. Consolidated Statement of Operations FYE Sept. 30 TTM 2010 2011 2012 3/31/2013 (in MMs) (audited) (audited) (audited) (unaudited) Statement of Operations Data:…
  34. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 34
    Historical Financial Overview & Non-GAAP Reconciliations (cont.) Inergy, L.P. Selected Financial Data FYE Sept. 30 TTM 2010 2011 2012 3/31/2013 (in MMs) (audited) (audited) (audited) (unaudited) EBITDA Reconciliation: Net income…
  35. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 35
    NRGM Historical Financials 36
  36. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 36
    Historical Financial Overview & Non-GAAP Reconciliations Inergy Midstream, L.P. Statement of Operations FYE Sept. 30 TTM (a) (a) 2010 2011 2012 3/31/2013 (in MMs) (audited) (audited) (audited) (unaudited) Statement of Operations…
  37. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 37
    Historical Financial Overview & Non-GAAP Reconciliations (cont.) Inergy Midstream, L.P. Selected Financial Data FYE Sept. 30 TTM (a) 2010 2011(a) 2012 3/31/2013 (in MMs) (audited) (audited) (audited) (unaudited) EBITDA…
  38. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 38
    CMLP Historical Financials 39
  39. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 39
    CMLP Non-GAAP Reconciliation CMLP (mm) 2010 2011 2012 LTM Net Income 34.9 45.0 38.9 38.0 D&A 22.4 33.8 51.9 58.6 Interest Expense, Net 13.6 27.6 35.8 39.7 Provsion for Income Taxes (0.6) 1.3 1.2 1.2 EBITDA 70.2 107.7 127.8 137.6…
  40. NAPTP 2013 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 40
    41

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