Connections for Americas Energy JP Morgan High Yield & Leveraged Presentation Finance Title Conference Presentation Subtitle 2/24/2014 February 24-26, 2014 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Transformational 2013 for Crestwood Significant transformation creates exciting new beginning Merger creates premier mid-cap MLP with a diverse set of stable, fee-based assets Crestwood / Combined enterprise value of 9.0 BB; 520 MM -…
Diversified US Midstream Portfolio Existing platform in every premier shale play in North America creates significant opportunity for optimization, organic expansion, and strategic M&A ASSET SUMMARY (1) Natural Gas 1.3 Bcf/d…
Crestwood Strategic Objectives Pursue liquids-driven strategy around existing asset platform and geographic footprint to deliver growth objectives; success will be driven by execution Integration & Future Growth Financial Execution…
Wellhead to Burner Tip Operating Model Dry Gas Intrastate Intrastate & Gathering CO2 Treating & Interstate Gas Storage Interstate Pipelines Pipelines Pipelines Ethane Propane Rich Gas Mixed NGL NGL Gas Pipeline & NGL Iso-Butane…
Meaningful Scale and Diversification Crestwood generates 545 million of 2014E EBITDA from diversified asset platform covering three reporting segments CMLP CEQP Consolidated Market Cap(1) 4.4 BB 2.2 BB(2) 6.6 BB Enterprise…
Attractive Business Mix and Cash Flow Profile Segment and asset diversification 2013E EBITDA Mix provides greater cash flow stability 10+ different key assets with Gathering & US Salt Other Stagecoach diverse fundamentals generating…
Manageable Organic Projects Drive Growth 1.2 billion backlog of contracted, high-return organic projects drive growth over the next 5 years Capex Project Timeline (1) Commentary (MM) Marcellus Gathering & Pipeline and compression…
Crestwood Corporate Structure CEQP Public First Reserve/Crestwood Unitholders 400 MM Term Loan Holdings 71% Interest 29% LP Interest 100% Non-economic GP 11% LP Interest (Control) Interest Legacy Inergy Assets Crestwood Equity…
Disciplined & Balanced Financing Strategy Proven access to long-term capital and a balanced funding approach have kept partnership ahead of capital needs CMLP & CEQP 2008-2013 Capital Raised(1) Commitment to disciplined balance…
CMLP Capitalization Recent capital markets activity positions Pro Forma Capitalization balance sheet out in front of 2014 capital As of September 30, 2013 Legacy Legacy Pro Forma plan ( in millions) NRGM CMLP As Cash 1.2 5.7 -…
Operations Overview Connections for Americas Energy JP Morgan High Yield & Leveraged Finance Conference 14 14
Industry Leading Portfolio of Gathering and Processing Assets Feed the Value Chain Current system-wide gathering throughput of 1.2 Bcf/d PRB Niobrara Shale 311,000 acres AMI 20-year 15% COS Bakken Shale contracts Marcellus Shale…
Marcellus Shale Drives G&P Segment Contribution Growing rich gas gathering and compression assets in the core Southwest portion of the Marcellus Antero Resources/Crestwood Agreements 20-year, 100% fixed-fee contract with annual…
Marcellus 2013-14 Expansion Projects Update Recently completed the Zinnia 20 Trunkline integrating the Greenbrier Area with the Eastern AOD system 14 laterals under construction or recently completed connecting multiple Antero well…
PRB Niobrara Shale 3Q 2013 Acquisitions Add to Rich Gas Growth Potential Integrated gathering, processing NGL pipeline and rail potential in the Powder River Basin (PRB) CHK/RKI Leasehold Acquired 50% interest in Jackalope Gas…
Well Positioned NE Storage & Transport Assets Storage & Pipeline network provides critical infrastructure for Marcellus growth Crestwood owns premier NE US high deliverability, multi-cycle storage facilities in NY 41 Bcf fully…
Northeast Storage & Transportation Update Capturing substantial interruptible transportation revenue at Marc I and North-South due to wider basis spreads between long haul pipelines into Northeast demand markets Weighted average…
Gulf Coast Gas Storage Update Current Gulf Coast gas storage market is challenged due to: Overbuilt storage market Weak summer/winter gas price spreads Low gas price volatility 2.1+ Bcf/d gathering capacity Excess gas supplies…
Expanding NGL & Crude Services Business Nationwide, Crestwood is handling over 500,000 BPD of NGLs and Crude Oil through our facilities and transportation assets 180,000 BPD of NGLs through NGL facilities and transport assets 186,000…
Bakken Shale Drives 2014 Crude Services Growth Positioning Crestwood to be a full value Original Oil in Place chain midstream services provider for the Bakken Shale COLT Hub Crude Rail Facility - connects Expanding footprint in…
Arrow Midstream Acquisition 750 MM Arrow Midstream acquisition closed in November 2013 Asset Description Asset Map Located on the Fort Berthold Reservation Long term gathering contracts with committed Bakken Shale producers: WPX,…
COLT Hub Crude Rail Facility COLT Terminal Overview Dry Fork Terminal Overview Leading Bakken crude rail facility located in Located at the intersection of four major Williams County, ND anchored by multi-year pipelines at the Beaver…
Integrating the Bakken Footprint Arrows CDP is a strategic liquidity hub south of the Missouri river, which complements COLT Hub Synergy Potential Arrow system is 60 miles southeast of CMLPs COLT Hub crude rail and pipeline…
Key Investor Highlights Positioning Crestwood for long-term stable growth to create stakeholder value Post-merger mid-cap MLP positioned to service premier US liquids-rich and crude oil shale plays Liquids-focused growth strategy…
Non GAAP Reconciliations Connections for Americas Energy JP Morgan High Yield & Leveraged Finance Conference 28 28
Crestwood Midstream Partners, L.P. Non-GAAP Reconciliations CRESTWOOD MIDSTREAM PARTNERS LP Full Year 2014 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income ( In millions) Net income 105 - 138…
Crestwood Equity Partners, L.P. Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Full Year 2014 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income ( In millions) Net income 135 - 173 Interest…
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