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SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp

Crestwood Midstream Partners Lp · May 6, 2015 · 15 slides

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Slides

  1. SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp – slide 1
    Connections for Americas Energy Simplification Overview and Q1Presentation 2015 FinancialTitle & Operating Results Presentation Subtitle May 6, 2015 5/5/2015 Crestwood Midstream Partners LP Crestwood Equity Partners LP
  2. SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp – slide 2
    Transaction Overview Crestwood Equity Partners LP (NYSE: CEQP) and Crestwood Midstream Partners LP (NYSE: CMLP) have executed definitive agreements to merge the two partnerships Terms of the simplification transaction have been…
  3. SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp – slide 3
    Transaction Highlights Elimination of 30 million of IDRs drives immediate cost of capital improvement Improved Cost of Competitive cost of capital improves positioning for 3.0 billion of identified Capital expansion opportunities…
  4. SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp – slide 4
    Simplified Organizational Structure Current Structure Pro Forma Structure First Reserve/ First Reserve/ Crestwood Crestwood Holdings CEQP Public Holdings CEQP Public and Preferred Unitholders Unitholders 71% LP 29% LP Interest…
  5. SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp – slide 5
    Realignment of Strategy Centered on Value Creation Simplification of structure realigns strategic focus towards unlocking full value potential of our midstream portfolio Provide first-in-class customer service Focus on maintaining…
  6. SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp – slide 6
    Cost of Capital Analysis Impact of IDR Elimination Illustrative Cost of Capital Uplift Key Assumptions: 500 MM Investment, 50% Equity / 50% Debt Consideration Cost of Debt: 6.25%, CMLP Unit Price = 16.00, CEQP Unit Price = 6.82 (as of…
  7. SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp – slide 7
    Positioning Crestwood for Growth Improving cost of capital to capture 3.0 billion of identified potential expansion opportunities around asset footprint Expansion Opportunities E A. Marcellus Shale: A 500 to 600 million B. South…
  8. SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp – slide 8
    Proposed Transaction Timeline Conservative estimate of 4+ months from Announcement to Merger Closing May July / August Aug / Sep Complete new SEC Completes CMLP Unitholder 1.5 BB Revolver Review of CMLP Vote syndication Proxy…
  9. SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp – slide 9
    First Quarter Highlights Connections for Americas Energy 10 10
  10. SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp – slide 10
    First Quarter Highlights Adjusted EBITDA of 124.7MM, 26% over 1Q 2014 Distributable cash flow of 93.1MM, 34% over 1Q 2014 Quarterly cash distribution of 0.41/common unit to be paid May 15, 2015 to unit holders of record on May…
  11. SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp – slide 11
    Consolidated Operating Statistics Q1 2015 Q1 2014 Gathering and Processing Gathering (Bcf/d) 1.2 1.1 Processing (MMcf/d) 203 189 Compression (MMcf/d) 692 448 Storage and Transportation Firm (Bcf/d) 1.7 1.5 Interruptible…
  12. SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp – slide 12
    First Quarter Financial Results - CMLP (US Millions) Q1 2015 Q1 2014 Total Revenues 455 537 Gross Margin 169 139 Operations and Maintenance 35 28 General and Administrative 24 24 Net Income 22 6 Adjusted EBITDA 125 99…
  13. SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp – slide 13
    First Quarter Financial Results - CEQP (US Millions) Q1 2015 Q1 2014 Total Revenues 732 972 Gross Margin 202 186 Operations and Maintenance 51 44 General and Administrative 28 28 Net Income 18 13 Adjusted EBITDA 142 117…
  14. SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp – slide 14
    CMLP Non-GAAP Reconciliations Three Months Ended March 31, 2015 2014 (in millions, unaudited) EBITDA Net income 21.7 5.5 Interest and debt expense, net 29.9 28.1 Provision for income taxes 0.3 0.7 Depreciation, amortization and…
  15. SIMPLIFICATION OVERVIEW AND Q1 2015 FINANCIAL AND OPERATING RESULTS – Crestwood Midstream Partners Lp – slide 15
    CEQP Non-GAAP Reconciliations Three Months Ended March 31, 2015 2014 (in millions, unaudited) EBITDA Net income 18.1 13.2 Interest and debt expense, net 33.6 31.7 Provision for income taxes 0.4 0.8 Depreciation, amortization and…

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