Connections for Americas Energy Wells Fargo 2013 Annual Energy Presentation Title Symposium Presentation Subtitle 12/10/2013 December 10-11, 2013 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Transformational 2013 for Crestwood Significant transformation in 2013 creates exciting new beginning Merger creates premier mid-cap MLP Combined enterprise value of 8.5 BB; 550 MM 2014E EBITDA Crestwood / Currently servicing over 2…
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…
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…
Identified and Contracted Expansion Projects Support 2014+ EBITDA and DCF growth Attractive backlog of contracted and identified organic projects drive growth at 5.0x to 7.0x all-in build multiples Capex Project Timeline (1)…
CMLP Offers Strong Total Return Potential to Investors CMLP represents superior risk-adjusted returns proposition for investors Current valuation (70 to 160 Bps yield discount relative to selected peers) not reflective of the new…
CEQP Total Return Potential Leveraged to CMLP Long-term CEQP growth levered to underlying execution and distribution growth at CMLP Expected 3-Yr CEQP DCF CAGR of 35% (1) Challenging fundamentals at Tres Palacios limit 1H 2014…
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) Acquired 50% interest in Jackalope Gas Gathering System CHK/RKI…
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…
NE Storage & Transportation Contract Update NE Assets are fully subscribed through March 31, 2014 Significant re-contracting progress made during 3Q 2013: NE 2014 storage renewal capacity largely re-contracted at existing 18/MSQ…
Tres Palacios Gas Storage Weather the Storm 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…
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…
COLT Hub Crude Rail Facility COLT Terminal Overview Dry Fork Terminal Overview Leading Bakken crude rail facility anchored by Located at the intersection of four major multi-year take or pay contracts with refiners pipelines at the…
Arrow Midstream Acquisition 750 MM accretive Arrow Midstream acquisition closed November 8, 2013 Asset Description Asset Map Located on the Fort Berthold Reservation Long term gathering contracts with committed Bakken Shale…
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…
NGL & Crude Services Segment 2014 Forecast Segment Profit (1) 2014E Profit Contribution MM NGL Supply Logistics NGL 250 12% Transportation Arrow 7% 200 33% West 150 Coast 9% 100 NGL Storage 4% 50 US Salt Crude 7%…
Key Investor Highlights Positioning Crestwood for long-term visibility to growth through organic projects and M&A Post-merger mid-cap MLP positioned to service premier US liquids-rich and crude oil shale plays Liquids-focused growth…
Non GAAP Reconciliations Connections for Americas Energy Wells Fargo 2013 Annual Energy Symposium 27 27
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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