Skip to main contentBANK OF AMERICA MERRILL LYNCH PRESENTATION TITLE 2014 LEVERAGED FINANCE CONFERENCE – Crestwood Midstream Partners Lp | Shale Experts
Connections for Americas Energy Bank of America Merrill Lynch Presentation Title 2014 Leveraged Finance Conference Presentation Subtitle 12/1/14 December 2-3, 2014 Crestwood Midstream Partners LP Crestwood Equity Partners…
Crestwood Overview Diverse midstream assets First Reserve/Crestwood 400 MM Term Loan in high-growth shale plays: Holdings Marcellus, Utica, Bakken, PRB Niobrara and Delaware 29% LP Interest CEQP Public Permian Unitholders 100%…
Operations and Assets in Key Shale Plays Organized in four operating regions to ensure consistency and synergy Natural Gas 1.4 Bcf/d transportation 2.5+ Bcf/d gathering 80 Bcf storage 615 MMcf/d processing NGLs and Crude Oil 350…
Diverse Assets Across the Value Chain Cash flow diversity across operating segments and geography increases stability Estimated Annual EBITDA Contribution Operating Segments Regional Footprint Operating Assets West 4% West Other 4%…
Attractive Fixed-Fee Contract Portfolio Limited commodity exposure and long-term duration provide stable cash flows 94% of CMLP 2014 EBITDA from take-or-pay CMLP Contract Portfolio and fixed-fee contracts 2014 YTD EBITDA…
Improving Results Since Merger Sequential Consolidated LTM EBITDA growth; record natural gas and crude volumes ( MMs) 2013 2014 Segment EBITDA (1) Segment Adjusted EBITDA 3Q (2) 4Q 1Q 2Q 3Q Gathering and Processing 43.2 47.5 48.2…
Improving Balance Sheet Outlook Recent equity issuance improves credit metrics; no near-term debt maturities December 31, September 30, ( in millions) 2013 2014 BB/Ba3 credit rating; stable outlook CMLP Balance Sheet Profile 500 MM…
Improving DCF and Leverage Outlook Since closing the Crestwood / Inergy CMLP merger, Crestwood has invested cumulative capital of 1.5 billion ( millions) Capital largely allocated to core growth assets in Marcellus, Bakken and…
High Growth Crude Oil Services Strategy Midstream value chain strategy at work in the Bakken and PRB Niobrara Crude Oil Strategy Focused on infrastructure for growing Bakken Shale and PRB Niobrara plays (2 MM BPD by 2020)(1) Fully…
Crude Price Impact on Bakken Development North Dakota Oil and Gas Industry Impacts Study 2014-2019: KLJ, Inc Report commissioned by North Dakota legislature to forecast the level of production and the trends that impact production…
Bakken COLT Hub and Connector Acquired in December 2012; COLT Hub links Bakken crude supply to prime refinery markets; currently the leading rail terminal in North Dakota by volume Sourcing Capacity Storage Capacity Takeaway…
Bakken Arrow Gathering Acquired in November 2013; Substantial long-term growth through system build out 150,000 acre dedication on Fort Berthold Indian Reservation (FBIR); long-term crude, rich-gas and produced water gathering…
Bakken Arrow/COLT 3Q 2014 Update Fastest growing part of Crestwood portfolio; 220 MBbls/d in 3Q via gathering, trucking, rail loading and pipe Arrow Gathering Update Arrow Gathering 91% 77%, Gas +1 Continuing volume increases…
PRB Niobrara Gathering, Processing & CBR Acquired in June 2013; fully integrated rich-gas and crude services through gathering, processing, trucking and crude-by rail storage and terminal facilities Jackalope Rich Gas Gathering…
Strategically Located Natural Gas and NGL Assets Leverage to continued supply growth in Marcellus/Utica shale plays Regional Commentary (1) 20 Bcf/d and 1 MMBbl/d NGLs out of Marcellus / Utica by 2020 timeframe Distribution…
SW Marcellus (Antero) 3Q 2014 Update Antero Midstream Crestwood Dedication Area Dedication Area Crestwood Dedication Area Antero Crestwood 2012 Agreements 20-year, fixed-fee gathering and compression services w/ annual escalators…
NE Marcellus S&T Expansion Projects North-South Millennium Interconnect Expansion for additional 200 MMcf/d of firm 200 MMcf/d North-South transportation service Expansion Project Capex 10.9 MM; sub 2x EBITDA multiple 117…
NE Marcellus Proposed MARC II Pipeline Project Proposed 31-mile, 30 pipeline to connect MARC I to the proposed PennEast Pipeline Expected pipeline design capacity of 1.0 Bcf/d, scalable from 0.5 Bcf/d to MARC II Pipeline 1.8…
Tres Palacios CMLP/Brookfield Joint Venture Exports to Mexico to Grow to 4.0 Bcf/d by 2019 Strategic JV Drives Growth Projects Long-term Gulf Coast storage fundamentals remain attractive - Growing exports to Mexico; nearby LNG…
Barnett Shale still contributing. New drilling activity & successful work-over programs offsetting existing well decline rates Crestwood provides critical services to Quicksilver (KWK), Tokyo Gas and Eni under existing contracts in…
Well Positioned for Long-Term Growth 2.0 billion of identified potential expansion opportunities around asset footprint E Expansion Opportunities A A. Marcellus Shale: 500 to 600 million B. South Texas: 1.1 to D 1.3 billion C.…
Key Investor Highlights Financial stability with visible growth through execution of value chain strategy Attractive operations in premier US natural gas, liquids-rich and crude oil shale plays Strategically located assets in…
Crestwood Midstream Partners LP Non-GAAP Reconciliations CRESTWOOD MIDSTREAM PARTNERS LP (FORMERLY INERGY MIDSTREAM, L.P.) Segment Data (in millions) (unaudited) 2 0 14 2 0 13 3 rd Q tr 2 n d Q tr 1s t Q tr 4 th Q tr 3 rd Q tr…
Crestwood Midstream Partners LP Non-GAAP Reconciliations CRESTWOOD MIDSTREAM PARTNERS LP (FORMERLY INERGY MIDSTREAM, L.P.) Reconciliation of Non-GAAP Financial Measures (in millions) (unaudited) 2 0 14 2 0 13 3 rd Q tr 2 n d Q tr 1s…
Crestwood Equity Partners LP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP (FORMERLY INERGY, L.P.) Segment Data (in millions) (unaudited) 2 0 14 2 0 13 3 rd Q tr 2 n d Q tr 1s t Q tr 4 th Q tr 3 rd Q tr Gathering and…
Crestwood Equity Partners LP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP (FORMERLY INERGY, L.P.) Reconciliation of Non-GAAP Financial Measures (in millions) (unaudited) 2 0 14 2 0 13 3 rd Q tr 2 n d Q tr 1s t Q tr 4 th Q…
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