Connections for Americas Energy 2014 Strategic Plan Presentation Title December 5, Subtitle Presentation 2013 12/5/2013 Crestwood Midstream Partners LP Crestwood Equity Partners LP
New Crestwood Brand Identity Connections - Create Flow Assurance Linking supply and demand across midstream value chain Increased visibility for producers to end users End-to-end solutions for best path to demand centers Scale to…
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…
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…
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 natural…
Linking New Shale Supply to Demand 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…
Cash Flow Stability and Visibility 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 NGL &…
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…
What Drives Long-Term Growth 1.2 BB backlog of contracted or identified organic projects drive growth; bolt on acquisitions and drop-downs from CEQP to supplement growth when appropriate Arrow Midstream crude oil, natural gas and…
Significant Organic Growth Opportunity Attractive backlog of contracted and identified organic projects drive growth at 5.0x to 7.0x all-in build multiples Capex Project Timeline (1) Commentary (MM) Marcellus Gathering & Pipeline…
CMLP Financial Guidance Guidance Commentary Adjusted EBITDA (1) 2014E Adjusted EBITDA of 465 to 510 MM MM 600 34% annual growth primarily attributable to 465 - 510 Bakken Shale and Marcellus Shale development 34% 500 Growth…
CMLP Capitalization and Liquidity Limited capital markets activity expected to fund 2014 capital plans Opportunistically raised 1.6 BB (950 MM CMLP Common Unit Count Bridge equity(1) / 600 MM senior notes) of attractive long-term…
3-Yr Financial Outlook Provides Attractive Total Return Potential CMLP CMLP represents superior risk-adjusted returns proposition for investors Current valuation (70 to 160 Bps yield discount relative to selected peers) not reflective…
CEQP Financial Guidance Guidance Commentary Adjusted EBITDA (3) MM 2014E Adjusted EBITDA of 520 to 570 MM 700 2014E Adjusted DCF of 85 to 95MM (1) 520 - 570 600 Challenging market fundamentals at Tres 31% Palacios weather the…
CEQP Leverage and Liquidity Heightened near-term leverage resulting from seasonal working capital demands for the growing NGL Services business coupled with challenging market fundamentals at Tres Palacios Current leverage ratio of…
3-Yr Financial Outlook Provides Attractive Total Return Potential CEQP 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…
Appendix Connections for Americas Energy 2014 Strategic Plan 19 19
Merger Creates Unique Mid-Cap MLP New Crestwoods unique structure provides the size and scale of a large-cap, diversified MLP with the targeted growth potential of a small-cap MLP First Reserve/Crestwood Holdings Consolidation of…
NGL & Crude Services Financial Summary 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% Logistics…
Gathering and Processing Connections for Americas Energy 2014 Strategic Plan 24 24
Gathering and Processing in Leading Shale Plays Current system-wide gathering throughput of 1.1 Bcf/d PRB Niobrara Shale Bakken Shale 311,000 acres AMI 150,000 acres Marcellus Shale 20-year 15% COS Avg. Contract Tenor 6-7 yrs…
Top Tier, Experienced Shale Producers Crestwoods customers offer growth opportunities across North America Existing Operations Active Development Opportunities (1) Granite Producer Relationships Barnett Permian Fayetteville…
Long-Term Cash Flow Stability 98% of G&P segment revenues covered by Fixed Fee Contracts 786,000 Dedicated Acres 2017 Avalon Shale Contract Term of Major Producers 2020 Barnett 2021 Haynesville / Bossier 2022 Granite…
Gathering & Processing Historical Volumes 1,200 Marcellus system accelerates growth due to Antero IPO Significant drilling activity drives 1,000 production ramp-up in 2014 Barnett volumes flatten as they 800 mature on the…
Gathering & Processing Volume Outlook Represents contracted volumes only; Does not include new projects or acquisitions 2,000.0 1,800.0 1,600.0 1,400.0 1,200.0 MMcfd Rich Gas 12-18 CAGR: 18% 1,000.0 800.0…
Core High Growth - Marcellus Shale 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 escalators for low…
Antero is the Most Active Marcellus Driller Antero has delineated and de-risked its large scale acreage position 329,000 net acres in Southwestern Core 50% HBP 199 Hz wells completed 197 online; 100% success Laterals average…
Marcellus 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 pads 2H 2013 to…
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…
Storage & Transportation Connections for Americas Energy 2014 Strategic Plan 35 35
Well Positioned Natural Gas Storage & Transportation Assets Two highly flexible gas storage and transportation platforms located between major shale plays and premium demand markets Key Operating Statistics (1) Northeast Platform…
Strategically Located NE Storage & Transport Assets NE Storage & Transport assets provide critical infrastructure for Marcellus growth Northeast storage & Crestwood Midstream Storage and Transportation Assets transportation hub…
NE Storage & Transportation 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 rates; latest…
NE Storage & Transportation Customers Strong demand for our services drives long-term contracted revenues Market-based rate structure allow for additional opportunities 100% of Northeast operationally available storage capacity…
Marcellus Supply vs. Northeast Demand With low break even supply costs across the Marcellus, supply is expected to exceed demand during a growing part of the year TPH 2013 Marcellus Report Key Takeaways: More NE export capacity…
NE Storage & Transportation Strategy Continue to contract 100% of firm storage & transportation capacity under long-term agreements Maximize our daily revenue generating asset optimization activities Daily interruptible wheeling…
NE Transportation - East-West Pipeline Project Proposed project provides 400 MMcf/d of incremental capacity out of Susquehanna County into MILLENNIUM Millennium & Transco main lines +200MMcf/d Project Scope: 27 mile 20 pipeline…
Tres Palacios Gas Storage and Pipeline Platform Located 100 miles southwest of Houston in Matagorda County, TX 38.4 Bcf of working gas capacity currently 2.5 Bcf/d (max) withdrawal capacity 1.0 Bcf/d (max) injection capacity…
Tres Palacios Storage & Transport Strategy Great asset in a currently challenging environment Near Term Weather the Storm Strategy Aggressively driving down our cost structure Storage Lease: Tres Palacios plans to file FERC…
NGL and Crude Services Connections for Americas Energy 2014 Strategic Plan 45 45
NGL & Crude Business Overview Tailgate to Burner Tip Solutions Provide assured flow and optimal value for producers and refiners/processors in the oily and rich shale plays such as the Marcellus, Utica, Eagle Ford, Bakken,…
NGL & Crude Supply Fundamentals Greater Gas Production Shale and unconventional gas plays Expansion of NGL and Crude Markets Gas Surplus Production capability exceeding demand Crude by rail becomes major part of distribution…
NGL Facilities & Logistics 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 BPD of NGLs…
NGL Storage & Terminal Overview Bath Facility Watkins Glen Project Map 1.5 MMBbl of NGL underground Developing 2.1 MMBbl of storage underground NGL storage Located in Steuben County, NY Located in Schuyler County, NY 100%…
West Coast NGL Facility West Coast Facility Strategically located near Bakersfield, CA West Coast Midstream between major West Coast refining centers Rail Terminal CEQPs West Coast capabilities NGL Transportation Offices 12,000…
Transportation Fleet Transportation Overview Transportation fleet of 276 tractors and 520 trailers, 1,071 NGL rail cars, and 240 crude rail cars (1) Highly flexible asset: operations can be moved to most active and highest value…
NGL & Crude Business Strategy Control flow of NGLs/Crude throughout Value Chain Directing flow allows Crestwood to toll molecules through multiple assets maximizes profit opportunity Grow facility and transport asset base in oil…
Bakken Shale 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 the premier East Coast and West…
Premier Bakken Crude Oil Terminal 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…
COLT Hub Asset Overview COLT Terminal Overview Dry Fork Terminal Overview Located in Epping, ND Located at the intersection of four major Commenced commercial operation in May pipelines at the Beaver Lodge/Ramberg 2012 pipeline hub…
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…
Arrow Midstream: A Strategic Fit Highlights the immediate benefits of the merger of Crestwood and Inergy Midstream Substantial footprint in the core of the core of the prolific Bakken Shale Strong crude oil fundamentals drive robust…
Significant Visibility to Long-term Growth Arrow system poised for growth with system designed to get ahead of future expected system throughput demand Arrows oil, gas and water gathering systems have been engineered around modularly…
Commitment to Operational Excellence Because of the early integration efforts surrounding the Crestwood and Inergy merger, Crestwood is well positioned to successfully integrate the Arrow system Crestwood is an experienced gatherer…
Integrating the Bakken Footprint Arrows CDP is a strategic liquidity hub south of the Missouri river, which complements CMLPs existing COLT Hub Synergy Potential Arrow system is 60 miles southeast of CMLPs COLT Hub crude rail and…
Douglas, WY Rail Terminal Overview Douglas Terminal Overview Map Attractive investment opportunity Acquired 50% interest in Powder River CHK/RKI Leasehold Basin Industrial Complex, a crude oil CHK Operated Rigs terminal near…
Douglas Terminal Asset Overview Terminal Overview Site Pictures Newly constructed crude oil rail terminal facility in Douglas, WY Single-rail loop capable of loading a 100 railcar unit train: 6,000 BPD manifest train service…
Non GAAP Reconciliations Connections for Americas Energy 2014 Strategic Plan 63 63
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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