Connections for Americas Energy Morgan Stanley Midstream MLP and Presentation Diversified Title Gas Corporate Natural Presentation Subtitle Access Event 3/2/2014 March 4-5, 2014 Crestwood Midstream Partners LP Crestwood…
Two Ways to Invest One Premier Midstream Energy Company First Reserve/Crestwood CEQP Public Holdings Unitholders 71% Interest 29% LP Interest 100% Non-economic GP Interest (Control) Crestwood Equity Partners LP (NYSE: CEQP) 11%…
Key Investment Highlights Crestwood well-positioned to execute on 2014 strategic objectives Crestwood/Inergy merger creates premier mid-cap MLP Size and Scale: Combined enterprise value of 8.9 BB; 550 MM 2014E EBITDA Compelling…
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 1.0 Bcf/d firm…
Meaningful Scale & Diversification with Attractive Business Mix and Cash Flow Profile Crestwood generates 545 million of 2014E EBITDA Mix 2014E EBITDA from diversified asset platform covering three reporting Other segments…
Organic Expansion Projects Drive 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) Commentary (MM) Marcellus…
CMLP Offers Strong Total Return Potential to Investors CMLP represents superior risk-adjusted returns proposition for investors Current valuation (50 to 150 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 distribution growth of 20% GP / IDR economics the most impactful driver of CEQP…
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 In Q4 2013 added 175 MMcf/d in additional compression capacity Phase 1 of Perkins and Morgan stations were completed adding 110 MMcf/d of capacity increase East AOD system capacity 600…
PRB Niobrara Shale Assets Add to Rich Gas Growth Potential Integrated gathering, processing NGL pipeline and rail potential in the Powder River Basin (PRB) Jackalope AMI (311,000 acres) CHK/RKI Leasehold 50/50 JV 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…
NE 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 maturity of…
Gulf Coast Gas Storage Update Near-term marketing strategy intact Re-contracted 4 bcf at current market rates Increasing optimization/hub services activity; record withdrawals in Q4 2013 Remarketing capacity but will avoid…
Expanding NGL & Crude Services Business Growing NGL & Crude Services business instrumental in executing Crestwoods wellhead-to-burner tip operating model Nationwide, Crestwood is handling over Operations Across Midstream Value Chain…
Arrow Midstream Operations 750 MM accretive Arrow Midstream acquisition closed November 2013 Asset Description Asset Map Located on the Fort Berthold Reservation Long term gathering contracts with committed Bakken Shale producers:…
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, which complements COLT Hub; Crestwood currently 18% of Bakken crude oil production Synergy Potential Arrow system is 60 miles southeast of CMLPs COLT Hub…
NGL & Crude Services Segment 2014 Forecast Segment Profit (1) 2014E Profit Contribution MM NGL Supply Logistics 250 12% NGL 200 Arrow Transportation 33% 7% 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…
Crestwood Equity Partners, L.P. Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP (FORMERLY INERGY, L.P.) Segment Data (in millions) Three Months Ended (unaudited) December 31, September 30, 2013 2013 Gathering and Processing…
Crestwood Equity Partners, L.P. Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP (FORMERLY INERGY, L.P.) Reconciliation of Non-GAAP Financial Measures (in millions) (unaudited) Three Months Ended December 31, September 30,…
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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