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RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp

Crestwood Midstream Partners Lp · Nov 20, 2014 · 27 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 1
    Connections for Americas Energy RBC Capital Markets Presentation Title 2014 MLP Conference Presentation Subtitle 11/18/14 November 19-20, 2014 Crestwood Midstream Partners LP Crestwood Equity Partners LP
  2. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 2
    Flexible Ownership Structure Two publicly traded MLPs provides strategic flexibility to enhance value Crestwood / Inergy mergers in June & October 2013 created a First Reserve/Crestwood new platform Holdings CEQP Public Well…
  3. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 3
    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…
  4. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 4
    Operations Across the Midstream 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…
  5. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 5
    CMLPs Contracts Provide Cash Flow Stability Limited commodity exposure and long-term duration provide stable cash flows 94% of CMLP 2014 EBITDA from Take- or-Pay and Fixed-Fee contracts Contract Profile - 2014 YTD EBITDA…
  6. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 6
    Improving Consolidated 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…
  7. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 7
    Improving Balance Sheet Outlook Recent equity issuance improves credit metrics; no near-term debt maturities December 31, September 30, BB/Ba3 credit rating; stable outlook ( in millions) 2013 2014 500 MM Class A preferred equity…
  8. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 8
    Improving DCF and Leverage Outlook Since closing the Crestwood / Inergy CMLP merger, Crestwood has invested cumulative ( millions) capital of 1.5 billion Capital largely allocated to core growth assets in Marcellus, Bakken and…
  9. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 9
    3Q 2014 Operations Highlights Natural Gas Record Marcellus gathering & compression volumes; 2014 capital projects completed ahead of schedule; 875 MMcf/d capacity going into 2015 Strong utilization of NE storage & transportation by…
  10. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 10
    Marcellus / Utica Region Core growth opportunity in the most prolific natural gas play in history Regional Commentary (1) 20 Bcf/d and 1 MMBbl/d NGLs out of Marcellus / Utica by 2020 timeframe Distribution constraints for natural…
  11. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 11
    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…
  12. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 12
    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…
  13. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 13
    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…
  14. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 14
    Bakken / PRB Niobrara Region Value chain strategy at work in Bakken and PRB Niobrara Regional Commentary (1) Bakken Shale the premier crude oil shale play in North America 1.5 MMBbls/d by 2020 194 active rigs running in the Bakken…
  15. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 15
    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…
  16. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 16
    Bakken Arrow Gathering Crestwoods Bakken crude oil value chain strategy begins with Arrow Gathering Acquired in November 2013 150,000 acre dedication on Fort Berthold Indian Reservation (FBIR); long-term crude, rich-gas and…
  17. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 17
    Bakken COLT Hub and Connector COLT Hub links Bakken crude supply to prime markets; currently the leading rail terminal in North Dakota by volume Sourcing Capacity Storage Capacity Takeaway Capacity 290,000 Bbls/d 1.2 MM Bbls…
  18. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 18
    Bakken Arrow/COLT 3Q 2014 Update 220 MBbls/d in 3Q via gathering, trucking, rail loading and pipe Arrow Gathering Update Arrow Gathering 91% 77%, Gas +1 Continuing volume increases following severe 8% , Water + 3 winter weather…
  19. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 19
    PRB Niobrara Gathering, Processing & CBR Expanding gathering, processing and crude-by-rail (CBR) assets in the Powder River Basin (PRB) to serve increasing production Jackalope Gas Gathering 20-year 15% cost-of-service agreement and…
  20. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 20
    Barnett Shale Gathering & Processing Update 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…
  21. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 21
    Tres Palacios Storage & Pipeline Update Exports to Mexico to Grow to 4.0 Bcf/d by 2019 Strategic Process Update Long term Gulf Coast storage fundamentals remain attractive Conducted sales/JV process with strategic storage…
  22. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 22
    Organic Expansion Drives 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…
  23. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 23
    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…
  24. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 24
    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…
  25. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 25
    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…
  26. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 26
    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…
  27. RBC CAPITAL MARKETS 2014 MLP CONFERENCE – Crestwood Midstream Partners Lp – slide 27
    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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