Connections for Americas Energy Barclays CEO Energy-Power Presentation Title Conference Presentation Subtitle 9/25/2014 September 2, 2014 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Crestwood is Well Positioned to Create Value Two publicly traded MLPs provides strategic flexibility to enhance value 9.0 BB enterprise value Handling 3 Bcf/d of natural First Reserve/Crestwood gas;300 MBbls/d of NGLs; Holdings 200…
Growing Operations in Key US Shale Plays Assets and operations divided into 4 operating regions to gain scale, reduce costs and generate commercial synergies Connections for Americas Energy 4 4
2014 Mid-Year Performance Update While starting out slower than expected, business plan taking shape Marcellus SW rich gas gathering/compression; NE dry gas storage/transportation Strategic Bakken leading CBR loading facility; growing…
Improving Results since 3Q 2013 Merger Sequential Consolidated LTM EBITDA growth; record natural gas and crude volumes 2013 2014 3rd Qtr (1) 4th Qtr 1st Qtr 2nd Qtr Segment EBITDA Segment EBITDA ( MMs) (2) Gathering and Processing…
Improving Balance Sheet Creates Flexibility Recent Equity issuance improves credit metrics; no near-term debt maturities BB/Ba3 credit rating; stable outlook ( in millions) 4th Qtr 1st Qtr 2nd Qtr 2013 2014 2014 300 MM Class A…
2H 2014 Goals and Objectives Delivering on near-term initiatives to improve visibility CMLP of long-term FYE Targeted Result growth Complete 5 major 2014 capital Marcellus gathering expansion to 875 MMcf/d; projects on-time and…
NE Region Southwest Marcellus Gathering Crestwood provides exclusive gathering and compression services for Antero Resources Eastern Area of Dedication in the rich-gas Southwest core of the Marcellus Shale play Antero Resources…
NE Region Southwest Marcellus 2Q 2014 Update Marcellus Gathering and Compression Volumes Antero Crestwood 2012 Agreements 20-year, 100% fixed-fee contract with annual escalators 7 year increasing annual minimum volume commitment in…
NE Region Marcellus Storage & Transportation 41 Bcf high performance, multi- cycle natural gas storage Critical supply points for premium NE markets Fully contracted primarily with NE utilities including ConEd, PSEG and NJ…
NE Region Storage & Transport 2Q 2014 Update NE Marcellus dry gas supply growth driving record throughput, margins and expansion opportunities 2.0 2Q 2014 Performance 1.8 1.6 Volume growth from increased NE Marcellus production…
Rockies Region Arrow Gathering Crestwoods Bakken crude oil value chain strategy begins with Arrow Gathering 750 MM November 2013 acquisition 150,000 acreage dedication on Fort Berthold Indian Reservation (FBIR) Long-term crude oil,…
Rockies Region - 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…
Rockies Region Arrow/COLT 2Q 2014 Update CMLP handled 200 MBbls/d in 2Q via gathering, trucking, rail loading and pipe Arrow Gathering Update Arrow Gathering Increased Q2 2014 volumes following severe winter weather in 1Q 2014 36…
Rockies Region PRB Niobrara Expanding gathering and processing system in the Powder River Basin (PRB) to serve increasing production Jackalope Gas Gathering 50/50 JV with Access Midstream 20-year cost-of-service agreement with…
Central Region Barnett Shale 2Q 2014 Update Resumption of Growth in the Barnett Shale Recent Quicksilver (KWK) / Tokyo Gas well completions show improved performance in Barnett dry area Texas Motor Speedway wells 30-day IP rate…
NGL Supply, Logistics, Transportation CEQP growing business segment instrumental in executing Crestwoods wellhead-to-burner tip operating model Leading purchaser of Marcellus / Utica liquids Among largest LPG truck fleets in the US…
Long-Term Growth Drivers Premier Shale footprint provides attractive backlog of organic projects; successful execution at 5.0x to 7.0x all-in build multiples drives substantial future growth Arrow Midstream crude oil, natural gas and…
Key Investor Highlights Financial stability with visible growth through execution of value chain strategy Footprint covers premier US natural gas, liquids- rich and crude oil shale plays Growth underpinned by Marcellus/Utica,…
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 2 nd Q t r 1s t Q t r 4th Qtr 3 rd Q t r Gathering and…
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 2 nd Q t r 1s t Q t r…
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 2 nd Q t r 1s t Q t r 4th Qtr 3 rd Q t r Gathering and Processing…
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 2 nd Q t r 1s t Q t r 4th Qtr 3 rd Q…
Crestwood Midstream Partners LP Non-GAAP Reconciliations CRESTWOOD MIDSTREAM PARTNERS LP (FORMERLY INERGY MIDSTREAM, L.P.) Full Year 2014 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in…
Crestwood Equity Partners LP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP (FORMERLY INERGY, L.P.) Full Year 2014 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in millions) (unaudited)…
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