Connections for Americas Energy Leveraged Finance Investor Conference Presentation Title Presentation June 2015 Subtitle 6/2/2015 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Key Investor Highlights Connections for Americas Energy 3
Cash Flow Stability and Long Term Growth Diversified platform ensures cash flow stability in current environment of lower commodity prices Substantial operations across the entire midstream value chain Strategically located…
Balanced and Diverse Business Mix Estimated 2015 EBITDA Contribution Operating Segments Regional Footprint Operating Assets West West 4%6% US Salt Other Marcellus Jackalope NGL & Gathering & Central Northeast Barnett Crude…
Breakeven WTI Price (/bbl) 30 40 60 70 20 50 80 90 Eag le Ford Oil Tier 1 Bakken Tier 1 TFS Tier 1 Niobrar a Tier 1 WTI 5yr Strip Eag le Ford Oil Tier 2 Source: HPDI and TPH. Bakken Tier 2 Price(1):…
Fixed-Fee Contracts Provide Safety Net 90% of Consolidated 2015E EBITDA from take-or-pay and fixed-fee contracts Significant cash flow contribution protected from commodity change and volume reduction Consolidated Contract Portfolio…
Continuing to Execute our Financing Strategy Senior Notes Offering in March 2015 Liability Management Corporate Family Rating - Ba3/BB (MM) March 2015 New Issuance 800 Issue Rating - B1/BB 600 Redeemed in 700 MM senior notes new…
Competitive Cost of Debt Capital Six consecutive quarters of improving sequential operating results driving improving credit profile 2023 benchmark CMLP Senior Notes issued at par on March 9, 2015, currently trading at 105.3; current…
Simplification Merger Connections for Americas Energy 11
Simplification Highlights Focus on core strategy of servicing the full midstream value chain in the premier Unified Corporate shale plays in North America Strategy Greater strategic transparency more attractive to a broader universe…
Simplified Structure Creates One Crestwood Current Structure Pro Forma Structure First Reserve/ First Reserve/ Crestwood Crestwood Holdings CEQP Public Holdings CEQP Public and Preferred Unitholders 11% LP Unitholders 71% LP 29%…
Expense / Fixed Charge Reduction drives DCF Bold action to materially reduce expense and fixed charges to improve margins and distribution coverage Execution of our current strategy to materially reduce operating cost across the…
Cost of Capital Analysis Impact of IDR Elimination Elimination of IDRs drives immediate cost of capital improvement Status Quo CMLP Pro Forma CEQP Pre-Announcement (3) Current Prices (4) 8% Yield ( millions except per unit data) 500…
Attractive Opportunity Set for Long Term Growth Improving cost of capital to capture 3.0 billion of identified potential expansion opportunities around asset footprint Expansion Opportunities A. Marcellus Shale: A E 500 to 600…
The New Crestwood Investment Opportunity Cash Flow Stability Capital Appreciation Leveraged to Volume Growth 1 Simplified Corporate Structure 1 with Commodity Price Upside Substantial Expense / Fixed 2 2 Cost of Capital…
Core Operations Update Connections for Americas Energy 18
Bakken Arrow Gathering System Tier 1 acreage dedication with substantial long-term growth through system build out Summary Bakken Asset footprint in concentrated acreage blocks with highly competitive drilling economics(1) 150,000…
Bakken COLT Hub and Connector COLT Hub is the leading Bakken CBR facility linking Bakken crude supply to prime refinery markets Summary CBR to Gulf Coast squeezed out by 2018 with new pipeline; No pipeline capacity to service West…
PRB Niobrara Gathering, Processing & CBR Actively developing a leading position in the PRB to handle both crude and gas Summary 50/50 Jackalope Joint Venture with Williams (Access) 20-year, 15% cost of service contract with…
NE Marcellus Storage and Transportation Strategically located NE assets provide significant level of contracted cash flows and growth opportunities Summary 41 Bcf of natural gas storage and pipeline capacity of 1.8 Bcf/d 200 MMcf/d…
SW Marcellus Gathering & Compression Long-term fee-based contracts in southwest Marcellus core production window Summary Antero Midstream Crestwood Dedication Area Dedication Area 20-year, fixed-fee contracts for gathering and…
Crestwood NGL Assets and Services Premier NGL supply and logistics platform servicing the value chain to connect NGL supplies to NGL demand markets Summary 2015E EBITDA Contribution Leading marketer of Marcellus/Utica NGL's NGL 2.8…
Non-GAAP Reconciliations Connections for Americas Energy 25
CMLP Non-GAAP Reconciliations Three Months Three Months Ended Ended (in millions, unaudited) March 31, December 31, 2015 2014 2014 EBITDA Net income (loss) 21.7 5.5 (60.4) Interest and debt expense, net 29.9 28.1 26.6 Provision…
CEQP Segment Data (in millions, unaudited) 2015 2014 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr Gathering and Processing Revenues 78.5 84.3 85.3 83.4 79.5 C osts of product/services sold 12.7 16.4 18.6 17.6 18.7 Operations and…
CEQP Non-GAAP Reconciliations (in millions, unaudited) 2015 2014 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr EBITDA Net income (loss) 18.1 (30.7) 11.9 (4.8) 13.2 Interest and debt expense, net 33.6 31.3 31.5 32.6 31.7 Provision (benefit)…
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