Connections for Americas Energy Investor Presentation Presentation Title Presentation August 2015 Subtitle 8/16/2015 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Key Investor Highlights Connections for Americas Energy 3
Key Investor Highlights Simplification transaction on-track to close late September/early October Diverse and balanced operations located in the most economic US shale plays Strong fixed-fee and take-or-pay contract portfolio…
Positioning the Company for Long-Term Success Midstream Backdrop The last twelve months has been a challenging environment for the midstream industry High energy prices in 1H 2014 led to an influx of investment capital and…
Simplification Merger Overview Summary Pro Forma Structure On May 5, 2015, CEQP and CMLP announced plans to merge partnerships CMLP unitholders will receive 2.75 common units of CEQP for each unit of CMLP owned in a tax-free…
Built Scale and Investing in the Right Places Crestwoods crude oil and natural gas operations are situated in highest returning shale plays Bakken Marcellus Over 75% of cash flow is 175 350 Adjusted EBITDA (MM) Adjusted EBITDA…
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…
Solid Execution Continues to Drive Results Cash Flow Year-over-year consolidated Adjusted EBITDA and DCF growth Growth Increased Q2 2015 Adjusted EBITDA to 133.1 million, 13% above Q2 2014 Increased Q2 2015 DCF to 112.3 million, 18%…
Expense / Fixed Charge Reduction Strategy Taking action to materially reduce expense and fixed charges to improve margins and distribution coverage YTD Cost Savings Execution of strategy on-track: (US Millions) Q4 Q2 2014 2015…
Core Operations Update Connections for Americas Energy 12
Bakken Producers Remain Active Around Crestwoods Assets Bakken has continued to produce sufficient producer wellhead returns 94% of rigs operating in four counties (McKenzie, Williams, Mountrail, Dunn) ND DMR estimates breakeven…
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 Existing/Proposed US Crude Pipelines Premier crude oil pipeline, storage and CBR facility in the…
PRB Niobrara Gathering, Processing & CBR Actively developing a leading position in the PRB to handle both crude and gas; transitioning Douglas CBR Terminal into Crude Hub Summary Producer Concentration Supports Strategy 50/50 Jackalope…
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…
Delaware-Permian Update Wolfcamp development has moved west toward Crestwoods Willow Lake facility; Increasing Producer Demand for Services Current Asset Summary Willow Lake Assets Willow Lake System purchased in 2011 and converted…
Crestwood NGL Assets and Services Premier NGL supply and logistics platform connect NGL supplies to NGL demand markets; Current conditions position NGL business for big winter peak season Summary Favorable Summer/Winter Spreads…
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 Distribution Stability Capital Appreciation Leveraged to Volume Growth 1 Simplified Corporate Structure 1 with Commodity Price Upside Substantial Expense / Fixed 2 2 Cost of Capital…
Non-GAAP Reconciliations Connections for Americas Energy 23
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in millions, unaudited) 2015 2014 2013 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr EBITDA Net income (loss) (296.0)…
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