Connections for Americas Energy Investor Presentation Presentation Title Presentation December 2015Subtitle 12/7/2015 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Key Investor Highlights Simplified structure positions company for long-term success Solid execution continues to drive results; Adj. EBITDA above consensus in all three quarters in 2015 YTD performance positions Crestwood to…
Material Value Disconnect First Reserve and Management implement 100 million unit purchase program(1) demonstrating confidence in the strength of Crestwoods assets and long-term outlook Leverage Ratios Crestwoods severe discount to…
Simplified Structure In a challenging market, Crestwood has taken actionable steps to improve its positioning and broaden its investment appeal Key Items Post-Merger Structure On September 30, 2015, closed merger between Crestwood…
Existing Scale and New Investment Opportunities in the Right Places Crestwoods crude oil and natural gas operations are situated in the highest returning shale plays Bakken Marcellus Over 75% of cash flow is sourced from two premier…
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 Contract Portfolio 2015E EBITDA…
Expense / Fixed Charge Reduction Strategy Taking action to materially reduce expense and fixed charges to improve margins and distribution coverage Execution of strategy on-track: Reduced O&M and Adj. G&A(1) costs by 13.2 million in…
Strong Liquidity Position Provides flexibility to execute business plan in challenging market conditions Capitalization New Crestwood 1.5 billion revolving credit facility closed 9/30/15 ( millions) 9/30/2015(1) 50% drawn RCF…
Core Operations Update Connections for Americas Energy 12
Bakken Producers Remain Active Around Crestwoods Assets Bakken has continued to produce sufficient Permits Filed in Last 120 Days producer wellhead returns 82 94% of rigs operating in four counties 350 312 (McKenzie, Williams,…
Bakken Arrow Gathering System Tier 1 acreage dedication with substantial long-term growth through system build out Summary Arrow Adjusted EBITDA 25 150,000 acre dedication under LT contracts Adjusted EBITDA (MM) 20 Crude,…
Bakken COLT Hub and Connector COLT Hub is the leading Bakken CBR facility linking Bakken crude supply to prime refinery markets Summary Bakken Transportation Top 5 Bakken CBR Facilities Premier crude oil pipeline, storage and CBR…
NE Marcellus Storage and Transportation Critical infrastructure for NE demand markets (NYC) provide significant level of contracted cash flows and growth opportunities Summary 200 MMcf/d North-South Storage Expansion Irreplaceable…
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…
SW Marcellus Gathering Volume Expectations Completion of 22 DUCs will improve volumes in 2016; improved realized gas prices and increased takeaway capacity drive completions in 2017 & beyond Near-term Activity Key Drivers for Future…
Delaware-Permian: Reservoir Overview Crestwoods developing position is located in the core of the Wolfcamp and Bone Spring formations Summary Delaware-Permian Map The Delaware-Permian offers stacked pay potential and low break-even…
Delaware-Permian: Expansion Projects Crestwood is actively expanding its footprint in the heart of the Delaware Permian Basin, the most active shale play in the US 1 Willow Lake Expansion Proposed Expansion Map Expanding processing…
Permian Expansion Financing Plan Strong First Reserve sponsorship for Crestwoods Delaware Permian development opportunities Crestwood & First Reserve Delaware Basin JV Largest global private equity firm focused exclusively on…
Crestwood NGL Assets and Services Crestwood is well-positioned to benefit from continued Marcellus/Utica NGL supply growth through its integrated logistics platform including Bath and Seymour storage, ME2 pipeline capacity and Marcus…
The Crestwood Investment Opportunity Attractive Current Yield Execution Drives Significant Upside Supported by Portfolio Stability Return Opportunity Leveraged to Volume Growth 1 Simplified Corporate Structure 1 with Commodity Price…
Non-GAAP Reconciliations Connections for Americas Energy 24
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in millions, unaudited) 2015 2014 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr EBITDA Net income (loss) (623.4)…
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