Connections for Americas Energy Investor Presentation Presentation Title Presentation March 2016 Subtitle 2/29/2016 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Key Investor Highlights Solid execution in 2015 drives results; Adj. EBITDA increased 6%; OPEX and G&A expenses reduced 9%; LTM coverage ratio 1.0x Stable cash flow generation in 2016; 60% of asset base flat to up 5% Strong…
2016 Outlook 2016E Adjusted EBITDA of 490 million to 520 million; 60% of the business flat to up in 2016 2016E Segment Cash Flow Reduced CAPEX (MM) (MM) 2016E Adj. EBITDA Guidance Segment Contribution 490MM - 520MM Storage &…
Repositioning Crestwood in 2015/16 In a challenging market, Crestwood continues to take actionable steps to improve its positioning and broaden its investment appeal Key Items Corporate Structure In 1Q 2015, completed Project Adapt to…
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 92% of 2016E EBITDA from take-or-pay and fixed-fee contracts Significant cash flow contribution protected from commodity change and volume reduction Contract Portfolio 2016E EBITDA YoY Margin…
Expense / Fixed Charge Reduction Strategy Crestwood exceeded stated cost reduction goals in 2015; On-track to remove an additional 10MM in 2016 In 2015, Crestwood materially reduced expenses and fixed charges to improve margins and…
Consistent Operating and Financial Results Improving financial performance demonstrates strong baseline cash flow; Q4 2015 strongly impacted by warm weather Adjusted EBITDA and Margins(1) Q415 miss of 18mm attributable to 18.0…
Capital Structure Crestwood has ample liquidity to execute business plan in challenging market Summary Capitalization Strong liquidity position ( millions) 12/31/2015 Cash 0.5 1.5 billion revolving credit facility Total Debt…
Manageable Counterparty Risk Crestwood has a diverse customer portfolio; producer counterparty risk manageable in the event of continued market deterioration Counterparty Risk Overview 2016E Cash Flow Exposure Diverse customer base…
Bakken Producers Remain Active Around Crestwoods Assets Bakken has continued to produce Permits Filed in Last 120 Days sufficient producer wellhead returns 48 94% of rigs operating in four counties (McKenzie, Williams, Mountrail,…
Bakken Arrow Gathering System Tier 1 acreage dedication with substantial long-term growth through system build out Summary Arrow Adjusted EBITDA 150,000 acre dedication under LT contracts 25 Adjusted EBITDA (MM) Crude, natural…
Bakken COLT Hub and Connector COLT Hub is the leading Bakken CBR facility linking Bakken crude supply to prime refinery markets COLT Hub Summary Customers Premier crude oil pipeline, storage and CBR facility in the Bakken 160…
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…
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 Expanded processing…
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 Current Valuation Not Indicative Execution Drives Significant Upside of Business Fundamentals Return Opportunity Diversified / Balanced 1 1 Attractive Valuation Entry Point Portfolio Fixed Fee /…
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 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr EBITDA Net income (loss)…
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