Connections for Americas Energy Investor Presentation Presentation Title Presentation June 2016 Subtitle 6/1/16 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Key Investor Highlights Connections for Americas Energy 3
Key Investor Highlights Financially sound midstream MLP 450MM 2016E Adjusted EBITDA(1) Low-cost partnership structure No GP IDRs Diversified business portfolio Marcellus, Bakken, Delaware-Permian, PRB Niobrara, Barnett,…
Competitive Repositioning Strategy In a challenging market, Crestwood continues to take meaningful steps to improve its positioning and broaden its investment appeal Streamlined Completed Project Adapt to cut costs and improve…
Transformation in the Numbers FY 2014 Q1 2016 65% O&M and G&A Cost Savings 70% Cash Flow Margin(1) Cash Flow Margin(1) FY 2015 PF Q1 2016(2) 4.8x 3.8x Leverage Ratio Leverage Ratio Substantial Deleveraging 400MM 735MM…
Well-Positioned Assets; Stable Contract Mix Crestwoods crude oil and natural gas operations are situated in the highest returning shale plays and 92% take-or-pay/fixed-fee Area of Operations Contract Portfolio 2016E EBITDA Bakken…
Balanced and Diverse Cash Flows Crestwood expects to generate 2016E Adjusted EBITDA of 435 MM to 465 MM(1); First quarter 2016 Adjusted EBITDA totaled 120 MM 2016E EBITDA Operating Segments Region Product Mix(2) Marketing…
Conservative Distribution Policy New distribution policy allows Crestwood to reallocate internally generated cash flow for further deleveraging, future expansion opportunities Revised Key Distribution policy appropriately Distribution…
Top-Tier Balance Sheet and Coverage Ratio Positioning Crestwood for Strength Pro Forma Capitalization 1.0 billion of debt repayment provides Actuals ProForma ProForma substantial balance sheet strength and liquidity (millions) Q116…
Updated 2016 Financial Outlook Crestwood 2016 outlook affirmed for first quarter 2016 results and the close of the Con Edison joint venture Adjusted EBITDA 435 million - 465 million(1) Distributable Cash Flow 275 million - 305…
Financing Our Long-Term Growth Strategy Maintaining low leverage and strong liquidity allows Crestwood to reallocate internally generated cash flow for further deleveraging, future expansion opportunities Execute 2016 Liability…
Long-Term Outlook Connections for Americas Energy 14
Long-Term Outlook: Competitive Assets With Leverage to Improving Commodity Prices Repositioned the partnership in 2016 by strengthening our balance sheet Continue to reduce costs, improve operating margins, strengthen customer…
Long-Term Growth Potential Marcellus Shale - Northeast Region Marcellus Opportunity Abundant, world class supply resource with steady growing Northeast natural gas demand Recent termination of NED project and delay in Constitution…
Long-Term Growth Potential Bakken and Three Forks Shale Williston Basin Bakken Opportunity Bakken oil production will increase as commodity prices improve Crestwoods Arrow system is located in the heart of the best Bakken and Three…
Long-Term Growth Potential Delaware-Permian Basin West Texas/SE New Mexico Delaware-Permian Opportunity Permian Basin currently offers leading industry E&P economics; 34% of current US rig count (137 rigs out of 404 rigs) are…
Northeast Marcellus Region S&T Joint Venture with Con Edison Key Structural Terms Pro Forma Structure Crestwood formed new Unrestricted Subsidiaries: Crestwood Pipeline and Storage Northeast LLC and Stagecoach Gas Services LLC…
Strategic Partner That Solidifies Franchise Position A premier strategic partner strengthens competitive position in a highly attractive market Con Edison Overview Joint Venture Asset Footprint TENNESSEE SENECA NEW YORK CHENANGO…
Strategically located Gas Storage and Pipeline Assets Visible Long-Term Growth Opportunities The JVs strategic position in the Northeast presents growth opportunities in areas where Con Edison has long-term operating history…
Bakken Arrow Gathering System Tier 1 acreage dedication with substantial long-term growth through system build out Asset Map Arrow EBITDA 25 AdjustedEBITDA(MM) 20 15 10 5 0 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15…
Delaware-Permian Expansion projects continue development progress Crestwood is expanding its footprint in the heart of the Delaware-Permian Basin, the most active shale play in the US 1 Willow Lake Expansion Current Opportunity Set…
The Crestwood Investment Opportunity Well-Positioned To Deliver Execution Drives Significant Attractive Yield to Investors Upside Return Opportunity Diversified / Balanced 1 1 Attractive Valuation Entry Point Portfolio Assets…
Appendix Connections for Americas Energy 25
Barnett Update: BlueStone G&P Agreement Crestwood executed 10-year agreement with BlueStone completely removing Crestwood from Quicksilver bankruptcy process Overview Reactivation Plan BlueStone Natural Resources II (NGP affiliate)…
Gathering & Processing Segment Summary EBITDA Contribution 2016E Adjusted EBITDA: 235MM-250MM Reduced shut-ins and Bakken 80 development drive Q/Q increase AdjustedEBITDA(MM) 2016E cash flow forecasts include conservative…
Storage & Transportation Segment Summary EBITDA Contribution 2016E Adjusted EBITDA: 170MM-180MM Consistent Cash Flow from Take-or-Pay Contracts 60 AdjustedEBITDA(MM) Segment volumes trending flat to up 5% in 2016 50 NE S&T…
Marketing, Supply & Logistics Segment Summary EBITDA Contribution 2016E Adjusted EBITDA: 95MM-100MM; Flat cash flows in 30 AdjustedEBITDA(MM) 2016 Marketing business supported by 2.8 MMBbls of Northeast 25 Historically Low…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in millions, unaudited) 2016 2015 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr EBITDA Net income (loss) (93.7) (1,402.4) (623.4)…
CEQP Non-GAAP Reconciliations NEWS RELEASE 1 of 13 CRESTWOOD EQUITY PARTNERS LP Full Year 2016 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in millions) (unaudited) Net income 15 - 45…
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