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2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp

Crestwood Midstream Partners Lp · Aug 18, 2016 · 31 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 1
    Connections for Americas Energy Investor Presentation Presentation Title Presentation August 2016 Subtitle 8/16/2016 Crestwood Midstream Partners LP Crestwood Equity Partners LP
  2. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 2
    Key Investor Highlights Connections for Americas Energy 3
  3. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 3
    Key Investor Highlights Financially sound midstream MLP 435MM - 465MM 2016E Adjusted EBITDA(1) Low-cost partnership structure No GP IDRs Diversified business portfolio Marcellus/Utica, Bakken, Delaware- Permian, PRB Niobrara,…
  4. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 4
    Strategic Pivot Largely Complete Focus Shifted to Execution and Disciplined Growth Crestwood has completed meaningful steps to improve its cost structure and financial flexibility; Now positioned to execute on high-quality growth…
  5. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 5
    Transformation in the Numbers FY 2014 Q2 2016 65% O&M and G&A Cost Savings 70% Cash Flow Margin(1) Cash Flow Margin(1) FY 2015 Q2 2016…
  6. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 6
    Disciplined Approach to Future Growth Financially positioned to refill backlog of future growth through disciplined capital investment; committed to maintaining financial strength Northeast Natural Gas High-grading backlog of future…
  7. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 7
    Long-Term Outlook Connections for Americas Energy 8
  8. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 8
    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…
  9. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 9
    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…
  10. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 10
    Northeast Marcellus Region S&T Joint Venture with Con Edison Joint Venture Highlights Asset Footprint On June 3, 2016, Crestwood and Con Edison TENNESSEE PIPELINE SENECA NEW YORK CHENANGO LAKE closed on the formation of…
  11. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 11
    Northeast Marcellus Region Stagecoach Joint Venture Positioned to Capture Growth The Northeast region is the largest US gas supply base and the best potential for long- term demand growth Current Opportunities Seneca Lake Steuben…
  12. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 12
    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…
  13. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 13
    Bakken Arrow Gathering System Tier 1 acreage dedication with substantial long-term growth through system build out Asset Map Arrow EBITDA 25 Adjusted EBITDA (MM) 20 15 10 5 0 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15 Q4:15…
  14. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 14
    Arrow System Development Potential Crestwood estimates that 36.5% of Bakken & less than 10% of Three Forks locations have been drilled in proximity of the Arrow System 1,500 1,800 drilling locations remain within Crestwoods Area of…
  15. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 15
    Long-Term Growth Potential Delaware-Permian Basin West Texas/SE New Mexico Delaware-Permian Opportunity Permian Basin currently offers leading industry E&P economics; 40% of current US rig count (189 rigs out of 481 rigs) are…
  16. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 16
    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 Willow Lake Expansion Current Opportunity Set…
  17. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 17
    Business Review Connections for Americas Energy 18
  18. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 18
    2016 Financial Outlook Crestwood 2016 outlook affirmed for YTD 2016 results and the close of the Con Edison joint venture Adjusted EBITDA 435 million - 465 million(1) Distributable Cash Flow 275 million - 305 million(1)…
  19. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 19
    Balanced and Diverse Cash Flows Crestwood expects to generate 2016E Adjusted EBITDA of 435 MM to 465 MM(1); YTD 2016 Adjusted EBITDA totaled 227 MM 2016E EBITDA Operating Segments Region Product Mix(2) Marketing Supply &…
  20. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 20
    Solid Customer Portfolio; Manageable Credit Risk Customer Credit Exposure(1) Investment Grade Remaining 700+ Customers Top 25 31.2% Customers 40.7% 19.9% 8.2% Non-Investment Grade Investment-grade Non-investment grade…
  21. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 21
    Sustainable Distribution Provides Attractive Yield New distribution policy allows Crestwood to reallocate internally generated cash flow for further deleveraging, future expansion opportunities Revised Key Distribution policy…
  22. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 22
    Top-Tier Balance Sheet and Coverage Ratio Positioning Crestwood for Strength Capitalization 1.0 billion of debt repayment in 2016 provides Actuals Quarterly Actuals substantial balance sheet strength and liquidity ( millions) Q1 16…
  23. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 23
    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…
  24. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 24
    The Crestwood Investment Opportunity Strategic pivot largely completed; Focused shifted to executing growth opportunities while maintaining financial strength Delaware-Permian gathering expansion projects with First Reserve Northeast…
  25. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 25
    Appendix Connections for Americas Energy 26
  26. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 26
    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)…
  27. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 27
    Gathering & Processing Segment Summary EBITDA Contribution 2016E Adjusted EBITDA: 235MM-250MM Adjusted EBITDA (MM) 80 2016E cash flow forecasts include conservative estimates for Barnett and PRB Niobrara assets 70 60 Q2 2016…
  28. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 28
    Storage & Transportation Segment Summary EBITDA Contribution 2016E Adjusted EBITDA: 170MM-180MM Consistent Cash Flow from Take-or-Pay Contracts Adjusted EBITDA (MM) 60 Segment volumes trending flat to up 5% in 2016 50 NE S&T…
  29. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 29
    Marketing, Supply & Logistics Segment Summary EBITDA Contribution by Asset 2016E Adjusted EBITDA: 95MM-100MM; Flat cash flows in 2016 Marketing business supported by 2.8 MMBbls of Northeast US NGL storage capacity; 500 NGL trucking…
  30. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 30
    CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in millions, unaudited) 2016 2015 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr EBITDA Net income (loss) (37.1) (93.7) (1,402.4)…
  31. 2016 Citi MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 31
    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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