Connections for Americas Energy Investor Presentation Presentation Title Presentation January 2017 Subtitle 1/6/2017 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Key Investor Highlights 435MM - 465MM 2016 guidance on-track 2016E Adjusted EBITDA(1) Delaware-Permian, Focused growth strategy Marcellus/Utica, Bakken No GP IDRs; OPEX and G&A Low-cost partnership down 11%…
Strong Q3 2016 Results Demonstrates Commitment to Strong Balance Sheet and Distribution Coverage 2016 GOALS Q3 2016 RESULTS Significant O&M and 21MM G&A Cost Savings YTD Cost Reduction(1) 86% Streamline & Solidify Base…
Focused Growth Strategy Crestwood commercial teams building backlog of growth projects in high activity areas; regional JVs structured to be more competitive and help finance projects Focused on Crestwoods Northeast Marcellus Gas…
Long-Term Outlook: Portfolio Positioned for Growth 2016/2017 execution drives de-risked base portfolio; stable cash flow outlook New contracts at Barnett and PRB Niobrara Repositioning COLT as long-term crude oil hub Focused new…
Commercial Update Connections for Americas Energy 8
Long-Term Growth Potential Marcellus Shale Northeast Gas Markets Marcellus Opportunity Abundant, world class supply resource with steady growing Northeast natural gas demand Recent termination of NED project and delay in…
Stagecoach Joint Venture with Con Edison Joint Venture Highlights On June 3, 2016, Crestwood and Con Edison closed on the formation of Stagecoach Gas Services LLC Con Edison contributed 975 million (13x current EBITDA) for 50%…
Northeast Gas Demand 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 MARC II: Currently conducting joint discussions with…
Long-Term Growth Potential Bakken and Three Forks Shale Williston Basin Bakken Opportunity Crestwoods Arrow system is located in the heart of the best Bakken and Three Forks acreage Development of COLT as hub facility with…
Bakken Arrow Gathering System Tier 1 acreage dedication with substantial long-term growth through system build out Located in the Core of the Bakken Shale Arrow Growth 2014-16 25 Adjusted EBITDA 20 (MM) 15 10 5 0 Q4:14…
Colt Hub: New Strategy Promotes Connectivity DAPL connection expected to attract new customers with committed DAPL capacity and new barrels for potentially premium net-back markets Overview Transitioning from primarily a Crude by Rail…
Long-Term Growth Potential Delaware-Permian Basin Delaware-Permian Opportunity Permian Basin currently offers leading industry E&P economics; 40% of current US rig count are operating in the Permian(1) Delaware-Permian region…
Shell Nautilus Gas Gathering System Crestwood is building a greenfield natural gas gathering system to support SWEPIs development activity in Loving and Ward counties, TX Overview Proposed System Map Long-term gas gathering agreement…
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…
PRB Niobrara Update: New Chesapeake Contract New contract will allow Chesapeake to accelerate development plans and achieve full potential of PRB Niobrara acreage Overview CHK PRB Net Production Potential Crestwood and Williams…
Barnett Update: BlueStone G&P Agreement Crestwood executed 10-year agreement with BlueStone completely removing Crestwood from Quicksilver bankruptcy process Overview Barnett Gathering Volume Growth BlueStone Natural Resources II (NGP…
Financial Review Connections for Americas Energy 20
2016 Financial Update 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)…
Sustainable Distribution Provides Attractive Yield Strong distribution coverage allows Crestwood to reallocate internally generated cash flow for further deleveraging, future expansion opportunities Distribution policy appropriately…
Top-Tier Balance Sheet and Coverage Ratio Positioning Crestwood for Strength Leverage 1.0 billion of debt repayment in 2016 provides Actuals Actuals substantial balance sheet strength and liquidity ( millions) Q4 15 Q3 16 975…
Financing Our Long-Term Growth Strategy Maintaining low leverage and strong liquidity allows Crestwood to reallocate internally generated cash flow for future expansion opportunities while maintaining strong balance sheet Prudent…
The Crestwood Investment Opportunity Focused on aggressively executing growth opportunities while maintaining financial strength Delaware-Permian gathering expansion projects with First Reserve Northeast pipeline projects around…
Appendix Connections for Americas Energy 26
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in millions, unaudited) 2016 2015 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr EBITDA Net income (loss) 3.0 (37.1) (93.7)…
CEQP Non-GAAP Reconciliations 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 Interest and debt expense,…
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