Connections for Americas Energy Investor Presentation Presentation Title Presentation March 2017 Subtitle 2/26/2017 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Key Investor Highlights Connections for Americas Energy 3
Key Investor Highlights 360MM - 390MM Conservative 2017E guidance 2017 Adjusted EBITDA(1) Bakken, Delaware-Permian, Focused growth strategy Marcellus No GP IDRs; OPEX and G&A Low-cost partnership down 15% 2015/16(2) 4.0x-4.5x…
Crestwood Delivered on 2016 Strategy Demonstrates Commitment to Execution and Value Creation 2016 GOALS FY 2016 RESULTS Achieved Cash Flow 456MM Guidance Adjusted EBITDA(1) (Guidance range of 435MM - 465MM) Significant O&M and…
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 7
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 Marcellus three core areas…
Bakken Arrow Gathering System The Arrow system will be Crestwoods largest driver of cash flow growth in 2017 and 2018 Overview Arrow Growth Potential Arrow generated 90MM in 2016 Adj. EBITDA Historical and Projected Well Connects 70…
Expansion Projects at Arrow Underway Crestwood will invest 55-60 million at Arrow in 2017; Arrow system expansions nearly double capacity to support producers long-term development plans and increasing well performance DAPL and Oasis…
Crestwoods Asset Footprint Located in the Core of the Delaware Permian Crestwoods asset footprint services significant stacked pay resources from the Wolfcamp, Bone Spring and Delaware Sands Long-Term Opportunity Access to all…
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 Delaware Ranch Current…
Stagecoach JV with Con Edison The Northeast region is the largest US gas supply base and the best potential for long- term demand growth Strong Regional Fundamentals Seneca Lake Steuben Upstream Activity: Producers completing…
Base Portfolio Business Update Crestwoods diverse asset portfolio has stabilized with an improved outlook by segment: Development activity has resumed across Crestwoods non-core G&P assets PRB Niobrara: Chesapeake currently running 2…
Financial Review Connections for Americas Energy 16
2017 Outlook Crestwood has a bright 2017 outlook as customers increase development activity and new projects come into service in 2H 2017 Adjusted EBITDA 360 million 390 million(1) Distributable Cash Flow 200 million 230 million(1)…
Focus Remains on Strong Coverage Metrics Strong distribution coverage in 2017 allows Crestwood to reallocate internally generated cash flow for further deleveraging and future expansion opportunities Current Distribution DCF growth…
Top-Tier Balance Sheet and Coverage Ratio Balance Sheet Positioned for Strength Current Capitalization Top-tier leverage position Actuals Actuals YE 2016 leverage of 3.74x ( millions) 2015 2016 Current borrowing capacity 700 MM Cash…
Financing Our Long-Term Growth Strategy Maintaining low leverage and strong coverage allows Crestwood to reallocate internally generated cash flow for future expansion opportunities while maintaining strong balance sheet Prudent capital…
The Crestwood Investment Opportunity Focused on aggressively executing growth opportunities while maintaining financial strength Near-term gathering and processing growth opportunities in the Bakken and Delaware-Permian Long-term…
Appendix Connections for Americas Energy 22
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in millions, unaudited) 2016 Full-Year EBITDA Net income (loss) (192.1) Interest and debt expense, net 125.1 Loss on…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Full-Year 2017 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in millions, unaudited) Expected 2017 Range Low - High Net income 0 -…
Loading...
