Connections for Americas Energy Investor Presentation Presentation Title Presentation December 2017Subtitle 12/4/2017 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Well-Positioned for DCF per Unit Growth Connections for Americas Energy 3
Diversified Assets in Active Basins Bakken Northeast PRB Marcellus Niobrara 5-Yr Growth Strategy Driven Delaware by 4 Core Growth Areas Basin Bakken 2018+ Delaware Basin 2019+ PRB 2019+ Marcellus Shale 2020+ Remaining…
Balanced Portfolio; High Quality Customers Stable cash flows supported by fixed-fee contracts, top-tier customer base and balanced commodity exposure by volume and EBITDA CEQP Contract Portfolio Long-Term Contract Profile With High…
Improved Fundamentals Drive Volume Growth 2017 YTD oil, gas and water volumes up 31%, 27% & 33%; continued growth expected from 2018 drilling plans Key Asset Volumes Since FY 2016 System Drivers Bakken Oil Bakken Natural Gas Bakken…
Disciplined Organic Growth Strategy Committed high return expansion projects drive accretive DCF growth in 2017-2021 Incremental Annual Cash Flow Impact from Capital Projects Focused on 5x to 7x organic build multiples vs 12x to 15x…
Self-Funded 2017 and 2018 Capital Programs Crestwood is self-funding its 2017 and 2018 capital programs to maximize project returns and DCF/unit value creation Divested US Salt LLC, a non-core business in the MS&L segment, for…
Attractive Set of Near-term Organic Growth Projects Connections for Americas Energy 10
Bakken Growth Strategy Crestwood continues to expand the Bakken Arrow System to offer producers full value-chain services and meet growing volume forecasts Arrow Overview Forecasted Volume Growth Arrow Gathering system expected to…
Arrow System Expansion Projects Arrow expansions nearly double capacity to support long-term development plans and increasing Bakken well performance SWD New Oil & Expansions Water Pumps Gathering Projects New Compressor…
Arrow Bear Den Processing Plant Crestwoods Bear Den West pipeline and Phase 1 plant commissioned in late November 2017; Phase 2 scheduled for Q2 2019 as Arrow volumes ramp up Project Overview Bear Den Plant Phase 1 Bear Den…
Delaware Basin Growth Strategy Crestwood is building competitive scale and fully integrated systems in the heart of the Delaware Basin, the most active shale play in the US Asset Overview & Strategy Asset Map 50/50 joint venture with…
Delaware Basin Current G&P Assets Willow Lake and Nautilus gathering systems, combined gather over 110 MMcf/d, are at the center of significant development activity in the Delaware Basin Willow Lake System Delaware System Maps Willow…
Orla Express Pipeline & Orla Processing Plant 200 MMcf/d processing plant and super-header integrates asset footprint to compete across the entire primary Delaware Basin catchment area Project Overview Premier G&P Footprint in…
Delaware Basin Water Solutions Next Leg of Growth Scalable infrastructure solutions for Delaware Basin water requirements; potential next phase of Delaware Basin growth strategy Delaware Water Production 5-YR Delaware Basin Water…
NE Marcellus - Stagecoach Gas Services JV NE Marcellus is largest US gas supply base and best potential for demand growth; Stagecoach is strategically positioned to capture growth opportunities Stagecoach Overview Assets Map Strategic…
PRB Niobrara Jackalope G&P JV New G&P contract allows Chesapeake to accelerate development plans and achieve full potential of PRB Niobrara acreage Overview CHK PRB Net Production Potential PRB Jackalope JV - Crestwood (50%) and…
SW Marcellus G&C Update Gathering volumes up 42% YTD 2017 as Antero completes DUC Inventory Overview Gathering Volumes Since FY 2016 Mcf/d 20-year, fixed-fee gathering and compression services w/ 600,000 Antero Resources 550,000 21…
Balance Sheet Strength, Disciplined Capital Allocation, Accretive DCF Growth Connections for Americas Energy 22
Delivering on 2017 Guidance Original Guidance Range Increased Guidance Range 360 380 390 400 EBITDA * 200 210 230 DCF * 130 150 225 250 Growth Capital * 4.0x 4.5x Leverage 1.2x 1.4x Coverage Commitment to…
Strong Balance Sheet & Liquidity Crestwood strengthened its balance sheet by repaying approximately 1 billion of debt in 2Q 2016; Crestwood targets YE 2017 leverage of 4.0x-4.5x Balance Sheet Positioned for Strength Current…
The Crestwood Investment Opportunity Focused on aggressively executing growth opportunities while maintaining financial strength SELF-FUNDED near-term gathering and processing growth opportunities in the Bakken and Delaware Basin…
Appendix: Appendix Connections for Americas Energy 26 26
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) Net income (loss) (13) - 7 Interest and debt…
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