Connections for Americas Energy Investor Presentation Presentation Title Presentation March 2018 Subtitle 3/15/2018 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Well-Positioned for DCF per Unit Growth Connections for Americas Energy 3
Key Investor Highlights: Solid Execution in 2017 Sets Up Crestwood for Stronger 2018 2017 Adj. EBITDA of 395MM achieves upper end of increased 2017 guidance EXECUTION 29%, 23% and 24% y-o-y growth on oil, gas and water gathering…
Q4 and FY 2017 Financial Results Outperform Crestwood exceeded the mid-point of its increased guidance targets and outperformed consensus estimates in 2017 Fourth Quarter 2017 Results (US Millions) Q4 2017 Consensus Actuals Adjusted…
Diversified Assets in Active Basins Bakken Northeast Powder Marcellus River Basin Delaware Basin 5-Yr Growth Strategy Driven by 4 Core Growth Areas Bakken 2018+ Delaware Basin 2019+ Powder River Basin 2019+ NE Marcellus…
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…
Strong 2018-2019 Growth Outlook by Basin FY 2017 oil, gas and water volumes up 29%, 23% & 24%; continued volume growth expected from 2018 drilling plans Producer Activity Driving Volume Growth System Drivers 100,000 Bakken Oil 90,000…
2018E Financial Outlook Crestwood expects to resume cash flow growth in 2018 as volumes in the Bakken, Delaware Basin, and Powder River Basin benefit from increased activity Adjusted EBITDA 390 million 420 million Distributable…
Attractive Set of Near-term Organic Growth Projects Connections for Americas Energy 10
2018E Growth Capital Crestwood plans to invest 250MM-300MM in 2018 to expand gathering and processing capacity in the Bakken, Delaware Basin and Powder River Basin 2018E Growth Capital By Region(1) Growth Capital Summary by Region…
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 generated…
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…
Bakken Processing Expansion Projects Crestwood is investing growth capital to expand Arrows processing capacity to meet producer drilling forecasts; Bear Den Phase 2 scheduled in-service for Q3 2019 Overview Processing Capacity…
Delaware Basin Strategy and Overview Crestwood is building competitive scale and fully integrated systems in the heart of the Delaware Basin through 50/50 JV with First Reserve Asset Overview & Strategy Asset Map Current assets…
Delaware Basin Current G&P Assets Willow Lake and Nautilus gathering systems, combined gather over 140 MMcf/d, are at the center of significant development activity in the Delaware Basin Willow Lake System Delaware System Maps Willow…
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…
Powder River Basin Strategy and Overview Recent volume growth and future development activity may provide meaningful gathering and processing expansion opportunities in 2H 2018 or early 2019 Overview Stacked Pay and Large Inventory…
NE Marcellus Provides Long-Term Growth Potential NE Marcellus is the most prolific US gas basin and best potential for demand growth; Stagecoach is strategically positioned to capture growth opportunities Stagecoach Overview Strategic…
Balance Sheet Strength, Disciplined Capital Allocation, Accretive DCF Growth Connections for Americas Energy 20
Self-Funded 2018 Capital Program Crestwood is self-funding its 2018 capital program to maximize project returns and DCF/unit value creation Divested US Salt LLC, a non-core business in the MS&L segment, for approximately 225 million…
Strong Balance Sheet and Liquidity Crestwood is committed to maintaining a very strong balance sheet and financial flexibility; Crestwood targets YE 2018 leverage of 4.0x-4.5x Balance Sheet Positioned for Strength Current…
Execution in 2018 to Drive Value Creation 2018E Price/DCF 14.0x 2018E P/DCF peer average = 10.3x; 12.4x 12.0x Implies 20% CEQP unit price upside to 34/unit 10.6x 10.9x 10.0x 9.5x 9.6x 8.8x 8.9x 8.0x 6.0x 4.0x 2.0x 0.0x…
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 25 25
Crestwoods Commitment to Excellence was Recognized in 2017 In 2017, Crestwood was recognized for its unwavering commitment to best in class customer service, community engagement, environmental stewardship and unitholder alignment…
SW Marcellus Overview Gathering volumes up 36% in 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…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Full-Year 2018 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in millions, unaudited) Expected 2018 Range Low - High Net income 35 -…
Loading...
