Connections for Americas Energy Investor Presentation Presentation Title Presentation May 2018 Subtitle 5/18/2018 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Well-Positioned for DCF per Unit Growth Connections for Americas Energy 3
Key Investor Highlights: 2017 Momentum Carrying Over to Strong 2018 and 2019 Solid Q118 results; On-track to achieve 2018 guidance targets EXECUTION 17%, 17% and 23% y-o-y Q118 growth on oil, gas and water gathering volumes,…
Crestwood Driving Unitholder Value Unrecognized Value to Further Propel Valuation Crestwood has been a leader in the sectors transformation by checking all the right boxes for unitholder value creation Strong fundamentals in the…
Multiple High-Growth 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 Shale…
Balanced Portfolio; High Quality Customers Stable cash flows supported by fixed-fee contracts, top-tier customer base and balanced commodity exposure CEQP Contract Portfolio Long-Term Contract Profile With High Quality Customers(1) 2018…
Strong Fundamentals Support Volume Growth Q1 2018 Oil, Gas and Water gathering volumes up 17%, 17% & 23% YOY Producer Activity Driving Volume Growth System Drivers 100,000 Bakken Oil 90,000 Bakken Natural Gas Bakken 90,000 80,000…
High Return Projects Drives EBITDA/DCF Growth Crestwoods visible project backlog will drive 15% 3-yr EBITDA CAGR; Near-term growth focused in the Bakken, Delaware Basin and Powder River Basin Organic Projects Drive Accretive Growth…
Attractive Set of Near-term Organic Growth Projects Connections for Americas Energy 10
Bakken Growth Strategy Crestwood continues to expand the Arrow Gathering System and Bear Den Processing Plants to meet growing producer volume forecasts Arrow Overview Forecasted Volume Growth Arrow Gathering system generated 120MM…
Arrow System Expansion Projects Arrow gathering and processing projects increase capacity to support long- term development plans and improving Bakken well performance SWD New Oil & Expansions Water Pumps Gathering Projects…
Bear Den Processing Plants Crestwood is expanding Arrows processing capacity to meet producer forecasts and improve flow assurance; Bear Den Phase 2 scheduled in-service for Q3 2019 Gas Processing Overview Processing Capacity Growth…
Delaware Basin Growth Strategy Crestwood is building fully integrated G&P system in the heart of the Delaware Basin through 50/50 JV with First Reserve (CPJV) and CPJV JV with Shell Midstream Delaware Basin Overview Asset Map Current…
Delaware Basin Key Assets Willow Lake and Nautilus gathering systems are at the epicenter of Delaware Basin activity; Orla Express Pipeline and Processing Plant connects the systems Willow Lake Gathering System Delaware System Maps…
Powder River Basin Growth Strategy Recent volume growth and future development activity may provide meaningful gathering and processing expansion opportunities in 2H 2018 or early 2019 Overview Chesapeake Forecasting Substantial…
PRB Economics Attracting High-Quality Producers Third-party operators provide opportunity for incremental G&P volume growth Turner formation drilling economics offer 100% RORs at current strip pricing(1) Notable Activity:…
NE Marcellus Provides Long-Term Growth Potential NE Marcellus is the most prolific US gas basin; Stagecoach is strategically located to capture infrastructure expansion opportunities from NE gas demand growth Stagecoach Overview…
Balance Sheet Strength, Disciplined Capital Allocation, Accretive DCF Growth Connections for Americas Energy 19
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…
Self-Funded 2018E Capital Program Crestwood has underwritten 250MM-300MM(1) in 2018 to expand gathering and processing capacity in the Bakken, Delaware Basin and Powder River Basin Crestwood is committed to maintaining a strong…
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…
Key Investment Highlights Solid fundamentals across diverse nationwide asset portfolio Long-term leverage sub-4x and coverage 1.2x NO Incentive Distribution Rights Disciplined and prudently financed capital program Scalable…
Appendix: Appendix Connections for Americas Energy 24 24
Crestwoods Industry Recognition in 2017 In 2017, Crestwood was recognized for its unwavering commitment to best in class customer service, community engagement, environmental stewardship and unitholder alignment Customer Service…
SW Marcellus Update 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 with 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 -…
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