Connections for Americas Energy Investor Presentation Presentation Title Presentation December 2018Subtitle 12/3/2018 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Well-Positioned for DCF per Unit Growth Connections for Americas Energy 3
Key Investor Highlights We Have the Right Strategies in Place to be a Sector Leader Well-positioned assets and strong fundamentals support volume growth EXECUTION Strong track record of delivering on guidance targets Best-in-class…
YTD 2018 Drives Results and Outlook Significant Momentum Supports 3-year EBITDA Growth Outlook Crestwoods self-funding and integrated asset strategy drives exceptional results YTD 2018 and strong confidence in future growth Q3 Adj.…
Multiple High-Growth Basins Strong Fundamentals Drive Midstream Infrastructure Investment Bakken Northeast Powder Marcellus River Basin Delaware Basin 5-Yr Growth Strategy Driven by 4 Core Growth Areas Bakken 2018+…
Bullish Outlook and Producer Activity Crestwoods Assets are Located in the Right Place Crestwoods growth capital investments are building scalable franchise positions in the Bakken, Delaware Basin and Powder River Basin Core Growth…
Balanced Portfolio; High Quality Customers Excellent Diversity of Services, Customers and Markets Stable cash flows supported by fixed-fee contracts, top-tier customer base and balanced commodity exposure CEQP Contract Portfolio…
Volume Growth Drives Investments and Returns Robust fundamentals drive producer economics resulting in strong volume growth forecasts across Crestwoods core positions Volume Forecast by Key Basin 100,000 90,000 Bakken Oil Bakken Natural…
High Return Projects Drive EBITDA/DCF Growth Crestwoods visible project backlog will drive 15% 3-yr EBITDA and DCF/unit CAGR; Near-term growth focused in the Bakken, Delaware Basin and Powder River Basin Organic Projects Drive…
Distribution Coverage Outlook Driven by Disciplined and Accretive Growth Strategy Crestwood is committed to maintaining a distribution coverage ratio above 1.2x; Going forward, Crestwood expects coverage to significantly exceed its…
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…
Attractive Set of Near-term Organic Growth Projects Connections for Americas Energy 13
Bakken Growth Strategy Crestwood actively expanding the Arrow Gathering System and Bear Den Processing Plants as producer volume growth forecasts exceed expectations Arrow Overview Forecasted Volume Growth Arrow Gathering system…
Arrow System Volume Growth Outlook Arrow volume growth driven by increased well connect forecast, strong FBIR well performance, and completed system debottlenecking 2017-2020 Crude Gathering Volume Forecast MBbls/d 120 50 well…
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…
Bakkens Full-Service Business Model Crestwoods integrated Bakken franchise offers Arrow producers full-service midstream solution to ensure flow assurance and competitive pricing out of the Basin 1 Wellhead Services - Fully Integrated…
Delaware Basin Growth Strategy Crestwood operates a 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 Fully…
Delaware Basin Full-Service NGL Solution Crestwoods Delaware Basin competitive advantage enhanced with recent acquisition of EPIC NGL pipeline capacity and favorable PSA with Chevron Phillips; Provides G&P customers guaranteed NGL…
Powder River Basin Growth Strategy Large-scale G&P system expansions underway driven by recent volume growth and future development activity Overview Chesapeake Forecasting Substantial Volume Growth in 2018+ Strategic 50/50 JV with…
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) CHK Acreage…
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…
Legacy Gas Assets Provide Stable Cash Flow and Long-term Optionality Crestwoods SW Marcellus and Barnett system generate an estimated 120MM combined annually; Average system declines of 7% to 10% forecasted through 2021 SW Marcellus…
Balance Sheet Strength, Disciplined Capital Allocation, Accretive DCF Growth Connections for Americas Energy 24
2018E Financial Outlook Crestwood tightened Adjusted EBITDA guidance range upward to reflect strong performance in the first half 2018 and new growth capital investments Adjusted EBITDA REVISED 400 million 420 million Distributable…
Self-Funded 2018E Capital Program Crestwood has underwritten 300MM-350MM(1) in 2018 to expand gathering and processing capacity in the Bakken, Delaware Basin and Powder River Basin 2018E Growth Capital By Region Crestwood is…
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 29 29
Crestwoods Sustainability Efforts Crestwood is committed to being a sustainability leader in the MLP midstream sector Health, Safety, Environment and Regulatory Continue to reduce our operating footprint across our asset base Track…
Crestwoods Industry Recognition Continues in 2018 In 2018, Crestwood was once again recognized for its unwavering commitment to best in class customer service, community engagement, environmental stewardship and unitholder alignment…
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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