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UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp

Crestwood Midstream Partners Lp · Jan 15, 2019 · 32 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 1
  2. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 2
    Company Information 2 Forward-Looking Statements Contact Information Corporate Headquarters 811 Main Street Suite 3400 Houston, TX 77002 (1) Market data as of 1/8/2019. (2) Unit count and balance sheet data as of 9/30/2018.…
  3. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 3
  4. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 4
    Key Investor Highlights We Have the Right Strategies in Place to be a Sector Leader 4 EXECUTION UNITHOLDER ALIGNMENT FINANCIAL DISCIPLINE SELF-FUNDED GROWTH Crestwood’s 5-year plan is focused on delivering increased DCF per…
  5. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 5
    Multiple High-Growth Basins Strong Fundamentals Drive Midstream Infrastructure Investment 5 Diversified midstream portfolio with operating scale along the value chain • 5-Yr Growth Strategy Driven by 4 Core Growth Areas ? Bakken –…
  6. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 6
    Bullish Outlook and Producer Activity Crestwood’s Assets are Located in the Right Place! Crestwood’s growth capital investments are building scalable franchise positions in the Bakken, Powder River Basin and Delaware Basin >50% of US…
  7. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 7
    Balanced Portfolio; High Quality Customers Excellent Diversity of Services, Customers and Markets CEQP Contract Portfolio 7 7 Variable Rate Contracts 14% Take-or-Pay and Fixed-Fee Contracts 86% ~86% of Crestwood 2018 EBITDA…
  8. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 8
    2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018E Q2 2018E Q3 2018E Q4 2018E Q1 2019E Q2 2019E Q3 2019E Q4 2019E 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 Q1 2016…
  9. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 9
    Strategy On-track in Current Environment 9 Crestwood’s strategy of self-funding, integrated asset footprint and capital discipline/efficiency will continue to drive results in a volatile commodity price environment • Commodity price…
  10. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 10
    High Return Projects Drive EBITDA/DCF Growth Crestwood’s visible project backlog will drive >15% 3-yr EBITDA and DCF/unit CAGR; Near-term growth focused in the Bakken, Powder River Basin and Delaware Basin 2018 Drivers • Arrow,…
  11. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 11
    Distribution Coverage Outlook Driven by Disciplined and Accretive Growth Strategy Crestwood plans to allocate excess cash flow toward reinvestment opportunities and a resumption of stable distribution growth Peer Avg: 1.2x…
  12. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 12
    Crestwood Driving Unitholder Value Unrecognized Value to Further Propel Valuation Crestwood has been a leader in the sector’s transformation by checking all the right boxes for unitholder value creation • Strong fundamentals in the…
  13. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 13
  14. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 14
    Bakken Growth Strategy 14 Crestwood actively expanding the Arrow Gathering System and Bear Den Processing Plants as producer volume growth forecasts exceed expectations Arrow Overview Oil Natural Gas Water • Arrow Gathering system…
  15. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 15
    Capacity (MMcf/d) 0 30 60 90 120 150 YE 2017 YE 2019 Capacity (MBbls/d) 0 30 60 90 120 YE 2017 YE 2019 Capacity (MMcf/d) 0 20 40 60 80 100 YE 2017 YE 2019 Capacity (MBbls/d) Arrow System Volume Growth Outlook 15…
  16. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 16
    Bear Den Processing Plants 16 Gas Processing Overview Processing Capacity Growth Timeline Bear Den plant phase-1 Crestwood is expanding Arrow’s processing capacity to meet producer forecasts and improve flow assurance; Bear Den Phase…
  17. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 17
    Bakken’s Full-Service Business Model 17 Crestwood’s integrated Bakken franchise offers Arrow producers full-service midstream solution to ensure flow assurance and competitive pricing out of the Basin 2 1 Wellhead Services - Fully…
  18. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 18
    Powder River Basin Growth Strategy 18 Overview Large-scale G&P system expansions underway driven by recent volume growth and future development activity Powder River Basin has emerged as Chesapeake\'s “Oil Growth Engine”; Stacked…
  19. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 19
    PRB Economics Attracting High-Quality Producers 19 Third-party operators provide opportunity for incremental G&P volume growth PRB Front and Center on Q2 Earnings “Anadarko has established a core position of more than 300,000 gross…
  20. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 20
    Delaware Basin Growth Strategy 20 Delaware Basin Overview Asset Map 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 •…
  21. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 21
    Delaware Basin Full-Service NGL Solution Crestwood’s 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…
  22. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 22
    Strategic 50/50 JV with Consolidated Edison • FERC regulated storage and pipeline assets located at center of prolific NE Marcellus - Connected to 5 Bcf/d supplies • Majority of SGS rates/returns generated by revenues from…
  23. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 23
    Legacy Gas Assets Provide Stable Cash Flow and Long-term Optionality 23 Crestwood’s SW Marcellus and Barnett system generate an estimated $120MM combined annually; Average system declines of 7% to 10% forecasted through 2021 Barnett…
  24. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 24
    2018E Financial Outlook Marketing, Supply & Logistics • Adjusted EBITDA(2): $50MM - $55MM • NGL marketing business driven by seasonal propane and butane demand in the Northeast • US Salt divested for $225MM in 2017 at ~11x cash…
  25. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 25
    Self-Funded 2018E Capital Program 26 (1) 2018E range of $300 million to $350 million represents growth capital net to CEQP. • Crestwood is committed to maintaining a strong balance sheet and excess distribution coverage as it pursues…
  26. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 26
    Strong Balance Sheet and Liquidity Balance Sheet Positioned for Strength Current Capitalization No Near-Term Debt Maturities ($MM) RCF 6.25% Notes 5.75% Notes Issue Price Yield 2023 99.0 6.5% 2025 95.25 6.7% Crestwood is…
  27. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 27
    Key Investment Highlights Unrecognized Value Generated by Near-term Growth Catalysts to Further Drive Value Creation for Unitholders!!! • Solid fundamentals across diverse nationwide asset portfolio • Long-term leverage sub-4x and…
  28. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 28
  29. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 29
  30. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 30
  31. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 31
  32. UBS Midstream MLP and Utilities One on One Conference – Crestwood Midstream Partners Lp – slide 32
    CEQP Non-GAAP Reconciliations 32 Expected 2018 Range Low - High Net income Interest and debt expense, net Depreciation, amortization and accretion Unit-based compensation charges Earnings from unconsolidated affiliates Adjusted…

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