Connections for Americas Energy Investor Presentation Presentation Title Presentation February 2019 Subtitle 2/18/2019 Crestwood Midstream Partners LP Crestwood Equity Partners LP
DCF per Unit Growth Driving Long-term Value Creation Connections for Americas Energy 3
Key Investor Highlights Strategy Unchanged to Deliver Growth in 2019 Well-positioned assets and strong fundamentals support volume growth EXECUTION Strong track record of delivering on guidance targets Best-in-class midstream operator…
Solid Execution Drives Outperformance in FY 2018 Crestwoods strategy of Fourth Quarter 2018 Results organic growth projects in (US Millions) Q4 2018 core assets, capital Consensus Actuals efficiency and financial Adjusted EBITDA…
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, Powder River Basin and Delaware 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…
2019E Financial Outlook Crestwood expects continued cash flow growth in 2019 due to strong producer forecasts and incremental organic growth capital projects Adjusted EBITDA 460 million 490 million Distributable Cash Flow 245…
Track Record of Delivering Results Crestwoods integrated asset footprint and strategy of self-funding and capital discipline/efficiency will continue to drive results in 2019 Crestwoods strategy of organic investments in Actual…
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, Powder River Basin and Delaware Basin Organic Projects Drive…
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…
Crestwoods Strategy Drives Top-Tier Metrics through 2020E Crestwoods metrics compare favorably to predominately larger cap peer group; Continued execution of the current strategy will continue to differentiate CEQP 19/20 EBITDA…
Attractive Set of Near-term Organic Growth Projects Connections for Americas Energy 14
Bakken Growth Strategy Crestwood actively expanding the Arrow Gathering System and Bear Den Processing Plants as producer volume growth forecasts exceed expectations Arrow Overview Producer Efficiency Driving Growth Arrow is a…
Arrow System Volume Growth Outlook Arrow volume growth driven by increased well connect forecast, strong FBIR well performance, and completed system debottlenecking 2019 Outlook Arrow System Expansions All system debottlenecking and…
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…
Powder River Basin Growth Strategy Large-scale G&P system expansions underway driven by recent volume growth and future development activity Overview CHK Forecasting Substantial Volume Growth in 2019+ Strategic 50/50 JV with…
Crestwood has Early Mover Advantage in the Emerging Powder River Basin Crestwood is actively evaluating growth opportunities that offer synergies with current infrastructure; Acreage surrounding Chesapeake is largely undedicated Turner…
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 JV with Shell Midstream Delaware Basin Overview Asset Map Fully…
Delaware Basin Full-Service NGL Solution Crestwoods Delaware Basin competitive advantage enhanced with EPIC NGL pipeline capacity and favorable PSA with Chevron Phillips; Provides G&P customers guaranteed NGL capacity and pricing to…
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 over 100MM combined annually; Average system declines of 7% to 10% forecasted through 2021 SW Marcellus System…
Balance Sheet Strength, Disciplined Capital Allocation, Accretive DCF Growth Connections for Americas Energy 25
Self-Funded 2019E Capital Program Crestwood has underwritten 275MM-325MM(1) in 2019 to expand gathering and processing capacity in the Bakken, Powder River Basin and Delaware Basin Crestwood is committed to maintaining a 2019E Growth…
Strong Balance Sheet and Liquidity Crestwood is committed to maintaining a very strong balance sheet and financial flexibility; Crestwood targeting sub-4x leverage by 2020 Balance Sheet Positioned for Strength Current Capitalization…
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 Crestwood continues to be recognized for its unwavering commitment to best in class customer service, community engagement, environmental stewardship and unitholder alignment Committed to best in class…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Reconciliation of Non-GAAP Financial Measures T hre e M o nt hs E nde d Y e a r E nde d ( in m illio ns ) ( una udit e d) D e c e m be r 3 1, 2 0 18 D e c e m be r 3 1, 2 0…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Full-Year 2019 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in millions, unaudited) Expected 2019 Range Low - High Net income 105 -…
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