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MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp

Crestwood Equity Partners Lp · May 15, 2019 · 35 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. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 1
    Connections for Americas Energy Investor Presentation Presentation Title May 2019 Presentation Subtitle 5/13/2019 Crestwood Midstream Partners LP Crestwood Equity Partners LP
  2. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 2
    Connections for Americas Energy DCF per Unit Growth Driving Long-term Value Creation 3
  3. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 3
    Key Investor Highlights Accretive Growth Strategy Enhanced by Powder River Basin Acquisition Well-positioned assets and strong fundamentals support volume growth Powder River Basin EXECUTION Strong track record of delivering on guidance…
  4. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 4
    Crestwoods Inaugural Sustainability Report On-track for June 2019 Issuance Crestwoods long-term sustainability strategy enhances transparency on managements approach to identifying and mitigating key ESG risks Completed materiality…
  5. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 5
    Growth Capital Allocation Strategy Strategic, Accretive, Disciplined and Aligned Crestwood is committed to generate unitholder value through disciplined capital allocation Value Creation Criteria for Growth Capital and Acquisitions…
  6. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 6
    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+…
  7. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 7
    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…
  8. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 8
    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…
  9. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 9
    Powder River Basin Acquisition Overview The acquisition of Williams interest makes Crestwood one of the largest gas processors in the Powder River Basin Crestwood Niobrara (CWN), subsidiary of CEQP, acquired Williams 50% interest in…
  10. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 10
    PRB Acquisition Highlights Highlights Jackalope System Map Increases Scale and Competitive Position in Core Growth Basin PRB Emerging as Leading Domestic Oil Play Secures Operatorship to Drive Cost, Capital & Commercial…
  11. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 11
    Revised 2019E Financial Outlook PRB acquisition adds immediate cash flow and scale to 2019 Adj. EBITDA; Continued cash flow growth in 2019 due to producer development and incremental organic growth Adjusted EBITDA(1) 500 million 530…
  12. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 12
    High Return Projects Drive EBITDA/DCF Growth Crestwoods visible project backlog will drive 20% 3-yr EBITDA and DCF/unit CAGR; Near-term growth focused in the Bakken, Powder River Basin and Delaware Basin Organic Projects Drive…
  13. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 13
    Crestwoods Strategy Drives Top-Tier Metrics Through 2020E Crestwoods metrics compare favorably to predominately larger cap peer group; PRB acquisition enhances and differentiates Crestwood amongst its peer group 18/20 EBITDA CAGR…
  14. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 14
    Connections for Americas Energy Attractive Set of Near-term Organic Growth Projects 15
  15. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 15
    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…
  16. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 16
    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…
  17. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 17
    Bakken Bear Den Processing Expansion Key Highlights Bear Den II Construction Bear Den II plant expansion increases processing capacity to 150 MMcf/d Bear Den will provide full-service for 100% of Arrow gas volumes 175 MM growth…
  18. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 18
    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…
  19. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 19
    Powder River Basin Growth Strategy Crestwood Becomes Leading G&P in Emerging Basin Crestwood is sole operator of one of the basins largest G&P systems; Expansions underway driven by recent volume growth and future development…
  20. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 20
    Powder River Basin Offers Exceptional Economics Chesapeakes large contiguous core acreage position and multiple stacked formations offer top tier producer economics across the domestic lower-48 Overview PRB Stacked Formations…
  21. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 21
    Bucking Horse II and Jackalope Expansions Key Highlights Bucking Horse Processing Facilities Bucking Horse II plant and Jackalope Bucking Horse Plant I expansion increases gathering and processing capacity to 345 MMcf/d 185 MM…
  22. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 22
    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…
  23. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 23
    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…
  24. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 24
    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…
  25. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 25
    Legacy Gas Assets Provide Stable Cash Flow and Long-term Optionality Crestwoods SW Marcellus and Barnett system generate over 100 MM combined annually; Average system declines of 7% to 10% forecasted through 2021 SW Marcellus System…
  26. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 26
    Connections for Americas Energy Balance Sheet Strength and Disciplined Capital Allocation 27
  27. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 27
    Self-Funded 2019E Capital Program Crestwood has underwritten 425 million - 475 million(1) in 2019 to expand gathering and processing capacity in the Bakken, Powder River Basin and Delaware Basin Crestwood is committed to maintaining…
  28. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 28
    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…
  29. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 29
    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…
  30. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 30
    Connections for Americas Energy Appendix Connections for Americas Energy 31
  31. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 31
    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…
  32. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 32
    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…
  33. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 33
    CEQP Non-GAAP Reconciliations (a) EBITDA is defined as income before income taxes, plus interest and debt expense, net and depreciation, amortization and accretion expense. Adjusted EBITDA considers the adjusted earnings impact of our…
  34. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 34
    CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Revised Full Year 2019 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in millions) (unaudited) Expected 2019 Range Low - High Net…
  35. MLP and Energy Infrastructure Conference – Crestwood Equity Partners Lp – slide 35
    Big C closing slide Connections for Americas Energy 36

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