Connections for Americas Energy Investor Presentation Presentation Title June 2019 Presentation Subtitle 6/14/2019 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for Americas Energy DCF per Unit Growth Driving Long-term Value Creation 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…
MLP Industry Leading Sustainability Program At Crestwood, sustainability means operating in an ethically, environmentally and socially responsible manner; focusing on safety; respecting and supporting our communities; protecting the…
Crestwoods Inaugural Sustainability Report: Growing Through Connections The 2018 sustainability report enhances transparency into Crestwoods environmental, social and governance performance and highlights our three- year strategy as we…
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…
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…
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…
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…
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…
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…
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…
Connections for Americas Energy Attractive Set of Near-term Organic Growth Projects 16
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…
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…
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 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…
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…
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…
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 Current…
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 100 MM combined annually; Average system declines of 7% to 10% forecasted through 2021 SW Marcellus System…
Connections for Americas Energy Balance Sheet Strength and Disciplined Capital Allocation 28
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…
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…
Connections for Americas Energy Appendix Connections for Americas Energy 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 Crestwoods Key…
ESG Performance Data Crestwood is committed to enhancing transparency and disclosure of our environmental, social and governance (ESG) performance. As we progress on our sustainability journey, we will continue to improve our key…
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…
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…
Big C closing slide Connections for Americas Energy 37
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