Connections for Americas Energy Investor Presentation Presentation Title November 2019Subtitle Presentation 11/19/2019 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for Americas Energy Peer Group Leading DCF Growth Through Self-Funded 3-year Capital Program 3
Key Investor Highlights 2017-2019 Capital Program Drives Free Cash Flow in 2020 Well-positioned assets in low-cost basins support volume growth and enhanced margins EXECUTION Strong track record of delivering on capital expansion…
Third Quarter 2019 Highlights Crestwood Well-Positioned to Achieve 2019 and 2020 Objectives Crestwood has reached an inflection point in cash flow growth and is well positioned to generate positive free cash flow in 2020 Q3 Adjusted…
Diversified Portfolio in Multiple High-Growth Basins Bakken Powder River Northeast Basin Marcellus (1) Key Statistics Delaware 2,230 miles of pipeline Basin 3.5 Bcf/d gas gathering 1.6 Bcf/d gas transportation 1.2 Bcf/d…
Crestwood Assets Located in Top-3 Low Cost Basins Support Producer Oil Growth in Current Environment Crestwoods growth capital investments building scalable franchise positions in the Bakken, Powder River Basin and Delaware Basin with…
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…
Conservative Capital Allocation Strategy 3-year Expansion Program Drives Long-term Growth Crestwood is committed to generate unitholder value through disciplined capital allocation Value Creation Criteria for Growth Capital and…
Leading ESG Sustainability Strategy Sustainability Differentiates CEQP and Improves Performance The 2018 ESG Sustainability report enhances transparency into Crestwoods environmental, social and governance performance and highlights our…
Crestwoods Strategy Drives Top-Tier Metrics Through 2020E Crestwoods metrics compare favorably to predominately larger cap peer group 18/20 EBITDA CAGR 18/20 DCF per Unit CAGR 25% 30% 20% 20% 15% 10% 10% 5% 0% 0% Peer 1 CEQP…
Connections for Americas Energy Core Basin Strategies Build Long-term Growth Platform 12
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 Majority of debottlenecking and…
Bakken Bear Den Processing Expansion Key Highlights Bear Den II Processing Plant Began commercial operations in August 2019 Bear Den II plant expansion increases processing capacity to 150 MMcf/d New cryo-plant enhances…
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 is sole operator of one of the basins largest G&P systems; Expansions underway to support recent volume growth and future development activity Overview Currently expanding Jackalope system…
Powder River Basin Offers Exceptional Economics Crestwoods large asset footprint and multiple stacked formations offer producers top tier economics; Offset producer activity drives upside Overview Stacked Formations Drive Activity CHKs…
Bucking Horse II and Jackalope Expansions Position Crestwood for 3rd Party G&P Dedications Commercial Highlights Bucking Horse Processing Facilities New 3rd Party Volumes Likely in 2020 Bucking Horse Plant II Crestwood is actively…
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 dry 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…
Connections for Americas Energy Balance Sheet Strength and Disciplined Capital Allocation 24
Strong Balance Sheet and Liquidity Crestwood is committed to maintaining a very strong balance sheet and financial flexibility; Targeting sub-4x leverage by 2020 Balance Sheet Positioned for Strength Current Capitalization Top-tier…
Self-Funded 2019E and 2020E Capital Programs 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 In 2020, Crestwood expects…
Free Cash Flow in 2020 Drives Return of Capital Crestwoods MLP leading DCF per unit growth combined with reduced growth capital investments will drive free cash flow generation in 2020 and result in a meaningful return of capital to…
Key Investment Highlights Diversified midstream asset portfolio located in best oil basins No IDRs, simplified structure, stable GP Completed 3-year 1 billion net capital program to expand key assets for long term development…
Connections for Americas Energy Appendix Connections for Americas Energy 29
Crestwoods Sustainability Program At Crestwood, sustainability means operating ethically, environmentally and socially responsible; focusing on safety; respecting and supporting our communities; protecting the environment; and developing…
Crestwoods 3 Year Sustainability Strategy Crestwoods long-term sustainability strategy enhances transparency on managements approach to identifying and mitigating key ESG risks Continue to demonstrate our commitment to our Safety and…
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…
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 CRESTWOOD EQUITY PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in millions) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 EBITDA Net…
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 36
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