Connections for Americas Energy Investor Presentation Presentation Title May 2020 Presentation Subtitle 5/14/2020 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Executive Summary / Market Update CEQP has taken immediate action to address current market conditions and prepare for a prolonged lower commodity price environment Crestwood is well-positioned to manage current market conditions…
Crestwood's Response to COVID-19 The health and safety of our employees, contractors and communities is paramount, and we are taking proactive measures while maintaining our steadfast commitment to operational excellence We have…
How Has COVID-19 Impacted the Energy Industry 1 Shelter In Place Impacts Economy 2 Demand for Oil Plummets Over 3 billion people worldwide under Retail Gasoline US Refinery Prices Runs shelter in place Unemployment sky-rockets as…
How Does this Impact our Business Low commodity prices driving a large reduction in producer activity; volumes across the Bakken, Powder River and Delaware Basin assets expected to be impacted in 2020 Producer customers have begun to…
Connections for Americas Energy Positioned to Withstand Current Market Conditions 7
Key Investor Highlights Immediate action taken to reduce capital expenditures and significantly lower O&M and G&A EXECUTION Strong track record of delivering on operational and financial targets through volatile commodity prices…
Diversified Portfolio of Infrastructure Assets Gathering & Processing 70% of 2020E cash flow Bakken 2,024 miles of pipeline Northeast Marcellus 3.3 Bcf/d gas gathering 1.2 Bcf/d gas processing plants Powder River Basin 150…
Strong Balance Sheet and Ample Liquidity to Sustain Lower Commodity Prices Crestwood is committed to maintaining a strong balance sheet and financial flexibility Balance Sheet Positioned for Strength Current Capitalization(1)…
Revised 2020E Financial Outlook Crestwood expects to achieve positive free cash flow in current market environment through y-o-y cash flow growth combined with material capital and expense reductions Adjusted EBITDA 520 million 570…
Free Cash Flow Positive in 2020 While the second quarter will be challenging, Crestwood expects its diverse portfolio of high-quality assets to perform in-line or above 2019 levels and generate meaningful free cash flow in 2020…
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…
Leader in Sustainability in MLP Midstream Industry Crestwood has been recognized for its sustainability performance and commitment to transparency and disclosure Inaugural ESG Report Recognition 2019 Report Highlights The 2019…
Connections for Americas Energy Diversified Assets Provide Stable Cash Flow in 2020 15
Gathering & Processing Segment Crude, natural gas and water wellhead gathering and natural gas processing assets across six shale basins leveraged to both crude and natural gas Segment Overview Cash Flow Forecast 3-year, 1B…
Bakken Overview Crestwood has invested 600MM at sub-5x build-multiples over the last three years to expand its Bakken footprint to fully support strong producer development Bakken Overview Arrow Asset Map Arrow is a three-product…
Powder River Basin Overview Powder River Basin Overview Powder River Basin Producers Jackalope gathering system and Bucking Horse processing capacity of up to 345 MMcf/d 2020E well connects of 10 to 15; Shut-ins expected in Q2 and…
Delaware Basin Overview 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 assets…
Legacy Gas Assets Provide Stable Cash Flow and Long-term Optionality Crestwoods SW Marcellus and Barnett system generate over 90MM combined annually; Average system declines of 6% to 10% forecasted through 2021 SW Marcellus System…
Storage & Transportation Segment Large storage and transportation assets in key demand centers helps drive stable cash flow contributions through large storage capacities in key markets Segment Overview Cash Flow Forecast Stagecoach…
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…
Marketing, Supply & Logistics Segment Crestwood is a leading NGL and Crude oil marketer focused on Marcellus/Utica producers, processors and fractionation through truck, rail, storage and terminals Segment Overview Northeast NGL…
NGL Business Model Resilient in Current Market Crestwoods storage and terminalling assets expected to outperform in 2020 driven by limited northeast takeaway capacity, increased NGL demand and margin opportunities Crestwoods Assets…
Strategic NGL Acquisition Overview Crestwood makes strategic acquisition that triples NGL storage capacity, diversifies from the wellhead and enhances our footprint in the most profitable NGL demand markets Key Highlights Asset…
Connections for Americas Energy Capital Discipline and Cost Reductions Provides Stability Connections for Americas Energy 26
Self-Funded and Reduced 2020 Capital Program With 3-year capital growth program complete and in response to market conditions, growth capital decreased 64% in 2020 over 2019 In 2020 Crestwood expects to invest 140 million 2020E Growth…
Excess Cash Flow Generation in 2020 Crestwoods DCF per unit growth combined with significant growth capital and expense reductions will drive free cash flow generation in 2020 DCF per Unit 2020 Capital Allocation Priorities 5.00 40%…
Key Investment Highlights Well-positioned to manage through current down-cycle Diversified midstream portfolio provides base cash flow No IDRs, simplified structure, and supportive GP Solid balance sheet, leverage meaningfully below…
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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 March 31, 2020 2019 EBITDA Net income (loss) (23.4) 14.1 Interest and debt…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Revised Full Year 2020 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in millions) (unaudited) Expected 2020 Range Low - High Net…
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