Connections for Americas Energy Investor Presentation Presentation Title September 2020 Presentation Subtitle 9/16/2020 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Executive Summary / Market Update CEQP is well-positioned to achieve its 2020 financial targets and achieve FCF+ as the company navigates the prolonged lower commodity price environment Crestwood is well-positioned to manage current…
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 Crestwood has…
Connections for Americas Energy Positioned to Withstand Current Market Conditions 5
Key Investor Highlights Immediate action taken in Q1 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…
Strong Q2 2020 Results Demonstrates Resiliency of Asset Base in Down Cycles Q2 2020 Highlights Well-Positioned in Down Cycle Q2 Adjusted EBITDA of Strong Q2 Financial 128MM, 5% above Q2 2019 Results Leverage and coverage ratios of…
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) No…
Revised 2020E Financial Outlook Stronger than expected second quarter results drive increased confidence in achieving midpoint or better of revised guidance range Adjusted EBITDA 520 million 570 million Distributable Cash Flow 290…
Free Cash Flow Positive in 2020 With most of the growth capital invested in the first half of 2020, Crestwood expects to be free cash flow positive beginning in the third quarter Positive Cash Flow Outlook in Current Market…
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…
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 2019 Sustainability Report: Embracing a Culture of Sustainability The 2019 sustainability report enhances transparency on Crestwoods environmental, social and governance performance and highlights progress made on the…
Crestwoods ESG Program Continues to Rank Best in Class in the Midstream Sector Following the issuance of the 2019 report, Bloomberg increased Crestwoods total company ESG ranking by 65% highlighting Crestwoods commitment to enhanced…
Connections for Americas Energy Diversified Assets Provide Stable Cash Flow in 2020 16
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 In-service of Bucking Horse II processing plant provides…
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…
COLT Hub Provides Additional Crude Takeaway Summary Arrow Crude Takeaway Outlets Premier crude oil pipeline, storage and crude by rail facility in the Bakken 160 MBbls/d crude-by-rail facility with 1.2 MMBbls storage capacity…
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 Provide Stability Connections for Americas Energy 28
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…
Connections for Americas Energy Appendix Connections for Americas Energy 32
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 Top Workplaces in 2018…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in millions) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 EBITDA Net income…
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…
Big C closing slide Connections for Americas Energy 37
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