Connections for Americas Energy Investor Presentation Presentation Title February 2021 Subtitle Presentation 2/23/2021 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Key Investor Highlights Strong track record of delivering on operational and financial targets through volatile commodity prices EXECUTION Full realization in 2020 of reduced capital expenditures and significantly lower O&M and G&A…
Diversified Portfolio of Infrastructure Assets Gathering & Processing 72% of 2021E cash flow Bakken 1,948 miles of pipeline Northeast Marcellus 2.9 Bcf/d gas gathering 1.2 Bcf/d gas processing plants Powder River Basin 150…
Crestwoods Role in the Energy Transition As the energy transition drives an increase in ESG fund flows, hydrocarbons are still forecasted to exceed 50% of total energy demand through 2040; Crestwood is committed to being a leader in…
Q4 Outperformance Drives Strong 2020 Results Crestwoods integrated asset footprint and strategy of self-funding and capital discipline continues to drive results into 2021 Q4 2020 Operational Highlights Strong FY 2020 Financial Results…
Reduced Capital Investment in 2021 Gathering and processing capacities aligned with producer needs allows for significantly reduced capital program in 2021 and increased free cash flow generation In 2021 Crestwood expects to invest 35MM…
2021 Financial Outlook Recent stability in commodity prices paired with incremental producer activity drives 2021 volumes and financial results 2021 Guidance Segment EBITDA 100% Adjusted EBITDA 550 million 610 million Marketing,…
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 Long-Term…
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…
Commitment to ESG Performance Remains Strong Crestwood continues to lead midstream ESG efforts with a steadfast approach to sustainable operations and increased disclosures Added Released 2nd MSCI Score Named to the Bloomberg…
Connections for Americas Energy Diversified Assets Provide Stable Cash Flow in 2021 12
Gathering & Processing Segment Crude, natural gas and water wellhead gathering and natural gas processing assets across five shale basins leveraged to both crude and natural gas Segment Overview Cash Flow Forecast Wellhead gathering…
Bakken Overview Arrow three-product gathering system and Bear Den processing complex supported by strong producers; continues to be major driver of cash flow in 2021 Bakken Overview Arrow Asset Map Gathering and processing assets…
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 NGL and residue gas takeaway: ONEOK and WIC drive good…
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(1) Willow Lake…
Federal Land Exposure Manageable Across Key G&P Assets; No impact to 2021 Outlook Crestwoods producers have manageable exposure to federal lands with no impact to Bakken operations and extensive permits in PRB and Delaware Basin…
Legacy Natural Gas Assets Provide Stable Cash Flow and Long-term Optionality Crestwoods SW Marcellus and Barnett systems contribute 12% 2021E cash flow; 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 Stable Long-Term Cash Flow NE Marcellus is the most prolific US dry gas basin; Current natural gas fundamentals driving record transportation volumes Stagecoach Overview Strategic 50/50 JV with Consolidated Edison…
COLT Hub Provides Additional Crude Takeaway Crestwood and its producer customers have taken steps to mitigate the impact of a potential DAPL shut-down; Existing and new crude pipeline interconnects, trucking and the COLT Hub allow…
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 Cash Flow Forecast…
NGL Logistics Business Integrated infrastructure of NGL marketing, storage, terminal and transportation services across the Midwest and Northeast Key Highlights Asset Overview Significant storage and terminal assets including 10 MMBbl…
Connections for Americas Energy Resilient Cash Flow and Capital Discipline Drive Positive Free Cash Flow 24
Strong Balance Sheet and Ample Liquidity to Sustain Volatile Commodity Prices Crestwood is committed to maintaining a strong balance sheet and financial flexibility Balance Sheet Positioned for Strength Current Capitalization(1)…
Increased Free Cash Flow in 2021 Crestwood achieved key milestone of generating positive free cash flow after distributions during the third quarter 2020 and expects to generate between 90MM - 160MM in 2021 Positive Cash Flow Outlook…
Key Investment Highlights Solid execution in down-cycle sets up momentum into 2021 Diversified midstream portfolio provides resilient cash flow No IDRs, simplified structure and supportive GP Solid balance sheet with leverage…
Connections for Americas Energy Appendix 28
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, employee engagement, environmental stewardship and diversity & inclusion Voted 3 by the buy-side…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in millions) (unaudited) Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 EBITDA Net income…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Full Year 2021 Adjusted EBITDA, Distributable Cash Flow and Free Cash Flow Guidance Reconciliation of Non-GAAP Financial Measures (in millions) (unaudited) Expected 2021…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Full Year 2021 Adjusted EBITDA, Distributable Cash Flow and Free Cash Flow Guidance Reconciliation of Non-GAAP Financial Measures (in millions) (unaudited) Cash Flows from…
Big C closing slide Connections for Americas Energy 34
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