Connections for Americas Energy Investor Presentation Presentation Title Presentation Subtitle May 2022 5/15/2022 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for Americas Energy Key Investor Highlights 3
Diversified Asset Portfolio Diversified midstream portfolio with operating scale along the value chain, further enhanced with Oasis Midstream acquisition Premier High-Quality Results MLP Leading Financial Favorable FCF+ Capital…
Strong Execution Drives Results Crestwoods track record of execution and results position the company to create unitholder value in 2022+ Premier High-Quality Results MLP Leading Financial Favorable FCF+ Capital Diversified Customers…
Balanced Portfolio and High-Quality Customers Excellent Diversity of Services, Customers and Markets Cash flow supported by primarily fixed fee agreements and top-tier customer base; favorable commodity prices in 2021/2022 drive upside…
MLP Leading ESG and Governance Model Crestwoods commitment to ESG initiatives drives enhancements to governance model and differentiates Crestwood as a leading midstream operator Premier High-Quality Results MLP Leading Financial…
Financial Strength & Discipline Crestwood is committed to maintaining a strong balance sheet and enhancing credit profile via debt paydown and leverage reduction Premier High-Quality Results MLP Leading Financial Favorable FCF+…
G&P Consolidation Strategy Crestwood is committed to increasing its market share in the Williston, Powder River and Delaware Basins through disciplined execution of G&P consolidation strategy Premier High-Quality Results MLP Leading…
Favorable 2022 Outlook Builds Cash Flow Momentum Crestwoods positive outlook in 2022 drives best-in-class financial metrics and builds significant cash flow momentum going into 2023 Premier High-Quality Results MLP Leading Financial…
Capital Allocation Drives Value Creation Crestwood focused on allocating free cash flow to drive MLP leading financial metrics and generate long-term value for unitholders Premier High-Quality Results MLP Leading Financial Favorable…
Connections for Americas Energy Forward-Leaning Sustainability Strategy 12
MLP Industry Leading Sustainability Program Crestwoods commitment to MLP-industry leading sustainability initiatives is reflected in our year-over-year upgrades with key ESG rating agencies Sustainability Overview ESG Ratings Upgrades…
First Carbon Management Plan Published in January Our aspiration is to lead the midstream industry in best-in-class carbon management practices and technology implementation that is authentic to who we are Overview Crestwoods Carbon…
Commitment to ESG Performance Remains Strong Since 2018 Crestwood has continued to lead midstream ESG efforts with a steadfast approach to sustainable operations and increased disclosures Began continuous Developed methane 2022 2024…
ESG in Action: Participation in QMRV Project Joined Cheniere, academic institutions, technology providers and other midstream companies to quantify, monitor, report and verify GHG emissions Crestwood Enrolled Locations Overview…
Connections for Americas Energy Diversified Asset Portfolio Positioned for Growth in 2022 17
High Quality Asset Portfolio 2022E Growth Capital Crestwood is committed to investing in organic growth capital projects that meet strict return thresholds and provide high quality service to our customers Crestwood expects to invest…
Williston Basin Overview Crestwood is a leading midstream operator in the Williston Basin with processing capacity of 430 MMcf/d and tier 1 drilling locations of 1,200 Overview Williston Basin Asset Map 535,000 acres dedicated across…
Powder River Basin Overview Crestwood continues to have commercial success leveraging excess capacity at the Bucking Horse processing plant to attract new, high-quality producer customers Overview Powder River Basin Asset Map &…
Delaware Basin Overview Crestwood operates a fully integrated G&P system in the heart of the Delaware Basin through JV with First Reserve (CP JV) and JV with Shell Midstream (1) Overview Delaware Basin Asset Map 459,000 acres…
Legacy Natural Gas Assets SW Marcellus & Barnett SW Marcellus and Barnett systems combine for 60% of G&P South EBITDA in 2022; provide stable cash flow and long-term upside with improving natural gas prices SW Marcellus System Map…
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…
Strategically-Located Storage Assets Crude oil and natural gas storage facilities provide diversification and long-term optionality in strategic basins Tres Palacios Strategically located along the Gulf Coast with 35 Bcf gas…
Key Investor Highlights Premier High-Quality Results MLP Leading Financial Favorable FCF+ Capital Diversified Customers G&P Sector Driven ESG & Discipline & 2022 Allocation Asset & Contract Consolidation Execution Governance…
Connections for Americas Energy Appendix 26
Crestwoods 2022-2024 Sustainability Strategy Crestwoods three-year Sustainability Strategy is aligned with the delivery of our business goals while also being responsive to our stakeholders needs; integrating sustainability across our…
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 Received 1st place…
Historical Segment EBITDA (US Millions, unaudited) Gathering & Processing North Gathering & Processing South Storage & Logistics Assets by Segment Williston Basin, Powder River Basin Delaware Basin, Barnett, SW Marcellus NGL…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in millions) (unaudited) Three Months Ended March 31, 2022 2021 Net Income (Loss) to Adjusted EBITDA Net income (loss) 22.2…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in millions) (a) EBITDA is defined as income before income taxes, plus debt-related costs (interest and debt (unaudited)…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Full Year 2022 Adjusted EBITDA, Distributable Cash Flow and Free Cash Flow Guidance Reconciliation of Non-GAAP Financial Measures (in millions) (unaudited) Expected 2022…
Big C closing slide Connections for Americas Energy 33
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