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Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp

Crestwood Midstream Partners Lp · Aug 20, 2014 · 34 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 1
    Connections for Americas Energy Citi 2014 MLP/Midstream Presentation Conference Infrastructure Title Presentation Subtitle 9/22/2014 August 20-21, 2014 Crestwood Midstream Partners LP Crestwood Equity Partners LP
  2. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 2
    Crestwood is Well Positioned to Create Value Two publicly traded MLPs provides strategic flexibility to enhance value 9.0 BB enterprise value Handling 3 Bcf/d of natural First Reserve/Crestwood gas;300 MBbls/d of NGLs; Holdings 200…
  3. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 3
    Growing Operations in Key US Shale Plays Assets and operations divided into 4 operating regions to gain scale, reduce costs and generate commercial synergies Connections for Americas Energy 4 4
  4. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 4
    Attractive Business Profile and Contract Portfolio Attractive Growth Areas Northeast and Rockies primary 2014E EBITDA 2014E EBITDA growth regions West Long-term service contracts in 4% Gathering & the best US resource plays…
  5. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 5
    Integrated Value Chain Strategy will lead to Asset Optimization and Improved Performance over time Focused on Liquids-Rich and Crude Oil Shale Plays Connectivity & Integration & Supply Aggregation Market Access Optionality…
  6. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 6
    2014 Mid-Year Performance Update While starting out slower than expected, business plan taking shape Marcellus SW rich gas gathering/compression; NE dry gas storage/transportation Strategic Bakken leading CBR loading facility; growing…
  7. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 7
    Improving Results since 3Q 2013 Merger Sequential Consolidated LTM EBITDA growth; record natural gas and crude volumes 2013 2014 3rd Qtr (1) 4th Qtr 1st Qtr 2nd Qtr Segment EBITDA Segment EBITDA ( MMs) (2) Gathering and Processing…
  8. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 8
    Improving Balance Sheet Creates Flexibility Recent Equity issuance improves credit metrics; no near-term debt maturities BB/Ba3 credit rating; stable outlook ( in millions) 4th Qtr 1st Qtr 2nd Qtr 2013 2014 2014 300 MM Class A…
  9. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 9
    Strategic Equity Capital Matches Development Profile 650 million preferred equity is the right capital at the right time Equity support with built-in flexibility to execute growth opportunities 500 MM commitment from Magnetar, GSO…
  10. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 10
    2H 2014 Goals and Objectives Delivering onCMLP near-term initiatives to improve visibility of long-term FYE Targeted Result growth Complete 5 major 2014 capital Marcellus gathering expansion to 875 MMcf/d; projects on-time and…
  11. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 11
    Operations Update by Region Connections for Americas Energy 12 12
  12. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 12
    Northeast Region Marcellus / Utica Core growth opportunity in the most prolific natural gas play in history Regional Commentary (1) 20 Bcf/d and 1 MMBbl/d NGLs out of Marcellus / Utica by 2020 timeframe Distribution constraints…
  13. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 13
    NE Region Southwest Marcellus Gathering Crestwood provides exclusive gathering and compression services for Antero Resources Eastern Area of Dedication in the rich-gas Southwest core of the Marcellus Shale play Antero Resources…
  14. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 14
    NE Region Southwest Marcellus 2Q 2014 Update Marcellus Gathering and Compression Volumes Antero Crestwood 2012 Agreements 20-year, 100% fixed-fee contract with annual escalators 7 year increasing annual minimum volume commitment in…
  15. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 15
    NE Region Marcellus Storage & Transportation 41 Bcf high performance, multi- cycle natural gas storage Critical supply points for premium NE markets Fully contracted primarily with NE utilities including ConEd, PSEG and NJ…
  16. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 16
    NE Region Storage & Transport 2Q 2014 Update NE Marcellus dry gas supply growth driving record throughput, margins and expansion opportunities 2.0 2Q 2014 Performance 1.8 1.6 Volume growth from increased NE Marcellus production…
  17. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 17
    Rockies Region: Bakken / PRB Niobrara Value chain strategy at work in Bakken and PRB Niobrara Regional Commentary (1) Bakken Shale the premier crude oil shale play in North America 1.5 MMBbls/d by 2020 194 active rigs running in…
  18. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 18
    Rockies Region Arrow Gathering Crestwoods Bakken crude oil value chain strategy begins with Arrow Gathering 750 MM November 2013 acquisition 150,000 acreage dedication on Fort Berthold Indian Reservation (FBIR) Long-term crude oil,…
  19. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 19
    Rockies Region - COLT Hub and Connector COLT Hub links Bakken crude supply to prime markets; currently the leading rail terminal in North Dakota by volume Sourcing Capacity Storage Capacity Takeaway Capacity 290,000 Bbls/d 1.2 MM…
  20. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 20
    Rockies Region Arrow/COLT 2Q 2014 Update CMLP handled 200 MBbls/d in 2Q via gathering, trucking, rail loading and pipe Arrow Gathering Update Arrow Gathering Increased Q2 2014 volumes following severe winter weather in 1Q 2014 36…
  21. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 21
    Rockies Region PRB Niobrara Expanding gathering and processing system in the Powder River Basin (PRB) to serve increasing production Jackalope Gas Gathering 50/50 JV with Access Midstream 20-year cost-of-service agreement with…
  22. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 22
    Central Region Barnett, Permian, Fayetteville, Granite Wash / Haynesville & Gulf Coast Storage Emerging growth from Permian Delaware basin Regional Commentary Current gas price and forward strip support development in core dry gas…
  23. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 23
    Central Region Barnett Shale 2Q 2014 Update Resumption of Growth in the Barnett Shale Recent Quicksilver (KWK) / Tokyo Gas well completions show improved performance in Barnett dry area Texas Motor Speedway wells 30-day IP rate…
  24. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 24
    Central Region Delaware Permian 2Q 2014 Update Completed Willow Lake Gathering & Processing Facility in July 2014 NM TX 20 MMcf/d cryogenic plant 10-year, fixed-fee gathering and processing agreement with Legend Production…
  25. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 25
    Central Region Tres Palacios 2Q 2014 Update Mexico Plans 42 Gas-Fired Power Projects Near-Term Initiatives for Tres Palacios Potential sale of a minority interest in Tres Palacios to a third-party with a simultaneous drop-down of…
  26. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 26
    NGL Supply, Logistics, Transportation CEQP growing business segment instrumental in executing Crestwoods wellhead-to-burner tip operating model Leading purchaser of Marcellus / Utica liquids Among largest LPG truck fleets in the US…
  27. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 27
    Long-Term Growth Drivers Premier Shale footprint provides attractive backlog of organic projects; successful execution at 5.0x to 7.0x all-in build multiples drives substantial future growth Arrow Midstream crude oil, natural gas and…
  28. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 28
    Key Investor Highlights Financial stability with visible growth through execution of value chain strategy Footprint covers premier US natural gas, liquids- rich and crude oil shale plays Growth underpinned by Marcellus/Utica,…
  29. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 29
    Crestwood Midstream Partners LP Non-GAAP Reconciliations CRESTWOOD MIDSTREAM PARTNERS LP (FORMERLY INERGY MIDSTREAM, L.P.) Segment Data (in millions) (unaudited) 2 0 14 2 0 13 2 nd Q t r 1s t Q t r 4th Qtr 3 rd Q t r Gathering and…
  30. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 30
    Crestwood Midstream Partners LP Non-GAAP Reconciliations CRESTWOOD MIDSTREAM PARTNERS LP (FORMERLY INERGY MIDSTREAM, L.P.) Reconciliation of Non-GAAP Financial Measures (in millions) (unaudited) 2 0 14 2 0 13 2 nd Q t r 1s t Q t r…
  31. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 31
    Crestwood Equity Partners LP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP (FORMERLY INERGY, L.P.) Segment Data (in millions) (unaudited) 2 0 14 2 0 13 2 nd Q t r 1s t Q t r 4th Qtr 3 rd Q t r Gathering and Processing…
  32. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 32
    Crestwood Equity Partners LP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP (FORMERLY INERGY, L.P.) Reconciliation of Non-GAAP Financial Measures (in millions) (unaudited) 2 0 14 2 0 13 2 nd Q t r 1s t Q t r 4th Qtr 3 rd Q…
  33. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 33
    Crestwood Midstream Partners LP Non-GAAP Reconciliations CRESTWOOD MIDSTREAM PARTNERS LP (FORMERLY INERGY MIDSTREAM, L.P.) Full Year 2014 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in…
  34. Citi 2014 MLP Midstream Infrastructure Conference – Crestwood Midstream Partners Lp – slide 34
    Crestwood Equity Partners LP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP (FORMERLY INERGY, L.P.) Full Year 2014 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in millions) (unaudited)…

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