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UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp

Crestwood Midstream Partners Lp · Jan 15, 2014 · 29 slides

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Slides

  1. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 1
    Connections for Americas Energy UBS Global Energy Presentation MLP One-on-OneTitle Conference Presentation Subtitle 1/13/2014 January 13-15, 2014 Crestwood Midstream Partners LP Crestwood Equity Partners LP
  2. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 2
    Crestwood Corporate Structure First Reserve/Crestwood CEQP Public Holdings Unitholders 71% Interest 29% LP Interest 100% Non-economic GP Interest (Control) Crestwood Equity Partners LP (NYSE: CEQP) 11% LP 185.4 million units…
  3. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 3
    Transformational 2013 for Crestwood Significant transformation in 2013 creates exciting new beginning Merger creates premier mid-cap MLP Combined enterprise value of 9.0 BB; 550 MM 2014E EBITDA Crestwood / Currently servicing over 2…
  4. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 4
    Diversified US Midstream Portfolio Existing platform in every premier shale play in North America creates significant opportunity for optimization, organic expansion, and strategic M&A ASSET SUMMARY (1) Natural Gas 1.3 Bcf/d…
  5. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 5
    Attractive Business Mix and Cash Flow Profile Segment and asset diversification 2013E EBITDA Mix provides greater cash flow stability 10+ different key assets with Gathering & US Salt Other Stagecoach diverse fundamentals generating…
  6. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 6
    Identified and Contracted Expansion Projects Support 2014+ EBITDA and DCF growth Attractive backlog of contracted and identified organic projects drive growth at 5.0x to 7.0x all-in build multiples Capex Project Timeline (1)…
  7. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 7
    2014 CMLP & CEQP Guidance Announced Statistic FY2013E FY2014E 2014E EBITDA Mix MM 100% Adjusted EBITDA 365 465 - 510 NGL & Crude Services 80% Adjusted Distributable Cash Flow 270 330 - 360 CMLP 60% Storage & Growth Capital 445…
  8. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 8
    CMLP Offers Strong Total Return Potential to Investors CMLP represents superior risk-adjusted returns proposition for investors Current valuation (50 to 150 Bps yield discount relative to selected peers) not reflective of the new…
  9. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 9
    CEQP Total Return Potential Leveraged to CMLP Long-term CEQP growth levered to underlying execution and distribution growth at CMLP Expected 3-Yr CEQP DCF CAGR of 35% (1) Challenging fundamentals at Tres Palacios limit 1H 2014…
  10. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 10
    Industry Leading Portfolio of Gathering and Processing Assets Feed the Value Chain Current system-wide gathering throughput of 1.2 Bcf/d PRB Niobrara Shale 311,000 acres AMI 20-year 15% COS Bakken Shale contracts Marcellus Shale…
  11. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 11
    Favorable Basin Economics Strategy centered on developing infrastructure where producer wellhead economics are strongest 8.00 2014 Calendar Strip Price: 7.16 7.43 7.00 4.12/MMBtu(1) 6.00 5.67 5.70 5.72 5.93 6.00 5.10 5.12 5.24 5.35…
  12. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 12
    Marcellus Shale Drives G&P Segment Contribution Growing rich gas gathering and compression assets in the core Southwest portion of the Marcellus Antero Resources/Crestwood Agreements 20-year, 100% fixed-fee contract with annual…
  13. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 13
    Marcellus 2013-14 Expansion Projects Update Recently completed the Zinnia 20 Trunkline integrating the Greenbrier Area with the Eastern AOD system 14 laterals under construction or recently completed connecting multiple Antero well…
  14. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 14
    PRB Niobrara Shale 3Q 2013 Acquisitions Add to Rich Gas Growth Potential Integrated gathering, processing NGL pipeline and rail potential in the Powder River Basin (PRB) Acquired 50% interest in Jackalope Gas Gathering System CHK/RKI…
  15. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 15
    Gathering & Processing Segment 2014 Forecast Segment Profit (1) 2014E Profit Contribution MM Niobrara 250 5% Fayetteville 9% 200 150 Marcellus Barnett Dry 18% 42% 100 Granite Wash 50 2% 0 Barnett Rich 2010 2011…
  16. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 16
    Well Positioned NE Storage & Transport Assets Storage & Pipeline network provides critical infrastructure for Marcellus growth Crestwood owns premier NE US high deliverability, multi-cycle storage facilities in NY 41 Bcf fully…
  17. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 17
    NE Storage & Transportation Contract Update Weighted average maturity of contract portfolio through June 2018 Significant re-contracting progress made during 3Q 2013: NE 2014 storage renewal capacity largely re-contracted at existing…
  18. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 18
    Tres Palacios Gas Storage Weather the Storm Current Gulf Coast gas storage market is challenged due to: Overbuilt storage market Weak summer/winter gas price spreads Low gas price volatility 2.1+ Bcf/d gathering capacity Excess…
  19. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 19
    Storage & Transport Segment 2014 forecast Segment Profit (1) 2014E Profit Contribution MM 150 Transportation Transportation 125 43% 100 Storage 75 Storage 50 57% 25 0 2010 2011 2012 2013E 2014E (1) Represents…
  20. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 20
    Expanding NGL & Crude Services Business Nationwide, Crestwood is handling over 500,000 BPD of NGLs and Crude Oil through our facilities and transportation assets 180,000 BPD of NGLs through NGL facilities and transport assets 186,000…
  21. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 21
    Bakken Shale Drives 2014 Crude Services Growth Positioning Crestwood to be a full value Original Oil in Place chain midstream services provider for the Bakken Shale COLT Hub Crude Rail Facility - connects Expanding footprint in…
  22. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 22
    COLT Hub Crude Rail Facility COLT Terminal Overview Dry Fork Terminal Overview Leading Bakken crude rail facility located in Located at the intersection of four major Williams County, ND anchored by multi-year pipelines at the Beaver…
  23. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 23
    Arrow Midstream Acquisition 750 MM accretive Arrow Midstream acquisition closed November 8, 2013 Asset Description Asset Map Located on the Fort Berthold Reservation Long term gathering contracts with committed Bakken Shale…
  24. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 24
    Integrating the Bakken Footprint Arrows CDP is a strategic liquidity hub south of the Missouri river, which complements COLT Hub Synergy Potential Arrow system is 60 miles southeast of CMLPs COLT Hub crude rail and pipeline…
  25. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 25
    NGL & Crude Services Segment 2014 Forecast Segment Profit (1) 2014E Profit Contribution MM NGL Supply Logistics 250 12% NGL Arrow Transportation 200 33% 7% West 150 Coast 9% 100 NGL Storage 4% 50 US Salt Crude 7%…
  26. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 26
    Key Investor Highlights Positioning Crestwood for long-term visibility to growth through organic projects and M&A Post-merger mid-cap MLP positioned to service premier US liquids-rich and crude oil shale plays Liquids-focused growth…
  27. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 27
    Non GAAP Reconciliations Connections for Americas Energy UBS MLP One-on-One Conference 28 28
  28. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 28
    Crestwood Midstream Partners, L.P. Non-GAAP Reconciliations CRESTWOOD MIDSTREAM PARTNERS LP Full Year 2014 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income ( In millions) Net income 105 - 138…
  29. UBS Global Energy Presentation MLP One on OneTitle Conference Presentation – Crestwood Midstream Partners Lp – slide 29
    Crestwood Equity Partners, L.P. Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Full Year 2014 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income ( In millions) Net income 135 - 173 Interest…

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