Crestwood Midstream Partners LP Bank of America Merrill Lynch Leveraged Finance Conference December 4, 2013
Merger Creates Unique Mid-Cap MLP New Crestwoods unique position provides the scale and diversification of a large-cap MLP with the growth potential of a small-cap MLP Final step of the combination between Crestwood and Crestwood…
Key Investor Highlights Positioning Crestwood for long-term stable growth to create stakeholder value Merger creates premier mid-cap MLP with asset base in the industrys leading shale plays Over 2 Bcf/d of natural gas and 500,000…
Diversified US Midstream Portfolio Asset Summary (1) Existing platform in every premier shale play Natural Gas 1.3 Bcf/d natural gas transportation capacity in North America provides cash flow diversity and creates 2.1+ Bcf/d…
Cash Flow Stability and Visibility Significant diversification provides 2013E EBITDA Mix greater cash flow stability Within the core operating segments, US Salt Other Stagecoach 10+ different assets with diversified Fayetteville…
Wellhead-to-Burner Tip Operations Link New Shale Supply to Demand Dry Gas Intrastate Intrastate & Gathering CO2 Treating & Interstate Gas Storage Interstate Pipelines Pipelines Pipelines Ethane Propane Rich Gas Mixed NGL NGL…
Focus Capital Investment High Return Assets 1.1B backlog over the next 5 years of identified organic projects drive growth and returns; bolt on acquisitions and drop-downs from CEQP to supplement capital investment when appropriate…
Disciplined Financial Objectives Proven access to long-term capital and a balanced funding approach have kept ahead of capital needs Current Organizational Structure Commitment to disciplined balance sheet management Crestwood 400M…
CMLP Capitalization Pro Forma Capitalization As of September 30, 2013 Legacy Legacy Pro Forma ( in millions) As Adjusted (1) Recent capital markets activity Cash NRGM 1.2 CMLP 5.7 - positions balance sheet out in front…
Operations Overview 11
Core Growth - Bakken Shale Established strategic position in the core of one of the industrys most prolific liquids-rich and crude oil plays Positioning Crestwood to be a full value chain Original Oil in Place midstream services…
Arrow Midstream Acquisition 750MM Arrow Midstream acquisition funded with 540MM of equity prior to closing on November 8, 2013 Asset Description Asset Map Located on the Fort Berthold Reservation Long term gathering contracts with…
Integrating the Bakken Footprint Arrows CDP is a strategic liquidity hub south of the Missouri river, which complements CMLPs existing COLT Hub Synergy Potential Arrow system is 60 miles southeast of CMLPs COLT Hub crude rail and…
Core Growth - Marcellus Shale 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 escalators for low…
Marcellus 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 pads 2H 2013 to…
PRB Niobrara Shale 3Q 2013 Acquisitions Add to Rich Gas Asset Portfolio Integrated gathering, processing NGL pipeline and rail potential In the Powder River Basin (PRB) Acquired 50% interest in Jackalope Gas Gathering CHK/RKI…
Niobrara Shale - Strong Producer Economics Accelerates Supply Growth Jackalope Area (Converse County, WY) Development Activity 9 CHK operated rigs active within Jackalope AMI (deep Niobrara and Turner rich gas targets) 3 RKI operated…
Core Optimization - NE Storage & Transportation NE Assets are fully subscribed through March 31, 2014 Significant re-contracting progress made during 3Q 2013: NE 2014 storage renewal capacity largely re-contracted at existing 18/MSQ…
Core Optimization Crude Services and NGL Facilities & Logistics 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…
Past Performance Drives Growth Expectations Historical Adjusted EBITDA (1) CMLP (MMs) 350 Combined Legacy CMLP and Legacy NRGM have generated 103% growth in Adjusted EBITDA since 2010 300 750 MM Arrow acquisition completed in 4Q 155…
Key Investor Highlights Positioning Crestwood for long-term stable growth to create stakeholder value Merger creates premier mid-cap MLP with asset base in the industrys leading shale plays Over 2 Bcf/d of natural gas and 500,000…
Appendix 23
Legacy Crestwood Midstream Partners LP Non-GAAP Reconciliations Three Months Year Ended December 31, Ended 2010 2011 2012 9/30/2013 (in MMs) (audited) (audited) (audited) (unaudited) Net income 34.9 45.0 38.9 6.3 Depreciation and…
Legacy Inergy Midstream, L.P. Non-GAAP Reconciliations Three Months FYE Sept. 30 Ended (1) (1) 2010 2011 2012 9/30/2013 (in MMs) (audited) (audited) (audited) (unaudited) Net income 43.2 53.5 65.7 (1.0) Depreciation and…
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