Connections for Americas Energy Investor Presentation Presentation Title Presentation March 2015 Subtitle 3/3/2015 Crestwood Midstream Partners LP Crestwood Equity Partners LP
Strategy Unchanged by Current Market Volatility Two publicly traded MLPs provides strategic flexibility to enhance value Current Strategy Evolving CEQP transitioning to pure-play GP entity First Reserve/ Crestwood Holdings CMLP…
Balanced and Diverse Business Mix Estimated 2015 EBITDA Contribution Operating Segments Regional Footprint Operating Assets Other West West 4%6% US Salt Marcellus Jackalope NGL & Gathering & Central Northeast Barnett Crude…
Leading Fixed-Fee Contract Portfolio 92% of CMLP 2015E EBITDA from take-or-pay and fixed-fee contracts Key Assets protected from commodity change and volume reduction CMLP Contract Portfolio CMLP Take-or-Pay Contract Portfolio…
Core Acreage Positions Crestwoods assets are competitively positioned to benefit from industry-best producer economics which should lead to continued development activity Bakken (Fort Berthold Reservation) Top-tier development area…
Breakeven WTI Price (/bbl) 30 40 60 70 20 50 80 90 Eag le Ford Oil Tier 1 Bakken Tier 1 TFS Tier 1 Niobrar a Tier 1 WTI 5yr Strip Eag le Ford Oil Tier 2 Source: HPDI and TPH. Bakken Tier 2 Price(1):…
Improving Balance Sheet and Flexibility Credit Statistics Invested cumulative capital of 1.6 billion December 31, December 31, since the merger ( in millions) 2013 2014 Existing asset footprint substantially built-out CMLP Balance…
Bakken Arrow Gathering System Tier 1 acreage dedication with substantial long-term growth through system build out; 75-80 MM estimated 2015 EBITDA Summary and Major Updates Bakken Asset footprint in concentrated acreage blocks with…
Bakken COLT Hub and Connector COLT Hub is the leading Bakken CBR facility linking Bakken crude supply to prime refinery markets; 75-80 MM estimated 2015 EBITDA Summary and Major Updates CBR to Gulf Coast squeezed out by 2018 with new…
PRB Niobrara Gathering, Processing & CBR Actively developing a leading position in the PRB to handle both crude and gas; 20-25MM estimated 2015 EBITDA contribution to CMLP from Jackalope JV Summary and Major Updates 120 MMcf/d…
NE Marcellus Storage and Transportation Strategically located NE assets provide significant level of contracted cash flows and growth opportunities; 140-145 MM estimated 2015 EBITDA Summary and Major Updates Northeast assets consist of…
SW Marcellus (Antero) Gathering & Compression Long-term fee-based contracts in southwest Marcellus core production window; 85-90 MM estimated 2015 EBITDA Summary and Major Updates Antero Midstream Crestwood Dedication Area Dedication…
Tres Palacios Organic Growth Opportunities Crestwood partnership with Brookfield improves near-term contracted cash flow and supports Crestwoods ability for future business development Summary and Major Updates 9.0 Bcf/d New Project…
Barnett Gathering and Processing Fee-based contracts in core production zones of the Barnett provide stable cash flows; 85-90 MM estimated 2015 EBITDA Quicksilver Resources (KWKA) Update CMLP Barnett Region Revenue % by Customer 7%…
Crestwood NGL Services Premier NGL supply and logistics platform servicing the value chain to connect NGL supplies to NGL demand markets; 65-70 MM estimated 2015 EBITDA Summary 2015E EBITDA Contribution 25 MMcf/d natural gas…
Key Investment Highlights Diversified US midstream platform established since 2010 Substantial operations across the entire midstream value chain Critical mass in natural gas, natural gas liquids and crude oil operations…
Non-GAAP Reconciliations Connections for Americas Energy 21 21
CMLP Non-GAAP Reconciliations CRESTWOOD MIDSTREAM PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in m illions) (unaudited) Three Months Ended December 31, Year Ended December 31, 2014 2013 2014 2013 EBITDA Net income…
CMLP Non-GAAP Reconciliations CRESTWOOD MIDSTREAM PARTNERS LP Full Year 2015 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in m illions) (unaudited) Expected 2015 Range Low - High Net income…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Reconciliation of Non-GAAP Financial Measures (in m illions ) (unaudited ) Three Months Ended December 31, Year Ended December 31, 2014 2013 2014 2013 EBITDA Net income…
CEQP Non-GAAP Reconciliations 2014 2013 (in millions); (unaudited) 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr Gathering and Processing Revenues 84.3 85.3 83.4 79.5 76.6 C osts of product/services sold 16.4 18.6 17.6 18.7 16.2…
CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Full Year 2015 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in m illions) (unaudited) Expected 2015 Range Low - High Net income 56 -…
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