Crestwood investor deck may 2018 v mlpa final

Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
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5/18/2018
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Investor Presentation
May 2018

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The statements in this communication regarding future events, occurrences, circumstances, activities, performance,
outcomes and results are forward-looking statements. Although these statements reflect the current views, assumptions
and expectations of Crestwood’s management, the matters addressed herein are subject to numerous risks and
uncertainties which could cause actual activities, performance, outcomes and results to differ materially from those
indicated. Such forward-looking statements include, but are not limited to, statements about the benefits that may result
from the merger and statements about the future financial and operating results, objectives, expectations and intentions
and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect
Crestwood’s financial condition, results of operations and cash flows include, without limitation, the possibility that
expected cost reductions will not be realized, or will not be realized within the expected timeframe; fluctuations in crude oil,
natural gas and NGL prices (including, without limitation, lower commodity prices for sustained periods of time); the extent
and success of drilling efforts, as well as the extent and quality of natural gas and crude oil volumes produced within
proximity of Crestwood assets; failure or delays by customers in achieving expected production in their oil and gas
projects; competitive conditions in the industry and their impact on our ability to connect supplies to Crestwood gathering,
processing and transportation assets or systems; actions or inactions taken or non-performance by third parties, including
suppliers, contractors, operators, processors, transporters and customers; the ability of Crestwood to consummate
acquisitions, successfully integrate the acquired businesses, realize any cost savings and other synergies from any
acquisition; changes in the availability and cost of capital; operating hazards, natural disasters, weather-related delays,
casualty losses and other matters beyond Crestwood’s control; timely receipt of necessary government approvals and
permits, the ability of Crestwood to control the costs of construction, including costs of materials, labor and right-of-way
and other factors that may impact Crestwood’s ability to complete projects within budget and on schedule; the effects of
existing and future laws and governmental regulations, including environmental and climate change requirements; the
effects of existing and future litigation; and risks related to the substantial indebtedness, of either company, as well as
other factors disclosed in Crestwood’s filings with the U.S. Securities and Exchange Commission. You should read filings
made by Crestwood with the U.S. Securities and Exchange Commission, including Annual Reports on Form 10-K and the
most recent Quarterly Reports and Current Reports for a more extensive list of factors that could affect results. Readers
are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the
date made. Crestwood does not assume any obligation to update these forward-looking statements.
Company Information
2
Forward-Looking Statements
Contact Information
Corporate Headquarters
811 Main Street
Suite 3400
Houston, TX 77002
(1) Market data as of 5/18/2018.
(2) Unit count and balance sheet data as of 3/31/2018.
Crestwood Equity Partners LP
NYSE Ticker CEQP
Market Capitalization ($MM)(1,2) $2,165
Enterprise Value ($MM)(2) $4,315
Annualized Distribution $2.40
Investor Relations
investorrelations@crestwoodlp.com
(713) 380-3081
No IDRs
Corporate Structure

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Well-Positioned for
DCF per Unit Growth

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Key Investor Highlights:
2017 Momentum Carrying Over to Strong 2018 and 2019
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EXECUTION
UNITHOLDER
ALIGNMENT
FINANCIAL
DISCIPLINE
SELF-FUNDED
GROWTH
5-year plan focused on increased DCF per unit to enhance unitholder
value on a Price/DCF basis
• Solid Q1’18 results; On-track to achieve 2018 guidance targets
• 17%, 17% and 23% y-o-y Q1’18 growth on oil, gas and water gathering volumes, respectively
• Recognized by EnergyPoint, NDPC and the EPA as a best-in-class midstream operator for safety,
customer service, community and environmental responsibility
• No incentive distribution rights
• Management and insiders own >30% of common LP units
• General Partner First Reserve committed ~$500MM of new capital to support CEQP growth in
the Delaware Basin
• Attractive balance sheet; committed to long-term leverage ratio of 4.0x or below
• Strong distribution coverage of 1.2x or above
• Opportunistically managing capital structure to reduce cost of capital
• No equity required to fund $250MM-$300MM capital program in 2018
• Asset divestitures and excess cash flow used to finance growth
• Strategic joint-ventures with Shell Midstream, Williams, Con Edison and First Reserve
provides additional capital for CEQP growth projects
• High quality projects in the Bakken, Delaware Basin, Powder River Basin and NE Marcellus
• Committed to accretive organic growth projects offering 5x – 7x build multiples
• ~$120MM+ expected EBITDA contribution from current projects by 2021

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6.7x
8.8x 9.1x
10.2x 10.7x 11.2x 11.3x 11.9x
12.7x 12.9x
16.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
Peer
1
CEQP Peer
2
Peer
3
Peer
4
Peer
5
Peer
6
Peer
7
Peer
8
Peer
9
Peer
10
2019E EV/EBITDA
‐20%
‐15%
‐10%
‐5%
0%
5%
10%
15%
20%
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Near-term Growth Catalysts Provide Unrecognized Value
Crestwood Driving Unitholder Value
Unrecognized Value to Further Propel Valuation
Crestwood has been a leader in the sector’s transformation by checking all the right
boxes for unitholder value creation
• Strong fundamentals in
the areas we operate
 Sub-4x Leverage and
Coverage above 1.2x
 NO Incentive
Distribution Rights
 NO FERC cost-of-service
rate exposure
 Visible, accretive
growth projects
 Committed to MLP
structure
Crestwood Has Delivered Strong Performance
Yet Still…Offers Significant Upside With Continued Execution
Peer Group Includes: DCP, ENBL, ENLK, ETP, OKE, PAA, SMLP, TRGP, WES, and WPZ.
Market trading data per NYSE Connect as of 5/18/2018.
2019 EV/EBITDA data per Wall Street research as of 5/11/2018.
CEQP +18%
Peers +7%
Alerian (4%)
YTD Relative Price Performance
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
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
Median = 11.3x

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Multiple High-Growth Basins
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Diversified midstream portfolio with operating scale along the value chain
• 5-Yr Growth Strategy Driven by
4 Core Growth Areas
− Bakken – 2018+
− Delaware Basin – 2019+
− Powder River Basin – 2019+
− NE Marcellus Shale – 2020+
• Remaining portfolio of assets
provide stable cash flows,
optimization alternatives and
upside optionality
Bakken
Northeast
MarcellusPowder
River Basin
Delaware
Basin

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Balanced Portfolio; High Quality Customers
CEQP Contract Portfolio
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7
Variable
Rate Contracts
14%
Take-or-Pay and
Fixed-Fee
Contracts
86%
~86% of Crestwood 2018 EBITDA from take-or-pay and fixed-fee contracts;
Key assets protected from commodity volatility and volume declines
Long-Term Contract Profile With High Quality Customers(1)
2018 Forecasted EBITDA
(1) Not inclusive of all Crestwood customers.
Stable cash flows supported by fixed-fee contracts, top-tier customer base
and balanced commodity exposure
G&P assets backed by 1.1 million acreage dedication; High quality producer mix
Top-tier NE Gas Storage & Transportation franchise; Largely investment grade
Diversified NGL Marketing, Supply & Logistics business
Gas Oil NGLs
Volumes by
Commodity
EBITDA by
Commodity
60%25%
15%
50%
30%
20%

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20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018E
Q2
2018E
Q3
2018E
Q4
2018E
Q1
2019E
Q2
2019E
Q3
2019E
Q4
2019E
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018E
Q2
2018E
Q3
2018E
Q4
2018E
Q1
2019E
Q2
2019E
Q3
2019E
Q4
2019E
0
50,000
100,000
150,000
200,000
250,000
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018E
Q2
2018E
Q3
2018E
Q4
2018E
Q1
2019E
Q2
2019E
Q3
2019E
Q4
2019E
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SW Marcellus
• 21 DUCs completed in 2017
• 10%/yr PDP decline rate in 2018(1)
Strong Fundamentals Support Volume Growth
System DriversProducer Activity Driving Volume Growth
Barnett
• Active workover program in 1H:17
• 5-10%/yr PDP decline rate in 2018
• Potential for new wells with higher
gas prices
Bakken
• System debottlenecking and
expansions in 2018
• Full-year of Bear Den Phase 1
processing
• WPX driving 2018 volume growth
Delaware Basin
• 6 current rigs by SWEPI
• Halcon adding rig on So. Nautilus
• Expect Concho activity in 2019
Q1 2018 Oil, Gas and Water gathering volumes up 17%, 17% & 23% YOY
Powder River Basin
• 4 current rigs by CHK
• 5th CHK rig forecasted in 2H 2018
• Anschutz and Balidor contracts added
Powder River Basin
Delaware BasinBakken - Water
Bakken – Natural GasBakken – Oil
2017-2019E
+65% Growth
(1) MVCs through 2018 term; however, all current and future cash
flow reflective of actual throughput and rate (no cash flow cliff).
2017-2019E
+60% Growth
2017-2019E
+110% Growth
2017-2019E
+240% Growth
0
100,000
200,000
300,000
400,000
500,000
600,000
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018E
Q2
2018E
Q3
2018E
Q4
2018E
Q1
2019E
Q2
2019E
Q3
2019E
Q4
2019E
SW Marcellus and Barnett
SW Marcellus
Barnett
10%/yr decline
5-10%/yr decline2017-2019E
+70% Growth
40,000
50,000
60,000
70,000
80,000
90,000
100,000
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018E
Q2
2018E
Q3
2018E
Q4
2018E
Q1
2019E
Q2
2019E
Q3
2019E
Q4
2019E
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018E
Q2
2018E
Q3
2018E
Q4
2018E
Q1
2019E
Q2
2019E
Q3
2019E
Q4
2019E
Projected Growth w/
Expansion Projects

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$300
$350
$400
$450
$500
$550
$600
2017 2018E 2019E 2020E
Estimated Adjusted EBITDA ($MM)
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High Return Projects Drives EBITDA/DCF Growth
Crestwood’s visible project backlog will drive >15% 3-yr EBITDA CAGR; Near-term
growth focused in the Bakken, Delaware Basin and Powder River Basin
2018 Drivers
• Arrow, Nautilus and Jackalope growth
• Bear Den Processing Plant 2
• Powder River Basin
– Jackalope system expansion
– Bucking Horse Plant 2
• Increased Stagecoach contribution
• Arrow gathering system expansions
and debottlenecking
• Nautilus gathering system growth
• Orla Express and Processing Plant 1
• Increased Stagecoach contribution
2020+
• Arrow, Nautilus and Jackalope
volume growth
• Northeast Marcellus expansion
• Orla and Bucking Horse
Processing Expansions
• Joint-venture consolidations
Organic Projects Drive Accretive Growth
Growth Capital
$250 million - $300 million
5x-7x build multiples
Est. Growth Capital(1)
$200 million - $300 million
5x-7x build multiples
Guidance
$390MM-$420MM
>15%
Growth
>15%
Growth
TBD
2019 Drivers
(1) Estimates based on projects currently
underwritten or expected to reach FID in 2018.
>15% 3-YR DCF/Unit CAGR

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Attractive Set of Near-term
Organic Growth Projects

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Bakken Growth Strategy
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Crestwood continues to expand the Arrow Gathering System and Bear Den
Processing Plants to meet growing producer volume forecasts
Arrow Overview
Oil
Natural Gas
Water
• Arrow Gathering system generated ~$120MM of Adj. EBITDA
in 2017; 34% increase from 2016
• >1,500 drilling locations identified on dedicated acreage
• Diversified and balanced group of producers: WPX, QEP,
XTO, EnerPlus, Bruin, Rimrock, PetroShale
• 8-year weighted average contract length and Crestwood
purchases 100% of oil and gas volumes at the wellhead
• The Arrow system will be Crestwood’s largest driver of
cash flow growth in ’18/’19
3-Product Growth Strategy
• Oil gathering volumes expected to increase ~15% in 2018 based on improved well performance
• Connected to DAPL in 2017; led to significant improvement in producer net-backs
• Gas gathering volumes expected to increase ~50% in 2018 with reduced flaring
• Bear Den Plants reduce reliance on 3rd party processing, provide flow assurance and better net-backs
• Water gathering volumes expected to increase ~60% in 2018
• Significant produced water being trucked today; expanded water gathering and new SWD wells
1
2
3
Forecasted Volume Growth
80 well connects per
year through 2021 drives
15-20% EBITDA CAGR
–
25
50
75
100
125
2013 2014 2015 2016 2017 2018 2019 2020 2021
Oil (MBbl/d) Water (MBbl/d) Gas (MMcf/d)

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0
30
60
90
120
150
YE 2017 YE 2019
Capacity (MMcf/d)
0
30
60
90
120
150
YE 2017 YE 2019
Capacity (MBbls/d)
0
30
60
90
120
YE 2017 YE 2019
Capacity (MMcf/d)
0
20
40
60
80
100
YE 2017 YE 2019
Capacity (MBbls/d)
Arrow System Expansion Projects
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Arrow gathering and processing projects increase capacity to support long-
term development plans and improving Bakken well performance
Gathering
Projects
New Oil &
Water Pumps
New
Compressor
Station
Bear Den Plant
Phase 1: 30 MMcf/d
Phase 2: 120 MMcf/d
SWD
Expansions
Crude Gathering Water Gathering Gas Gathering Gas Processing
+50% +70% +120% +400%

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Bear Den Processing Plants
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Gas Processing Overview Processing Capacity Growth Timeline
Bear Den plant phase-1
Crestwood is expanding Arrow’s processing capacity to meet producer forecasts and
improve flow assurance; Bear Den Phase 2 scheduled in-service for Q3 2019
• Bear Den Processing Strategy is a two
phase solution to provide 150 MMcf/d
processing for Arrow gas volumes; focus on
reduced flaring, flow assurance and improved
net-backs
• Phase 1: 30 MMcf/d RJT unit to process
excess gas volumes previously flared or above
third-party processing contracts
– Commissioned late 4Q 2017; 100% full
• Phase 2: 120 MMcf/d cryogenic plant to
process 100% of Arrow gas volumes by 2019
– Targeted in-service Q3 2019
• NGL Marketing: signed anchor shipper
agreement with OneOk Elk Creek project
with COLT NGL by rail loading as backup
• Attractive total project returns of sub-6x;
Phase 1 project immediately accretive to
2018 DCF
0
20
40
60
80
100
120
140
160
2017 2018 2019 2020 2021
Processing Volume (MMcf/d)
CEQP Bear Den ‐ Phase 2
CEQP Bear Den ‐ Phase 1
Third‐Party Processing

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Delaware Basin Growth Strategy
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Asset MapDelaware Basin Overview
Crestwood is building fully integrated G&P system in the heart of the Delaware Basin
through 50/50 JV with First Reserve (CPJV) and CPJV JV with Shell Midstream
• Current assets includes Willow Lake gathering &
processing and Nautilus gathering & compression
– Total gathering capacity of 335 MMcf/d
– Total processing capacity of 85 MMcf/d
• Current growth projects: In-Service
– Orla Express Pipeline Q2 2018
– 200 MMcf/d Orla Processing Plant Q3 2018
– Nautilus to Orla Pipeline Q3 2018
• Future expansion opportunities:
– Crude oil gathering, terminalling and condensate
stabilization/blending
– Produced water gathering and disposal
• Shell sold dedicated southern Ward Co.
acreage to Halcon Resources in Q1 2018
– Potentially accelerates development and build-
out of southern Nautilus system
Willow Lake and Nautilus systems expected to be fully connected to the Orla
Processing plant by July 2018; Crestwood pursuing incremental undedicated third-
party volumes around existing systems

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Delaware Basin Key Assets
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Willow Lake and Nautilus gathering systems are at the epicenter of Delaware Basin
activity; Orla Express Pipeline and Processing Plant connects the systems
Delaware System MapsWillow Lake Gathering System
• Located in Northern Delaware Basin in Eddy and Lea counties, NM
– Acreage/well dedications with Concho and Mewbourne supported by
100,000 acre AMI around plant/system
– Converting Willow Lake to gathering and compression when
connected to Orla Express Pipeline & Orla Processing Plant in 2Q18
Nautilus Gathering System
Asset Ownership:
Willow
Lake
Orla
Plant Nautilus
Crestwood 50% 50% 25%
First Reserve 50% 50% 25%
Shell Midstream - - 50%
• Located in Southern Delaware basin in Ward, Loving counties, TX; 50/50
JV with Shell Midstream LP
– Six SWEPI rigs currently operating
– 20-year tiered fixed-fee gathering and compression contract with
SWEPI; 100,000 acreage dedication
– Connecting Nautilus to Orla Express Pipeline and Orla Processing Plant
in 1H 2018; Shell Midstream contributed 50% of capital
Over 200K
dedicated acres
“The Permian basin is the most important asset within Shell’s
unconventional portfolio, Shell has around 270k acres in the
Permian, and intends to invest $1 billion per year to grow
production to 155 MBbls/d by 2020.” – Shell Midstream
X 6
Orla Express Pipeline and Processing Plant
• Orla Express pipeline is a 33 mile 20” pipeline connecting Willow Lake
and Nautilus to Orla Processing Plant Phase 1
• Orla Processing Plant Phase 1 is a 200 MMcf/d cryogenic plant with
multiple downstream NGL connections and gas deliveries to Waha

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Powder River Basin Growth Strategy
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Overview
Recent volume growth and future development activity may provide meaningful
gathering and processing expansion opportunities in 2H 2018 or early 2019
Powder River Basin is gaining traction as a very economic stacked play; Chesapeake
development and off-set producer activity provide growth potential for Crestwood
Chesapeake Forecasting Substantial Volume Growth in 2018+
$25/Bbl - $35/Bbl Breakeven
2,780 undrilled inventory
388,000 dedicated acres
CHK projects year-end exit rate production of >30 Mboe/d;
an 80% increase from current volumes
2016/2017 delineation program proved
concept across acreage position
Source: Chesapeake Energy investor presentation.
• Strategic 50/50 JV with Williams
• Chesapeake Energy currently
operating four rigs; potential fifth rig
in 2H’18 under 20 year contract
• PRB assets may reach capacity in 2H
2018 or early 2019
− Jackalope gathering system
capacity of 180 MMcf/d
− Bucking Horse plant processing
capacity of 120 MMcf/d (upgraded
to 145 MMcf/d in 2H 2018)
• Crestwood and Williams expect
to make FID on Jackalope
expansion and Bucking Horse
Phase 2 by June 2018
• Crude opportunity in 2H18
• CEQP Niobrara JV has long-term
financing partners
Recent Turner tests:
− 2,886 Boe/d with 51% oil cut
Mboe/d

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PRB Economics Attracting High-Quality Producers
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Third-party operators provide opportunity for incremental G&P volume growth
Producer Rigs
Chesapeake 4
Devon Energy 2
EOG Resources 3
Anschutz 2
Notable Activity:
Off-set Producer Commentary
“We continue to see significant premium inventory in the
Powder River Basin” – EOG Resources 2/2018
“In regard to the Powder, we like opportunities we’re drilling
there in the Turner…We think there is a good growth
opportunity.” - Devon Energy 2/2018
“If you look at one of the first [Turner] wells we drilled…It
has produced a huge amount of oil and has paid out 1.2x-1.4x
its cost in just over a year.” – Chesapeake Energy 5/2018
Note: Producer logo locations are approximations of acreage positions.
(1) Per Chesapeake Energy investor presentation.
Turner formation
drilling
economics offer
>100% RORs at
current strip
pricing(1)

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• Strategic 50/50 JV with Consolidated Edison
• FERC regulated storage and pipeline assets
located at center of prolific NE Marcellus
− Connected to 5 Bcf/d supplies
• SGS rates/returns expected to be unaffected
by recent FERC ruling; majority of revenues
from market-based and negotiated rates
• Near-term growth: JV Cash Flow
− Stagecoach generated ~$135MM
Adjusted EBITDA in 2017
− June 2018/2019: Cash flow distribution
steps to 40% and 50%, respectively
• Long-term growth potential:
− Evaluating incremental takeaway projects
out of the basin
− Current pipeline constraints and
announced projects stymied by regulatory
environment
− NE production needs an additional 3-5
Bcf/d of take-away capacity
NE Marcellus is the most prolific US gas basin; Stagecoach is strategically located to
capture infrastructure expansion opportunities from NE gas demand growth
NE Marcellus Provides Long-Term Growth Potential
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Strategic Position in NE Natural Gas MarketStagecoach Overview
Stagecoach Assets
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14
13
12
11
10
9
8
7
Bcf/d
NE Marcellus Gas Production Constrained in 2020+
Production – More Pipe
Production – Base Case
Production – Less Pipe
Pipeline Capacity (Base)
Pipeline Capacity (Less)
Pipeline Capacity (More)
Source: Northeast production data per BTU Analytics.
Stagecoach Assets
− 41 Bcf storage capacity
− 3.1 Bcf/d of deliverability
and 5 Bcf/d of supply access

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Balance Sheet Strength,
Disciplined Capital Allocation,
Accretive DCF Growth

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2018E Financial Outlook
Marketing, Supply & Logistics
• Adjusted EBITDA(1): $50MM - $55MM
• US Salt divested for $225MM in 2017
at ~11x cash flow
• NGL marketing business driven by
seasonal propane and butane
demand in the Northeast
• West Coast stable and primarily
based on butane demand from local
refiners
Segment OutlookSegment Outlook
Storage & Transportation
• Stagecoach distribution to increase 5%
in June 2018 and 10% in June 2019
• COLT Hub $10MM-$15MM cash flow
contribution in 2018 and 2019
• Tres Palacios rate improvement driven
by Gulf Coast LNG and Mexican gas
demand
Gathering & Processing
• Arrow gathering system expansions and
debottlenecking
• Nautilus gathering system growth
• Orla Express and Processing Plant 1
• SW Marcellus / Barnett modest declines
Crestwood expects to resume cash flow growth in 2018 as volumes in the Bakken,
Delaware Basin, and Powder River Basin benefit from increased activity
Adjusted EBITDA
Distributable Cash Flow
Distribution Coverage Ratio
2018E Leverage Ratio
Growth Capital
Maintenance Capital
>1.2x
4.0x – 4.5x
$250 million – $300 million
Note: Please see accompanying tables of non-GAAP reconciliations for
Adjusted EBITDA and DCF.
(1) Segment Adjusted EBITDA excludes corporate G&A of $65MM.

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Self-Funded 2018E Capital Program
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(1) 2018E range of $250 million to $300 million
represents growth capital net to CEQP.
• Crestwood is committed to maintaining a strong balance sheet
and excess distribution coverage as it pursues organic growth
projects
• Crestwood’s current capital program is fully financed with no
public equity requirements to maximize project returns and
DCF/unit value creation
• Growth capital will be funded by 1) reinvesting retained DCF, 2)
available liquidity under revolving credit facility, 3) joint-venture
partners and 4) non-core asset divestitures
2018E Growth Capital By Region
2018E Growth Capital by Quarter
Bakken
81%
Delaware
Basin
13%
Powder
River
4%
Other
2%
Highly accretive growth projects expected to generate 5x – 7x build multiples
‐
$20
$40
$60
$80
$100
$120
Q1:18A Q2:18 Q3:18 Q4:18
2018E Maintenance Capital by Quarter
Crestwood has underwritten $250MM-$300MM(1) in 2018 to expand gathering and
processing capacity in the Bakken, Delaware Basin and Powder River Basin
‐
$2
$4
$6
$8
$10
Q1:18A Q2:18 Q3:18 Q4:18

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$0
$200
$400
$600
$800
2017 2018 2019 2020 2021 2022 2023 2024 2025
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Strong Balance Sheet and Liquidity
Balance Sheet Positioned for Strength Current Capitalization
No Near-Term Debt Maturities
($MM)
RCF
6.25%
Notes
5.75%
Notes
Issue Price Yield
2023 102.00 5.5%
2025 100.00 5.8%
Crestwood is committed to maintaining a very strong balance sheet and financial
flexibility; Crestwood targets YE 2018 leverage of 4.0x-4.5x
Note: Senior note price and yield data per Bloomberg as of 5/4/2018.
• Top-tier leverage position
– Q1 2018 leverage of 3.9x
– Current borrowing capacity over $600
million
– Over $1 billion of debt reduction over
past 3-years
• Committed to long-term leverage <4.0x
once growth projects come online
• No near-term maturities; attractive long-
term capital
• Committed to funding 2018 capital
program without accessing the public
equity markets
Actuals Actuals Actuals Actuals
($ millions) 2015 2016 2017 Q1 2018
Cash $1 $2 $1 $7
Revolver $735 $77 $318 $293
Senior Notes 1,800 1,475 1,200 1,200
Other Debt 9 6 8 6
Total Debt $2,544 $1,558 $1,526 $1,499
Total Leverage Ratio 4.8x 3.7x 4.1x 3.9x

™
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™ 23
Key Investment Highlights
Unrecognized Value Generated by Near-term Growth Catalysts to Further
Drive Value Creation for Unitholders!!!
• Solid fundamentals across diverse nationwide asset portfolio
• Long-term leverage sub-4x and coverage >1.2x
• NO Incentive Distribution Rights
• Disciplined and prudently financed capital program
• Scalable accretive organic growth projects
• Forecasted >15% 3-yr DCF/Unit CAGR

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Appendix
24
24
Appendix:

™
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™ 25
Crestwood’s Industry Recognition in 2017
Customer
Service
Community
Engagement
Ranked #1 in the EnergyPoint Research
Customer Satisfaction Survey for 2015-
2017
In 2017, Crestwood was recognized for its unwavering commitment to best
in class customer service, community engagement, environmental
stewardship and unitholder alignment
Unitholder
Alignment
Crestwood was awarded the NDPC Excellence
in Community Engagement Award for our
commitment to the communities where we
operate
~1/3rd common units owned by insiders;
Crestwood scored #1 in Wells Fargo’s
December 2017 midstream investor
alignment report(1)
Environmental
Stewardship Recognized by the EPA as a SmartWay
Partner, as a Company that demonstrates a
standard of operations that minimizes their
environmental footprint
Crestwood’s culture of excellence positions the partnership to be a responsible
steward of capital and an attractive midstream investment
(1) Wells Fargo research report titled “The Midstream Alignment Scorecard.” Published on
12/5/2017. Ranking based on unit ownership, governance , safety metrics, structure and
incentive compensation.
Customer Service
Unitholder Alignment Environmental Stewardship
Community Engagement
Customer
Service
Customer
Service
Community
Engagement
Community
Engagement
Environmental
Stewardship
Environmental
Stewardship
Unitholder
Alignment
Unitholder
Alignment

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0
50
100
150
200
250
300
350
400
Q3:15 Q4:15 Q1:16 Q2:16 Q3:16 Q4:16 Q1:17 Q2:17 Q3:17 Q4:17 Q1:18
Gathering Volumes (MMcf/d)
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
• Crestwood & BlueStone have 10-year
agreement
– Fixed-fee and percent-of-index fee
structure for both natural gas and NGLs
– Contract structure provides significant
upside as commodity prices rebound
• BlueStone brought 7 DUCs online in the
first quarter 2017
• Active workover program designed to
eliminate system declines and modestly
grow volumes
• BlueStone evaluating new development
and refrac opportunities
Barnett Update
26
BlueStone’s workover activities and recent DUC completions offset natural volume
declines in 2017
Asset Overview Barnett Gathering Volume Growth
Increased volumes combined with fixed-fee/percent-of-index contract structure
drive cash flow outperformance
Natural Gas Prices Since 2016(1)
BlueStone Begins
System Reactivation
April 15th:
BlueStone
Agreement
(1) Source: EIA Henry Hub Natural Gas Spot Price.
2017 Workovers Offset
Natural Field Decline

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™
• 20-year, fixed-fee gathering and compression services with
Antero Resources
• 140,000 acreage dedication; System capacity of 875 MMcf/d
• 100 MMcf/d compression services on AM gathering in Western
Area (90% utilized)
• MVCs through 2018 term; however, all current and future
cash flow reflective of actual throughput and rate (no cash
flow cliff)
• 21 DUCs brought online in 2017
SW Marcellus Update
27
Gathering volumes up 36% in 2017 as Antero completes DUC Inventory
Overview
Highlights
• ~275 wells have been connected to Crestwood’s system – No
dry holes
• Avg. 30D IP rate ~8.0 MMcf/d; Avg. EURs between 8–12 Bcf(1)
• 800+ liquid-rich (>1,100 BTU) drilling locations and 1,000+
dry gas drilling locations remain
• Growing NGL processing at the Sherwood plant with increased
market takeaway capacity out of the basin
• Multiple large SW Marcellus operators hold acreage positions
contiguous to Crestwood’s eastern AOD
East AOD
Western Area
Arsenal
Resources
EQT
Noble Energy
EQT
SWN
(1) Source: Wood Mackenzie.
200,000
250,000
300,000
350,000
400,000
450,000
500,000
550,000
600,000
J‐16 F‐16 M‐16 A‐16 M‐16 J‐16 J‐16 A‐16 S‐16 O‐16 N‐16 D‐16 J‐17 F‐17 M‐17 A‐17 M‐17 J‐17 J‐17 A‐17 S‐17 O‐17 N‐17
Asset Map
Gathering Volumes Since FY 2016
21 DUCs in 2017 increased
daily volumes >150 MMcf/d
Well connections in 2017 highlight exceptional reservoir quality and significant upside
growth potential with incremental activity
Mcf/d

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CEQP Non-GAAP Reconciliations
28
Expected 2018 Range
Low - High
Net income
Interest and debt expense, net
Depreciation, amortization and accretion
Unit-based compensation charges
Earnings from unconsolidated affiliates
Adjusted EBITDA from unconsolidated affiliates
Adjusted EBITDA
Cash interest expense(a)
Maintenance capital expenditures(b)
Adjusted EBITDA from unconsolidated affiliates
Distributable cash flow from unconsolidated affiliates
Cash distribution to preferred unitholders(c)
Distributable cash flow attributable to CEQP(d)
(110) - (115)
105 - 110
(d) Distributable cash flow is defined as Adjusted EBITDA, adjusted for cash interest expense, maintenance capital expenditures, income taxes, and
our proportionate share of our unconsolidated affiliates' distributable cash flow. Distributable cash flow should not be considered an alternative to
cash flows from operating activities or any other measure of financial performance calculated in accordance with GAAP as those items are used to
measure operating performance, liquidity, or the ability to service debt obligations. We believe that distributable cash flow provides additional
information for evaluating our ability to declare and pay distributions to unitholders. Distributable cash flow, as we define it, may not be comparable to
distributable cash flow or similarly titled measures used by other companies.
$35 - $65
CRESTWOOD EQUITY PARTNERS LP
Full-Year 2018 Adjusted EBITDA and Distributable Cash Flow Guidance
Reconciliation to Net Income
(in millions, unaudited)
(a) Cash interest expense less amortization of deferred financing costs.
(b) M aintenance capital expenditures are defined as those capital expenditures which do not increase operating capacity or revenues from existing
levels.
(c) Includes cash distributions to preferred unitholders and Crestwood Niobrara preferred unit holders.
25
188
102-107
(75) - (80)
110 - 115
$390 - $420
$195 - $225
(75)
(95) - (100)
(15) - (20)

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