Crestwood investor deck august 2018 v final

Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
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8/8/2018
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Investor Presentation
August 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
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Forward-Looking Statements
Contact Information
Corporate Headquarters
811 Main Street
Suite 3400
Houston, TX 77002
(1) Market data as of 8/6/2018.
(2) Unit count and balance sheet data as of 6/30/2018.
Crestwood Equity Partners LP
NYSE Ticker CEQP
Market Capitalization ($MM)(1,2) $2,649
Enterprise Value ($MM)(2) $5,071
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
We Have the Right Strategies in Place to be a Sector Leader
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EXECUTION
UNITHOLDER
ALIGNMENT
FINANCIAL
DISCIPLINE
SELF-FUNDED
GROWTH
Crestwood’s 5-year plan is focused on delivering increased DCF per unit
• Well-positioned assets and strong fundamentals support volume growth
• 4%, 14% and 22% y-o-y YTD 2018 growth on oil, gas and water gathering volumes, respectively
• 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 to support CEQP growth in Delaware Basin
• 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 $300MM-$350MM 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
• High quality projects in 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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First Half 2018 Drives Results and Outlook
Significant Momentum Supports 3-year EBITDA Growth Outlook
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Strong Financial
Results
Best-in-class
Operations
Fully integrated
assets and
strong producer
supply
development
supports
growth
Crestwood’s self-funding and integrated asset strategy drives exceptional
results in the first half 2018 and strong confidence in future growth
• Q2 Adj. EBITDA of $103MM, 6% above Q2:17 and 1% above Q1:18
• 2018E Adj. EBITDA guidance tightened to $400MM to $420MM
• Leverage and coverage ratios of 4.0x and 1.3x, respectively
Bakken
• Arrow debottlenecking in-service Q3 2018; cash flow ramp beginning in
Q4 2018
• 120 MMcf/d Bear Den 2 plant in service Q3 2019; Secured NGL takeaway
capacity in ONEOK Elk Creek NGL pipeline
Delaware Basin
• 200 MMcf/d Orla plant placed in- service Q2 2018; Fully integrated with
Willow Lake and Nautilus Systems
• Secured NGL takeaway capacity/ownership in EPIC pipeline and long-term
PSA with Chevron Phillips
Powder River Basin
• Expanding Bucking Horse 2 plant and Jackalope system to 345 MMcf/d
• Combined O&M and G&A expenses reduced 13% over Q2:17
• Improved annual safety metrics results in lower insurance
• Crestwood Transportation named a 2018 CCJ Innovator of the Year

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Multiple High-Growth Basins
Strong Fundamentals Drive Midstream Infrastructure Investment
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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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Bullish Outlook and Producer Activity
Crestwood’s Assets are Located in the Right Place!
Crestwood’s growth capital investments are building scalable franchise positions in
the Bakken, Delaware Basin and Powder River Basin
>50% of US onshore rigs are operating in Crestwood’s top-3 core growth areas;
Crestwood is investing in all the right places!
Bakken
Permian Basin
Powder River Basin /
Niobrara
Core Growth Asset Basin Crude Oil Growth Forecast Rig Count
Sources: Bakken production data per East Daley. Permian and
Powder River forecasts per wall street research. Rig count data
provided by Baker Hughes and DrillingInfo as of 8/3/2018.
1.3 MMBbls/d
Q2:18
2.0 MMBbls/d
by 2021
+55% 56+6% Y-O-Y
480+27% Y-O-Y
20+233% Y-O-Y
3.2 MMBbls/d
Q2:18
5.7 MMBbls/d
By 2021+80%
0.6 MMBbls/d
Q2:18
1.2 MMBbls/d
by 2021+100%

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Balanced Portfolio; High Quality Customers
Excellent Diversity of Services, Customers and Markets
CEQP Contract Portfolio
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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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0
50,000
100,000
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Q1
2016
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Q1
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2018E
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Volume Growth Drives Investments and Returns
Producer Activity Driving Volume Growth
YTD 2018 oil, gas and water gathering volumes up 4%, 14% & 22% YOY
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
+240% Growth
SW Marcellus and Barnett
SW Marcellus(1)
Barnett
10%/yr decline
5-10%/yr decline2017-2019E
+170% Growth
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
2017-2019E
+60% Growth
0
50,000
100,000
150,000
200,000
250,000
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
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2017
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2017
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2018E
Q2
2018E
Q3
2018E
Q4
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Q1
2019E
Q2
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Q3
2019E
Q4
2019E
2017-2019E
+110% Growth

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$300
$350
$400
$450
$500
$550
$600
2017 2018E 2019E 2020E
EstimatedAdjustedEBITDA($MM)
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High Return Projects Drive EBITDA/DCF Growth
Crestwood’s visible project backlog will drive >15% 3-yr EBITDA and DCF/unit 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
• Orla and Bucking Horse
Processing Expansions
• Northeast Marcellus expansion
• Joint-venture consolidations
Organic Projects Drive Accretive Growth
Growth Capital
$300 million - $350 million
5x-7x build multiples
Est. Growth Capital(1)
$250 million - $300 million
5x-7x build multiples
Guidance
$400MM-$420MM
>15%
Growth
>15%
Growth
TBD
2019 Drivers
(1) Estimates based on projects currently underwritten in 2018.
>15% 3-YR DCF/Unit CAGR

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-20%
-10%
0%
10%
20%
30%
40%
50%
9.3x 10.0x
11.1x 11.4x 11.9x 12.0x 12.4x
13.2x 13.2x 13.9x
15.4x
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
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Peer
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Peer
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Peer
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Peer
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Peer
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Peer
10
2019EEV/EBITDA
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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
 Limited regulatory
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 8/6/2018.
2019 EV/EBITDA data per Wall Street research as of 8/6/2018.
CEQP +44%
Peers +18%
Alerian +5%
YTD Relative Price Performance
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Median = 12.2x

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Attractive Set of Near-term
Organic Growth Projects

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Bakken Growth Strategy
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Crestwood actively expanding the Arrow Gathering System and Bear Den
Processing Plants as producer volume growth forecasts exceed expectations
Arrow Overview
Oil
Natural Gas
Water
• Arrow Gathering system expected to generate Adj. EBITDA of
$165MM in 2018; ~40% increase from 2017
• >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
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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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60
90
120
150
YE 2017 YE 2019
Capacity(MMcf/d)
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Capacity(MBbls/d)
Arrow System Expansion Projects
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Arrow gathering and processing projects increase capacity to support long-
term development plans based on improving FBIR 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%
2017-2019 Debottlenecking projects offer sub-4x
build multiple economics
Q2 2018 Average Volumes

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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 Q4 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
ProcessingVolume(MMcf/d)
CEQP Bear Den - Phase 2
CEQP Bear Den - Phase 1
Third-Party Processing

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Bakken’s Full-Service Business Model
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Crestwood’s integrated Bakken franchise offers Arrow producers full-service
midstream solution to ensure flow assurance and competitive pricing out of the Basin
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1 Wellhead Services - Fully Integrated G&P
System
• Expanding gathering and processing capacities to meet
growing producer forecasts
• Crestwood’s #1 Arrow goal is to optimize
producer netbacks!!
COLT Hub and Trucking Services
• COLT Hub offers storage and crude oil and NGL rail
loading to West and East Coast markets
• Crestwood’s MS&L segment optimizes crude and NGL
marketing services in the Basin
• Trucking adds value services for crude and water
Premium Downstream Connectivity
• Crestwood secured agreements to move product
gathered at Arrow to premium downstream markets
via DAPL (Arrow and COLT Hub), Northern Border
(Arrow) and Elk Creek (Bear Den) pipelines
• Pipeline agreements scaled to support Bear Den
volume growth
Dakota Access (DAPL)
Elk Creek
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Best-in-class integrated Bakken G&P system with premium downstream
connectivity fully supports Arrow producers and FBIR off-set producers; Elk Creek
NGL agreement integrates Crestwood’s Bakken and Powder River Basin systems

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Delaware Basin Growth Strategy
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Asset MapDelaware Basin Overview
Crestwood operates a 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
• Fully integrated G&P system is supported by long-term fixed
contracts and spans from Eddy County, NM to Reeves County, TX
• Current assets include the Orla cryo-plant, Willow Lake and
Nautilus gathering systems, and EPIC Y-grade pipeline interest
– Total gathering capacity of 650 MMcf/d
– Total processing capacity of 255 MMcf/d
– Total Y-grade long-haul capacity of 80 MBbls/d
• Future expansion opportunities:
– Orla processing expansions; Orla 2 planning underway
– 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; Potential to accelerate build-out
• Joint venture strategy with First Reserve and Shell
Midstream supports long-term growth strategy(1)
Fully integrated G&P system in the core of the Delaware Basin with a long-term NGL
takeaway solution enhances competitive advantage; Crestwood pursuing incremental
undedicated third-party volumes around existing systems
Over 200K
dedicated acres
X 6
X 3
(1) Crestwood and First Reserve each own 50% of Willow Lake and Orla Plant
and 25% of Nautilus system; Shell Midstream owns 50% of the Nautilus system.

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Delaware Basin Full-Service NGL Solution
Crestwood’s Delaware Basin competitive advantage enhanced with recent acquisition
of EPIC NGL pipeline capacity and favorable PSA with Chevron Phillips; Provides G&P
customers guaranteed NGL capacity and pricing to premium Gulf Coast markets
Orla Downstream Marketing
Long-term Y-grade sales agreement
with Chevron Phillips at Benedum, TX;
Provides greater flow assurance and
improves net-backs for Orla’s
customers
NGL Pipeline Capacity
CPJV acquired undivided joint
ownership in Orla-to-Benedum
segment of EPIC Y-grade pipeline;
80 MBbls/d capacity provides Orla
customers NGL takeaway capacity
to favorable Gulf Coast markets
Crestwood’s Delaware Basin footprint provides customers full midstream value chain
services and flow assurance in a very competitive Basin
2 3
Fully Integrated G&P System
200 MMcf/d Orla cryogenic gas processing plant
placed into service in July 2018; Willow Lake
and Nautilus gathering systems support high
quality producers in the core of the Basin
1

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Powder River Basin Growth Strategy
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Overview
Large-scale G&P system expansions underway driven by recent volume growth and
future development activity
Powder River Basin has emerged as Chesapeake's “Oil Growth Engine”; Stacked play
economics drive Chesapeake development and off-set producer activity
Chesapeake Forecasting Substantial Volume Growth in 2018+
$25/Bbl - $35/Bbl Breakeven
2,780 undrilled inventory
388,000 dedicated acres
CHK production volume growth exceeds previous forecasts;
total volumes now expected to double by YE 2019
Source: Chesapeake Energy investor presentation.
• Strategic 50/50 JV with Williams
• Chesapeake Energy currently
operating five rigs; potential sixth rig
in 2019
• PRB assets to 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)
• Expanding Jackalope and
Bucking Horse processing plant
to 345 MMcf/d capacity by Q4
2019
• Crude opportunity in 2H18
• CEQP Niobrara JV has long-term
financing partners
Recent Turner tests:
− 2,886 Boe/d with 51% oil cut

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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
PRB Front and Center on Q2 Earnings
“Anadarko has established a core position of more than 300,000
gross acres…developed a play concept focused on the turner
formation and drilled wells in this play, with rates >2000 BOE per
day, having a greater than 80% oil cut” – Anadarko 8/2018
“We're very pleased with what we're seeing. Every [Turner] well
that we bring on is really some of the higher rate of return wells
that we have… later this year, we'll not only pick up a 2nd rig, We
get to the 3rd rig.” – Devon Energy 8/2018
“While we currently anticipate our production will reach 38
MBbls/d by year-end, we've already increased our net oil
production in the PRB by 90% year-to-date with additional growth
that will come” – Chesapeake Energy 8/2018
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)
CHK Acreage Delineated

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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 to
CEQP 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(2): $50MM - $55MM
• NGL marketing business driven by
seasonal propane and butane
demand in the Northeast
• US Salt divested for $225MM in 2017
at ~11x cash flow; West Coast NGL
assets divested for $58MM
Segment 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 tightened Adjusted EBITDA guidance range upward to reflect strong
performance in the first half 2018 and new growth capital investments
Adjusted EBITDA
Distributable Cash Flow
Distribution Coverage Ratio
2018E Leverage Ratio
Growth Capital
Maintenance Capital
(1)
>1.2x
4.0x – 4.5x
$300 million – $350 million
Note: Please see accompanying tables of non-GAAP reconciliations for Adj. EBITDA and DCF.
(1) Excludes maintenance capital contribution from joint ventures expected to be $3-$5MM
net to Crestwood.
(2) Segment Adjusted EBITDA excludes corporate G&A of $65MM.
REVISED 
REVISED 

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Self-Funded 2018E Capital Program
24
(1) 2018E range of $300 million to $350 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
Highly accretive growth projects expected to generate 5x – 7x build multiples
2018E Maintenance Capital by Quarter
Crestwood has underwritten $300MM-$350MM(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
Bakken
72%
Delaware
Basin
11%
Powder
River
16%
Other
1%
-
$20
$40
$60
$80
$100
$120
$140
$160
Q1:18A Q2:18A Q3:18 Q4:18

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$0
$200
$400
$600
$800
2017 2018 2019 2020 2021 2022 2023 2024 2025
25
Strong Balance Sheet and Liquidity
Balance Sheet Positioned for Strength Current Capitalization
No Near-Term Debt Maturities
($MM)
RCF
6.25%
Notes
5.75%
Notes
Issue Price Yield
2023 102.50 5.2%
2025 101.50 5.4%
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 8/6/2018.
• Top-tier leverage position
– Q2 2018 leverage of 4.0x
– Current borrowing capacity over $600
million
– Over $1 billion of debt reduction over
past 3-years
• Committed to long-term leverage <4.0x
once growth projects come online
• No near-term maturities; attractive long-
term capital
• Committed to funding 2018 and 2019
current capital program without accessing
the public equity markets
Actuals Actuals Actuals Actuals
($ millions) FY 2015 FY 2016 FY 2017 Q2 2018
Cash $1 $2 $1 $6
Revolver $735 $77 $318 $385
Senior Notes 1,800 1,475 1,200 1,200
Other Debt 9 6 8 6
Total Debt $2,544 $1,558 $1,526 $1,591
Total Leverage Ratio 4.8x 3.7x 4.1x 4.0x

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™ 26
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
27
27
Appendix:

™
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™ 28
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
Community
Engagement
Environmental
Stewardship
Unitholder
Alignment

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$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
0
50
100
150
200
250
300
350
400
Q1:16 Q2:16 Q3:16 Q4:16 Q1:17 Q2:17 Q3:17 Q4:17 Q1:18 Q2:18
GatheringVolumes(MMcf/d)
• 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
29
BlueStone’s workover activities and recent DUC completions offset natural volume
declines in 2017
Asset Overview Barnett Gathering Volumes
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
30
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
31
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)

Crestwood investor deck august 2018 v final

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