Crestwood investor deck january 2018

Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
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1/9/2018
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Investor Presentation
January 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 1/5/2018.
(2) Unit count and balance sheet data as of 9/30/2017.
Crestwood Equity Partners LP
NYSE Ticker CEQP
Market Capitalization ($MM)(1,2) $1,803
Enterprise Value ($MM)(2) $4,100
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
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• Focused on execution
• Attractive balance sheet
• Strong distribution coverage
• Disciplined growth strategy
• Self-funded capital program
• Significant insider ownership
Increased 2017E guidance
reaffirmed
Long-term
Leverage Ratio <4.0x
1.2x-1.3x Long-term
Coverage Ratio
No equity required to fund
’17/’18 capital programs
~32% LP units; alignment of
interest with LP’s
Bakken, Delaware Basin,
PRB Niobrara, Marcellus

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Diversified Assets in Active Basins
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Crestwood assets offer operating scale, fixed-fee services & DCF growth
• 5-Yr Growth Strategy Driven
by 4 Core Growth Areas
− Bakken – 2018+
− Delaware Basin – 2019+
− PRB – 2019+
− Marcellus Shale – 2020+
• Remaining portfolio of
assets provide stable cash
flows, optimization
alternatives and upside
optionality
Bakken
Northeast
MarcellusPRB
Niobrara
Delaware
Basin

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Balanced Portfolio; High Quality Customers
CEQP Contract Portfolio
6
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Variable
Rate Contracts
15%
Take-or-Pay and
Fixed-Fee
Contracts
85%
~85% of Crestwood 2017 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)
2017 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 by volume and EBITDA
G&P assets backed by 1.1 million acreage; High quality producer mix
Top-tier NE Gas Storage & Transportation franchise; Largely investment grade
Diversified NGL Marketing, Supply & Logistics business
60%
20%
20%
48%
29%
23%
43%57%60%
20%
20%
48%
29%
23%
43%57%
Gas Oil NGLs
Volumes by
Commodity
EBITDA by
Commodity

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30,000
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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
0
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360,000
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550,000
600,000
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SW Marcellus
• +42% YTD volume growth
• 21 DUCs completed in 2017
• 10%/yr PDP decline rate in 2018(1)
Improved Fundamentals Drive Volume Growth
System DriversKey Asset Volumes Since FY 2016
Barnett
• 4% YTD modest volume decline
• Active workover program in 1H:17
• 5-10%/yr PDP decline rate in 2018
Bakken
• +31%/13% YTD oil/gas volume growth
• 100-110 well connects in 2017
• 20-25% volume growth in 2018
Delaware Basin
• 2-3 active rigs in 2017
• >20% volume growth in 2018
2017 YTD oil, gas and water volumes up 31%, 27% & 33%; continued
growth expected from 2018 drilling plans
PRB Niobrara
• 3 active rigs in 2017
• 4 rigs forecasted in 2018
BarnettSW Marcellus
Delaware Basin PRB Niobrara
Bakken – Natural GasBakken – Oil
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Third-party curtailments
+31% +13%
+215%
+42%
+43%
(4%)
(1) MVCs through 2018 term; however, all current and future cash
flow reflective of actual throughput and rate (no cash flow cliff).

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Disciplined Organic Growth Strategy
Project Region
Key
Customer(s)
2017-2018 Capital ($MM)
In-Service
Date
Nautilus System Delaware Basin Shell $130MM/~$32MM net to CEQP IN-SERVICE
Arrow Debottlenecking – Phase 1 Bakken Arrow Producers $45MM IN-SERVICE
Bear Den Processing Plant - Phase 1 Bakken Arrow Producers $115MM IN-SERVICE
Arrow Debottlenecking – Phase 2 Bakken Arrow Producers $85MM 2018 / 2019
Orla Processing Plant and Pipeline Delaware Basin Multiple(1) $170MM/$10MM net to CEQP(2) Q3 2018
Bear Den Processing Plant - Phase 2 Bakken Arrow Producers ~$185MM Q2 2019
Incremental Annual Cash Flow Impact from Capital Projects
Committed high return expansion projects drive accretive DCF growth
in 2017-2021
(1) Current customers include Concho, Mewbourne, Matador, Cimarex, Marathon and
ExxonMobil. Significant third party customers within close proximity of the Orla
Plant’s anticipated location.
(2) Assumes First Reserves covers $160 million of plant capital in return for a 50%
ownership in the Willow Lake gathering and processing assets.
Highlights
• High-grading organic expansion
around core assets; focused on
driving greatest DCF per unit
accretion
• High rate of return project build
multiples of 5x to 7x
• ~$120MM+ expected EBITDA
contribution from current projects
by 2021
Focused on 5x to 7x organic build multiples vs 12x to 15x M&A multiples
$0
$20
$40
$60
$80
$100
$120
2017 2018 2019 2020 2021
IncrementalAnnualCashFlow
($USMillions)
Bakken Delaware Basin

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Self-Funded 2017 and 2018 Capital Programs
US Salt
Divestiture
Crestwood is committed to maintaining a strong balance sheet and
excess distribution coverage as it pursues organic growth projects
• Divested US Salt LLC, a non-core business in the MS&L segment, for
approximately $225 million
• Valuation is ~11x 2017E distributable cash flow
• Transaction closed December 1, 2017
Crestwood is self-funding its 2017 and 2018 capital programs to maximize
project returns and DCF/unit value creation
Retained DCF
Joint-Venture
Strategy
• Forecasted cash flow growth allows Crestwood to maintain
distribution coverage >1.2x and leverage <4.0x
• Crestwood will reinvest cash flow into accretive organic projects in
Q4 2017 and FY 2018
• Strategic joint-ventures minimize project risk and capital
commitments, while enhancing commercial opportunities:
– Delaware Basin: First Reserve and Shell Midstream (NYSE: SHLX)
– NE Marcellus: Consolidated Edison (NYSE:ED)
– PRB Niobrara: Williams Partners (NYSE:WPZ)
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Committed to Excellence
Customer
Service
Community
Engagement
Ranked #1 in the EnergyPoint Research
Customer Satisfaction Survey for 2015-
2017
In 2017, Crestwood has been 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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• Bakken and Delaware Basin projects
commissioned on-time and under budget
• Improved business fundamentals drives
volume growth across major assets
• Maintained strong balance sheet and
distribution coverage metrics
• Self-funding strategy in-place eliminates
need for equity issuance in 2018
• On-track to achieve INCREASED
guidance targets
Following Solid Execution in 2017; Crestwood
Enters 2018 With Momentum
FY 2017 Total Returns
Source: Bloomberg and NYSE Connect.
Peer Group: DCP, ENBL, ENLK, ETP, OKE, PAA, SMLP, TRGP, WES, and WPZ.
Execution of our strategy in 2017 solidified our business and drove
Crestwood to outperform the MLP industry and create value for unitholders
(6.5%)
(5.2%)
10.4%
(10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0%
Alerian
Peer Group
CEQP +
FY 2017 Objectives Achieved

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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 Bakken Arrow System to offer producers full
value-chain services and meet growing volume forecasts
Arrow Overview
Oil
Natural Gas
Water
• Arrow Gathering system expected to generate ~$120MM of
Adj. EBITDA in 2017; ~$90MM in 2016 Adj. EBITDA
• >1,500 drilling locations identified on dedicated acreage
• Diversified and balanced group of producers: WPX, QEP,
XTO, EnerPlus, Bruin, Rimrock
• 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 ’17/’18
3-Product Growth Strategy
• Oil gathering volumes expected to increase ~15% in 2018
• Current projects: Increasing oil gathering capacity to 120 MBbls/d
• Gas gathering volumes expected to increase ~50% in 2018
• Current Projects: (1) Increasing gas gathering capacity to 120 MMcf/d and (2) Bear Den Plant: 2-phase
150 MMcf/d plant; Evaluating downstream NGL solutions to optimize producer netbacks and project returns
• Water gathering volumes expected to increase ~60% in 2018
• Current projects: Increasing water gathering capacity to 90 MBbls/d 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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30
60
90
120
150
YE 2017 YE 2019
Capacity(MMcf/d)
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30
60
90
120
150
YE 2017 YE 2019
Capacity(MBbls/d)
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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 expansions nearly double capacity to support long-term development
plans and increasing 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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Arrow Bear Den Processing Plant
Crestwood’s Bear Den West pipeline and Phase 1 plant commissioned in late
November 2017; Phase 2 scheduled for Q2 2019 as Arrow volumes ramp up
 Greatly enhances
Flow Assurance
and “control of
our own destiny”
Project Rationale
Project Overview
• Bear Den Processing Plant is a two phase processing
solution that will provide 150 MMcf/d of combined
processing capacity
• Phase 1: “Immediate solution” - 30 MMcf/d RJT unit
sized to process excess gas volumes currently flaring or
above third-party contracts
– Phase 1 project cost $115MM
– Commissioned late November 2017
• Phase 2: “Long-term solution” - 120 MMcf/d cryogenic
plant sized to process 100% of Arrow gas by 2019
– Phase 2 project expected cost ~$185MM
– Targeted in-service Q2 2019
• Attractive total project returns of sub-6x; Phase 1
project accretive to DCF in 2018
Bear Den Plant – Phase 1
 Better netbacks and
more reliable service
for Arrow producers
than 3rd party
processing
alternatives
 Improves
competitive
position and
ability to attract
incremental third
parties in the area
 Enables Crestwood to
utilize integrated
midstream value
chain with
incremental volumes
Bear Den plant phase-1
 Crestwood purchases
100% of oil and gas
volumes at the
wellhead from its
producers; full control
of processing volumes

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Delaware Basin Growth Strategy
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Asset MapAsset Overview & Strategy
Crestwood is building competitive scale and fully integrated systems in the heart of
the Delaware Basin, the most active shale play in the US
• 50/50 joint venture with First Reserve
• 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
– 30 MMcf/d dew point control skid Complete
– Orla Express Pipeline Q3 2018
– 200 MMcf/d Orla Processing Plant Q3 2018
• Future expansion opportunities:
– Crude oil gathering, terminalling and condensate
stabilization/blending
– Produced water gathering and disposal
>$100 million of total Delaware Basin EBITDA potential by 2021 from identified
expansion opportunities

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Delaware Basin Current G&P Assets
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Willow Lake and Nautilus gathering systems, combined gather over 110 MMcf/d, are
at the center of significant development activity in the Delaware Basin
Delaware System MapsWillow Lake System
• Willow Lake Gathering and Processing System is at the epicenter of
Northern Delaware Basin development in Eddy and Lea counties, NM
– ~82 miles low pressure gathering system
– Current processing capacity of 85 MMcf/d (includes 30 MMcf/d
expansion to handle volume growth during 3Q17-2Q18)
• Existing acreage/well dedications with Concho and Mewbourne
supported by 100,000 acre AMI around plant/system
• The Orla Express pipeline will connect the Willow Lake system to the
Orla Processing Plant in 1H 2018
Nautilus System
Asset Ownership:
Willow
Lake
Orla
Plant Nautilus
Crestwood 50% 50% 25%
First Reserve 50% 50% 25%
Shell Midstream - - 50%
• Nautilus Natural Gas Gathering System supports Shell’s Delaware
Basin development program
– 20-year tiered fixed-fee gathering and compression contract
– 100,000 acreage dedication in Loving and Ward counties, TX
• ~$90MM of capital invested in 2017 at a ~5.0x build-multiple
• October 2017 – Shell Midstream exercises option to acquire 50% interest
in the system; further aligning Crestwood’s and Shell’s interests
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.” –SHLX Q2’17 Earnings Call

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Orla Express Pipeline & Orla Processing Plant
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200 MMcf/d processing plant and super-header integrates asset footprint to compete
across the entire primary Delaware Basin catchment area
Premier G&P Footprint in Delaware Basin Core
WES/ETP Bone
Spring
Project Overview
• Construction underway on 33 miles
of 20” pipeline and 200 MMcf/d
cryogenic gas plant in Orla, TX
– Plant capacity expandable to
600 MMcf/d
– Plant location offers multiple residue
and NGL takeaway options
• Initial phase connects Willow Lake
gathering to Orla Express and Orla
plant
– Base scope capital of ~$170 million
– Targeted in-service date Q3 2018
• Expansion phase will connect the
Nautilus system to Orla plant and
new laterals connecting additional
producers
Orla Plant: 200
MMcf/d cryogenic
gas processing
plant
Orla Express Pipeline
connecting existing
Willow Lake system to
new Orla gas
processing plant
(1)
(1) Assumes First Reserves covers $160 million of plant capital in return for a
50% ownership in the Willow Lake gathering and processing assets.

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Delaware Basin Water Solutions Next Leg of Growth
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Scalable infrastructure solutions for Delaware Basin water requirements; potential
next phase of Delaware Basin growth strategy
Delaware Water Production
• Based on Crestwood’s current capture area, 2.4 MMBbls/d
of produced water is forecasted by 2021
• Crestwood’s existing assets well-positioned to offer water
gathering and disposal services to producers
• Crestwood has extensive experience gathering and
disposing produced water in the BakkenCapture Area.
1.0
1.2
1.6
2.0
2.4
–
0.5
1.0
1.5
2.0
2.5
3.0
2017 2018 2019 2020 2021
Source: DrillingInfo and Wood Mackenzie.
(1) Water forecast based on capture area gas forecast and converted to
water based on GORs and WORs for the Wolfcamp and Bone Spring
type curves per Wood Mackenzie.
Eddy
Lea
Culberson
Jeff
Davis
Loving
Pecos
Reeves
Ward
Winkler
Daily Production
(BBL)
5-YR Delaware Basin Water Forecast(1)
MMBbls/d

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• Strategic 50/50 JV with Consolidated Edison (“Con Edison”)
• Extensive network of FERC regulated storage and pipeline
assets located at center of prolific Marcellus dry-gas resource
play
− 2.9 Bcf/d delivery capacity; over 180 miles of pipes
− 41 Bcf storage capacity
• Evaluating incremental takeaway projects out of the NE
Marcellus basin with downstream pipeline partners
• Stagecoach generated ~$145MM Adjusted EBITDA in
2016; Current CEQP cash flow distribution is 35%
− June 2018: Cash flow distribution steps up 5% to 40%
− June 2019: Cash flow distribution steps up 10% to 50%
NE Marcellus is largest US gas supply base and best potential for demand growth;
Stagecoach is strategically positioned to capture growth opportunities
23%
49%
28%
79%
13%
9%
NE Marcellus - Stagecoach Gas Services JV
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Assets MapStagecoach Overview
Stagecoach Storage
Customers
Producers
Marketers
Marketers
Utility / LDCs
Producers
Stagecoach Transportation
Customers
Utility/ LDCs
CON EDISON
SERVICE AREA

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PRB Niobrara – Jackalope G&P JV
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CHK PRB Net Production Potential
Source: Chesapeake Energy Company Presentations.
• PRB Jackalope JV - Crestwood (50%) and Williams (50%) owns
180 MMcf/d gas gathering system and 120 MMcf/d processing
plant in Converse Co., Wyoming
• 20-year fixed fee contract; Includes minimum revenue
guarantees for 5 – 7 years
• Recently refinanced PRB Niobrara asset level preferred equity to
reduce current distribution; accordion feature available to fund
potential growth opportunities
• Chesapeake is currently drilling in the Turner, Parkman, Mowry,
Sussex and Niobrara formations
− Gas volumes at >60 MMcf/d up from 46 MMcf/d in FY 2016
− Recent Turner tests: 2,886 Boe/d with 51% oil cut, 2,560
Boe/d with 80% oil cut; 1,700 Boe/d with 80% oil cut
• Potential to grow production to more than 100,000 boe/d over
the next five to seven years
Overview
New G&P contract allows Chesapeake to accelerate development plans and achieve
full potential of PRB Niobrara acreage
388K
Dedicated Acres
2,600
Drilling Locations
Chesapeake is currently running 3 rigs on the Jackalope system and
one dedicated frac crew; expect to add a 4th rig in Q1 2018
CHK Outperforming Industry Offsets
5
Productive Zones

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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
Q3:15 Q4:15 Q1:16 Q2:16 Q3:16 Q4:16 Q1:17 Q2:17 Q3:17
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 G&P Update
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BlueStone’s workover activities and recent DUC completions offset natural volume
declines in 2017; Stable 4% YTD volume decline
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.
1H:17 Workovers Offset
Natural Field Decline

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• 20-year, fixed-fee gathering and compression services w/
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 G&C Update
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Gathering volumes up 42% YTD 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
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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Balance Sheet Strength,
Disciplined Capital Allocation,
Accretive DCF Growth

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Delivering on 2017 Guidance
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EBITDA
*
DCF
*
Growth Capital
*
Leverage
Coverage
Commitment to execution, lower cost structure and consistent quarterly
results; delivering on increased 2017 financial guidance
$360 $390 $400$380
$200 $230$210
$130 $150 $250$225
4.0x 4.5x
1.2x 1.4x
Original Guidance Range Increased Guidance Range
*Dollar amounts shown in $US millions.

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$0
$200
$400
$600
$800
2017 2018 2019 2020 2021 2022 2023 2024 2025
Strong Balance Sheet & Liquidity
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• Top-tier leverage position
– Q3 2017 leverage of 4.1x or 3.8x pro forma for
US Salt divestiture
– Current borrowing capacity ~$650 MM
• Committed to long-term leverage <4.0x once
growth projects come online
• No near-term maturities; attractive long-term
capital
• Evaluating divestitures to ensure leverage targets
Balance Sheet Positioned for Strength Current Capitalization
Preferred Equity Overview
• Crestwood has ~$650MM preferred equity
outstanding
• Annual distribution of 9.25% payable quarterly
• Crestwood began cash payments attributable to
the Q3 2017 distribution
• Preferred equity holders have option to convert
into ~7.1MM CEQP common units
– Investor conversion unlikely and no forced
conversion
Crestwood strengthened its balance sheet by repaying approximately $1 billion of debt
in 2Q 2016; Crestwood targets YE 2017 leverage of 4.0x-4.5x
No Near-Term Debt Maturities
($MM)
RCF
6.25%
Notes
5.75%
Notes
Issue Price Yield
2023 104.00 4.9%
2025 103.00 5.1%
Actuals Actuals Actuals Pro Forma
($ millions) 2015 2016 Q3 2017 US SALT
Cash $1 $2 $1 $1
Revolver $735 $77 $444 $219
Senior Notes 1,800 1,475 1,200 1,200
Other Debt 9 6 2 2
Total Debt $2,544 $1,558 $1,647 $1,422
Total Leverage Ratio 4.8x 3.7x 4.1x 3.8x

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The Crestwood Investment Opportunity
27
Focused on aggressively executing growth opportunities while maintaining
financial strength
• SELF-FUNDED near-term gathering and processing growth opportunities in
the Bakken and Delaware Basin
• Long-term PRB and northeast Marcellus pipeline projects
In the meantime…
• Crestwood is well-positioned to deliver attractive yield to investors(1)
– Current Yield = 9.4%; Coverage Ratio = 1.2x; Leverage Ratio = 3.8x
• Diversified business mix and strong contract portfolio
• No incentive distribution rights
• Assets leveraged to volume growth with commodity price improvement
• Reversion to Peer Group / Alerian yield provides significant upside for units
Execution Drives Significant Upside Return Opportunity;
CASH FLOW PER UNIT GROWTH TO RESUME IN 2018
(1) Current yield data as of 1/5/2018. Coverage ratio and leverage ratio as of 9/30/2017 and pro
forma for the US Salt divestiture for $225 million.

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Appendix
28
28
Appendix:

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CEQP Non-GAAP Reconciliations
29
CRESTWOOD EQUITY PARTNERS LP
Full Year 2017 Adjusted EBITDA and Distributable Cash Flow Guidance
Reconciliation to Net Income
(in millions)
(unaudited)
Net income (loss) $(13) - $7
Interest and debt expense, net 105
Loss on modification/extinguishment of debt 38
Depreciation, amortization and accretion 195
Unit-based compensation charges 25
Earnings from unconsolidated affiliates (50) - (55)
Adjusted EBITDA from unconsolidated affiliates 80 - 85
Adjusted EBITDA $380 - $400
Cash interest expense (a)
(100)
Maintenance capital expenditures (b)
(20) - (25)
Cash distributions to preferred unitholders (c)
(45)
Distributable cash flow attributable to CEQP common unitholders (d)
$210 - $230
(a) Cash interest expense less amortization of deferred financing costs plus bond premium amortization plus or minus fair value adjustments.
(b) Maintenance capital expenditures are defined as those capital expenditures which do not increase operating capacity or revenues from existing levels.
(c) Includes cash distributions to Crestwood Niobrara preferred unitholders and cash distributions to preferred unitholders.
(d) Distributable cash flow is defined as Adjusted EBITDA, less cash interest expense, maintenance capital expenditures, income taxes, deficiency payments
(primarily related to deferred revenue). 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 generally accepted accounting principles 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 corporations and partnerships.

Crestwood investor deck january 2018

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