The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an investor presentation covering key highlights, including 2016 guidance being on track, a focused growth strategy, a strong balance sheet, and significant insider ownership. It summarizes recent financial results and outlines the company's long-term outlook, focusing on growth opportunities in the Delaware Permian Basin, Northeast Marcellus shale, and Bakken shale plays.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key points such as 2016 guidance being on track, a focused growth strategy in core areas like the Delaware Permian and Bakken, a strong balance sheet and distribution coverage. It summarizes growth opportunities and projects in these regions that are expected to provide accretive cash flow growth beginning in 2018.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an overview of the companies, including key highlights such as 2016 guidance being on track, a focused growth strategy, a strong balance sheet, and significant insider ownership. It also summarizes recent quarterly results that demonstrate a commitment to deleveraging and strong distribution coverage. The document outlines Crestwood's focused growth strategy in three core areas and provides a long-term outlook with future growth projected to begin driving distributable cash flow growth in 2018.
EnLink Midstream provides an overview of its business including its financial and operational highlights for 3Q 2016. Key points include refined 2016 Adjusted EBITDA guidance of $760-790 million, 3Q 2016 Adjusted EBITDA before non-controlling interest of ~$201 million, and distribution coverage ratios of 1.05x for ENLK and 1.07x for ENLC. EnLink also discusses its growth strategy, positioned across multiple basins and services, and commitment to financial strength with leverage of 3.75x debt to Adjusted EBITDA.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It includes presentation titles, subtitles, logos and dates. The bulk of the document consists of forward-looking statements and disclaimers about future events, activities and results being subject to risks and uncertainties. It also includes brief sections on company information, contacts, and the Crestwood corporate structure.
- Hospitality Properties Trust is presenting an investor presentation in February 2017 on their diversified real estate portfolio of hotels and travel centers.
- The portfolio includes 306 hotels with 46,583 rooms and 198 travel centers located along major highways in the US, operated under brands like Marriott, InterContinental, and TravelCenters of America.
- The presentation highlights HPT's consistent dividend supported by long-term contracts with brand operators, renovations increasing revenue, and conservative financial profile with coverage of annual minimum returns and growing adjusted EBITDA.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key investor information including recent financial results, growth projects, and commercial contracts. The document summarizes recent execution on projects in various regions, and outlines a backlog of announced growth projects through 2018 that are expected to generate over $30 million in incremental annual cash flow. These projects focus on the Bakken, Delaware Basin, and Marcellus regions.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an overview of the companies, highlights key investor metrics like 2017 adjusted EBITDA guidance and leverage ratios, and outlines growth initiatives focused on the Bakken, Delaware Permian, and Marcellus regions. Specific projects discussed that will drive growth in 2018 and beyond include the Nautilus gathering system, Bear Den processing plants, and the Orla processing plant.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It summarizes the companies' strategic pivot to improve processes and efficiencies, reduce costs, simplify operations, and deleverage the balance sheet. Going forward, the companies plan to focus on executing existing projects, high-grading growth opportunities, and pursuing disciplined growth through joint ventures to enhance their strategic position while preserving financial strength. Key regions for potential long-term growth include the Marcellus Shale, Bakken, and Delaware Permian areas.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key points such as 2016 guidance being on track, a focused growth strategy in core areas like the Delaware Permian and Bakken, a strong balance sheet and distribution coverage. It summarizes growth opportunities and projects in these regions that are expected to provide accretive cash flow growth beginning in 2018.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an overview of the companies, including key highlights such as 2016 guidance being on track, a focused growth strategy, a strong balance sheet, and significant insider ownership. It also summarizes recent quarterly results that demonstrate a commitment to deleveraging and strong distribution coverage. The document outlines Crestwood's focused growth strategy in three core areas and provides a long-term outlook with future growth projected to begin driving distributable cash flow growth in 2018.
EnLink Midstream provides an overview of its business including its financial and operational highlights for 3Q 2016. Key points include refined 2016 Adjusted EBITDA guidance of $760-790 million, 3Q 2016 Adjusted EBITDA before non-controlling interest of ~$201 million, and distribution coverage ratios of 1.05x for ENLK and 1.07x for ENLC. EnLink also discusses its growth strategy, positioned across multiple basins and services, and commitment to financial strength with leverage of 3.75x debt to Adjusted EBITDA.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It includes presentation titles, subtitles, logos and dates. The bulk of the document consists of forward-looking statements and disclaimers about future events, activities and results being subject to risks and uncertainties. It also includes brief sections on company information, contacts, and the Crestwood corporate structure.
- Hospitality Properties Trust is presenting an investor presentation in February 2017 on their diversified real estate portfolio of hotels and travel centers.
- The portfolio includes 306 hotels with 46,583 rooms and 198 travel centers located along major highways in the US, operated under brands like Marriott, InterContinental, and TravelCenters of America.
- The presentation highlights HPT's consistent dividend supported by long-term contracts with brand operators, renovations increasing revenue, and conservative financial profile with coverage of annual minimum returns and growing adjusted EBITDA.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key investor information including recent financial results, growth projects, and commercial contracts. The document summarizes recent execution on projects in various regions, and outlines a backlog of announced growth projects through 2018 that are expected to generate over $30 million in incremental annual cash flow. These projects focus on the Bakken, Delaware Basin, and Marcellus regions.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an overview of the companies, highlights key investor metrics like 2017 adjusted EBITDA guidance and leverage ratios, and outlines growth initiatives focused on the Bakken, Delaware Permian, and Marcellus regions. Specific projects discussed that will drive growth in 2018 and beyond include the Nautilus gathering system, Bear Den processing plants, and the Orla processing plant.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It summarizes the companies' strategic pivot to improve processes and efficiencies, reduce costs, simplify operations, and deleverage the balance sheet. Going forward, the companies plan to focus on executing existing projects, high-grading growth opportunities, and pursuing disciplined growth through joint ventures to enhance their strategic position while preserving financial strength. Key regions for potential long-term growth include the Marcellus Shale, Bakken, and Delaware Permian areas.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company. It discusses SUN's recent acquisitions that have increased its scale and diversified its operations across 30 states. It highlights SUN's leading retail and wholesale fuel business, real estate portfolio of over 2,000 sites, and financial strategy targeting investment grade ratings. The presentation also provides an operating performance summary for the second quarter of 2016 that shows increased retail fuel margins and merchandise sales growth compared to the prior year.
The document provides an overview of Sunoco LP (SUN) including:
1) SUN operates retail fuel and convenience stores across 30 states as well as wholesale fuel distribution.
2) SUN highlights include a leading market position, stable cash flows from diverse operations and geographic areas, and an experienced management team.
3) The presentation reviews SUN's history, acquisitions, financial metrics, debt profile, and operating performance for full year 2016 and first quarter 2017.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights the companies' nationwide footprint of natural gas and crude oil assets, with a focus on growth opportunities in key basins like the Bakken, Delaware Permian, and Marcellus regions. The presentation outlines Crestwood's contract portfolio and customer mix, balanced across gas, oil, and NGLs. It also summarizes a backlog of announced growth projects expected to drive increased earnings and cash flows through 2018 and beyond.
The document provides an overview of a partnership between Antero Midstream Partners LP and MPLX. It discusses forward-looking statements and risks involved. It then summarizes Antero Midstream's profile, including its market cap, enterprise value, EBITDA, net debt ratio, and dedicated acres. It also describes the joint venture between Antero Midstream and MPLX to develop processing and fractionation infrastructure in Appalachia, including existing and potential future assets.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP's strategic update. Key points include:
- Crestwood formed a joint venture with Con Edison, contributing its Northeast gas storage and transportation assets in exchange for $975 million and a 50% equity interest in the joint venture.
- Crestwood will use proceeds from the transaction to reduce debt by over $1 billion, lowering pro forma leverage to approximately 3.5x.
- Crestwood reduced its quarterly distribution to $0.60 per unit, providing estimated full-year 2016 distribution coverage of 1.7x and positioning it for financial strength.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company and its financial performance. Some key points:
- SUN has rapidly increased its scale and diversification through four dropdown acquisitions from Energy Transfer Partners totaling over $5 billion.
- The company has a balanced portfolio of retail fuel, wholesale fuel distribution, and convenience stores/merchandise that generates stable cash flows across commodity cycles.
- In the second quarter of 2016, SUN increased retail fuel gallons sold slightly while growing wholesale fuel gallons more significantly. Merchandise sales and margins also increased year-over-year.
The document discusses Sunoco LP's acquisition of Energy Transfer Partners' remaining wholesale fuel distribution and retail assets. The $2.226 billion acquisition will make Sunoco LP one of the leading wholesale fuel and retail marketing platforms in the US with increased scale, diversity, and cash flows. The acquisition is expected to close in Q1 2016 and will be immediately accretive to Sunoco LP's distributable cash flows and distributions.
Sunoco LP provides an investor presentation covering forward-looking statements, non-GAAP measures, an overview of the partnership including its retail and wholesale segments, and highlights compelling investment opportunities through its leading market position, track record of stable cash flows, diversified business and geography, experienced management team, and organic and acquisition growth opportunities. The presentation also reviews Sunoco LP's history, recent acquisitions, emerging acquisition, brand portfolio, merchandising, real estate assets, lines of business, liquidity and capital structure, and debt maturity profile.
Sunoco LP is a master limited partnership that operates retail and wholesale fuel and convenience store businesses across more than 30 states. The presentation discusses Sunoco LP's operations, acquisition history since 2014, geographic and business diversity, and financial metrics. It also notes that the partnership is announcing a strategic divestiture of its company-operated convenience stores in the continental US to 7-Eleven.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses the company's 2016 outlook, key investor highlights, cost cutting measures, capital structure, core operations in the Bakken shale play, and its COLT Hub facility. The presentation aims to position Crestwood favorably in the current challenging energy market environment through stable cash flow, high contract coverage, expense reductions, and operations in top producing regions.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. The presentation discusses the companies' repositioning strategy in 2016 to strengthen their balance sheet through cost cutting, reduced capital expenditures, mergers, and debt reduction. It highlights the companies' asset portfolio, contract mix, customer base, and financial outlook. The presentation aims to position the companies for long-term growth potential through competitive assets leveraged to improving commodity prices.
Advanced Emissions Solutions presented at the Rodman & Renshaw 19th Annual Global Investment Conference on September 11, 2017. The presentation highlighted the company's refined coal and emissions control businesses. It noted that the refined coal business is expected to deliver $50-60 million in annual cash flows through 2021. It also stated the goal of growing emissions control revenues to $20-40 million annually over the next 1-2 years. Additionally, the presentation discussed the company's priorities in 2017, which include obtaining new tax equity investors for refined coal and growing the emissions control business.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights the companies' focus on execution of their growth strategy, commitment to a strong balance sheet and disciplined capital program. Specific projects highlighted include expansion of the Nautilus system in the Delaware Basin, Arrow Debottlenecking phases 1 and 2 in the Bakken, and the Orla processing plant and pipeline. These projects are expected to provide significant incremental annual cash flow of over $120 million by 2021.
- CorEnergy owns essential energy infrastructure assets that generate stable cash flows through long-term contracts. These assets include pipelines, storage terminals, and gathering systems critical to energy production.
- CorEnergy aims to provide attractive risk-adjusted returns through acquiring infrastructure assets that generate predictable revenues and distributing dividends to shareholders.
- The company has a conservative capital structure and recently enhanced its financial flexibility through refinancing initiatives, positioning it to acquire additional assets.
Denbury Resources presented at the Capital One Securities 12th Annual Energy Conference on December 6, 2017. Denbury has 254 million barrels of proved oil reserves and an estimated 900 million barrels of proved plus potential reserves recoverable through CO2 enhanced oil recovery. The company has a large CO2 supply and pipeline network across the Gulf Coast and Rocky Mountain regions. Denbury is focused on reducing costs by over $50 million in 2018, unlocking value from its asset base, and improving its balance sheet position through debt reduction and potential asset sales.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
The document provides an operations report for February 14, 2017. It includes forward-looking statements about guidance, projections, and objectives that involve risks and uncertainties. It also discusses non-GAAP financial measures used by the company such as adjusted EBITDA and distributable cash flow. For 2016, the company delivered on its financial and operational priorities by outperforming its adjusted EBITDA guidance, meeting its capital expenditure targets, and achieving distribution coverage above 1.0x. ENLC also met its cash available for distribution guidance and distribution coverage targets for 2016.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights their simplified structure following a merger, fixed-fee contract portfolio that provides revenue stability, cost reduction efforts, and core operations in strategic basins like the Marcellus and Bakken shale plays. The presentation outlines financial results, liquidity position, and growth opportunities while noting the companies' valuation disconnect compared to peers.
Sunoco LP is transitioning its business model away from directly operating convenience stores to focus on fuel logistics and distribution. It is divesting the majority of its company-operated retail operations to 7-Eleven through a $3.3 billion sale expected to close in January 2018. It is also converting its 207 West Texas sites to a commission agent model. This transformation is laying the foundation for improved financial metrics through significantly reduced operating and capital expenses and a portfolio of stable income streams from the 7-Eleven agreement and other fuel distribution channels.
This document provides information about EOG Resources, Inc. (EOG), an oil and gas exploration and production company. It lists EOG's stock symbol and dividend, shares outstanding, and investor relations contacts. It also contains cautionary statements about forward-looking estimates and reserves, describes EOG's strategy of focusing on high-return oil growth through premium drilling locations and technological advantages, and provides production and well performance data to demonstrate EOG's leading position.
This document outlines the original and adjusted diets for a hydroponic farming system with 22.2 beds. The original diet was calculated to require 40 beds but could be supported by 22.2 beds. The adjusted diet reduces the number of beds for each crop proportionally to fit into the 22.2 beds. It also provides the bed count and square footage needed for each crop in a representation of the adjusted diet.
UGI reported record fiscal year 2016 earnings despite warm weather. Earnings were driven by contributions from growth initiatives and acquisitions. Looking ahead, UGI expects continued earnings growth of 16% in fiscal year 2017 from ongoing organic growth, strategic investments, and a return to more normal weather. UGI is well positioned for further growth with a strong balance sheet and cash flows.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company. It discusses SUN's recent acquisitions that have increased its scale and diversified its operations across 30 states. It highlights SUN's leading retail and wholesale fuel business, real estate portfolio of over 2,000 sites, and financial strategy targeting investment grade ratings. The presentation also provides an operating performance summary for the second quarter of 2016 that shows increased retail fuel margins and merchandise sales growth compared to the prior year.
The document provides an overview of Sunoco LP (SUN) including:
1) SUN operates retail fuel and convenience stores across 30 states as well as wholesale fuel distribution.
2) SUN highlights include a leading market position, stable cash flows from diverse operations and geographic areas, and an experienced management team.
3) The presentation reviews SUN's history, acquisitions, financial metrics, debt profile, and operating performance for full year 2016 and first quarter 2017.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights the companies' nationwide footprint of natural gas and crude oil assets, with a focus on growth opportunities in key basins like the Bakken, Delaware Permian, and Marcellus regions. The presentation outlines Crestwood's contract portfolio and customer mix, balanced across gas, oil, and NGLs. It also summarizes a backlog of announced growth projects expected to drive increased earnings and cash flows through 2018 and beyond.
The document provides an overview of a partnership between Antero Midstream Partners LP and MPLX. It discusses forward-looking statements and risks involved. It then summarizes Antero Midstream's profile, including its market cap, enterprise value, EBITDA, net debt ratio, and dedicated acres. It also describes the joint venture between Antero Midstream and MPLX to develop processing and fractionation infrastructure in Appalachia, including existing and potential future assets.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP's strategic update. Key points include:
- Crestwood formed a joint venture with Con Edison, contributing its Northeast gas storage and transportation assets in exchange for $975 million and a 50% equity interest in the joint venture.
- Crestwood will use proceeds from the transaction to reduce debt by over $1 billion, lowering pro forma leverage to approximately 3.5x.
- Crestwood reduced its quarterly distribution to $0.60 per unit, providing estimated full-year 2016 distribution coverage of 1.7x and positioning it for financial strength.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company and its financial performance. Some key points:
- SUN has rapidly increased its scale and diversification through four dropdown acquisitions from Energy Transfer Partners totaling over $5 billion.
- The company has a balanced portfolio of retail fuel, wholesale fuel distribution, and convenience stores/merchandise that generates stable cash flows across commodity cycles.
- In the second quarter of 2016, SUN increased retail fuel gallons sold slightly while growing wholesale fuel gallons more significantly. Merchandise sales and margins also increased year-over-year.
The document discusses Sunoco LP's acquisition of Energy Transfer Partners' remaining wholesale fuel distribution and retail assets. The $2.226 billion acquisition will make Sunoco LP one of the leading wholesale fuel and retail marketing platforms in the US with increased scale, diversity, and cash flows. The acquisition is expected to close in Q1 2016 and will be immediately accretive to Sunoco LP's distributable cash flows and distributions.
Sunoco LP provides an investor presentation covering forward-looking statements, non-GAAP measures, an overview of the partnership including its retail and wholesale segments, and highlights compelling investment opportunities through its leading market position, track record of stable cash flows, diversified business and geography, experienced management team, and organic and acquisition growth opportunities. The presentation also reviews Sunoco LP's history, recent acquisitions, emerging acquisition, brand portfolio, merchandising, real estate assets, lines of business, liquidity and capital structure, and debt maturity profile.
Sunoco LP is a master limited partnership that operates retail and wholesale fuel and convenience store businesses across more than 30 states. The presentation discusses Sunoco LP's operations, acquisition history since 2014, geographic and business diversity, and financial metrics. It also notes that the partnership is announcing a strategic divestiture of its company-operated convenience stores in the continental US to 7-Eleven.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses the company's 2016 outlook, key investor highlights, cost cutting measures, capital structure, core operations in the Bakken shale play, and its COLT Hub facility. The presentation aims to position Crestwood favorably in the current challenging energy market environment through stable cash flow, high contract coverage, expense reductions, and operations in top producing regions.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. The presentation discusses the companies' repositioning strategy in 2016 to strengthen their balance sheet through cost cutting, reduced capital expenditures, mergers, and debt reduction. It highlights the companies' asset portfolio, contract mix, customer base, and financial outlook. The presentation aims to position the companies for long-term growth potential through competitive assets leveraged to improving commodity prices.
Advanced Emissions Solutions presented at the Rodman & Renshaw 19th Annual Global Investment Conference on September 11, 2017. The presentation highlighted the company's refined coal and emissions control businesses. It noted that the refined coal business is expected to deliver $50-60 million in annual cash flows through 2021. It also stated the goal of growing emissions control revenues to $20-40 million annually over the next 1-2 years. Additionally, the presentation discussed the company's priorities in 2017, which include obtaining new tax equity investors for refined coal and growing the emissions control business.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights the companies' focus on execution of their growth strategy, commitment to a strong balance sheet and disciplined capital program. Specific projects highlighted include expansion of the Nautilus system in the Delaware Basin, Arrow Debottlenecking phases 1 and 2 in the Bakken, and the Orla processing plant and pipeline. These projects are expected to provide significant incremental annual cash flow of over $120 million by 2021.
- CorEnergy owns essential energy infrastructure assets that generate stable cash flows through long-term contracts. These assets include pipelines, storage terminals, and gathering systems critical to energy production.
- CorEnergy aims to provide attractive risk-adjusted returns through acquiring infrastructure assets that generate predictable revenues and distributing dividends to shareholders.
- The company has a conservative capital structure and recently enhanced its financial flexibility through refinancing initiatives, positioning it to acquire additional assets.
Denbury Resources presented at the Capital One Securities 12th Annual Energy Conference on December 6, 2017. Denbury has 254 million barrels of proved oil reserves and an estimated 900 million barrels of proved plus potential reserves recoverable through CO2 enhanced oil recovery. The company has a large CO2 supply and pipeline network across the Gulf Coast and Rocky Mountain regions. Denbury is focused on reducing costs by over $50 million in 2018, unlocking value from its asset base, and improving its balance sheet position through debt reduction and potential asset sales.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
The document provides an operations report for February 14, 2017. It includes forward-looking statements about guidance, projections, and objectives that involve risks and uncertainties. It also discusses non-GAAP financial measures used by the company such as adjusted EBITDA and distributable cash flow. For 2016, the company delivered on its financial and operational priorities by outperforming its adjusted EBITDA guidance, meeting its capital expenditure targets, and achieving distribution coverage above 1.0x. ENLC also met its cash available for distribution guidance and distribution coverage targets for 2016.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights their simplified structure following a merger, fixed-fee contract portfolio that provides revenue stability, cost reduction efforts, and core operations in strategic basins like the Marcellus and Bakken shale plays. The presentation outlines financial results, liquidity position, and growth opportunities while noting the companies' valuation disconnect compared to peers.
Sunoco LP is transitioning its business model away from directly operating convenience stores to focus on fuel logistics and distribution. It is divesting the majority of its company-operated retail operations to 7-Eleven through a $3.3 billion sale expected to close in January 2018. It is also converting its 207 West Texas sites to a commission agent model. This transformation is laying the foundation for improved financial metrics through significantly reduced operating and capital expenses and a portfolio of stable income streams from the 7-Eleven agreement and other fuel distribution channels.
This document provides information about EOG Resources, Inc. (EOG), an oil and gas exploration and production company. It lists EOG's stock symbol and dividend, shares outstanding, and investor relations contacts. It also contains cautionary statements about forward-looking estimates and reserves, describes EOG's strategy of focusing on high-return oil growth through premium drilling locations and technological advantages, and provides production and well performance data to demonstrate EOG's leading position.
This document outlines the original and adjusted diets for a hydroponic farming system with 22.2 beds. The original diet was calculated to require 40 beds but could be supported by 22.2 beds. The adjusted diet reduces the number of beds for each crop proportionally to fit into the 22.2 beds. It also provides the bed count and square footage needed for each crop in a representation of the adjusted diet.
UGI reported record fiscal year 2016 earnings despite warm weather. Earnings were driven by contributions from growth initiatives and acquisitions. Looking ahead, UGI expects continued earnings growth of 16% in fiscal year 2017 from ongoing organic growth, strategic investments, and a return to more normal weather. UGI is well positioned for further growth with a strong balance sheet and cash flows.
The document reports on Newmarket Gold's Q2 2016 financial results. Key highlights include:
- Record quarterly gold production of 61,191 ounces, driven by a record quarter at their flagship Fosterville Gold Mine which produced 37,245 ounces at a record average grade and recovery.
- Strong financial position with $69.9 million in cash as of June 30, 2016 and essentially debt-free. Operating cash flow was $31.0 million for Q2 2016.
- Fosterville achieved a record low quarterly operating cash cost per ounce of $440 and all-in sustaining costs of $741 per ounce. The preliminary economic assessment for the Maud Creek project showed potential for strong returns.
This document contains forward-looking statements and non-GAAP financial measures related to a TD Securities Forest Products Forum presentation. It outlines that all forward-looking statements are based on currently available information and are subject to certain risks and uncertainties. It also states that non-GAAP measures are used by management to evaluate performance and are indicated with footnotes, with reconciliation tables available. The document also contains regulation language regarding the use of non-GAAP measures.
Masonite presented its 2015 Fourth Quarter Earnings. Key highlights included:
- Housing starts in the US grew 10.8% in 2015 while single family starts rose 10.4%, however single family declines in Canada offset some gains.
- Masonite's financial results improved due to strategy execution, with gross profit growth of 32% and adjusted EBITDA growth of 49% in 2015.
- Initiatives focused on expanding product offerings and consideration, including most new products introduced in nine years and transitioning to Masonite branded doors at Lowe's.
#SUWLR 2014, Translate solutions into policy recommendations: Department of E...Student United Way
At the 2014 Student United Way Leadership Retreat, Sam Ryan and Julie Heinz of the Department of Education talked about how to translate your solutions into policy recommendations.
StoneMor Partners L.P. presented at the Boston IDEAS Investor Conference in June 2016. The presentation provided an overview of StoneMor's business, including that it is the second largest owner and operator of cemeteries in the US, with 307 cemeteries and 104 funeral homes across 28 states and Puerto Rico. It also summarized StoneMor's acquisition strategy, financial profile, and growth opportunities from favorable demographic trends in the deathcare industry.
The students provided feedback on a trailer for a film. Most commented that the trailer conveyed the plot effectively and was well-edited with a fitting soundtrack. Some felt it gave slightly too much of the plot away while others thought it found the right balance. Effective elements included the use of slow motion, time lapse shots, and editing shots to match the music. Suggested improvements included adding more of the male character and using more captions to explore the plot. Responses were mixed as to whether students would watch the film based on interests and genre preferences.
El documento proporciona instrucciones paso a paso para crear una aplicación móvil simple en Android Studio que suma dos números. Inicia abriendo Eclipse y creando un nuevo proyecto de aplicación Android llamado "suma_de_dos_numeros". Luego guía al usuario a través de agregar código para la interfaz de usuario y funcionalidad básica de suma en el archivo MainActivity.java. Finalmente, compila y ejecuta la aplicación para probar que suma correctamente los dos números.
Sairat (सैराट) movie digital media analyticsYogesh Dwivedi
Sairat movie has created right buzz in the indian film industry. This presentation talks about the impact that it has created in the digital ecosystem. Sairat movie has taken the Indian media and entertainment industry by storm by crossing INR 75 crore box office collections(Marathi cinema). Rinku Rajguru as Archana Patil (Archie) and Akash Thosar as Prashant Kale (Parshya) the first time actors have transformed their life henceforth.
Para crear un nuevo proyecto en Java, se debe ir a la opción "File" y seleccionar "New Project", luego seleccionar "Java" como lenguaje y finalmente escoger "Java Application".
The document is a letter from the HyperXite team at UC Irvine describing their entry in the SpaceX Hyperloop Pod Competition. The key points are:
1) HyperXite is a team of 40 UC Irvine students working to develop a full-scale Hyperloop system, which would be the 5th mode of transportation carrying people and freight at near 760 mph.
2) They are participating in the first SpaceX Hyperloop Pod Competition involving hundreds of university teams from 27 countries to design and test pod prototypes.
3) HyperXite received a design excellence award and is ranked 5th overall after extensive design reviews. Their open source pod design will allow for rapid innovation.
4
Richmont Mines is positioning itself for sustainable growth through its quality asset base in Canada including its growing production profile from the high-grade Island Gold Mine. The company is on track to meet or exceed revised 2016 guidance and has a strong balance sheet to fund its strategic growth plan. Recent exploration drilling continues to demonstrate potential for resource expansion at Island Gold laterally and at depth.
Richmont Mines reported third quarter 2016 financial results and operational highlights. Key points include:
- In-line production at Island Gold mine in Q3, with positive reconciliation of 37% compared to reserves.
- Beaufor mine production was lower due to equipment availability issues, but costs are expected to decrease as higher grade stoping increases.
- Strong cash position of $78.9 million to fund potential expansion at Island Gold to 1,100 tpd production.
- Near-mine drilling continuing to expand resources at Island Gold to incorporate in expansion study in H1 2017.
Crestwood Equity Partners Investor Presentation for 2016 RBC Capital Markets ...Marcellus Drilling News
The latest PowerPoint slide deck used by Crestwood Equity Partners at the 2016 RBC Capital Markets MLP Conference. Of particular interest to MDN are slides 9-11 which focus on Crestwood's northeast projects.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an overview of the companies, highlights of their strategies and growth outlook. Crestwood has assets positioned in key oil and gas basins with growing production, including the Bakken, Delaware Basin and Powder River Basin. The company expects volume growth across its areas to drive mid-teen earnings and cash flow growth over the next three years. Crestwood's visible project backlog is expected to increase its adjusted EBITDA from $400-$420 million currently to over $550 million by 2020.
This document contains an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses the companies' key highlights including strong 2017 momentum carrying into 2018 and 2019 with expected growth in distributable cash flow per unit. It outlines the companies' focus areas in the Bakken, Delaware Basin, Powder River Basin, and NE Marcellus regions which will drive its 5-year growth strategy. Charts show the companies' balanced portfolio and contract profile with mostly fixed-fee contracts providing stable cash flows.
The document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights the company's growth strategies focused on its core areas in the Bakken, Delaware Basin, Powder River Basin, and NE Marcellus regions. The company expects volume growth across its areas of operation to drive adjusted EBITDA growth of over 15% from 2018-2020. Key projects underway are expected to generate high returns and contribute over $120 million in additional EBITDA by 2021.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights the company's strategies to deliver increased distributable cash flow per unit through 2021 by focusing on self-funded growth projects in key basins like the Bakken, Delaware Basin, and Powder River Basin. The presentation shows Crestwood's forecasted adjusted EBITDA and distribution coverage ratio growth through 2020, driven by its portfolio of organic expansion projects across these core areas.
This document contains an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. The presentation discusses the company's financial results for 2017, which exceeded guidance. It highlights growth areas like the Bakken, Delaware Basin, and Powder River Basin that are expected to drive increased volume growth through 2019. The presentation provides an outlook for 2018 that forecasts adjusted EBITDA of $390-420 million and continued growth in distributable cash flow through capital projects like expanding gas processing plants in the Bakken.
The document appears to be an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses the company's financial results for 2017, which exceeded guidance and consensus estimates. It also outlines the company's growth strategy in key basins like the Bakken, Delaware Basin, and Powder River Basin, and provides the financial outlook for 2018 which expects continued cash flow and volume growth. The presentation highlights Crestwood's portfolio of assets and contracts, with over 85% being take-or-pay or fixed fee agreements, providing stability.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an investor presentation on the company's financial results and growth outlook. Some key points:
- Crestwood exceeded its 2017 guidance targets and outperformed consensus estimates.
- Volume growth in 2017 was strong across various basins where Crestwood operates. Further volume growth is expected in 2018-2019 from increased drilling plans.
- Crestwood's contract portfolio is largely composed of take-or-pay and fixed-fee contracts, providing stability.
- The presentation outlines Crestwood's 2018 financial outlook and capital program focused on organic growth projects across various regions.
The document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses key investor highlights including 2016 outlook and adjusted EBITDA guidance of $490-520 million. It also summarizes the company's capital structure, debt maturity profile, and operational updates in core areas like the Bakken shale play.
This document contains an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses the companies' simplified structure following a merger, which positions them for long-term success. It highlights their diverse operations in key shale plays, strong fixed-fee contracts providing revenue stability, cost reduction efforts improving margins, and strong liquidity position providing financial flexibility. The presentation provides an overview of Crestwood's business and recent performance for investors.
This document appears to be an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses the companies' recent merger to simplify their structure, highlights their operations in key shale plays with a focus on the Marcellus and Bakken basins. The presentation also notes over 90% of earnings are supported by take-or-pay or fixed fee contracts and that expense reduction efforts are on track to improve margins. Liquidity remains strong with available borrowing capacity.
The document discusses Crestwood Midstream Partners' growth strategy and organic expansion projects focused on its core assets. It highlights several projects in the Bakken and Delaware Basin that will increase gathering, processing, and transportation capacity to support increasing production volumes from dedicated acreage. These projects are expected to generate over $120 million in additional annual EBITDA by 2021 and be self-funded through retained cash flow and joint venture partnerships while maintaining financial strength.
This document contains an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. The presentation highlights the companies' diversified portfolio of midstream assets across major US basins, including the Bakken, Delaware Basin, PRB Niobrara, and Marcellus. Over 85% of forecasted 2017 EBITDA is supported by take-or-pay or fixed-fee contracts with investment grade customers. The presentation outlines Crestwood's organic growth strategy through 2018-2021 focused on high-return expansion projects around its core assets to drive distributable cash flow per unit growth.
The document discusses a proposed merger between Crestwood Equity Partners LP and Crestwood Midstream Partners LP. It provides an overview of the simplification merger, noting that it is expected to close in late September/early October. The merger is aimed at unifying corporate strategy, simplifying structure, improving distribution coverage and reducing costs. Key details on the companies and transaction are also summarized.
Presentation delivered by Chris Humes, Vice President, Pipeline Operations, Pipeline Services Group, Crestwood Midstream Partners, LP at the marcus evans Energy Pipeline Management Summit 2016 held in Houston, TX
Crestwood Midstream Partners LP presented its investor presentation for October 2012. The presentation contained forward-looking statements regarding future events and results that are subject to risks and uncertainties. It provided an overview of Crestwood, including its experienced management team, $2 billion enterprise value, 95% fixed-fee portfolio of midstream assets across major shale plays, and growth strategy through acquisitions and drop-downs. Recent acquisitions, including in the rich gas areas of the Barnett Shale and Marcellus Shale joint venture, were highlighted as growth drivers for 2012-2013.
This document provides contact information for Devon Energy's investor relations team. It also includes standard legal disclosures about forward-looking statements, use of non-GAAP information, and SEC definitions. The document then summarizes Devon's asset portfolio, with a focus on its STACK and Delaware Basin positions, and outlines its strategic plans to increase capital efficiency and production growth through 2017.
This investor presentation by Devon Energy provides an overview of the company, highlights recent operational successes, and outlines the strategic plan and capital investment approach for 2017. Key aspects include ramping up activity in core assets like the STACK and Delaware Basin plays to accelerate production and cash flow growth, achieving significant cost savings and efficiency gains, and maintaining a strong financial position.
This document provides contact information for Devon Energy's investor relations department. It also includes standard legal disclosures about the use of forward-looking statements and non-GAAP financial measures in company presentations. The presentation that follows discusses Devon Energy's asset portfolio, growth strategy focused on the STACK and Delaware Basin plays, and financial strength. It highlights the company's leading positions, significant inventory of drilling locations, improving capital efficiency, and plans to increase investment and production growth rates over the next two years.
Teck Resources held an Investor and Analyst Day on March 30, 2016 to provide forward-looking information and an overview of the company's strategy. The document discusses senior management changes and priorities for navigating the current low commodity price environment, including targeting positive cash flow from core operations and funding the Fort Hills project from internal sources in 2016. It also provides details on Teck's strong balance sheet, liquidity position, and long-dated debt maturity profile to finance spending plans.
Similar to Crestwood investor presentation dec 2016 (20)
MUTUAL FUNDS (ICICI Prudential Mutual Fund) BY JAMES RODRIGUESWilliamRodrigues148
Mutual funds are investment vehicles that pool money from multiple investors to purchase a diversified portfolio of stocks, bonds, or other securities. They are managed by professional portfolio managers or investment companies who make investment decisions on behalf of the fund's investors.
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1. Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
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™
Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
™
™
Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
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12/1/2016
Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
™
™
Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
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Connections for America’s Energy
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Investor Presentation
December 2016
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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
700 Louisiana Street
Suite 2550
Houston, TX 77002
(1) Market data as of 12/1/2016.
(2) Unit count and balance sheet data as of 9/30/2016.
Crestwood Equity Partners LP
NYSE Ticker CEQP
Market Capitalization ($MM)(1,2) $1,533
Enterprise Value ($MM)(2) $3,738
Annualized Distribution $2.40
Investor Relations
investorrelations@crestwoodlp.com
(713) 380-3081
No IDRs
Corporate Structure
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Key Investor Highlights
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• 2016 guidance on-track
• Focused growth strategy
• Low-cost partnership
• Strong balance sheet
• Strong distribution coverage
• Significant insider ownership
$435MM - $465MM
2016E Adjusted EBITDA(1)
~4.0x 2016E
Leverage Ratio
1.8x Q3:16 Coverage Ratio;
1.5x Fully-Diluted
No GP IDRs; OPEX and G&A
down 11% 2015/16(2)
~32% LP units; alignment of
interest with LP’s
Delaware-Permian,
Marcellus/Utica, Bakken
(1) Please see accompanying tables of non-GAAP reconciliations.
(2) Year-to-date 2016 O&M and G&A net of unit based compensation
and other significant costs, compared to year-to-date 2015.
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Strong Q3 2016 Results
Demonstrates Commitment to Strong Balance Sheet and Distribution Coverage
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Significant O&M and
G&A Cost Savings
Substantial
Deleveraging
Sustainable
Distribution
4.0x
Leverage Ratio
1.8x
Coverage Ratio
$600MM
Available Liquidity(3)
86%
Cash Flow Margin(2)
2016 GOALS
(1) Year-to-date 2016 O&M and G&A net of unit based compensation and other significant
costs, compared to year-to-date 2015.
(2) Cash flow margin is calculated by dividing Adj. EBITDA into Net Revenue.
(3) Calculated as borrowing capacity pursuant to Crestwood’s financial leverage covenant of
5.5x. Crestwood has $1.5Bn of commitments available under its revolving credit facility.
Streamline & Solidify
Base Business
$21MM
YTD Cost Reduction(1)
Q3 2016 RESULTS
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Focused Growth Strategy
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Source: Baker Hughes and DrillingInfo.
Note: Rig map reflects all active rigs (i.e. vertical, directional, and horizontal trajectory).
• Focused on Crestwood’s
three core areas
– Delaware Permian, Northeast
Marcellus and Bakken
– Many 2017/18 projects
leveraging existing assets
• Building backlog of high
quality future growth
opportunities
− Capital efficiency a top
priority
− Strong counterparties; solid
fundamentals & contracts
• Current projects expected
to deliver accretive DCF in
FY 2018
– Emerging 5 year growth
profile positions CEQP well
in small/mid-cap space
Crestwood commercial teams building backlog of growth projects in high activity areas;
regional JV’s structured to be more competitive and help finance projects
Northeast Marcellus Gas
• Future Supply growth required for
growing NE demand
• Stagecoach JV positioned to capture
required infrastructure growth
Delaware Permian
• Most economic / prolific crude oil basin
in US
• Developing 3-product gathering
opportunities for major producers
Bakken Shale
• Continued drilling in most economic
acreage in the play (FBIR)
• Optimizing / expanding assets for
production growth; potential for new
service offerings on Arrow footprint (gas
processing / NGL handling)
Future growth in the Delaware Permian, Northeast Marcellus and Bakken will
drive meaningful long-term value uplift for investors
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Long-Term Outlook:
Portfolio Positioned for Growth
Stabilized portfolio for 2017; increasing inventory of high quality
growth projects drive DCF growth beginning in 2018
• 2016/2017 execution drives de-risked base portfolio; stable cash flow outlook
– New contracts at Barnett and PRB Niobrara
– Repositioning COLT as long-term crude oil hub
• Focused new investments drive future growth
– Delaware Permian, Bakken and Northeast Marcellus
– Strong joint venture relationships with First Reserve, Con Edison and Shell(1)
2016 2017 2018
• Deleveraged / de-
risked
• Captured new growth
projects in DP and
Bakken
• Formed strategic joint
ventures
• Trough cash flow;
Maintain strong
distribution coverage
• Execute growth projects
under construction /
placed-in-service in DP
and Bakken
• Cash flow growth from
DP and Bakken project
accretion
• Northeast expansion
(MARC II)
(1) Equity option to purchase up to a 50% interest in
the Nautilus system through September 1, 2017.
Repositioning Execution DCF Growth
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Long-Term Growth Potential
Marcellus Shale – Northeast Gas Markets
• Abundant, world class supply resource with steady growing Northeast natural gas demand
• Recent termination of NED project and delay in Constitution project positions Crestwood’s
Northeast assets at the heart of likely, future regional infrastructure build-out
• Partnership with Con Edison, the Northeast’s single largest demand customer, positions
Crestwood to capture incremental opportunities
Marcellus Opportunity
Crestwood’s Existing Assets Located
Around Basin’s top EURs
Northeast Natural Gas Demand
Fundamentals Remain Steady and Robust
Stagecoach JV
Service Area
Crestwood SW
Marcellus System
Map and Chart Source: Wood MacKenzie.
-
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
NENaturalGasDemandbySector
(Bcf/d)
Residential Commercial Industrial Power Transport Other
+2.7 Bcf/d Increase in NE Demand
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Stagecoach Joint Venture with Con Edison
(1) Con Edison to receive 65% / 65% / 60% of JV
distributions for first 3 years; 50:50 thereafter.
• On June 3, 2016, Crestwood and Con Edison
closed on the formation of Stagecoach Gas
Services LLC
− Con Edison contributed $975 million
(~13x current EBITDA) for 50%
interest(1)
− 50:50 future capital contributions and
governance
− Crestwood to serve as operator
• Crestwood and Con Edison commercial teams
actively marketing and evaluating new
investment opportunities
• Con Edison provides insight into Northeast
gas demand markets and potential storage
and pipeline opportunities
Joint Venture Highlights
John McAvoy , Chairman, President and CEO, of
Con Edison and Bob Phillips, Chairman,
President and CEO, of Crestwood, along with
members of both management teams, rang the
NYSE closing bell to celebrate the formation of
Stagecoach Gas Services LLC
-- November 9, 2016
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Northeast Gas Demand Growth
• Increasing Gas Prices: Producers to start
completing significant DUC inventory
• Improving Market Demand:
− Natural gas hit an all-time peak >40
Bcfd in power plant burn in Q2:16
− 10,200 MW of New Gas Fired
PowerGen within 60 miles of
Stagecoach Assets
• Project Cancellations: Constitution
Pipeline delay and cancellation of NED
Pipeline project increases customer
demand for MARC II project
Proposed MARC II Project
Current Opportunities
Strong Regional Fundamentals
• MARC II: Currently conducting joint
discussions with customers
• New interconnects with local distribution
companies and area power generation
facilities
The Northeast region is the largest US gas supply base and the best potential for long-
term demand growth
MARC I
North/South
Steuben
Thomas Corners
Seneca Lake
Crestwood
East Pipeline
Stagecoach
Total New Market
Demand for
Northeast Gas of
2.2 – 2.4 Bcfd by
2019
= Stagecoach Storage and Interconnects
PA
NY
CON EDISON
SERVICE
AREA
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Long-Term Growth Potential
Bakken and Three Forks Shale – Williston Basin
• Crestwood’s Arrow system is located in the heart of the best Bakken and Three Forks acreage
• Development of COLT as hub facility with significant market connectivity provides margin opportunities
− West Coast and East coast refiners will remain committed to CBR for a portion of their feedstock
− Widening of spreads increases demand for COLT services and Crestwood optimization potential
Crestwood
Arrow System
Crestwood
COLT Hub
Bakken Opportunity
Crestwood’s Existing Assets Located In
Premium Acreage
Bakken Oil Production Expected to Rebound
Over Next 10 Years
Map and Chart Source: Wood MacKenzie.
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Bakken Oil Production (Bbls/d)
10-YR Growth = +39%
CAGR = +4%
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25
50
75
100
125
Q4:14 Q1:15 Q2:15 Q3:15 Q4:15 Q1:16 Q2:16 Q3:16 Current
Gathering Volumes
(Mboe/d)
Crude Oil Natural Gas Water
$0
$5
$10
$15
$20
$25
Q4:14 Q1:15 Q2:15 Q3:15 Q4:15 Q1:16 Q2:16 Q3:16
Adjusted EBITDA
($MM)
Bakken Arrow Gathering System
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Tier 1 acreage dedication with substantial long-term growth through system build out
Located in the Core of the Bakken Shale
• >1,500 estimated future drilling locations
• <40% of Bakken and <10% of Three Forks locations have
been drilled in proximity of the Arrow System
• Halcón restructuring completed in September 2016;
~10 Bbls/d shut-in volume returned to the system
• 25 new wells connects expected in fourth quarter 2016
• New drilling significantly economic on Arrow at current strip
(1) Natural gas converted to barrels at 6:1.
(1)
Arrow Growth 2014-16
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MEADOWLARK
GATHERING
SYSTEM
ENBRIDGE PIPELINE
TESORO PIPELINE
TESORO PIPELINE
BAKKENLINK PIPELINE
HILAND
PIPELINE
HILAND PIPELINE
TESORO PIPELINE
ARROW CENTRAL
DELIVERY POINT
COLT HUB
DRY FORK
Crude Services
• Transitioning from primarily a Crude by Rail (CBR) loading
facility into the primary hub for Bakken crude oil
• ~350,000 Bbls/d inbound pipeline connections and truck
racks; 1.2 MMBbls of storage capacity
• Significant market connectivity to Enbridge, Tesoro, DAPL
and rail
• Buyers and sellers utilize storage for aggregation,
operational requirements, market liquidity and optionality
and contango markets
• CBR expected to compete for barrels out of the basin as rail
transloading operators and railroads lower pricing to
compete with pipeline competition
Colt Hub: New Strategy Promotes Connectivity
Colt DAPL Connection
DAPL connection expected to attract new customers with committed DAPL capacity and
new barrels for potentially premium net-back markets
High Quality Customer Base
Proposed Dakota Access Pipeline (DAPL) connections
Overview
COLT Hub remains a critical market hub for producers, marketers and refiners;
~25% of 2016 margin earned from non-rail hub services(1)
ARROW GATHERING
SYSTEM
(1) Non-rail hub services include storage fees, COLT
Connector pipeline fees and inbound / outbound pipeline
and trucking fees.
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Long-Term Growth Potential
Delaware-Permian Basin
• Permian Basin currently offers leading industry E&P economics; ~40% of current US rig
count are operating in the Permian(1)
• Delaware-Permian region requires substantial wellhead infrastructure to support new
supply development in current cycle
• Crestwood’s focus area offers producers breakeven economics of $30-$37/barrel
CEQP / FRC
Focus Area
Crestwood Willow
Lake System
Crestwood’s Expanding Footprint
Supported by Best Domestic Economics
Permian Oil Production Expected to
Double Through 2025
Delaware-Permian Opportunity
Map and Chart Source: Wood MacKenzie.
0
500
1,000
1,500
2,000
2,500
3,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Permian Oil Production (Bbls/d) 10-YR Growth = +116%
CAGR = +9%
(1) Baker Hughes US rotary rig count as of 11/23/2016.
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Shell Nautilus Gas Gathering System
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Crestwood is building a greenfield natural gas gathering system to support SWEPI’s
development activity in Loving and Ward counties, TX
Proposed System MapOverview
• Long-term gas gathering agreement with SWEPI LP
(“SWEPI”), a subsidiary of Royal Dutch Shell plc
• 100,000 acreage dedication across Loving and Ward
counties, TX
– Highly prolific stacked acreage targeting the
Wolfcamp A - D, Bone Springs and Avalon formations
– Over 400 potential drilling locations(1)
– $30-$35/bbl WTI breakeven economics(2)
• Initial system designed to gather ~250 MMcf/d
– 194 miles of low pressure gathering lines; 36 miles of high
pressure trunklines
– Additional services: compression, dehydration, and liquids
handling services
• Tiered fixed-fee contract structure
Nautilus Project Timeline
In-Service
Date
Signed
Agreement
w/ Shell
Project Development
Finalizing Right-of-Ways,
Engineering, Surveys and
Procurement
Construction
September 2016 October/ November 2016 December 2016 – June 2017 July 2017
(1) Assuming 250 acre spacing.
(2) Source: Tudor, Pickering, and Holt. After tax rate of return
of 10% in the Wolfcamp on a well-level returns basis.
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Crestwood is expanding its footprint in the heart of the Delaware-Permian Basin, the
most active shale play in the US
Other Opportunities
• In final negotiations on integrated gas, condensate, and water
gathering system
• 600 miles of pipelines spanning over 400,000 acres
• Full development to include 109,200 of horsepower from 65
compression units at 8 centralized compressor stations
• Orla Crude & Condensate Terminal w/ storage, condensate
stabilization, truck loading/unloading, and pipeline connections
“RIGS” 3-Stream Gathering System
Current Opportunity Set
• Multiple bolt-on wellhead gathering opportunities surrounding
the RIGS System
• Gas processing expansions for Willow Lake, RIGS, and
surrounding systems
• Delta Pipeline: ~180 mile, 200 MBbls/d condensate pipeline
header from Orla to multiple outlets providing access to
Cushing, Houston, & Corpus Christi
Willow Lake Expansion
• Expanded processing capacity to 50 MMcf/d; currently at
capacity
• Current annual run-rate EBITDA of $15 million; 4.5x build
multiple
• 41 new wells dedicated to be completed in 2016/2017
• Projects: Dublin Ranch to Willow Lake connector, RJT skid,
upsized interconnects for increased residue take-away options
“RIGS”:
3-Stream
Gathering
System
“RIGS” = Reeves Infield Gathering System.
Orla Terminal
Willow Lake
Nautilus
System
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PRB Niobrara Update: New Chesapeake Contract
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CHK PRB Net Production Potential
Source: Chesapeake Energy 2016 Analyst Day Presentation.
New Technology and Completion Techniques Reveal Multiple Stacked Potential
• Crestwood and Williams entered into binding LOI to
replace the Buckinghorse plant and Jackalope
gathering system cost of service contract with
Chesapeake Energy
• New 20-year fixed fee contract includes minimum
revenue guarantees for 5 – 7 years
• Baseline future cash flow of ~$25 million; Any new
development offers upside
• Chesapeake plans to add 1 to 2 rigs beginning in
2017
• Potential to grow production to more than 100,000
boe/d over the next five to seven years
Overview
New contract will allow Chesapeake to accelerate development plans and achieve
full potential of PRB Niobrara acreage
730K
Equivalent Stacked
Acres
2,600
Remaining Drilling
Locations
$35 - $45
Per Barrel Breakevens
1.7BBoe
Net Recoverable
Resources
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$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
• BlueStone Natural Resources II (NGP
affiliate) closed the acquisition of
Quicksilver’s Barnett Shale properties in
April 2016
• Crestwood & BlueStone enter into new 10-
year agreement
– Fixed-fee and percent of index fee
structure for both Natural Gas and
NGLs
– Providing significant upside as
commodity prices rebound
– Accretive to 2016 guidance
• BlueStone has returned all shut-in wells to
production and agreed to not shut-in or
choke back production for economic
purposes through the end of 2018
Barnett Update: BlueStone G&P Agreement
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Crestwood executed 10-year agreement with BlueStone completely removing
Crestwood from Quicksilver bankruptcy process
Overview Barnett Gathering Volume Growth
Increased volumes combined with fixed-fee/percent of index contract structure
drive cash flow outperformance
April 15th:
BlueStone
Agreement
YTD Natural Gas Prices
250
275
300
325
350
375
Q2:15 Q3:15 Q4:15 Q1:16 Q2:16 Q3:16
Gathering Volumes (MMcf/d)
BlueStone Begins
System Reactivation
System
wide
shut-ins
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2016 Financial Update
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Crestwood 2016 outlook affirmed for YTD 2016 results and the close of the Con
Edison joint venture
On-track to Deliver 2016 Guidance
Adjusted EBITDA
Distributable Cash Flow
Distribution Coverage Ratio
2016E Leverage Ratio
Growth Capital
Maintenance Capital
1.6x – 1.8x
<4.0x
$50 million - $75 million
$16 million - $18 million
(1) Please see accompanying tables of non-GAAP reconciliations.
$435 million - $465 million(1)
$275 million - $305 million(1)
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Sustainable Distribution Provides Attractive Yield
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Preferred stock going cash
pay in Q3 2017
COLT re-contracting risk;
Continued softness in CBR
market
Reduced activity in G&P
and trucking assets
Potential producer
counterparty risk in lower-
for-longer environment
Distribution policy appropriately
addresses potential risks to cash flows
$0.60Quarterly Distribution
per unit
$2.40Annual Distribution
per unit
Attractive Yield Key Attributes
2016E
Distribution per Unit $2.40
Coverage Ratio ~1.7x
Coverage Ratio (100% cash pay, net preferred cash payment) ~1.4x
• Conservative and sustainable in
lower-for-longer commodity
price environment
• Provides strong visibility to
growth as commodity prices
improve
• Provides best-in-class financial
position to drive reversion to
more normalized equity yield
Strong distribution coverage allows Crestwood to reallocate internally generated
cash flow for further deleveraging, future expansion opportunities
10.8%Current Distribution
Yield(1)
(1) Current yield as of 12/1/2016.
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Actuals Actuals
($ millions) Q4 15 Q3 16
Cash $1 $1
Revolver $735 133
Senior Notes 1,800 1,475
Other Debt
(2)
9 6
Total Debt $2,544 $1,614
Total Leverage Ratio 4.82x 4.03x
Top-Tier Balance Sheet and Coverage Ratio
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1.7x
0.4x
0.6x
0.8x
1.0x
1.2x
1.4x
1.6x
1.8x
CEQP
2016E
MLPA
MLPB
MLPC
MLPD
MLPE
MLPF
MLPG
MLPH
MLPI
Selected MLP Peers (3)
• >$1.0 billion of debt repayment in 2016 provides
substantial balance sheet strength and liquidity
– $975 million from Con Edison joint venture
– Significant retained excess DCF
• Top-tier leverage and distribution coverage
– Leverage of 4.03x as of Q3 2016
– Q3 2016 coverage of 1.8x(1)
LeveragePositioning Crestwood for Strength
3.9x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
MLP1
MLP2
CEQP
2016E
MLP3
MLP4
MLP5
MLP6
MLP7
MLP8
MLP9
2016E Leverage Ratios (4) 2016E Distribution Coverage (5)
Cash pay coverage ratio(1)
(1) Coverage of 1.8x assumes preferred distribution paid-in-kind. Coverage of 1.5x if paid in cash.
(2) Includes capital leases.
(3) Select MLP peers include DPM, ENBL, ENLK, ETP, OKS, SMLP, TRGP, WES, WPZ.
(4) 2016E Debt / 2016E EBITDA.
(5) Peer coverage based on broker 2016 estimates for LP distribution coverage.
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$200
$400
$600
$800
2016 2017 2018 2019 2020 2021 2022 2023
• Prudent capital spending profile
– 2016E growth capital of $50 - $75 MM
– Scalable JV project opportunities in 2017/18+
• Utilize joint venture relationships to fund
growth
– Stagecoach JV (Marcellus) – Con Edison
Transmission
– Delaware-Permian JV (West Texas) – First
Reserve XIII and potentially Shell (1)
– Tres Palacios JV (South Texas) – Brookfield
Infrastructure
• No near-term maturities; attractive long-term
capital
– $1.5 BB senior notes; 6.00%-6.25% coupon
– Next senior note maturity 2020
Financing Our Long-Term Growth Strategy
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Debt Maturities
No near-term
debt maturities
RCF
6.00%
Notes
6.125%
Notes
6.25%
Notes
($MM)
Maintaining low leverage and strong liquidity allows Crestwood to reallocate internally
generated cash flow for future expansion opportunities while maintaining strong
balance sheet
Strong strategic relationships eliminate need to access capital markets
Strong Strategic/Financial Partners
(1)
(1) Equity option to purchase up to a 50% interest in
the Nautilus system through September 1, 2017.
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The Crestwood Investment Opportunity
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Focused on aggressively executing growth opportunities while maintaining
financial strength
• Delaware-Permian gathering expansion projects with First Reserve
• Northeast pipeline projects around existing assets with Con Edison
In the meantime…
• Crestwood is well-positioned to deliver attractive yield to investors(1)
– CEQP Current Yield = 10.8%; Peer Average = 8.9%
– CEQP Coverage Ratio = 1.7x; Peer Average = 1.1x
– CEQP Leverage Ratio = <4.0x; Peer Average = 4.2x
• 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
(1) Current yield data as of 12/1/2016. Coverage ratio and
leverage ratio data are full-year 2016 estimates per industry
research reports.
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CEQP Non-GAAP Reconciliations
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(in millions, unaudited) 2016 2015
3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
EBITDA
Net income (loss) 3.0$ (37.1)$ (93.7)$ (1,402.4)$ (623.4)$
Interest and debt expense, net 27.5 34.3 36.1 35.4 35.7
Loss on modification/extinguishment of debt — (10.0) — 0.2 2.7
Provision (benefit) for income taxes 0.2 — — (1.2) (0.3)
Depreciation, amortization and accretion 50.3 64.4 62.3 75.6 75.5
EBITDA (a)
81.0$ 51.6$ 4.7$ (1,292.4)$ (509.8)$
Significant items impacting EBITDA:
Unit-based compensation charges 4.1 4.8 4.5 4.1 3.9
(Gain) loss on long-lived assets, net 2.1 32.7 — 817.3 2.3
Goodwill impairment — — 109.7 515.4 609.9
(Earnings) loss from unconsolidated affiliates, net (13.4) (6.2) (6.5) 72.0 (2.8)
Adjusted EBITDA from unconsolidated affiliates, net 21.7 10.6 9.1 6.9 6.2
Change in fair value of commodity inventory-related
derivative contracts 7.5 3.5 (2.7) (5.3) 8.1
Significant transaction and environmental related costs and
other items 0.5 9.5 1.2 0.9 15.7
Adjusted EBITDA (a)
103.5$ 106.5$ 120.0$ 118.9$ 133.5$
Distributable Cash Flow
Adjusted EBITDA (a)
103.5 106.5 120.0 118.9 133.5
Cash interest expense (b)
(25.6) (32.5) (34.4) (33.5) (33.7)
Maintenance capital expenditures (c)
(1.1) (3.3) (4.5) (10.0) (4.1)
(Provision) benefit for income taxes (0.2) — — 1.2 0.3
Deficiency payments 1.9 3.7 1.5 (0.9) (0.6)
Distributable cash flow attributable to CEQP 78.5$ 74.4$ 82.6$ 75.7$ 95.4$
Distirbutions to Niobrara Preferred (3.8) (3.8) (3.8) (3.8) (3.8)
Distributable cash flow attributable to CEQP common (d)
74.7$ 70.6$ 78.8$ 71.9$ 91.6$
CRESTWOOD EQUITY PARTNERS LP
Reconciliation of Non-GAAP Financial Measures
(a) EBITDA is defined as income before income taxes, plus debt-related costs (net interest and debt expense and loss on modification/extinguishment of debt) and depreciation, amortization and accretion expense. In addition, Adjusted
EBITDA considers the adjusted earnings impact of our unconsolidated affiliates by adjusting our equity earnings or losses from our unconsolidated affiliates for our proportionate share of their depreciation and interest. Adjusted EBITA also
considers the impact of certain significant items, such as unit-based compensation charges, gains and impairments of long-lived assets and goodwill, gains and losses on acquisition-related contingencies, third party costs incurred related to
potential and completed acquisitions, certain environmental remediation costs, certain costs related to our 2015 cost savings initiatives, the change in fair value of commodity inventory-related derivative contracts, and other transactions
identified in a specific reporting period. The change in fair value of commodity inventory-related derivative contracts is considered in determining Adjusted EBITDA given that the timing of recognizing gains and losses on these derivative
contracts differs from the recognition of revenue for the related underlying sale of inventory that these derivatives relate to. Changes in the fair value of other derivative contracts is not considered in determining Adjusted EBITDA given the
relatively short-term nature of those derivative contracts. EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP, as they do not include deductions for items such as depreciation, amortization and accretion,
interest and income taxes, which are necessary to maintain our business. EBITDA and Adjusted EBITDA should not be considered an alternative to net income, operating cash flow or any other measure of financial performance presented in
accordance with GAAP. EBITDA and Adjusted EBITDA calculations may vary among entities, so our computation may not be comparable to measures used by other companies.
(b) Cash interest expense less amortization of deferred financing costs plus bond premium amortization plus or minus fair value adjustment of interest rate swaps.
(c) M aintenance capital expenditures are defined as those capital expenditures which do not increase operating capacity or revenues from existing levels.
(d) Distributable cash flow is defined as Adjusted EBITDA, less cash interest expense, maintenance capital expenditures, income taxes, and 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.
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CEQP Non-GAAP Reconciliations
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CRESTWOOD EQUITY PARTNERS LP
Full Year 2016 Adjusted EBITDA and Distributable Cash Flow Guidance
Reconciliation to Net Income
(in millions)
(unaudited)
Net income $15 - $45
Interest and debt expense, net 126 - 128
Depreciation, amortization and accretion 260
Unit-based compensation charges 15
Earnings from unconsolidated affiliates (40) - (45)
Adjusted EBITDA from unconsolidated affiliates 57 - 62
Adjusted EBITDA $435 - $465
Cash interest expense (a)
(119) - (121)
Maintenance capital expenditures (b)
(16) - (18)
Other (10) - (11)
Distributable cash flow (c) $290 - $320
Distributions to Crestwood Niobrara preferred (15)
Distributable cash flow attributable to CEQP common unitholders $275 - $305
(a) Cash interest expense less amortization of deferred financing costs plus bond premium amortization.
(b) Maintenance capital expenditures are defined as those capital expenditures which do not increase operating capacity or revenues from existing levels.
(c) Distributable cash flow is defined as Adjusted EBITDA, less cash interest expense, maintenance capital expenditures, income taxes and 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.