Crestwood investor presentation jan 2017

Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
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1/6/2017
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Investor Presentation
January 2017

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The statements in this communication regarding future events, occurrences, circumstances, activities, performance,
outcomes and results are forward-looking statements. Although these statements reflect the current views, assumptions
and expectations of Crestwood’s management, the matters addressed herein are subject to numerous risks and
uncertainties which could cause actual activities, performance, outcomes and results to differ materially from those
indicated. Such forward-looking statements include, but are not limited to, statements about the benefits that may result
from the merger and statements about the future financial and operating results, objectives, expectations and intentions
and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect
Crestwood’s financial condition, results of operations and cash flows include, without limitation, the possibility that
expected cost reductions will not be realized, or will not be realized within the expected timeframe; fluctuations in crude oil,
natural gas and NGL prices (including, without limitation, lower commodity prices for sustained periods of time); the extent
and success of drilling efforts, as well as the extent and quality of natural gas and crude oil volumes produced within
proximity of Crestwood assets; failure or delays by customers in achieving expected production in their oil and gas
projects; competitive conditions in the industry and their impact on our ability to connect supplies to Crestwood gathering,
processing and transportation assets or systems; actions or inactions taken or non-performance by third parties, including
suppliers, contractors, operators, processors, transporters and customers; the ability of Crestwood to consummate
acquisitions, successfully integrate the acquired businesses, realize any cost savings and other synergies from any
acquisition; changes in the availability and cost of capital; operating hazards, natural disasters, weather-related delays,
casualty losses and other matters beyond Crestwood’s control; timely receipt of necessary government approvals and
permits, the ability of Crestwood to control the costs of construction, including costs of materials, labor and right-of-way
and other factors that may impact Crestwood’s ability to complete projects within budget and on schedule; the effects of
existing and future laws and governmental regulations, including environmental and climate change requirements; the
effects of existing and future litigation; and risks related to the substantial indebtedness, of either company, as well as
other factors disclosed in Crestwood’s filings with the U.S. Securities and Exchange Commission. You should read filings
made by Crestwood with the U.S. Securities and Exchange Commission, including Annual Reports on Form 10-K and the
most recent Quarterly Reports and Current Reports for a more extensive list of factors that could affect results. Readers
are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the
date made. Crestwood does not assume any obligation to update these forward-looking statements.
Company Information
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Forward-Looking Statements
Contact Information
Corporate Headquarters
700 Louisiana Street
Suite 2550
Houston, TX 77002
(1) Market data as of 1/4/2017.
(2) Unit count and balance sheet data as of 9/30/2016.
Crestwood Equity Partners LP
NYSE Ticker CEQP
Market Capitalization ($MM)(1,2) $1,796
Enterprise Value ($MM)(2) $4,000
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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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
– 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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Commercial Update
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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 serves 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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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
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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0
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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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
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 12/30/2016.

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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
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.
Construction

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Delaware-Permian
Expansion Projects Continue Development Progress
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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 replaced 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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Financial Review
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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
9.2%Current Distribution
Yield(1)
(1) Current yield as of 1/4/2017.

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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 = 9.2%; Peer Average = 8.1%
– 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 1/4/2017. Coverage ratio and leverage
ratio data are full-year 2016 estimates per industry research reports.

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Appendix
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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
28
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.

Crestwood investor presentation jan 2017

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Crestwood investor presentation jan 2017