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.
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.
EnLink Midstream / Tall Oak Midstream Acquisition Investor CallEnLinkMidstreamLLC
Tall Oak Midstream is acquiring assets in Oklahoma that will expand EnLink Midstream's presence in the core of the STACK and CNOW plays. The acquisition aligns with Devon Energy, who will be the largest customer on the system. It provides EnLink with long-term, fee-based contracts averaging 15 years. The financing structure is expected to be accretive to EnLink's distributions and maintain its investment grade credit rating. The transaction strengthens the relationship between EnLink and Devon while diversifying their businesses and further aligning their growth plans.
The document discusses Morgan Stanley's MLP Bus Tour and provides an overview of EnLink Midstream. It notes that EnLink has stable cash flows from long-term fee-based contracts, including a significant portion from its sponsor Devon Energy. It is focused on executing in its core areas of Oklahoma, Permian Basin, and Louisiana. EnLink has a strong financial position as an investment grade company with a $1.5 billion credit facility and high-quality customers.
Jp energy january 2016 ubs 1x1 conference1ir_jpenergy
The document provides an overview of JP Energy Partners LP, including:
- JP Energy operates crude oil pipelines and storage, refined products terminals and storage, and NGL distribution and sales.
- The company has a solid position in core basins with long-term, fee-based contracts supporting stable cash flows.
- Recent achievements include expanding its Silver Dollar pipeline and connecting it to additional takeaway options, as well as acquiring Southern Propane.
- Financial strategy focuses on consistent distribution growth through organic projects and potential drop-downs, while maintaining a flexible balance sheet.
- 2016 Adjusted EBITDA guidance is $50-56 million, driven by expansion projects within existing businesses.
Cypress Energy Partners provides pipeline inspection and integrity services to oil and gas companies. It owns two subsidiaries that perform these services across North America. The company also owns saltwater disposal facilities focused on produced water. It has opportunities to expand its existing services and acquire complementary businesses. Regulations are increasing demand for pipeline inspection and integrity services to monitor the vast aging pipeline infrastructure in the United States.
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.
1. The document reports on the operations and financial results of EnLink Midstream for February 2016. It highlights record adjusted EBITDA of $728 million for 2015 and distribution coverage ratios of around 1.0x and 1.2x.
2. EnLink Midstream executed on its strategy in 2015 by completing $4.5 billion in acquisitions, growth projects, and asset drop downs. This expanded its footprint in key resource plays like the STACK, Midland Basin, and Delaware Basin.
3. The company is well positioned for continued growth in 2016, with projections for increased gas processing volumes, crude/condensate volumes, and rigs operating on dedicated acreage compared to 2014 levels.
Devon Energy acquired premier STACK development positions in Oklahoma, including 80,000 net surface acres prospective for 10 zones, with a risked resource potential of 400 million BOE. Devon also acquired 253,000 net Powder River Basin acres in Wyoming. Devon will sell non-core assets, including its Access Pipeline in Canada, to generate $2-3 billion in proceeds. The acquisitions and divestitures will sharpen Devon's strategic focus on top resource plays and strengthen its financial position.
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.
EnLink Midstream / Tall Oak Midstream Acquisition Investor CallEnLinkMidstreamLLC
Tall Oak Midstream is acquiring assets in Oklahoma that will expand EnLink Midstream's presence in the core of the STACK and CNOW plays. The acquisition aligns with Devon Energy, who will be the largest customer on the system. It provides EnLink with long-term, fee-based contracts averaging 15 years. The financing structure is expected to be accretive to EnLink's distributions and maintain its investment grade credit rating. The transaction strengthens the relationship between EnLink and Devon while diversifying their businesses and further aligning their growth plans.
The document discusses Morgan Stanley's MLP Bus Tour and provides an overview of EnLink Midstream. It notes that EnLink has stable cash flows from long-term fee-based contracts, including a significant portion from its sponsor Devon Energy. It is focused on executing in its core areas of Oklahoma, Permian Basin, and Louisiana. EnLink has a strong financial position as an investment grade company with a $1.5 billion credit facility and high-quality customers.
Jp energy january 2016 ubs 1x1 conference1ir_jpenergy
The document provides an overview of JP Energy Partners LP, including:
- JP Energy operates crude oil pipelines and storage, refined products terminals and storage, and NGL distribution and sales.
- The company has a solid position in core basins with long-term, fee-based contracts supporting stable cash flows.
- Recent achievements include expanding its Silver Dollar pipeline and connecting it to additional takeaway options, as well as acquiring Southern Propane.
- Financial strategy focuses on consistent distribution growth through organic projects and potential drop-downs, while maintaining a flexible balance sheet.
- 2016 Adjusted EBITDA guidance is $50-56 million, driven by expansion projects within existing businesses.
Cypress Energy Partners provides pipeline inspection and integrity services to oil and gas companies. It owns two subsidiaries that perform these services across North America. The company also owns saltwater disposal facilities focused on produced water. It has opportunities to expand its existing services and acquire complementary businesses. Regulations are increasing demand for pipeline inspection and integrity services to monitor the vast aging pipeline infrastructure in the United States.
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.
1. The document reports on the operations and financial results of EnLink Midstream for February 2016. It highlights record adjusted EBITDA of $728 million for 2015 and distribution coverage ratios of around 1.0x and 1.2x.
2. EnLink Midstream executed on its strategy in 2015 by completing $4.5 billion in acquisitions, growth projects, and asset drop downs. This expanded its footprint in key resource plays like the STACK, Midland Basin, and Delaware Basin.
3. The company is well positioned for continued growth in 2016, with projections for increased gas processing volumes, crude/condensate volumes, and rigs operating on dedicated acreage compared to 2014 levels.
Devon Energy acquired premier STACK development positions in Oklahoma, including 80,000 net surface acres prospective for 10 zones, with a risked resource potential of 400 million BOE. Devon also acquired 253,000 net Powder River Basin acres in Wyoming. Devon will sell non-core assets, including its Access Pipeline in Canada, to generate $2-3 billion in proceeds. The acquisitions and divestitures will sharpen Devon's strategic focus on top resource plays and strengthen its financial position.
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.
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.
- The document provides EnLink Midstream's 3rd quarter 2017 operations report, which summarizes financial and operational results and reaffirms guidance.
- EnLink reported adjusted EBITDA at the high end of guidance for 3Q17, driven by strong volume growth. Organic projects are expected to generate significant cash flow going forward.
- Volumes on gas gathering and processing systems grew substantially in key areas like the Permian Basin and Louisiana year-over-year and quarter-over-quarter.
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.
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.
EnLink Midstream is pursuing growth through four avenues: 1) dropdown acquisitions from sponsor Devon Energy, 2) expanding with Devon in key regions like the Anadarko Basin, 3) organic growth projects like expanding pipelines and plants, and 4) mergers and acquisitions. EnLink has a large portfolio of midstream assets across major basins in the US and a stable cash flow supported by long-term contracts, positioning it for sustainable growth through these avenues to potentially double in size by 2017.
- EnLink Midstream reported financial and operational results for the second quarter of 2017, delivering earnings and volume growth. Adjusted EBITDA was $209.7 million, up from $207.6 million in the previous quarter.
- Volume growth across their assets in key basins like the Permian Basin, Central Oklahoma and Louisiana was driven by ongoing drilling and completion activity from producers like Devon Energy.
- Rigs counts have remained consistent in EnLink's core basins, and existing well inventory is expected to support volume growth through 2017 to meet guidance targets.
EnLink Midstream provides a strong operations report for May 3, 2016. The report discusses solid execution of their 2016 plan including meeting guidance targets and stable cash flows. It highlights their premier positions in key basins with high growth demand and confidence in their business model with quality customers and contracts. Segment performance showed growth in the Oklahoma segment from the Tall Oak acquisition and continued growth in the Permian region through expanding infrastructure.
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 overview of JP Morgan's Energy Oklahoma City SCOOP/STACK & Houston Bus Tour on May 17, 2016. It includes forward-looking statements about future financial and operating results with various risk factors that could impact projections. It also contains non-GAAP financial measures and definitions. The presentation shows stable financial results for ENLK in Q1 2016 with adjusted EBITDA of $195 million, distribution coverage of 1.09x, and leverage of 3.8x debt to EBITDA. It highlights EnLink's premier positions in top U.S. oil and gas basins as well as its focus on execution and stability.
Celp investor presentation march 2017 finalCypressEnergy
Cypress Energy Partners provides pipeline inspection and integrity services as well as water and environmental services to midstream energy customers. Over 85% of its customers are investment grade companies. It inspects over 46,000 miles of pipelines annually using in-line inspection tools to identify anomalies, and performs over 12,000 excavations for further inspection or maintenance. Regulations require pipeline operators to inspect lines every 5-7 years, providing a recurring need for Cypress' inspection services over the 40-60 year lifespan of pipelines.
American Midstream Partners LP will merge with JP Energy Partners LP to form a larger diversified midstream company with a combined enterprise value of approximately $2 billion. The transaction will be executed through a unit-for-unit exchange where AMID will issue new units to JPEP unitholders at a 0.5775 exchange ratio. The merger is expected to deliver synergies of at least $10 million annually and provide benefits like increased scale, financial strength, and growth opportunities for the combined company. The transaction is anticipated to close in late 2016 or early 2017 pending required approvals.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions, risks, and uncertainties that could cause actual results to differ from projections. Specifically, the document notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which depends on annual budget approval by Antero Resources' board of directors.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses the assumptions, risks, and uncertainties inherent in forward-looking projections, including commodity price volatility and changes to development plans. The ability to make future distributions depends substantially on Antero Resources' development plan, which depends on annual budget approval.
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.
The document provides an overview of forward-looking statements and assumptions regarding Antero Midstream Partners LP and Antero Resources Corporation. It summarizes that any projections are based on certain assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Our ability to make future distributions is substantially dependent on Antero Resources' development plan, which itself depends on its board's annual approval of the capital budget considering expected commodity prices, contractual obligations, and capital resources at that time.
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.
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.
01 05-16 Evercore ISI CEO Retreat PresentationAES_BigSky
This document provides an overview and guidance from The AES Corporation regarding its business operations and financial expectations for 2015-2018. Some key points:
- AES reaffirms its 2015 proportional free cash flow guidance but lowers adjusted EPS guidance due to foreign exchange and commodity impacts.
- For 2016, AES expects strong growth in proportional free cash flow despite lower earnings outlook. Lower maintenance capital expenditures and working capital changes contribute to this growth.
- From 2015-2018, AES expects average annual growth of at least 10% in both proportional free cash flow and parent free cash flow. Management believes available cash will support investments, debt paydown, dividends and share buybacks over this period.
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.
The document describes various looping techniques in Excel VBA macros, including single, double, and triple loops to iterate through cells and worksheets. It also covers For-Next loops, Do-While loops, Do-Until loops, and using the Step keyword to increment the counter variable. Examples are provided to loop through defined ranges, entire columns, and to create patterns and sort numbers using loops.
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.
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.
- The document provides EnLink Midstream's 3rd quarter 2017 operations report, which summarizes financial and operational results and reaffirms guidance.
- EnLink reported adjusted EBITDA at the high end of guidance for 3Q17, driven by strong volume growth. Organic projects are expected to generate significant cash flow going forward.
- Volumes on gas gathering and processing systems grew substantially in key areas like the Permian Basin and Louisiana year-over-year and quarter-over-quarter.
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.
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.
EnLink Midstream is pursuing growth through four avenues: 1) dropdown acquisitions from sponsor Devon Energy, 2) expanding with Devon in key regions like the Anadarko Basin, 3) organic growth projects like expanding pipelines and plants, and 4) mergers and acquisitions. EnLink has a large portfolio of midstream assets across major basins in the US and a stable cash flow supported by long-term contracts, positioning it for sustainable growth through these avenues to potentially double in size by 2017.
- EnLink Midstream reported financial and operational results for the second quarter of 2017, delivering earnings and volume growth. Adjusted EBITDA was $209.7 million, up from $207.6 million in the previous quarter.
- Volume growth across their assets in key basins like the Permian Basin, Central Oklahoma and Louisiana was driven by ongoing drilling and completion activity from producers like Devon Energy.
- Rigs counts have remained consistent in EnLink's core basins, and existing well inventory is expected to support volume growth through 2017 to meet guidance targets.
EnLink Midstream provides a strong operations report for May 3, 2016. The report discusses solid execution of their 2016 plan including meeting guidance targets and stable cash flows. It highlights their premier positions in key basins with high growth demand and confidence in their business model with quality customers and contracts. Segment performance showed growth in the Oklahoma segment from the Tall Oak acquisition and continued growth in the Permian region through expanding infrastructure.
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 overview of JP Morgan's Energy Oklahoma City SCOOP/STACK & Houston Bus Tour on May 17, 2016. It includes forward-looking statements about future financial and operating results with various risk factors that could impact projections. It also contains non-GAAP financial measures and definitions. The presentation shows stable financial results for ENLK in Q1 2016 with adjusted EBITDA of $195 million, distribution coverage of 1.09x, and leverage of 3.8x debt to EBITDA. It highlights EnLink's premier positions in top U.S. oil and gas basins as well as its focus on execution and stability.
Celp investor presentation march 2017 finalCypressEnergy
Cypress Energy Partners provides pipeline inspection and integrity services as well as water and environmental services to midstream energy customers. Over 85% of its customers are investment grade companies. It inspects over 46,000 miles of pipelines annually using in-line inspection tools to identify anomalies, and performs over 12,000 excavations for further inspection or maintenance. Regulations require pipeline operators to inspect lines every 5-7 years, providing a recurring need for Cypress' inspection services over the 40-60 year lifespan of pipelines.
American Midstream Partners LP will merge with JP Energy Partners LP to form a larger diversified midstream company with a combined enterprise value of approximately $2 billion. The transaction will be executed through a unit-for-unit exchange where AMID will issue new units to JPEP unitholders at a 0.5775 exchange ratio. The merger is expected to deliver synergies of at least $10 million annually and provide benefits like increased scale, financial strength, and growth opportunities for the combined company. The transaction is anticipated to close in late 2016 or early 2017 pending required approvals.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions, risks, and uncertainties that could cause actual results to differ from projections. Specifically, the document notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which depends on annual budget approval by Antero Resources' board of directors.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses the assumptions, risks, and uncertainties inherent in forward-looking projections, including commodity price volatility and changes to development plans. The ability to make future distributions depends substantially on Antero Resources' development plan, which depends on annual budget approval.
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.
The document provides an overview of forward-looking statements and assumptions regarding Antero Midstream Partners LP and Antero Resources Corporation. It summarizes that any projections are based on certain assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Our ability to make future distributions is substantially dependent on Antero Resources' development plan, which itself depends on its board's annual approval of the capital budget considering expected commodity prices, contractual obligations, and capital resources at that time.
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.
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.
01 05-16 Evercore ISI CEO Retreat PresentationAES_BigSky
This document provides an overview and guidance from The AES Corporation regarding its business operations and financial expectations for 2015-2018. Some key points:
- AES reaffirms its 2015 proportional free cash flow guidance but lowers adjusted EPS guidance due to foreign exchange and commodity impacts.
- For 2016, AES expects strong growth in proportional free cash flow despite lower earnings outlook. Lower maintenance capital expenditures and working capital changes contribute to this growth.
- From 2015-2018, AES expects average annual growth of at least 10% in both proportional free cash flow and parent free cash flow. Management believes available cash will support investments, debt paydown, dividends and share buybacks over this period.
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.
The document describes various looping techniques in Excel VBA macros, including single, double, and triple loops to iterate through cells and worksheets. It also covers For-Next loops, Do-While loops, Do-Until loops, and using the Step keyword to increment the counter variable. Examples are provided to loop through defined ranges, entire columns, and to create patterns and sort numbers using loops.
The document summarizes the in-situ treatment of a 25-year-old lagoon contaminated with weathered crude oil in Peru's Pacaya Samiria National Reserve. The treatment involved injecting an ECOSAFE solution into the lagoon to simultaneously treat surface oil, water, and 5 meters of impacted sediment. Photos show the oil desorbing from the sediment and forming a foam-like emulsion, indicating a change in its properties. Further treatment degraded the emulsion while releasing clean debris. After treatment, the lagoon surface was clear and sediment particles were oil-free, demonstrating successful remediation of the three contaminated matrices without harming the sensitive ecosystem.
This document provides information about upcoming events at various public libraries, including seminars on marketing, paranormal activities, horror film festivals, and technology tutorials. Key social trends that may impact Victorian public libraries in 2030 are also listed, such as creativity, collaboration, lifelong learning, brain health, and community connections.
Hindustan lever vs eureka forbes (aquasure case)Altacit Global
An Indian company, Eureka Forbes, filed a patent application for an iron removal product called "Aquasure". Hindustan Unilever filed a pre-grant opposition arguing the claimed invention lacked inventive step and novelty given prior art. The patent office agreed and refused the application. Prosecuting patent applications requires understanding grounds for rejection and how to address them.
This document provides a personality assessment and career guidance for an individual named Valerie Mcintyre. It identifies her personality type as an "Originator" and provides a brief summary of her traits. These include being optimistic, accepting of others, genuine, and easy-going while also intense and balanced. It then lists potential career paths that may be a good fit based on her personality type, including various clerical, crafts, medical, and service-oriented jobs. Finally, it outlines Valerie's key characteristics such as being reserved, factual, empathetic, and flexible.
Procesontwerp inrichting leer- en werkomgeving Zorgpartners | ThuiszorgEvelien Verkade
In het procesontwerp ligt de inrichting van de leer- en werkomgeving voor de zorgpartners beschreven. Op basis hiervan is de Qsuite helemaal ingericht.
El primer documento presenta cuatro ofertas de préstamos de diferentes bancos para financiar $9,000 para comprar un coche de $16,000. La opción más ventajosa es el Banco Verde con un interés simple del 3.5% a devolver en 4 años.
El segundo documento presenta cuatro ofertas de inversión de diferentes bancos para que Carlos pueda recuperar los $40,000 en impuestos sobre su premio de lotería de $200,000. La mejor opción es el Banco Castor con un interés simple del 2.21% anual
The document discusses approaches and tools for local government units (LGUs) in resource mobilization. It notes that LGUs have a dual nature as they can impose taxes and fees using their taxing powers, and also operate economic enterprises and charge for services using their corporate powers. The document outlines various revenue mobilization strategies available to LGUs, including increasing resources, expanding funding facilities, tapping private partners, restructuring budgets, and determining appropriate service delivery options. It provides tables and steps for effective revenue generation, analysis of revenue sources, and forecasting future revenues.
Don't be scared, level zero in a capability map is just a way to structure the map so that we have a consistent way of communicating. It's really not that important if all you wish todo is create an excellent set of capabilities for your business. However if you are intent on changing the foundation of your business then level zero is absolutely imperative to get right. Capabilities and capability maps are not organization structures, they do however serve as a powerful instrument when one need to create an organization architecture, in fact they are best thought of as organizing structures.
The document discusses techniques used in film trailers to create atmosphere and build tension. It analyzes the trailer for 10 Cloverfield Lane, praising its use of asynchronous sound and rising tension in the music to unsettle viewers. Examples from other thriller/horror trailers demonstrate how editing techniques like cuts, close-ups, and focus pulls direct attention to build suspense. Lighting, colors, and filters also set mood and provide clues about the plot and characters. The document considers how these techniques could be applied to create an effective trailer that makes audiences want to watch the full film.
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.
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.
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.
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 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 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.
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 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.
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 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.
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.
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 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 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.
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.
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.
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.
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
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Investor presentation december 2015 v final
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
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Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
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12/7/2015
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
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Connections for America’s Energy
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Investor Presentation
December 2015
2. Connections for America’s Energy
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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 price as of 12/4/2015.
(2) Unit count and balance sheet data as of 9/30/2015.
Crestwood Equity Partners LP
NYSE Ticker CEQP
Market Capitalization ($MM)(1,2) $963
Enterprise Value ($MM)(2) $4,008
Annualized Distribution $5.50
Investor Relations
investorrelations@crestwoodlp.com
(713) 380-3081
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• Simplified structure positions company for long-term success
• Solid execution continues to drive results; Adj. EBITDA above consensus in all
three quarters in 2015
• YTD performance positions Crestwood to achieve 2015 guidance targets
• Diverse and balanced operations located in the most economic US shale plays
• Strong fixed-fee and take-or-pay contract portfolio
• Strong sponsorship from First Reserve
Key Investor Highlights
4
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• Crestwood’s severe discount to peers not
warranted
– Current yield of >35% fully covered on a
cash basis
– Diversified portfolio proven resilient in
challenging commodity market
– Blue chip assets in premier basins
(Marcellus, Bakken, Delaware-Permian)
– Specific asset risks over blown
– Significant balance sheet capacity; no near-
term maturities
– Fully financed Delaware-Permian expansion
opportunity
• Strong total return opportunity
– 100% to 300% upside potential in
normalized trading environment
– Average research target price above $45.00
per unit(2)
– Sum of the parts analysis values total
company above $3bn market capitalization
Material Value Disconnect
5
(1) Up to $100 million in CEQP unit purchases under the provisions of Rules 10b-18 and 10b5-
1 of the Securities Exchange Act of 1934.
(2) ThomsonOne as of 12/4/2015.
(3) DCF Multiple calculated as market capitalization divided by distributable cash flow.
Note: Peer data per Wall Street Research. Peers include: CNNX, JPEP, ENBL, NGLS, DPM, MEP,
ENLK, NGLS, PTXP, SMLP, MWE, MMLP, AZUR, SXE and AMID.
DCF Multiples(3)
First Reserve and Management implement $100 million unit purchase program(1)
demonstrating confidence in the strength of Crestwood’s assets and long-term
outlook
Leverage Ratios
Coverage Ratios
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Simplified Structure
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Key Items Post-Merger Structure
• On September 30, 2015, closed merger between
Crestwood Equity and Crestwood Midstream
• Unified corporate strategy; focused business plan
• Improved cost of capital by eliminating IDRs
68.6 MM common units
60.7 MM preferred units
In a challenging market, Crestwood has taken actionable steps to improve its
positioning and broaden its investment appeal
Streamlined
Business
Reverse Unit
Split
Simplification
Merger
• Completed internal organizational restructuring to
improve processes and efficiencies
• Reduced cost structure / fixed charges
• Restructured operating segments: Gathering &
Processing, Storage & Transportation, and
Marketing, Supply & Logistics
• 1-for-10 reverse unit split completed after market
November 23, 2015
• Broaden investment appeal for institutional and
retail unitholder
• Removes potential technical limitations to owning
units
No IDRs
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Existing Scale and New Investment Opportunities
in the Right Places
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Bakken
• Over 75% of cash flow is
sourced from two premier
basins: Marcellus and
Bakken
• Marcellus and Bakken cash
flow trading multiples
illustrate valuation
disconnect
• Delaware-Permian expansion
projects provide opportunity
to build third franchise
position
• Scale and diversity of
remaining cash flows are
competitively positioned
across multiple resource
plays
Crestwood’s crude oil and natural gas operations are situated in the highest
returning shale plays
Marcellus
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Fixed-Fee Contracts Provide Safety Net
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Contract Portfolio 2015E EBITDA
Variable
Rate Contracts
10%
Take-or-Pay and
Fixed-Fee
Contracts
90%
~90% of Consolidated 2015E EBITDA from take-or-pay and fixed-fee contracts
Significant cash flow contribution protected from commodity change and volume reduction
>50% of EBITDA is
guaranteed through take-
or-pay contracts
LTM Margin Growth Despite Commodity Prices
Adjusted EBITDA
Crude Oil and Natural Gas Prices
Crude Oil
Natural Gas
Y-o-Y Adj. EBITDA
Growth: 3.6%
LTM Crude Oil decline: (57%)
LTM Natural Gas decline: (43%)
$128.9
$133.5
$100
$110
$120
$130
$140
Q3:14 Q3:15
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4Q14
Annualized
2Q/3Q 15
Annualized
($MM)
Total
Expenses
Total
Expenses Variance
Gathering & Processing $109 $81 ($28)
Storage & Transportation $27 $33 $7
Marketing, Supply & Logistics $79 $67 ($12)
Adjusted G&A $84 $51 ($33)
Total Expenses $299 $232 ($67)
Expense / Fixed Charge Reduction Strategy
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($MM)
Total Expenses Total Expenses by Segment
Taking action to materially reduce expense and fixed charges to improve margins
and distribution coverage
• Execution of strategy on-track:
– Reduced O&M and Adj. G&A(1) costs by $13.2 million in Q3 2015 over Q4 2014
– 2015 cost savings of >$15 MM; 2016+ run-rate savings of $25-30 MM
• Results drive greater profitability in the current industry environment
• Increased efficiency without sacrificing customer service, safety or compliance
• Simplification adds to coverage improvement through fixed charge elimination
(1) Adjusted G&A is defined as general and administrative expenses less unit-based compensation
charges and significant transaction and environmental related costs and other items.
(1)
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Consistent Operating and Financial Results
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(1) See accompanying tables of non-GAAP reconciliations.
(2) Cash flow margin is calculated by dividing Adj. EBITDA into Net Revenue.
Adjusted EBITDA and Margins(1) Operating Statistics
Improving financial performance demonstrates strong baseline cash flow;
Cost reduction efforts offset leveling volumes; 2015 guidance on-track
(2)
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Strong Liquidity Position
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Capitalization
(1) 9/30/2015 debt balance pro forma for repayment of $10.0 million of CEQP senior notes on 10/1/15.
• New Crestwood $1.5 billion revolving credit facility closed
9/30/15
– ~50% drawn RCF balance expected at 12/31/15
– ~$465 million borrowing capacity given 5.50x total
leverage covenant
• $1.8 billion senior notes
– YTW of 8.0%-9.0%
– Maturities: $500MM 6% notes due 2020, $600MM
6.125% notes due 2022, $700MM 6.25% due 2023
• Class A Preferred commitment fully drawn in Q3 2015
– Units PIK through Q2 2017; cash pay thereafter at
9.25%
• Total leverage ratio of 4.63x at 9/30/15 versus covenant
of 5.50x
Provides flexibility to execute business plan in challenging market conditions
($ millions) 9/30/2015(1)
Cash $0.2
Total Debt $2,522.3
Total Partners' Capital $5,054.0
Total Capitalization $7,576.3
Credit & Liquidity Stats
Total Leverage Ratio 4.63x
Senior Secured Leverage Ratio 1.31x
Total Leverage Covenant 5.50x
Senior Secured Leverage Covenant 3.75x
Undrawn Revolver Balance $732.5
Borrowing Capacity $473.3
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• Bakken has continued to produce sufficient
producer wellhead returns
– 94% of rigs operating in four counties
(McKenzie, Williams, Mountrail, Dunn)
– 650 permits have been filed in those four
counties in last 120 days
– Estimated breakeven WTI pricing of $24-
$41/bbl in these four core counties
– Producers improved IP rates, realized cost
reductions, and minimized cost to market
– Reducing days to drill to 10-12 days
• Crestwood producers continue to achieve
strong results:
– In the last 120 days, Arrow producers have
filed approximately 150 permits in the Bakken
– WPX resumed well completions on FBIR in
Q3:15 and plans on 3 rigs on FBIR by year-
end
– Halcon continues to achieve strong results
outperforming 800 MBoe type curve
– Whiting reported 24-hr IP rate of 4,300 Boe/d
with D&C costs of $6.8MM on Crestwood’s
system
Bakken Producers Remain Active Around
Crestwood’s Assets
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Permits Filed in Last 120 Days
71
125
149
312
-
50
100
150
200
250
300
350
Dunn Mountrail Williams McKenzie
Permits Heat Map
By Arrow Producers
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9
42
82
Source: North Dakota Industrial Commission
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Bakken Arrow Gathering System
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Tier 1 acreage dedication with substantial long-term growth through system build out
Summary
• ~150,000 acre dedication under LT contracts
• Crude, natural gas and water gathering
• Producers continuing active 2015 development through
aid-in-construction lateral requests
• Lower operating cost in 2015 improves margin
• Arrow volumes have increased 13% year-over-year and
74% since Q1 2014
• Arrow system connected to COLT Hub through Tesoro
and Hiland crude oil pipelines
Long-Term Outlook
• >1,200 estimated future drilling locations
• 20 wells connected in Q3 2015; ~75-85 new well
connects expected in 2015
• Achieved record crude volume of 80 MBbls/d in October
2015
• 2015E Throughput: Crude oil: 60 – 65 MBbls/d; Natural
gas: 40 – 45 MMcf/d; Water: 20 – 25 MBbls/d
(1) Natural gas converted to barrels at 6:1.
Arrow Adjusted EBITDA
Increasing Gathering Volumes from Continued
Drilling Activity
(1)
0
25
50
75
100
125
Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15
GatheringVolumes(Mboe/d)
Crude Oil Natural Gas Water
$0
$5
$10
$15
$20
$25
Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15
AdjustedEBITDA($MM)
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Bakken COLT Hub and Connector
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COLT Hub is the leading Bakken CBR facility linking Bakken crude supply to prime
refinery markets
Source: Genscape November 2015; EIA.
Summary
• Premier crude oil pipeline, storage and CBR facility in
the Bakken
• 160 MBbls/d crude-by-rail facility; 1.2 MMBbls storage
capacity; 70 MBbls/d COLT connector pipeline
− 20-25% market share
• ~300 MBbls/d supply aggregation capacity at COLT
Hub (gathering, truck rack, pipelines)
• Strong refiner customers dependent on the Bakken
barrel and crude-by-rail transportation
Top 5 Bakken CBR FacilitiesBakken Transportation
COLT Hub
Customers
Crestwood Maintaining Market Share in 2015
BakkenCrude-by-Rail(Bbls/d)
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$10
$15
$20
$25
$30
$35
$40
Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15
AdjustedEBITDA($MM)
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NE Marcellus Storage and Transportation
Summary 200 MMcf/d
North-South
Expansion
Wilmot
Receipt
Point
MARC I
Transco
Meter
Long-Term Outlook
• ~3.5 Bcf/d Marcellus dry gas supply access through
upstream gathering and producer connections
• 530 MMcf/d receipt point at Wilmot in-service
• MARC I – Secured two anchor shippers for 120 MMcf/d on
expansion to Transco; In-service Q4 2015
• MARC II – Non-binding indications of interest >700 MMcf/d
support connecting MARC I with PennEast
Critical infrastructure for NE demand markets (NYC) provide significant level of
contracted cash flows and growth opportunities
Storage
• Irreplaceable storage position with top East Coast utility
customers: Con Ed, NJNG, NYSEG, PSEG
• ~41 Bcf of natural gas storage; 99% subscribed
Transportation
• MARC I / North-South pipeline capacity of ~2.0 Bcf/d
connecting to premium north east markets (Millennium,
TGP, Transco)
• North-South Pipeline – 200 MMcf/d expansion completed in
2014; expansion fully contracted
Consistent Cash Flow from
Take-or-Pay Contracts
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• 20-year, fixed-fee contracts for gathering and
compression services with Antero Resources
− ~140,000 acre dedication (235 wells connected)
− ~1,850 Antero drilling locations on Crestwood
dedication
− Average IP rate for 2015 well connects of
18 MMcf/d on Crestwood’s acreage
− Current system capacity of 875 MMcf/d
− 450 MMcf/d MVC on gathering system; compression
MVC at ~50% of design capacity
− Short-term incentive rate agreement in-place to
encourage volumes through 2H 2015
• Q3 2015 average gathering volumes of 522 MMcf/d;
Excludes 30 MMcf/d impacted by downstream
curtailments
• Operating expenses reduced 36% in Q3 2015 vs Q4
2014
• Antero has 22 DUCs connected to Crestwood’s
system; Antero expects to bring all of these wells
online in 2016
SW Marcellus Gathering & Compression
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Long-term fee-based contracts in southwest Marcellus core production window
Summary
Markwest
Sherwood
Processing Greenbrier
Rich Gas
Area
Crestwood
Dedication Area
Antero Midstream
Dedication Area
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SW Marcellus Gathering Volume Expectations
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Completion of 22 DUCs will improve volumes in 2016; improved realized gas prices
and increased takeaway capacity drive completions in 2017 & beyond
• 22 well completions in 2016
• Expected completions in Q2/Q3 2016
• Minimum capital required from
Crestwood
(1) See November Antero Resources company presentation.
300
400
500
600
700
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Dec-17
Historical Volumes & 22 DUCs Yearly Average Forecasted Volumes
300
400
500
600
700
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Dec-17
Historical Volumes & 22 DUCs Yearly Average Forecasted Volumes
Well Connects
2013 2014 2015E 2016E 2017E
54 60 8 22 12-48
Yearly Avg. 418 MMcf/d 592 MMcf/d ~560 MMcf/d ~520 MMcf/d 480-620 MMcf/d
Historical and Projected Gathering Volumes
(MMcf/d)
Key Drivers for Future Drilling
• Q4 2015: Regional gathering pipeline will provide access to premium priced
markets
• New Southwest Marcellus / Utica pipeline takeaway projects:
− Antero: 4.0 Bcf/d of firm takeaway by YE2017 will increase favorable
price index exposure to 94% of sales1
− SW Marcellus / Utica region: >20 Bcf/d of new firm takeaway by YE2018
will dramatically increase SW Marcellus netbacks
• Dry gas economics improving with challenged northeast liquids prices
Near-term Activity
2016-2018 MVC: 450 MMcf/d
1 rig
2 rigs
3 rigs
4 rigs
One rig in 2017 drives
volumes in excess of MVCs
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Delaware-Permian: Reservoir Overview
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• The Delaware-Permian offers stacked pay potential and low
break-even economics
• Substantial drilling activity in the past five years has focused on
the Wolfcamp and Bone Spring formations
Wolfcamp
Western Frontier
Bone Spring
Western Fairway
Wolfcamp
Reeves Core
NorthernDelawareSouthernDelaware
Source: Wood Mackenzie May playbook.
Willow Lake
3-Stream
G&P Project
Summary Delaware-Permian Map
Crestwood’s developing position is located in the core of the Wolfcamp and Bone Spring formations
Wolfcamp
Bone Spring
• Crestwood’s developing projects are located in the Western
Frontier and Reeves Core
• Western Frontier
– Largest expected recoveries, primarily condensate, highest avg.
API gravity in the Wolfcamp
– Avg. well profile: 820 Mboe EUR, 723 Boe/d IP-30, and 24% oil
• Reeves Core
– Lowest breakeven sub-play in the Delaware Basin, substantial
de-risking since 2013
– Avg. well profile: 600 Mboe EUR, 720 Boe/d IP-30, and 59% oil
• Crestwood’s current asset footprint is located in the Western
Fairway
• Western Fairway
– Top producing Bone Spring sub-play in 2015
– Avg. well profile: 589 Mboe EUR, 687 Boe/d IP-30, and 30% oil
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Delaware-Permian: Expansion Projects
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Crestwood is actively expanding its footprint in the heart of the Delaware Permian
Basin, the most active shale play in the US
Orla Terminal
• 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
3-Stream G&P System
Delta Pipeline
Proposed Expansion Map
• Initial capacity of 200 MBbls of crude oil tankage
• 8 truck loading and unloading bays; up to 64 MBbls/d
• Additional services include blending, condensate stabilization
and 3rd party trucking services
• Condensate pipeline header from Orla to multiple outlets
providing access to Cushing, Houston, & Corpus Christi
• ~180 mile, 20” pipeline, 200 MBbls/d of capacity
• Expected in-service date second quarter 2017
2
3
4
3
2
1
Willow Lake Expansion
• Expanding processing capacity to 50 MMcf/d
– 6 MMcf/d currently waiting on plant expansion
– 40 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
• In-service date - January 2016
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4
Willow Lake System
Delta Pipeline
Orla Terminal
3-Stream
G&P System
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Permian Expansion Financing Plan
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• 50/50 joint venture with initial combined capital
commitments of $500 million
• First Reserve will fund 100% of initial build-out capital
• Crestwood to construct and operate on behalf of the
joint venture
• Crestwood to consolidate First Reserve’s 50% interest
in joint venture over time
Strong First Reserve sponsorship for Crestwood’s Delaware Permian development
opportunities
Largest global private equity firm
focused exclusively on energy and
energy infrastructure
More than 30 years of industry
experience
$24 billion of aggregate capital deployed
since inception
Current Crestwood sponsor with 16% LP
interest and 100% general partner
(control) interest
First Reserve Fund XIII (2014 vintage)
has ~US$3 billion of remaining equity
capital available
Crestwood & First Reserve – Delaware Basin JV
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• Leading marketer of Marcellus/Utica NGLs
• 2.8 MMBbls of Northeast US NGL storage
capacity; >500 NGL trucking units; >1,600
NGL railcars
• Sources, transports, stores and delivers NGLs
to domestic and export markets; >350
customers
• Commenced LPG exports through Marcus
Hook, PA
• New LPG terminals in WY, RI and NC underway
• Strong NGL supply continues to push prices
lower creating a buying opportunity to build
seasonal storage
• Q3 2015 EBITDA increased $3.2 million y-o-y
to $27.3 million, due to NGL wholesale and
marketing outperformance
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Crestwood NGL Assets and Services
Servicing
Blue Chip
Customers
Crestwood is well-positioned to benefit from continued Marcellus/Utica NGL supply growth
through its integrated logistics platform including Bath and Seymour storage, ME2 pipeline
capacity and Marcus Hook export capability
Summary Leading Marcellus/Utica NGL Logistics Platform
Marcus Hook
NGL Exports
Bath
NGL Storage
Seymour
NGL Storage
60
15
34
88
75
218
2015E = 490 MBPD
UEO-CHK
Dominion
Blue Racer
Crestwood
BP
Markwest
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The Crestwood Investment Opportunity
Simplified Corporate Structure
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1
Substantial Expense / Fixed
Charge Reduction
2
Solid Financial Results
Quarter-over-Quarter
3
Diversified / Balanced
Portfolio
4
Fixed Fee / Firm Contract
Profile
5
Attractive Current Yield
Supported by Portfolio Stability
Leveraged to Volume Growth
with Commodity Price Upside
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Cost of Capital Improvement2
Expansion Opportunities in
Delaware Permian Basin
3
Asset and Corporate M&A4
Attractive Valuation Entry Point5
Execution Drives Significant Upside
Return Opportunity
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CEQP Non-GAAP Reconciliations
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(in millions, unaudited)
3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
EBITDA
Net income (loss) (623.4)$ (296.0)$ 18.1$ (30.7)$ 11.9$ (4.8)$ 13.2$
Interest and debt expense, net 35.7 35.4 33.6 31.3 31.5 32.6 31.7
Loss on modification/extinguishment of debt 2.7 17.1 — — — — —
Provision (benefit) for income taxes (0.3) (0.3) 0.4 — 0.1 0.2 0.8
Depreciation, amortization and accretion 75.5 74.8 74.2 76.1 71.7 71.2 66.3
EBITDA (a)
(509.8)$ (169.0)$ 126.3$ 76.7$ 115.2$ 99.2$ 112.0$
Significant items impacting EBITDA:
Unit-based compensation charges 3.9 5.9 5.8 4.9 4.8 6.2 5.4
(Gain) loss on long-lived assets, net 2.3 0.6 1.0 2.7 0.9 (1.2) (0.5)
Goodwill impairment 609.9 281.0 — 48.8 — — —
Loss on contingent consideration — — — — — 6.5 2.1
(Earnings) loss from unconsolidated affiliates, net (2.8) (5.0) (3.4) (0.6) (0.3) 1.5 0.1
Adjusted EBITDA from unconsolidated affiliates, net 6.2 5.7 6.5 2.9 1.9 0.4 1.7
Change in fair value of commodity inventory-related
derivative contracts 8.1 1.5 1.1 (3.5) 1.0 2.9 (10.7)
Significant transaction and environmental related costs and
other items 15.7 12.4 4.6 0.8 5.4 2.2 6.5
Adjusted EBITDA (a)
133.5$ 133.1$ 141.9$ 132.7$ 128.9$ 117.7$ 116.6$
Distributable Cash Flow
Adjusted EBITDA (a)
133.5 133.1 141.9 132.7 128.9 117.7 116.6
Cash interest expense (b)
(33.7) (33.3) (31.8) (29.4) (30.3) (31.2) (30.4)
Maintenance capital expenditures (c)
(4.1) (3.9) (5.4) (9.4) (4.8) (5.7) (7.0)
(Provision) benefit for income taxes 0.3 0.3 (0.4) — (0.1) (0.2) (0.8)
Deficiency payments (0.6) 5.7 (0.6) 3.5 2.3 3.8 1.1
Distributable cash flow attributable to CEQP 95.4$ 101.9$ 103.7$ 97.4$ 96.0$ 84.4$ 79.5$
Distirbutions to Niobrara Preferred (3.8) (3.8) (3.8) — — — —
Distributable cash flow attributable to CEQP common (d)
91.6$ 98.1$ 99.9$ 97.4$ 96.0$ 84.4$ 79.5$
(c) Maintenance 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.
2015
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.
2014