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.
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.
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.
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.
This document contains an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses the companies' simplified structure following a merger, which positions them for long-term success. It highlights their diverse operations in key shale plays, strong fixed-fee contracts providing revenue stability, cost reduction efforts improving margins, and strong liquidity position providing financial flexibility. The presentation provides an overview of Crestwood's business and recent performance for investors.
This document 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.
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 Crestwood Midstream Partners LP and Crestwood Equity Partners LP's strategic update. Key points include:
- Crestwood formed a joint venture with Con Edison, contributing its Northeast gas storage and transportation assets in exchange for $975 million and a 50% equity interest in the joint venture.
- Crestwood will use proceeds from the transaction to reduce debt by over $1 billion, lowering pro forma leverage to approximately 3.5x.
- Crestwood reduced its quarterly distribution to $0.60 per unit, providing estimated full-year 2016 distribution coverage of 1.7x and positioning it for financial strength.
The document 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.
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.
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.
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.
This document contains an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses the companies' simplified structure following a merger, which positions them for long-term success. It highlights their diverse operations in key shale plays, strong fixed-fee contracts providing revenue stability, cost reduction efforts improving margins, and strong liquidity position providing financial flexibility. The presentation provides an overview of Crestwood's business and recent performance for investors.
This document 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.
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 Crestwood Midstream Partners LP and Crestwood Equity Partners LP's strategic update. Key points include:
- Crestwood formed a joint venture with Con Edison, contributing its Northeast gas storage and transportation assets in exchange for $975 million and a 50% equity interest in the joint venture.
- Crestwood will use proceeds from the transaction to reduce debt by over $1 billion, lowering pro forma leverage to approximately 3.5x.
- Crestwood reduced its quarterly distribution to $0.60 per unit, providing estimated full-year 2016 distribution coverage of 1.7x and positioning it for financial strength.
The document 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.
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 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.
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.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key investor information including recent financial results, growth projects, and commercial contracts. The document summarizes recent execution on projects in various regions, and outlines a backlog of announced growth projects through 2018 that are expected to generate over $30 million in incremental annual cash flow. These projects focus on the Bakken, Delaware Basin, and Marcellus regions.
- The document 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.
This document appears to be an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses the companies' recent merger to simplify their structure, highlights their operations in key shale plays with a focus on the Marcellus and Bakken basins. The presentation also notes over 90% of earnings are supported by take-or-pay or fixed fee contracts and that expense reduction efforts are on track to improve margins. Liquidity remains strong with available borrowing capacity.
The document discusses Crestwood Midstream Partners 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.
- CorEnergy owns essential energy infrastructure assets that generate stable cash flows through long-term contracts. These assets include pipelines, storage terminals, and gathering systems critical to energy production.
- CorEnergy aims to provide attractive risk-adjusted returns through acquiring infrastructure assets that generate predictable revenues and distributing dividends to shareholders.
- The company has a conservative capital structure and recently enhanced its financial flexibility through refinancing initiatives, positioning it to acquire additional assets.
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 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.
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.
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. 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.
- Hospitality Properties Trust is presenting an investor presentation in February 2017 on their diversified real estate portfolio of hotels and travel centers.
- The portfolio includes 306 hotels with 46,583 rooms and 198 travel centers located along major highways in the US, operated under brands like Marriott, InterContinental, and TravelCenters of America.
- The presentation highlights HPT's consistent dividend supported by long-term contracts with brand operators, renovations increasing revenue, and conservative financial profile with coverage of annual minimum returns and growing adjusted EBITDA.
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.
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.
Denbury Resources reported operational and financial results for 3Q17. Production was impacted by Hurricane Harvey but no long-term damage occurred. Denbury is focusing on reducing costs, maximizing asset value, and improving its balance sheet. It has identified opportunities to develop horizontal wells in the Mission Canyon interval of the Cedar Creek Anticline, which could unlock significant resource potential with attractive economics. Total operating costs for the quarter were $21.22 per BOE.
Inspiration Lookbook for Financial Servicescolletteseline
We’ve compiled a list of groundbreaking direct mail
campaigns that utilize a cross-channel approach at
different lifecycle stages, all within the financial services space.
Take a look and get inspired.
This document provides an overview and analysis of private equity deals from 2001 to 2010 based on data from PitchBook. Some key findings include:
- There were 17,361 private equity deals totaling $1.73 trillion in invested capital over the decade.
- Lower middle-market companies accounted for 81% of deals.
- Private equity investment multiples peaked at 11.5x in 2008 before declining during the financial crisis.
- The average time between investments dropped from six months in 2002 to 2.5 months in 2007, indicating increased deal velocity.
- Add-on deals accounted for 46% of PE buyouts by the end of the decade.
- Texas saw more PE deals
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 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.
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.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key investor information including recent financial results, growth projects, and commercial contracts. The document summarizes recent execution on projects in various regions, and outlines a backlog of announced growth projects through 2018 that are expected to generate over $30 million in incremental annual cash flow. These projects focus on the Bakken, Delaware Basin, and Marcellus regions.
- The document 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.
This document appears to be an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses the companies' recent merger to simplify their structure, highlights their operations in key shale plays with a focus on the Marcellus and Bakken basins. The presentation also notes over 90% of earnings are supported by take-or-pay or fixed fee contracts and that expense reduction efforts are on track to improve margins. Liquidity remains strong with available borrowing capacity.
The document discusses Crestwood Midstream Partners 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.
- CorEnergy owns essential energy infrastructure assets that generate stable cash flows through long-term contracts. These assets include pipelines, storage terminals, and gathering systems critical to energy production.
- CorEnergy aims to provide attractive risk-adjusted returns through acquiring infrastructure assets that generate predictable revenues and distributing dividends to shareholders.
- The company has a conservative capital structure and recently enhanced its financial flexibility through refinancing initiatives, positioning it to acquire additional assets.
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 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.
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.
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. 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.
- Hospitality Properties Trust is presenting an investor presentation in February 2017 on their diversified real estate portfolio of hotels and travel centers.
- The portfolio includes 306 hotels with 46,583 rooms and 198 travel centers located along major highways in the US, operated under brands like Marriott, InterContinental, and TravelCenters of America.
- The presentation highlights HPT's consistent dividend supported by long-term contracts with brand operators, renovations increasing revenue, and conservative financial profile with coverage of annual minimum returns and growing adjusted EBITDA.
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.
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.
Denbury Resources reported operational and financial results for 3Q17. Production was impacted by Hurricane Harvey but no long-term damage occurred. Denbury is focusing on reducing costs, maximizing asset value, and improving its balance sheet. It has identified opportunities to develop horizontal wells in the Mission Canyon interval of the Cedar Creek Anticline, which could unlock significant resource potential with attractive economics. Total operating costs for the quarter were $21.22 per BOE.
Inspiration Lookbook for Financial Servicescolletteseline
We’ve compiled a list of groundbreaking direct mail
campaigns that utilize a cross-channel approach at
different lifecycle stages, all within the financial services space.
Take a look and get inspired.
This document provides an overview and analysis of private equity deals from 2001 to 2010 based on data from PitchBook. Some key findings include:
- There were 17,361 private equity deals totaling $1.73 trillion in invested capital over the decade.
- Lower middle-market companies accounted for 81% of deals.
- Private equity investment multiples peaked at 11.5x in 2008 before declining during the financial crisis.
- The average time between investments dropped from six months in 2002 to 2.5 months in 2007, indicating increased deal velocity.
- Add-on deals accounted for 46% of PE buyouts by the end of the decade.
- Texas saw more PE deals
- The document provides an investor presentation for Teradata's second quarter 2016 results.
- It highlights Teradata's portfolio of workload-specific platforms and hybrid cloud offerings that provide scalability, performance, and flexibility.
- Charts show Teradata's revenue mix by industry and type over recent years as well as its balance sheet, cash flow, and share repurchase activity.
The document is a report from PitchBook on unicorns (privately held startups valued at $1 billion or more). It discusses the rising number of unicorns in recent years and analyzes financing terms of unicorn rounds. Key points include: the number of US unicorns nearly doubled in 2015; recent rounds have focused on strong downside protections for investors through minimum IPO valuations, liquidation preferences, and anti-dilution provisions rather than high upside; protections have increased after some companies went public at prices below late-stage private valuations.
This document summarizes a startup called Landme that aims to help high school students find summer opportunities. It details Landme's solution of connecting students directly to program directors through an online platform. The document outlines Landme's growth so far with over 16,000 program views and $13,000 in intent letters, and provides financial projections forecasting increasing revenue over five years. It also introduces the founding team and their relevant skills and experience.
This document is an investor presentation for DMC Global Inc. It provides an overview of DMC and its subsidiaries NobelClad and DynaEnergetics. DynaEnergetics is a leading provider of oilfield perforating systems and has experienced significant growth through acquisitions. It derives revenue from products used in perforating oil and gas wells. The presentation outlines DynaEnergetics' product portfolio and competitive advantages in manufacturing expertise, product selection, distribution network, and testing facilities.
MFA's new educational presentation explains the fees associated with hedge funds and how they are used by hedge fund managers. Generally, hedge fund structures incur management fees and performance fees. Other terms explored in the presentation include high-water marks and hurdle rates. Of course, all hedge fund fees charged to any particular investor are based on contractual terms agreed to by the fund manager and the investor. While there is no such thing as a “standard” fee, there are a number of general terms that apply to hedge fund fees.
Tsn investor presentation december 2015investortyson
The document provides forward-looking statements and cautions readers that actual results may differ materially from expectations. It highlights that Tyson Foods is one of the largest food companies in the world with advantaged brands in growing categories. The presentation outlines Tyson's market leadership in protein production, financial trends including sales growth and adjusted EPS growth, and priorities for cash including growing organically, acquisitions, and returning cash to shareholders.
Commodity Trading Advisor & Commodity Pool Operator 101ManagedFunds
Commodity Trading Advisors (CTA) and Commodity Pool Operators (CPO) have long been vital to the alternative investment industry. The presentation allows those new to the alternative investment industry to better understand how CTAs and CPOs function, how they are regulated, and how the Dodd-Frank legislation and recent CFTC rulemakings have affected these entities.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise boosts blood flow, releases endorphins, and promotes changes in the brain which help regulate emotions and stress levels.
Horizon Capital Ukraine Ground Floor Opportunity pptHorizon Capital
The document presents a bullish case for investing in Ukraine in 2015, arguing it presents a ground-floor investment opportunity. It outlines Ukraine's lost potential over the past decades due to a lack of reforms but notes the situation has changed significantly. A new pro-Western government elected by both East and West aims to implement structural reforms to attract investment. Recent macroeconomic stabilization and fiscal discipline further improve Ukraine's investment prospects despite challenges remaining.
UVCA (Ukrainian Venture Capital and Private Equity Association) was established in 2014 and unites more then 35 members. The association promotes investment opportunities in Ukraine for foreign investment funds, conducts market research, lobbies laws for improving investment and business climate, implements Invest in Ukraine activity
[Webinar] AWS Activate Webinar Series for Startups, Funding, Pitching and Ven...Amazon Web Services
Startups are always looking for ways to grow and often, capital is one of the most important aspects which is needed to fuel that growth. This webinar provides an overview of Venture Capital and how it has evolved with emergence of Open Source and Cloud.
The webinar also focuses on funding, how to pitch throughout the funding process and provides answers to some of the most commonly asked questions like "What does a good pitch look like" or "What are some of the best practices in pitching". The session will also cover tips from top VC's and startups that raised funds successfully.
Dsp investor deck jp morgan january 2017 final2DiplomatIR
This document discusses Diplomat Pharmacy, a specialty pharmacy company. It provides an overview of the company, including its leadership, growth strategy through acquisitions, financial performance, and outlook. The specialty pharmacy industry is growing significantly due to increasing specialty drug utilization and limited distribution drugs. Diplomat aims to continue taking market share as the largest independent specialty pharmacy through its focus on specialty drugs and services.
Astrum Fund I is a private investment fund seeking $50 million to execute sale-leaseback-buyback (SLB3) transactions on commercial properties. It will purchase properties directly from middle market companies and lease them back under long-term leases. The companies will have rights to repurchase the properties after 5 years. The fund aims to generate high current income and total returns of 20% through moderate leverage of up to 60% on properties. It is only available to accredited investors.
AlphaTech Ventures is seeking to raise $75 million for its seed stage venture capital fund. The seed funding landscape has expanded significantly in recent years with the rise of accelerators and incubators. AlphaTech differentiates itself through its connections to O'Reilly Network, focus on specific investment themes, disciplined investment process, and ability to work with highly referenceable founders. It plans to address the ongoing funding gap between seed and growth stages. The fund has significantly outperformed projections with strong returns for its first fund and high multiples for its second.
EY provides advisory services to help clients grow, protect, and optimize their businesses in response to changing external forces through strategies that drive transformational change, processes that optimize business outcomes, and technologies that enable performance. EY works globally with clients in over 150 countries with over 31,000 professionals to build a better working world.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It summarizes the companies' strategic pivot to improve processes and efficiencies, reduce costs, simplify operations, and deleverage the balance sheet. Going forward, the companies plan to focus on executing existing projects, high-grading growth opportunities, and pursuing disciplined growth through joint ventures to enhance their strategic position while preserving financial strength. Key regions for potential long-term growth include the Marcellus Shale, Bakken, and Delaware Permian areas.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights 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.
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 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 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.
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 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.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an investor presentation covering key highlights, including 2016 guidance being on track, a focused growth strategy, a strong balance sheet, and significant insider ownership. It summarizes recent financial results and outlines the company's long-term outlook, focusing on growth opportunities in the Delaware Permian Basin, Northeast Marcellus shale, and Bakken shale plays.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights 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.
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
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 presentation provides an overview of TransAlta Corporation, a power generator and marketer. Key points include:
- TransAlta has over 100 years of experience and a diversified portfolio of over 9,000 MW of generation capacity across Canada, the US, and Australia.
- The company has a proven track record of growth, having added over 1,700 MW since 2005, and sees potential for further expansion in strong markets.
- TransAlta aims to deliver shareholder value through a combination of dividend yield and growth. The company expects to generate $40-60 million in additional annual EBITDA through initiatives like the recently acquired Solomon Power Project in Australia.
- Significant upside is expected
This presentation by Barry Davis, President and CEO of NAPTP, provides an overview of NAPTP and forward-looking statements. It discusses non-GAAP financial measures used by EnLink Midstream such as adjusted EBITDA, gross operating margin, and segment cash flows. It then summarizes EnLink Midstream's assets including gas gathering pipelines, processing plants, NGL transportation and fractionation facilities. Finally, it provides brief biographies of members of EnLink Midstream's management team.
EnLink Midstream provides midstream energy services and is focused on four avenues for growth: dropdowns from sponsor Devon Energy, growing with Devon's development plans, organic expansion projects, and mergers and acquisitions. EnLink has a diverse portfolio of long-term, fee-based contracts that provide stable cash flows. Recent growth includes potential dropdowns from Devon of pipelines in 2016 and expansion in regions like South Louisiana and West Texas.
The document discusses EnLink Midstream Partners, LP, a master limited partnership focused on midstream energy services. It notes that EnLink has a stable cash flow due to 95% of contracts being fee-based and 50% from long-term Devon contracts. It also highlights EnLink's organic growth strategy through expansion projects in regions like South Louisiana, West Texas, and Ohio River Valley. Finally, it identifies four avenues for future growth: dropdowns from sponsor Devon Energy, organic expansion projects, third-party acquisitions, and potential new basin development with Devon.
This document discusses Goldman Sachs' Power, Utilities, MLP & Pipeline Conference in August 2015. It contains forward-looking statements about EnLink Midstream's future financial and operating results that involve risks and uncertainties. It also discusses non-GAAP financial measures used by EnLink Midstream like gross operating margin and segment cash flow. The document outlines EnLink Midstream's strategy of focusing on stability through long-term contracts and organic growth opportunities.
EnLink Midstream provides midstream energy services focused on natural gas gathering, processing, transportation and NGL fractionation. Over 95% of its cash flows are fee-based and supported by long-term contracts, providing revenue stability. Its largest customer is Devon Energy, which accounts for over 50% of adjusted EBITDA. EnLink aims to leverage its relationship with Devon to grow its business through potential future asset dropdowns and expanding services for Devon's growing E&P operations.
Similar to Investor presentation march 2016 v final (20)
UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
Cleades Robinson, a respected leader in Philadelphia's police force, is known for his diplomatic and tactful approach, fostering a strong community rapport.
ZKsync airdrop of 3.6 billion ZK tokens is scheduled by ZKsync for next week.pdfSOFTTECHHUB
The world of blockchain and decentralized technologies is about to witness a groundbreaking event. ZKsync, the pioneering Ethereum Layer 2 network, has announced the highly anticipated airdrop of its native token, ZK. This move marks a significant milestone in the protocol's journey, empowering the community to take the reins and shape the future of this revolutionary ecosystem.
World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4
World economy charts case
World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4study presented by a Big 4
1. Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
™
™
Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
™
™
Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
™
™
2/29/16
Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
™
™
Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
™
™
Connections for America’s Energy
™
™
Investor Presentation
March 2016
2. Connections for America’s Energy
™
™
™
™
™
™
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 2/24/2016.
(2) Unit count and balance sheet data as of 12/31/2015.
Crestwood Equity Partners LP
NYSE Ticker CEQP
Market Capitalization ($MM)(1,2) $617
Enterprise Value ($MM)(2) $3,724
Annualized Distribution $5.50
Investor Relations
investorrelations@crestwoodlp.com
(713) 380-3081
4. Connections for America’s Energy
™
™
™
™
™
™
• Solid execution in 2015 drives results; Adj. EBITDA increased 6%; OPEX and
G&A expenses reduced 9%; LTM coverage ratio ~1.0x
• Stable cash flow generation in 2016; ~60% of asset base flat to up 5%
• Strong liquidity position; No senior note maturities until 2020
• Diverse and balanced operations located in the most economic US shale plays
• Strong fixed-fee and take-or-pay contract portfolio; 92% take-or-pay and
fixed fee in 2016
• No Incentive Distribution Rights
• Strong sponsorship from First Reserve; $90MM units purchased Q415/Q116;
Currently owns 23% common units
Key Investor Highlights
4
5. Connections for America’s Energy
™
™
™
™
™
™
2016 Outlook
5
Marketing, Supply & Logistics
• Adjusted EBITDA:
$95MM - $100MM
• Flat cash flows in 2016
• Marketing business supported
by hard assets and long-term
relationships
2016E Adjusted EBITDA of $490 million to $520 million; ~60% of the business flat
to up in 2016
2016E Segment Cash Flow Reduced CAPEX
Gathering &
Processing
43%
Storage &
Transportation
40%
Marketing
Supply &
Logistics
17%
2016E Adj. EBITDA Guidance
$490MM - $520MM
Segment Outlook
Storage & Transportation
• Adjusted EBITDA:
$225MM - $235MM
• Volumes trending flat to up 5% in
2016
• NE S&T and COLT Hub take-or-
pay contracts drive stable cash
flow
Gathering & Processing
• Adjusted EBITDA:
$235MM - $250MM
• Volumes trending 15%-20%
lower in 2016
• 2016E cash flow forecasts
include conservative forecasts
for Barnett and PRB Niobrara
assets
(1) Excludes corporate G&A expenses of $65 million.
Segment Contribution
(1) (1)
($MM) ($MM)
6. Connections for America’s Energy
™
™
™
™
™
™
Repositioning Crestwood in 2015/16
6
Corporate Structure
69.1 MM common units
62.1 MM preferred units
In a challenging market, Crestwood continues to take actionable steps to improve its
positioning and broaden its investment appeal
No IDRs
Key Items
• In 2015, reduced O&M and G&A expenses by
$26MM year-over-year through Project Adapt
initiatives
• Limiting growth capital expenditures to previously
committed contractual projectsü
üSimplification
Merger
Cost Cutting /
Reduced Capex
• In 1Q 2015, completed Project Adapt to cut costs
and improve processes and efficiencies
• In 2Q 2015, restructured operations to Pipeline
Services and Marketing, Supply & Logistics divisions
• On September 30, 2015, closed merger between
Crestwood Equity and Crestwood Midstream
• Improved cost of capital by eliminating IDRs
ü
üDeleverage
Strategy
• In 2016, Crestwood is pursuing strategic steps to
strengthen the balance sheet in lower-for-longer
environment
• Evaluating full range of options, including further
CAPEX and cost reductions, divesting of assets, and
evaluating appropriate distribution level
Streamlined
Business
7. Connections for America’s Energy
™
™
™
™
™
™
Existing Scale and New Investment Opportunities
in the Right Places
7
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
8. Connections for America’s Energy
™
™
™
™
™
™
Fixed-Fee Contracts Provide Safety Net
8
Contract Portfolio 2016E EBITDA
Variable
Rate Contracts
8%
Take-or-Pay and
Fixed-Fee
Contracts
92%
ü 92% of 2016E EBITDA from take-or-pay and fixed-fee contracts
ü Significant cash flow contribution protected from commodity change and volume reduction
55% of EBITDA is
guaranteed through take-
or-pay contracts
YoY Margin Growth Despite Commodity Prices
Adjusted EBITDA
Crude Oil and Natural Gas Prices
Crude Oil
Natural Gas
Y-o-Y Adj. EBITDA
Growth: 6.4%
Crude Oil decline: (61%)
Natural Gas decline: (45%)
9. Connections for America’s Energy
™
™
™
™
™
™
$299
$253
$100
$150
$200
$250
$300
$350
4Q14
Annualized FY
2015
Expense / Fixed Charge Reduction Strategy
9
($MM)
Total Expenses Total Expenses by Segment
Total Expenses Reduced by 15%
Crestwood exceeded stated cost reduction goals in 2015; On-track to remove an
additional $10MM in 2016
• In 2015, Crestwood materially reduced expenses and fixed charges to improve margins and coverage:
– Reduced O&M and Adj. G&A(1) costs by $26.4 million in 2015 over 2014
– Additional 2016 cost savings of >$10MM; 2016+ run-rate savings of >$35MM
• Results drive greater profitability in the current industry environment
• Increased efficiency without sacrificing customer service, safety or compliance
• Simplification adds to coverage improvement through fixed charge elimination
(1) Adjusted G&A is defined as general and administrative expenses less unit-based compensation
charges and significant transaction and environmental related costs and other items.
(1)
4Q14
Annualized FY
2015
($MM)
Total
Expenses
Total
Expenses Variance
Gathering
&
Processing $109 $89 ($20)
Storage
&
Transportation $27 $32 $5
Marketing,
Supply
&
Logistics $79 $70 ($9)
Adjusted
G&A $84 $63 ($21)
Total
Expenses $299 $253 ($46)
%-‐Change (15.4%)
10. Connections for America’s Energy
™
™
™
™
™
™
Consistent Operating and Financial Results
10
(1) See accompanying tables of non-GAAP reconciliations.
(2) Cash flow margin is calculated by dividing Adj. EBITDA into Net Revenue.
(3) Cash flow margin adjusted for Q4 2015 shut-in and weather impacts.
Adjusted EBITDA and Margins(1)
Natural Gas Volumes
Improving financial performance demonstrates strong baseline cash flow; Q4 2015
strongly impacted by warm weather
(2)
Crude Oil Volumes
$18.0
Q415 miss of
$18mm
attributable to
unseasonably
warm
weather;
depressed NE
regional
pricing
(3)
$118.5
11. Connections for America’s Energy
™
™
™
™
™
™
Capital Structure
11
Capitalization
• Strong liquidity position
– 1.5 billion revolving credit facility
– ~50% drawn RCF balance
• No near-term maturities;
attractive long-term capital
– $1.8 billion senior notes; 6.00%-6.25% coupon
– Nearest maturity 2020
• Ample covenant cushion
• Strong fixed charge coverage
• No need to access capital markets
in 2016
Crestwood has ample liquidity to execute business plan in challenging market
Debt Maturities
No near-term
debt maturities
RCF
6%
Notes
6.125%
Notes
6.25%
Notes
($
millions) 12/31/2015
Cash $0.5
Total
Debt $2,540.3
Total
Partners'
Capital $2,946.9
Total
Capitalization $5,487.2
Credit
&
Liquidity
Stats
Total
Leverage
Ratio 4.75x
Senior
Secured
Leverage
Ratio 1.37x
Total
Leverage
Covenant 5.50x
Senior
Secured
Leverage
Covenant 3.75x
Summary
($MM)
12. Connections for America’s Energy
™
™
™
™
™
™
• Diverse customer base is comprised of integrated
producers, refiners, utilities, and petrochemical
companies
• The majority of customers well-positioned to
navigate a lower-for-longer environment
• Crestwood is actively monitoring at-risk
counterparties to mitigate cash flow risk in 2016
• Highly confident in contractual positioning to
mitigate cash flow loss from potential bankruptcies
Quicksilver Resources
• Filed for bankruptcy March 2015; Began sales
process in Q4 2015
• BlueStone Natural Resources emerged as winner
bidder; Must close by March 2016
• Binding agreement in place with the back up bidder
• Long-term resolution likely by Q2 2016
Manageable Counterparty Risk
12
Crestwood has a diverse customer portfolio; producer counterparty risk manageable
in the event of continued market deterioration
2016E Cash Flow ExposureCounterparty Risk Overview
Manageable
counterparty
risk in 2016
(1)
(1) Represents total annual cash flow contributions from higher risk counterparties.
14. Connections for America’s Energy
™
™
™
™
™
™
• Bakken has continued to produce
sufficient producer wellhead returns
– 94% of rigs operating in four counties
(McKenzie, Williams, Mountrail, Dunn)
– ~340 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 100 permits in the
Bakken
– Halcon expects 2016 wells put online to
have an EUR of ~900 Mboe; average D&C
of $6.2MM
– Whiting reported 24-hr IP rate of 4,300
Boe/d on Crestwood’s system
Bakken Producers Remain Active Around
Crestwood’s Assets
14
Permits Filed in Last 120 Days
Permits Heat Map
By Arrow Producers
9
2
38
48
Source: North Dakota Industrial Commission
As of February 24, 2016.
15. Connections for America’s Energy
™
™
™
™
™
™
0
25
50
75
100
125
Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15 Q4:15
Gathering
Volumes
(Mboe/d)
Crude
Oil Natural
Gas Water
$0
$5
$10
$15
$20
$25
Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15 Q4:15
Adjusted
EBITDA
($MM)
Bakken Arrow Gathering System
15
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 development through aid-
in-construction lateral requests
• Lower operating cost in 2015 improves margin
• Arrow volumes have increased 14% year-over-year and
76% 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
• 45-55 new well connects expected in 2016
– XTO, WPX and QEP approximately 90% of 2016
development activity
• Achieved record crude volume of 80 MBbls/d in October
2015
(1) Natural gas converted to barrels at 6:1.
Arrow Adjusted EBITDA
Increasing Gathering Volumes from Continued
Drilling Activity
(1)
142% Growth
76% Growth
16. Connections for America’s Energy
™
™
™
™
™
™
Bakken COLT Hub and Connector
16
COLT Hub is the leading Bakken CBR facility linking Bakken crude supply to prime
refinery markets
Source: Genscape February 2016; 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
• ~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 Facilities
COLT Hub
Customers
Maintaining Market Share Going into 2016
BakkenPipeline/Crude-by-Rail(Bbls/d)
• Pipeline and CBR remain >1,000 Bbls/d
− 67% Pipeline / 33% CBR
• Crestwood’s COLT Hub currently ~25%
CBR market share
17. Connections for America’s Energy
™
™
™
™
™
™
$10
$15
$20
$25
$30
$35
$40
$45
Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15 Q4:15
Adjusted
EBITDA
($MM)
17
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 – In Q4 2015, secured two anchor shippers for 120
MMcf/d on expansion to Transco
• 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
18. Connections for America’s Energy
™
™
™
™
™
™
• 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
• Current YTD average volumes of 480 MMcf/d
SW Marcellus Gathering & Compression
18
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
Key Drivers for Future Drilling
• Antero has 22 DUCs connected to Crestwood’s system;
Antero expects to bring all of these wells online in 2017
• Q4 2015: Regional gathering pipeline provides 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
(1) See November Antero Resources company presentation.
19. Connections for America’s Energy
™
™
™
™
™
™
Delaware-Permian: Reservoir Overview
19
• 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
Gathering 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
20. Connections for America’s Energy
™
™
™
™
™
™
Delaware-Permian: Expansion Projects
20
Crestwood is actively expanding its footprint in the heart of the Delaware Permian
Basin, the most active shale play in the US
Other Long-Term Opportunities
• 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 Gathering System
Proposed Expansion Map
• Orla Terminal:
− 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
• Delta Pipeline
− Condensate pipeline header from Orla to multiple outlets
providing access to Cushing, Houston, & Corpus Christi
− ~180 mile, 20” pipeline, 200 MBbls/d of capacity
2
3
3
2
1
Willow Lake Expansion
• Expanded processing capacity to 50 MMcf/d
• 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
• Placed into service January 2016; on schedule
1
3
Willow Lake
Delta Pipeline
Orla Terminal
3-Stream
Gathering
System
21. Connections for America’s Energy
™
™
™
™
™
™
• 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
• Marketing opportunities to diversify in the West
Coast and Rocky Mountain regions
21
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
22. Connections for America’s Energy
™
™
™
™
™
™
The Crestwood Investment Opportunity
No Incentive Distribution
Rights
22
1
Substantial Expense /
Fixed Charge Reduction
2
Solid Financial Results
year-over-year
3
Diversified / Balanced
Portfolio
4
Fixed Fee / Firm Contract
Profile
5
Current Valuation Not Indicative
of Business Fundamentals
Leveraged to Volume Growth
with Commodity Price Upside
1
Cost of Capital Improvement
2
Expansion Opportunities in
Delaware Permian Basin and
NE S&T
3
Strengthened Balance Sheet
in 2016
4
Attractive Valuation Entry Point
5
Execution Drives Significant Upside
Return Opportunity
Strong Liquidity /
No near-term maturities
6
24. Connections for America’s Energy
™
™
™
™
™
™
CEQP Non-GAAP Reconciliations
24
(in millions, unaudited)
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
EBITDA
Net income (loss) (1,402.4)$ (623.4)$ (296.0)$ 18.1$ (30.7)$ 11.9$ (4.8)$ 13.2$
Interest and debt expense, net 35.4 35.7 35.4 33.6 31.3 31.5 32.6 31.7
Loss on modification/extinguishment of debt 0.2 2.7 17.1 — — — — —
Provision (benefit) for income taxes (1.2) (0.3) (0.3) 0.4 — 0.1 0.2 0.8
Depreciation, amortization and accretion 75.6 75.5 74.8 74.2 76.1 71.7 71.2 66.3
EBITDA (a)
(1,292.4)$ (509.8)$ (169.0)$ 126.3$ 76.7$ 115.2$ 99.2$ 112.0$
Significant items impacting EBITDA:
Unit-based compensation charges 4.1 3.9 5.9 5.8 4.9 4.8 6.2 5.4
(Gain) loss on long-lived assets, net 817.3 2.3 0.6 1.0 2.7 0.9 (1.2) (0.5)
Goodwill impairment 515.4 609.9 281.0 — 48.8 — — —
Loss on contingent consideration — — — — — — 6.5 2.1
(Earnings) loss from unconsolidated affiliates, net 72.0 (2.8) (5.0) (3.4) (0.6) (0.3) 1.5 0.1
Adjusted EBITDA from unconsolidated affiliates, net 6.9 6.2 5.7 6.5 2.9 1.9 0.4 1.7
Change in fair value of commodity inventory-related
derivative contracts (5.3) 8.1 1.5 1.1 (3.5) 1.0 2.9 (10.7)
Significant transaction and environmental related costs and
other items 0.9 15.7 12.4 4.6 0.8 5.4 2.2 6.5
Adjusted EBITDA (a)
118.9$ 133.5$ 133.1$ 141.9$ 132.7$ 128.9$ 117.7$ 116.6$
Distributable Cash Flow
Adjusted EBITDA (a)
118.9 133.5 133.1 141.9 132.7 128.9 117.7 116.6
Cash interest expense (b)
(33.5) (33.7) (33.3) (31.8) (29.4) (30.3) (31.2) (30.4)
Maintenance capital expenditures (c)
(10.0) (4.1) (3.9) (5.4) (9.4) (4.8) (5.7) (7.0)
(Provision) benefit for income taxes 1.2 0.3 0.3 (0.4) — (0.1) (0.2) (0.8)
Deficiency payments (0.9) (0.6) 5.7 (0.6) 3.5 2.3 3.8 1.1
Distributable cash flow attributable to CEQP 75.7$ 95.4$ 101.9$ 103.7$ 97.4$ 96.0$ 84.4$ 79.5$
Distirbutions to Niobrara Preferred (3.8) (3.8) (3.8) (3.8) — — — —
Distributable cash flow attributable to CEQP common (d)
71.9$ 91.6$ 98.1$ 99.9$ 97.4$ 96.0$ 84.4$ 79.5$
(b)
C as h
interes t
expens e
les s
amortization
of
deferred
financing
cos ts
plus
bond
premium
amortization
plus
or
minus
fair
value
adjus tment
of
interes t
rate
s waps .
(c)
Maintenance
capital
expenditures
are
defined
as
thos e
capital
expenditures
which
do
not
increas e
operating
capacity
or
revenues
from
exis ting
levels .
(d)
D is tributable
cas h
flow
is
defined
as
A djus ted
E B IT D A ,
les s
cas h
interes t
expens e,
maintenance
capital
expenditures ,
income
taxes ,
and
deficiency
payments
(primarily
related
to
deferred
revenue).
D is tributable
cas h
flow
s hould
not
be
cons idered
an
alternative
to
cas h
flows
from
operating
activities
or
any
other
meas ure
of
financial
performance
calculated
in
accordance
with
generally
accepted
accounting
principles
as
thos e
items
are
us ed
to
meas ure
operating
performance,
liquidity,
or
the
ability
to
s ervice
debt
obligations .
We
believe
that
dis tributable
cas h
flow
provides
additional
information
for
evaluating
our
ability
to
declare
and
pay
dis tributions
to
unitholders .
D is tributable
cas h
flow,
as
we
define
it,
may
not
be
comparable
to
dis tributable
cas h
flow
or
s imilarly
titled
meas ures
us ed
by
other
corporations
and
partners hips .
20142015
CRESTWOOD EQUITY PARTNERS LP
Reconciliation of Non-GAAP Financial Measures
(a)
E B IT D A
is
defined
as
income
before
income
taxes ,
plus
debt-‐related
cos ts
(net
interes t
and
debt
expens e
and
los s
on
modification/extinguis hment
of
debt)
and
depreciation,
amortization
and
accretion
expens e.
In
addition,
A djus ted
E B IT D A
cons iders
the
adjus ted
earnings
impact
of
our
uncons olidated
affiliates
by
adjus ting
our
equity
earnings
or
los s es
from
our
uncons olidated
affiliates
for
our
proportionate
s hare
of
their
depreciation
and
interes t.
A djus ted
E B IT A
als o
cons iders
the
impact
of
certain
s ignificant
items ,
s uch
as
unit-‐bas ed
compens ation
charges ,
gains
and
impairments
of
long-‐lived
as s ets
and
goodwill,
gains
and
los s es
on
acquis ition-‐related
contingencies ,
third
party
cos ts
incurred
related
to
potential
and
completed
acquis itions ,
certain
environmental
remediation
cos ts ,
certain
cos ts
related
to
our
2015
cos t
s avings
initiatives ,
the
change
in
fair
value
of
commodity
inventory-‐related
derivative
contracts ,
and
other
trans actions
identified
in
a
s pecific
reporting
period.
T he
change
in
fair
value
of
commodity
inventory-‐related
derivative
contracts
is
cons idered
in
determining
A djus ted
E B IT D A
given
that
the
timing
of
recognizing
gains
and
los s es
on
thes e
derivative
contracts
differs
from
the
recognition
of
revenue
for
the
related
underlying
s ale
of
inventory
that
thes e
derivatives
relate
to.
C hanges
in
the
fair
value
of
other
derivative
contracts
is
not
cons idered
in
determining
A djus ted
E B IT D A
given
the
relatively
s hort-‐term
nature
of
thos e
derivative
contracts .
E B IT D A
and
A djus ted
E B IT D A
are
not
meas ures
calculated
in
accordance
with
GA A P ,
as
they
do
not
include
deductions
for
items
s uch
as
depreciation,
amortization
and
accretion,
interes t
and
income
taxes ,
which
are
neces s ary
to
maintain
our
bus ines s .
E B IT D A
and
A djus ted
E B IT D A
s hould
not
be
cons idered
an
alternative
to
net
income,
operating
cas h
flow
or
any
other
meas ure
of
financial
performance
pres ented
in
accordance
with
GA A P .
E B IT D A
and
A djus ted
E B IT D A
calculations
may
vary
among
entities ,
s o
our
computation
may
not
be
comparable
to
meas ures
us ed
by
other
companies .