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 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.
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.
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.
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' 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.
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.
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.
This document contains an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. The presentation discusses the company's financial results for 2017, which exceeded guidance. It highlights growth areas like the Bakken, Delaware Basin, and Powder River Basin that are expected to drive increased volume growth through 2019. The presentation provides an outlook for 2018 that forecasts adjusted EBITDA of $390-420 million and continued growth in distributable cash flow through capital projects like expanding gas processing plants in the Bakken.
The document appears to be an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses the company's financial results for 2017, which exceeded guidance and consensus estimates. It also outlines the company's growth strategy in key basins like the Bakken, Delaware Basin, and Powder River Basin, and provides the financial outlook for 2018 which expects continued cash flow and volume growth. The presentation highlights Crestwood's portfolio of assets and contracts, with over 85% being take-or-pay or fixed fee agreements, providing stability.
The document discusses 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.
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.
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.
- 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.
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.
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.
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.
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.
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 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.
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 EnLink Midstream's 2015 Analyst & Investor Day. It begins with forward-looking statements and disclosures about non-GAAP financial measures used. The agenda outlines presentations on EnLink Midstream's vision and strategy, its sponsorship with Devon Energy, and its natural gas and liquids businesses. The management team is introduced, consisting of experienced leaders from Crosstex Energy and Devon. The document emphasizes EnLink Midstream's growth strategy through organic expansion projects and dropdown acquisitions from Devon, as well as its stable cash flows, investment grade credit rating, and focus on safely serving customers.
- 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.
EnLink Midstream held an analyst and investor day on March 30, 2015 to discuss its vision and strategy. The presentation included forward-looking statements and defined non-GAAP financial measures. It also noted that the SEC prohibits the disclosure of certain resource estimates. The agenda included presentations from EnLink Midstream and Devon Energy executives on the companies' visions and the natural gas and liquids businesses. The management team was introduced, which includes experienced leaders from Crosstex Energy and Devon. EnLink Midstream aims to execute its growth strategy through a diversified portfolio, organic expansion projects, and dropdowns from Devon Energy.
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.
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.
Access Midstream Partners Investor Presentation - July 2013 Kprelosky
Headquartered in Oklahoma City, Access Midstream Partners is one of the largest midstream gathering companies in the U.S. with a diverse mix of gathering pipelines and facilities in the most attractive producing regions in North America.
Access Midstream has established a large-scale position in all of the key unconventional basins in the U.S. and has broad exposure to gathering opportunities in liquids-rich regions with extended access to the processing and fractionation segments of the midstream value chain. Access's diverse portfolio of assets are strategically located in 12 states that encompass the prolific Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica shales, and Mid-Continent areas.
Access Midstream's gathering systems are comprised of more than 6,000 miles of active gathering and transmission lines and treating facilities that provide services to approximately 7,900 wells. Our assets gather approximately 3.5 billion cubic feet (Bcf) of natural gas per day, which we believe ranks us as the largest gathering and processing master limited partnership in the U.S.
- 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.
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.
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.
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 provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It summarizes the companies' strategic pivot to improve processes and efficiencies, reduce costs, simplify operations, and deleverage the balance sheet. Going forward, the companies plan to focus on executing existing projects, high-grading growth opportunities, and pursuing disciplined growth through joint ventures to enhance their strategic position while preserving financial strength. Key regions for potential long-term growth include the Marcellus Shale, Bakken, and Delaware Permian areas.
The document 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.
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.
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.
- 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.
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.
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.
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.
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.
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 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.
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 EnLink Midstream's 2015 Analyst & Investor Day. It begins with forward-looking statements and disclosures about non-GAAP financial measures used. The agenda outlines presentations on EnLink Midstream's vision and strategy, its sponsorship with Devon Energy, and its natural gas and liquids businesses. The management team is introduced, consisting of experienced leaders from Crosstex Energy and Devon. The document emphasizes EnLink Midstream's growth strategy through organic expansion projects and dropdown acquisitions from Devon, as well as its stable cash flows, investment grade credit rating, and focus on safely serving customers.
- 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.
EnLink Midstream held an analyst and investor day on March 30, 2015 to discuss its vision and strategy. The presentation included forward-looking statements and defined non-GAAP financial measures. It also noted that the SEC prohibits the disclosure of certain resource estimates. The agenda included presentations from EnLink Midstream and Devon Energy executives on the companies' visions and the natural gas and liquids businesses. The management team was introduced, which includes experienced leaders from Crosstex Energy and Devon. EnLink Midstream aims to execute its growth strategy through a diversified portfolio, organic expansion projects, and dropdowns from Devon Energy.
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.
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.
Access Midstream Partners Investor Presentation - July 2013 Kprelosky
Headquartered in Oklahoma City, Access Midstream Partners is one of the largest midstream gathering companies in the U.S. with a diverse mix of gathering pipelines and facilities in the most attractive producing regions in North America.
Access Midstream has established a large-scale position in all of the key unconventional basins in the U.S. and has broad exposure to gathering opportunities in liquids-rich regions with extended access to the processing and fractionation segments of the midstream value chain. Access's diverse portfolio of assets are strategically located in 12 states that encompass the prolific Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica shales, and Mid-Continent areas.
Access Midstream's gathering systems are comprised of more than 6,000 miles of active gathering and transmission lines and treating facilities that provide services to approximately 7,900 wells. Our assets gather approximately 3.5 billion cubic feet (Bcf) of natural gas per day, which we believe ranks us as the largest gathering and processing master limited partnership in the U.S.
- 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.
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.
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.
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 provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It summarizes the companies' strategic pivot to improve processes and efficiencies, reduce costs, simplify operations, and deleverage the balance sheet. Going forward, the companies plan to focus on executing existing projects, high-grading growth opportunities, and pursuing disciplined growth through joint ventures to enhance their strategic position while preserving financial strength. Key regions for potential long-term growth include the Marcellus Shale, Bakken, and Delaware Permian areas.
The document 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 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.
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 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.
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
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' 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.
This document provides an overview of EnLink Midstream and its strategy and growth opportunities. It begins with forward-looking statements and definitions of non-GAAP terms. The main points are:
1) EnLink Midstream is a leading integrated midstream company supported by Devon Energy with a diverse geographic footprint and strong financial position.
2) It focuses on stable cash flows from long-term fee-based contracts and leveraging Devon's sponsorship for growth opportunities like dropdown acquisitions and serving Devon's areas of growth.
3) EnLink has four avenues for growth - dropdowns, growing with Devon, organic projects, and mergers and acquisitions, with a goal of $375 million in additional
The document is an investor presentation for EnLink Midstream that outlines the company's strategy, growth opportunities, and financial metrics. The presentation discusses EnLink's focus on stable, fee-based cash flows from long-term contracts, leveraging its relationship with Devon Energy for growth opportunities, and pursuing organic expansion projects and acquisitions. Key growth avenues include expanding existing platforms, dropdown transactions from Devon, and pursuing scale positions in new basins where Devon is active.
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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
™
™
11/10/2015
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
November 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 11/6/2015.
(2) Unit count and balance sheet data as of 9/30/2015.
Crestwood Equity Partners LP
NYSE Ticker CEQP
Market Capitalization ($MM)(1,2) $1,830
Enterprise Value ($MM)(2) $4,876
Annualized Distribution $0.55
Investor Relations
investorrelations@crestwoodlp.com
(713) 380-3081
4. Connections for America’s Energy
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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
5. Connections for America’s Energy
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Simplified Structure
5
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
685 MM common units*
52 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 to be completed after
market November 23, 2015
• Broaden investment appeal for institutional and
retail unitholder
• Removes potential technical limitations to owning
units
No IDRs
* Common units will adjust to 68.5MM units upon
completion of a 1-for-10 reverse split on 11/23/2015.
6. Connections for America’s Energy
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Existing Scale and New Investment Opportunities
in the Right Places
6
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
7. Connections for America’s Energy
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Fixed-Fee Contracts Provide Safety Net
7
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
$140
Q3:14 Q3:15
8. Connections for America’s Energy
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4Q14
Annualized
2Q/3Q 15
Annualized
($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 ($67)
Expense / Fixed Charge Reduction Strategy
8
($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)
9. Connections for America’s Energy
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Consistent Operating and Financial Results
9
(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)
10. Connections for America’s Energy
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Strong Liquidity Position
10
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 8.9%-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
12. Connections for America’s Energy
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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
12
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
15
9
42
82
Source: North Dakota Industrial Commission
13. Connections for America’s Energy
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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)
14. Connections for America’s Energy
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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.
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 Facilities
• No crude oil pipelines
• Coastal demand depends on rail
• Crestwood markets 73% to WC and 27% to EC
Existing/Proposed US Crude Pipelines
Source: Association of Oil Pipelines.
Colt Hub Contracted
Capacity Mix
15. Connections for America’s Energy
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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)
15
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
• ~700 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 ~1.8 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
16. Connections for America’s Energy
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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
18. Connections for America’s Energy
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• 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 include:
– Dublin Ranch connector from Willow Lake to Dublin Ranch
– JT skid at Willow Lake plant site
– Upsize interconnects to increase residue take-away options
• In-service date - January 2016
Delaware-Permian: Willow Lake System
18
Expanding Willow Lake facility producer demand resulting from substantial Wolfcamp development
Summary Willow Lake Asset Map
• Located in Eddy County, NM
• Supported by 100,000 acre AMI
• Approx. 82 miles of gas gathering pipelines
• 20 MMcf/d cryogenic plant located at existing Willow Lake/EPNG
interconnect; running at full capacity
• Select customers include: Occidental, Cimarex, Matador,
Mewbourne
Phase II Expansion
19. Connections for America’s Energy
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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
Legend
Note: map represents full build out of gathering system.
Centralized Gas
Compression Facility
3rd Party Gas Processing
Facility
High Pressure Gas Trunkline
Condensate & Water Gathering Lines
Low Pressure Gas Gathering
DELTA Pipeline
Receipt Points
Orla
Terminal
Delta
Pipeline
Delta Pipeline
Proposed Expansion Map
• Orla Terminal will initially be built with 200 MBbls of
crude oil tankage
• 8 truck loading and unloading bays allow for up to
64 MBbls/d of trucking
• Additional services include blending, condensate
stabilization and 3rd party trucking services
• Regional condensate pipeline header from Orla to multiple
outlets providing access to Cushing, Houston, & Corpus
Christi markets
• As planned, 164 mile, 16” pipeline, providing up to 200
MBbls/d of capacity
• Expected in-service date second quarter 2017
1
2
3
3
2
1
3-Stream
G&P System
20. Connections for America’s Energy
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Permian Expansion Financing Plan
20
• 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
21. Connections for America’s Energy
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Crestwood NGL Assets and Services
Servicing Blue Chip Customers
Premier NGL supply and logistics platform connect NGL supplies to NGL demand
markets; Current conditions position NGL business for big winter peak season
Summary Favorable Summer/Winter Spreads
• 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
$0.35
$0.37
$0.39
$0.41
$0.43
$0.45
$0.47
$0.49
Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
Mt. Belvieu TET Propane Curve Structure Comparison
Current (08/10/15) Last Year Avg (Aug 2014) 7 Year Avg (Aug 2007-2014)
$/Gallon
$/Gallon
$0.45
$0.48
$0.50
$0.53
$0.55
$0.58
$0.60
$0.63
$0.65
Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
Mt. Belvieu Non-TET Normal Butane Curve Structure Comparison
Current (08/10/15) 7 Year Avg (Aug 2007-2014) Last Year Avg (Aug 2014)
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The Crestwood Investment Opportunity
Simplified Corporate Structure
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1
Substantial Expense / Fixed
Charge Reduction
2
Solid Financial Results
Quarter-over-Quarter
3
Diversified / Balanced
Portfolio
4
Fixed Fee / Firm Contract
Profile
5
Attractive Current Yield
Supported by Portfolio Stability
Leveraged to Volume Growth
with Commodity Price Upside
1
Cost of Capital Improvement2
Expansion Opportunities in
Delaware Permian Basin
3
Asset and Corporate M&A4
Attractive Valuation Entry Point5
Execution Drives Significant Upside
Return Opportunity
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CEQP Non-GAAP Reconciliations
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(in millions, unaudited)
3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
EBITDA
Net income (loss) (623.4)$ (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