This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights the companies' nationwide footprint of natural gas and crude oil assets, with a focus on growth opportunities in key basins like the Bakken, Delaware Permian, and Marcellus regions. The presentation outlines Crestwood's contract portfolio and customer mix, balanced across gas, oil, and NGLs. It also summarizes a backlog of announced growth projects expected to drive increased earnings and cash flows through 2018 and beyond.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an 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 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.
- Hospitality Properties Trust is presenting an investor presentation in February 2017 on their diversified real estate portfolio of hotels and travel centers.
- The portfolio includes 306 hotels with 46,583 rooms and 198 travel centers located along major highways in the US, operated under brands like Marriott, InterContinental, and TravelCenters of America.
- The presentation highlights HPT's consistent dividend supported by long-term contracts with brand operators, renovations increasing revenue, and conservative financial profile with coverage of annual minimum returns and growing adjusted EBITDA.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights the company's strategies to deliver increased distributable cash flow per unit through 2021 by focusing on self-funded growth projects in key basins like the Bakken, Delaware Basin, and Powder River Basin. The presentation shows Crestwood's forecasted adjusted EBITDA and distribution coverage ratio growth through 2020, driven by its portfolio of organic expansion projects across these core areas.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key investor information including recent financial results, growth projects, and commercial contracts. The document summarizes recent execution on projects in various regions, and outlines a backlog of announced growth projects through 2018 that are expected to generate over $30 million in incremental annual cash flow. These projects focus on the Bakken, Delaware Basin, and Marcellus regions.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an 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, 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 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.
- Hospitality Properties Trust is presenting an investor presentation in February 2017 on their diversified real estate portfolio of hotels and travel centers.
- The portfolio includes 306 hotels with 46,583 rooms and 198 travel centers located along major highways in the US, operated under brands like Marriott, InterContinental, and TravelCenters of America.
- The presentation highlights HPT's consistent dividend supported by long-term contracts with brand operators, renovations increasing revenue, and conservative financial profile with coverage of annual minimum returns and growing adjusted EBITDA.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights the company's strategies to deliver increased distributable cash flow per unit through 2021 by focusing on self-funded growth projects in key basins like the Bakken, Delaware Basin, and Powder River Basin. The presentation shows Crestwood's forecasted adjusted EBITDA and distribution coverage ratio growth through 2020, driven by its portfolio of organic expansion projects across these core areas.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key investor information including recent financial results, growth projects, and commercial contracts. The document summarizes recent execution on projects in various regions, and outlines a backlog of announced growth projects through 2018 that are expected to generate over $30 million in incremental annual cash flow. These projects focus on the Bakken, Delaware Basin, and Marcellus regions.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an investor presentation covering key highlights, including 2016 guidance being on track, a focused growth strategy, a strong balance sheet, and significant insider ownership. It summarizes recent financial results and outlines the company's long-term outlook, focusing on growth opportunities in the Delaware Permian Basin, Northeast Marcellus shale, and Bakken shale plays.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key points such as 2016 guidance being on track, a focused growth strategy in core areas like the Delaware Permian and Bakken, a strong balance sheet and distribution coverage. It summarizes growth opportunities and projects in these regions that are expected to provide accretive cash flow growth beginning in 2018.
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 provides contact information for Devon Energy's investor relations department. It also includes standard legal disclosures about the use of forward-looking statements and non-GAAP financial measures in company presentations. The presentation that follows discusses Devon Energy's asset portfolio, growth strategy focused on the STACK and Delaware Basin plays, and financial strength. It highlights the company's leading positions, significant inventory of drilling locations, improving capital efficiency, and plans to increase investment and production growth rates over the next two years.
This document provides an overview of Devon Energy Corporation and its strategy. It summarizes that Devon has over 30,000 potential locations focused on developing its STACK and Delaware assets, which it views as multi-decade growth platforms. Devon's 2020 vision is to further high-grade its asset portfolio through divestitures, expand per-unit margins, improve its balance sheet strength, and focus on financial returns.
The earnings PowerPoint slide deck used during an earnings call for NFG to highlight their fourth quarter and full year performance. NFG includes Seneca Resources (drilling subsidiary) and Empire Pipeline (midstream subsidiary).
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 summarizes Devon Energy's presentation at the J.P.Morgan Energy Equity Conference on June 26, 2017. Devon has a premier portfolio of assets focused on the STACK and Delaware Basin plays, which provide multi-decade growth potential through large drilling inventories. Devon is accelerating its capital investment and rig activity to rapidly expand its high-margin production while maintaining a strong financial position and investment-grade credit ratings. The company is focused on operational excellence and technological innovation to improve capital efficiency and well productivity.
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. 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 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.
SandRidge Energy has built a portfolio focused on oil production growth from three key project areas: NW STACK, North Park Niobrara, and Mississippian. For 2017, the company plans to run two rigs in NW STACK to further delineate the Meramec and Osage formations, resume drilling at North Park Niobrara targeting multiple benches, and continue high-grading its Mississippian acreage. SandRidge has a strong balance sheet with $554 million in liquidity and no debt, positioning it to execute its development plans while generating free cash flow.
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 provides an overview of a partnership between Antero Midstream Partners LP and MPLX. It discusses forward-looking statements and risks involved. It then summarizes Antero Midstream's profile, including its market cap, enterprise value, EBITDA, net debt ratio, and dedicated acres. It also describes the joint venture between Antero Midstream and MPLX to develop processing and fractionation infrastructure in Appalachia, including existing and potential future assets.
The document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses key investor highlights including 2016 outlook and adjusted EBITDA guidance of $490-520 million. It also summarizes the company's capital structure, debt maturity profile, and operational updates in core areas like the Bakken shale play.
This document 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.
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.
Rowan is a leading offshore drilling contractor that provides rigs for deepwater and harsh environment drilling services. It has a modern fleet of high-specification jackup rigs and deepwater drillships. Rowan recently formed a joint venture with Saudi Aramco, called ARO Drilling, to own and operate jackup rigs in Saudi Arabia over the long term. This partnership creates a new growth opportunity for Rowan and ensures work for several of its rigs. Rowan also has a strong financial position with low debt and available credit to enable it to invest through the market cycle.
The document provides an overview of Sunoco LP (SUN) including:
1) SUN operates retail fuel and convenience stores across 30 states as well as wholesale fuel distribution.
2) SUN highlights include a leading market position, stable cash flows from diverse operations and geographic areas, and an experienced management team.
3) The presentation reviews SUN's history, acquisitions, financial metrics, debt profile, and operating performance for full year 2016 and first quarter 2017.
SandRidge Energy has built a portfolio focused on three oil-weighted project areas: NW STACK, North Park Niobrara, and Mississippian. In 2017, the company will continue developing these areas, turning company oil production positive in late 2017. SandRidge has $563 million in liquidity and a moderate capital program focused on high-grading existing positions.
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.
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 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.
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.
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 provides contact information for Devon Energy's investor relations department. It also includes standard legal disclosures about the use of forward-looking statements and non-GAAP financial measures in company presentations. The presentation that follows discusses Devon Energy's asset portfolio, growth strategy focused on the STACK and Delaware Basin plays, and financial strength. It highlights the company's leading positions, significant inventory of drilling locations, improving capital efficiency, and plans to increase investment and production growth rates over the next two years.
This document provides an overview of Devon Energy Corporation and its strategy. It summarizes that Devon has over 30,000 potential locations focused on developing its STACK and Delaware assets, which it views as multi-decade growth platforms. Devon's 2020 vision is to further high-grade its asset portfolio through divestitures, expand per-unit margins, improve its balance sheet strength, and focus on financial returns.
The earnings PowerPoint slide deck used during an earnings call for NFG to highlight their fourth quarter and full year performance. NFG includes Seneca Resources (drilling subsidiary) and Empire Pipeline (midstream subsidiary).
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 summarizes Devon Energy's presentation at the J.P.Morgan Energy Equity Conference on June 26, 2017. Devon has a premier portfolio of assets focused on the STACK and Delaware Basin plays, which provide multi-decade growth potential through large drilling inventories. Devon is accelerating its capital investment and rig activity to rapidly expand its high-margin production while maintaining a strong financial position and investment-grade credit ratings. The company is focused on operational excellence and technological innovation to improve capital efficiency and well productivity.
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. 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 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.
SandRidge Energy has built a portfolio focused on oil production growth from three key project areas: NW STACK, North Park Niobrara, and Mississippian. For 2017, the company plans to run two rigs in NW STACK to further delineate the Meramec and Osage formations, resume drilling at North Park Niobrara targeting multiple benches, and continue high-grading its Mississippian acreage. SandRidge has a strong balance sheet with $554 million in liquidity and no debt, positioning it to execute its development plans while generating free cash flow.
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 provides an overview of a partnership between Antero Midstream Partners LP and MPLX. It discusses forward-looking statements and risks involved. It then summarizes Antero Midstream's profile, including its market cap, enterprise value, EBITDA, net debt ratio, and dedicated acres. It also describes the joint venture between Antero Midstream and MPLX to develop processing and fractionation infrastructure in Appalachia, including existing and potential future assets.
The document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses key investor highlights including 2016 outlook and adjusted EBITDA guidance of $490-520 million. It also summarizes the company's capital structure, debt maturity profile, and operational updates in core areas like the Bakken shale play.
This document 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.
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.
Rowan is a leading offshore drilling contractor that provides rigs for deepwater and harsh environment drilling services. It has a modern fleet of high-specification jackup rigs and deepwater drillships. Rowan recently formed a joint venture with Saudi Aramco, called ARO Drilling, to own and operate jackup rigs in Saudi Arabia over the long term. This partnership creates a new growth opportunity for Rowan and ensures work for several of its rigs. Rowan also has a strong financial position with low debt and available credit to enable it to invest through the market cycle.
The document provides an overview of Sunoco LP (SUN) including:
1) SUN operates retail fuel and convenience stores across 30 states as well as wholesale fuel distribution.
2) SUN highlights include a leading market position, stable cash flows from diverse operations and geographic areas, and an experienced management team.
3) The presentation reviews SUN's history, acquisitions, financial metrics, debt profile, and operating performance for full year 2016 and first quarter 2017.
SandRidge Energy has built a portfolio focused on three oil-weighted project areas: NW STACK, North Park Niobrara, and Mississippian. In 2017, the company will continue developing these areas, turning company oil production positive in late 2017. SandRidge has $563 million in liquidity and a moderate capital program focused on high-grading existing positions.
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.
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 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 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 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 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 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. 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.
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 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.
Presentation delivered by Chris Humes, Vice President, Pipeline Operations, Pipeline Services Group, Crestwood Midstream Partners, LP at the marcus evans Energy Pipeline Management Summit 2016 held in Houston, TX
Crestwood Midstream Partners LP presented its investor presentation for October 2012. The presentation contained forward-looking statements regarding future events and results that are subject to risks and uncertainties. It provided an overview of Crestwood, including its experienced management team, $2 billion enterprise value, 95% fixed-fee portfolio of midstream assets across major shale plays, and growth strategy through acquisitions and drop-downs. Recent acquisitions, including in the rich gas areas of the Barnett Shale and Marcellus Shale joint venture, were highlighted as growth drivers for 2012-2013.
Connecticut Water Service, Inc. presented an investor presentation in March 2017. The presentation summarized that CTWS is New England's largest publicly traded water utility, with over $105 million in total revenues in the last 12 months. 95% of earnings come from regulated water operations serving over 440,000 people across Connecticut and Maine. The presentation outlined CTWS' growth strategy of infrastructure investment, acquisitions of other water systems, and supplemental non-regulated earnings. CTWS aims to deliver low-risk growth and shareholder value through its regulated business model and track record of constructive regulatory relations.
Connecticut Water Service presented an investor presentation in May 2017. The presentation provided an overview of Connecticut Water's business, including its regulated water utilities in Connecticut and Maine which account for 95% of earnings. It also discussed the company's growth strategy of infrastructure investment, acquisitions, and low-risk expansion into complementary water services to supplement regulated earnings. Financial highlights included a strong balance sheet, constructive regulatory environment, and track record of earnings and dividend growth.
This presentation provides an overview of Connecticut Water Service, Inc. (CTWS) as the largest publicly traded water utility in New England. CTWS generates 95% of its revenue from regulated water operations serving over 450,000 people across Connecticut and Maine. The company pursues a growth strategy of infrastructure investment and acquisitions to expand its rate base and regulated earnings over time. CTWS emphasizes financial stability, customer satisfaction, and responsible environmental stewardship.
- Chesapeake Energy reported 2Q 2019 earnings and provided an operational and financial update.
- The company is executing on its strategy of financial discipline, profitable growth from captured resources, and exploration through focused investment in highest margin opportunities.
- Chesapeake has significantly improved its debt maturity outlook through refinancing activities and aims to achieve a net debt to EBITDAX ratio of 2x.
- The company is committed to safety, environmental stewardship, and reducing its environmental footprint through initiatives like its enhanced leak detection and repair program.
This document discusses SandRidge Energy's operations and strategy. It provides an overview of the company, including its production, reserves, assets, and financial information. It outlines Sandridge's strategic focus on lowering well costs and improving returns in its Mississippian operations in the Midcontinent region through techniques like pad drilling, multilaterals, and shared infrastructure. The document also discusses various innovations Sandridge is pursuing to further reduce costs and boost production, such as its successful multilaterial drilling program and plans to expand full section development.
This document provides contact information for Devon Energy's investor relations team. It also includes standard legal disclosures about forward-looking statements, use of non-GAAP information, and SEC definitions. The document then summarizes Devon's asset portfolio, with a focus on its STACK and Delaware Basin positions, and outlines its strategic plans to increase capital efficiency and production growth through 2017.
This 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.
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MUTUAL FUNDS (ICICI Prudential Mutual Fund) BY JAMES RODRIGUESWilliamRodrigues148
Mutual funds are investment vehicles that pool money from multiple investors to purchase a diversified portfolio of stocks, bonds, or other securities. They are managed by professional portfolio managers or investment companies who make investment decisions on behalf of the fund's investors.
1. Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
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Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
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Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
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6/26/2017
Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
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Presentation Title
Presentation Subtitle
Crestwood Midstream Partners LP Crestwood Equity Partners LP
Connections for America’s Energy
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Connections for America’s Energy
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Investor Presentation
June 2017
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The statements in this communication regarding future events, occurrences, circumstances, activities, performance,
outcomes and results are forward-looking statements. Although these statements reflect the current views, assumptions
and expectations of Crestwood’s management, the matters addressed herein are subject to numerous risks and
uncertainties which could cause actual activities, performance, outcomes and results to differ materially from those
indicated. Such forward-looking statements include, but are not limited to, statements about the benefits that may result
from the merger and statements about the future financial and operating results, objectives, expectations and intentions
and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect
Crestwood’s financial condition, results of operations and cash flows include, without limitation, the possibility that
expected cost reductions will not be realized, or will not be realized within the expected timeframe; fluctuations in crude oil,
natural gas and NGL prices (including, without limitation, lower commodity prices for sustained periods of time); the extent
and success of drilling efforts, as well as the extent and quality of natural gas and crude oil volumes produced within
proximity of Crestwood assets; failure or delays by customers in achieving expected production in their oil and gas
projects; competitive conditions in the industry and their impact on our ability to connect supplies to Crestwood gathering,
processing and transportation assets or systems; actions or inactions taken or non-performance by third parties, including
suppliers, contractors, operators, processors, transporters and customers; the ability of Crestwood to consummate
acquisitions, successfully integrate the acquired businesses, realize any cost savings and other synergies from any
acquisition; changes in the availability and cost of capital; operating hazards, natural disasters, weather-related delays,
casualty losses and other matters beyond Crestwood’s control; timely receipt of necessary government approvals and
permits, the ability of Crestwood to control the costs of construction, including costs of materials, labor and right-of-way
and other factors that may impact Crestwood’s ability to complete projects within budget and on schedule; the effects of
existing and future laws and governmental regulations, including environmental and climate change requirements; the
effects of existing and future litigation; and risks related to the substantial indebtedness, of either company, as well as
other factors disclosed in Crestwood’s filings with the U.S. Securities and Exchange Commission. You should read filings
made by Crestwood with the U.S. Securities and Exchange Commission, including Annual Reports on Form 10-K and the
most recent Quarterly Reports and Current Reports for a more extensive list of factors that could affect results. Readers
are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the
date made. Crestwood does not assume any obligation to update these forward-looking statements.
Company Information
2
Forward-Looking Statements
Contact Information
Corporate Headquarters
700 Louisiana Street
Suite 2550
Houston, TX 77002
(1) Market data as of 6/20/2017.
(2) Unit count and balance sheet data as of 3/31/2017.
Crestwood Equity Partners LP
NYSE Ticker CEQP
Market Capitalization ($MM)(1,2) $1,417
Enterprise Value ($MM)(2) $3,654
Annualized Distribution $2.40
Investor Relations
investorrelations@crestwoodlp.com
(713) 380-3081
No IDRs
Corporate Structure
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Key Investor Highlights
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• Conservative 2017E guidance
• Focused growth strategy
• Low-cost partnership
• Strong balance sheet
• Strong distribution coverage
• Significant insider ownership
$360MM - $390MM
2017 Adjusted EBITDA
Long-term
Leverage Ratio < 4.0x
1.2x-1.3x Long-term
Coverage Ratio
No GP IDRs; OPEX and G&A
down 15% 2015/16(2)
~32% LP units; alignment of
interest with LP’s
Bakken, Delaware-Permian,
Marcellus
(1) FY 2016 O&M and G&A net of unit based compensation and other
significant costs, compared to FY 2015.
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Repositioned for Distribution Growth
Stabilized portfolio for 2017; increasing inventory of high quality
growth projects drive EBITDA/DCF in 2018+
• Execution of 2017-18 strategy positions Crestwood for resumption of
distribution growth in 2H 2018 while meeting conservative leverage and
coverage targets
• Accretive capital investments expanding Crestwood’s core operating areas in
high-quality basins where supply-demand fundamentals are strong
– Bakken, Delaware Permian and Marcellus
– Strong joint venture relationships with First Reserve and Con Edison
2016 2017 2018
• Deleveraged / de-
risked portfolio
• Captured new growth
projects in DP and
Bakken
• Formed strategic joint
ventures in LT growth
regions
• Trough cash flow from
commodity cycle
• Maintain strong
distribution coverage
• Build-out Delaware
Permian and Bakken
growth projects under
construction
• Northeast expansion
(MARC II)
• Increased Stagecoach
contribution
• Bakken Bear Den
expansions (Phase 2)
• PRB Niobrara
Development
Repositioning Execution DCF Growth
2019+
• Nautilus gathering
system
• Arrow gathering system
expansions
• Bear Den West Pipeline
& Processing Plant
• Orla Express Pipeline&
Orla Processing Plant
• Increased Stagecoach
contribution
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Focused Initiatives Lead to Value Creation
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• De-risked base portfolio; stable cash flow outlook
– Stabilized base portfolio with volume growth in 2017 across every major gathering system
– Disciplined growth strategy in the Bakken, Delaware Permian and NE Marcellus
• Improved balance sheet & access to public/private growth capital
– March 2017 bond refinancing pushes out nearest senior note maturity to 2023
– $250MM ATM fully available for funding capital projects; recently renewed CEQP WKSI shelf
– Strong financial and strategic partners in regional joint ventures
• Building impressive inventory of visible, accretive growth projects in key
basins
– Delaware Permian Nautilus initial gathering system build-out in service (early) Q2 2017
– Bakken Arrow expansions underway; Bear Den Phase I processing plant in service Q3 2017
– Delaware Permian Orla processing plant / Orla Express target in service Q3 2018
– Bakken Arrow Bear Den Phase 2 plant expansion target in-service as early as Q4 2018
1
2
3
Successful execution of key initiatives will lead to substantial value generation
for Crestwood unitholders over next 3 years
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Nationwide Footprint Leveraged to Organic Growth
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Crestwood has a diversified portfolio of assets located in the most active
domestic shale plays
• Activity has resumed across
Crestwood’s major G&P systems
in 2017
– Bakken:100-120 wells
– Delaware Permian: 80 wells
– PRB Niobrara: 20 wells
– SW Marcellus: 22 wells
– Barnett: 7 wells; workovers
• Increased activity supports
backlog of high quality growth
opportunities
− Bakken, Delaware Basin,
Marcellus and PRB Niobrara
− Strong counterparties; solid
fundamentals & contracts
• Current projects and backlog
expected to deliver DCF growth
in FY 2018
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60%
20%
20%
48%
29%
23%
43%57%60%
20%
20%
48%
29%
23%
57%
Volume & EBITDA Breakdown by Commodity
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Gas Oil NGLs
Despite Crestwood’s correlation to crude oil pricing, Crestwood’s diverse asset
portfolio is well balanced across all commodities
Volumes
by Commodity
EBITDA
by Commodity
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High Quality Contract and Customer Mix
CEQP Contract Portfolio
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8
Variable
Rate Contracts
15%
Take-or-Pay and
Fixed-Fee
Contracts
85%
~85% of Crestwood 2017 EBITDA from take-or-pay and fixed-fee contracts;
Key assets protected from commodity volatility and volume declines
Long-Term Contract Profile With High Quality Customers(1)
• G&P assets backed by 1.1 million acreage
dedication with average contract tenor of >10
years
– High quality producer mix with clear economic
incentive to drill on Crestwood acreage
• Top-tier NE Gas Storage & Transportation franchise
– Strategic joint venture with ConEdison also
serving as the anchor customer
– Largely investment grade counterparty mix
• Diversified NGL Marketing, Supply & Logistics
business
– Serves quality upstream customers and
diversified mix of downstream customers
– Strategically-located storage & terminal assets
2017 Forecast EBITDA
(1) Not inclusive of all Crestwood customers.
Stable Cash Flows by Segment Driven By Favorable Contract Mix and High Quality
Customer Base
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Backlog of Announced Projects Drives Growth
Project Region Key Customer(s)
2017-2018 Capital
($MM)
In-Service
Date
Nautilus System
Delaware
Permian
Shell
$90MM/ $45MM net
to CEQP
6/2/2017
Bear Den Processing Plant - Phase 1 Bakken Arrow System Producers $115MM Q3 2017
Orla Processing Plant
Delaware
Permian
Multiple(1) $170MM / $10MM net
to CEQP2 Q3 2018
Bear Den Processing Plant - Phase 2 Bakken Arrow System Producers $105MM Q4 2018
Incremental Annual Cash Flow Impact from Capital Projects
Current projects are expected to generate over $30 million per year in incremental
cash flow in 2018 and $75 million per year by 2020
1. Current customers include Concho, Mewbourne, Matador, Cimarex,
Marathon and ExxonMobil. Significant third party customers within close
proximity of the Orla Plant’s anticipated location.
2. Assumes First Reserves covers $160 million of plant capital in return for
a 50% ownership in the Willow Lake gathering and processing assets.
$0
$10
$20
$30
$40
$50
$60
$70
$80
2017 2018 2019 2020
IncrementalAnnualCashFlow
($USMillions)
Bakken Growth Permian Growth
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10
20
30
40
50
60
1/8/2016
2/8/2016
3/8/2016
4/8/2016
5/8/2016
6/8/2016
7/8/2016
8/8/2016
9/8/2016
10/8/2016
11/8/2016
12/8/2016
1/8/2017
2/8/2017
3/8/2017
4/8/2017
5/8/2017
6/8/2017
Strong Bakken Arrow Fundamentals
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Bakken & Three Forks Breakevens
>1,500 estimated future drilling locations on
Arrow System
Improved recoveries, lower wells costs and exceptional returns drive increased
permitting and drilling activity for Arrow producers
Arrow
System
Sources: Wood MacKenzie used for breakeven, EUR and well
cost data. Baker Hughes rig data as of 6/16/2017.
Strong EURs and Well Costs
Bakken Rig Count Since 2016
$7MM
D&C Costs
900M
Barrels
Equivalent
5/27/2016: 22 rigs
Current: 49 rigs
+123%
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Arrow Producers’ Accelerate Development
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The Arrow system will be Crestwood’s largest driver of cash flow growth in 2017 and
2018 based on more wells drilled and bigger IP rates
Overview
Arrow Growth Potential
80 well connects per year through 2021 drives 10%-15% EBITDA growth CAGR
110
76
69
48
70
80
0
30
60
90
120
2013 2014 2015 2016 2017 2018+
Long-Term Volume ForecastHistorical and Projected Well Connects
–
25
50
75
100
2013 2014 2015 2016 2017 2018 2019 2020 2021
Oil (MBbl/d) Water (MBbl/d) Gas (MMcf/d)
Arrow Well Connections
Only 70 new wells in CEQP’s guidance;
Producers are out pacing CEQP’s budget
26
Q1 2017
40-45
Q2 2017
100-120
FY 2017
Producer EstimatesActual
• Arrow Gathering system generated ~$90MM in 2016 Adj.
EBITDA; ~$104MM of Adj. EBITDA budgeted in 2017
– Actual Mar/Apr 2017 annualized EBITDA of ~$130 MM
• Increasing system capacity in 2016-17 to accommodate producer
growth expectations over next five years
• Substantial remaining drilling inventory on acreage dedicated to the
Arrow gathering system
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• ~20 miles of new natural gas lines including
the Bear Den Loop project which brings
increased gas volumes to Arrow CDP for
delivery to ONEOK processing or Bear Den
West lateral for Crestwood processing at
new plant
• Loop line increases gathering capacity,
minimizes flaring, improves margins and
net-back for producers
• Full project in-service Q2 2017
Arrow System Expansion Projects
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Arrow system expansions nearly double capacity to support producer’s long-term
development plans and increasing well performance; ~$55 MM 2016-17 capital
projects to improve oil, gas and water services on Arrow
DAPL and Oasis Connection Natural Gas Line Expansion Water Handling Expansion
• ~35 miles of new water lines
• Install new pipe and pump station to
upgrade system and bring additional
water volumes into Arrow System
• New salt water disposal well
• Full project in-service Q3/Q4 2017
• DAPL Connection is ~5 miles of 16"
crude pipeline from the Arrow CDP into
DAPL's Johnson Corner Facility
• DAPL connection lifts producers
netback and enhances market liquidity
options
• Oasis Petroleum gathering system
connection at Johnson Corners
• Projects currently in-service
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Greatly enhances Flow
Assurance and “control of
our own destiny” to drive
volume growth on the
Arrow System
Arrow Bear Den Processing Plant
Crestwood commenced construction of Phase 1 processing plant to support Arrow
volumes; Expected in-service Q4 2017; Phase 2 likely in 2018 as volumes ramp up
Arrow Processing Project Rationale
Project Overview
• Bear Den Processing Plant (Phase 1) is a 30 MMcf/d
RJT unit in Watford City, ND; Connects to Arrow gas
gathering system via a new 25 mile pipeline from new
Bear Den Loop system expansion
• Plant will connect to Northern Border’s & WBI’s
residue natural gas pipelines, ONEOK’s NGL pipeline
and COLT Hub’s rail loading via Crestwood’s trucking
fleet
• Phase 1 project expected to cost ~$115 MM and be in-
service by Q3 2017; Phase 2 project scoping currently
underway with projected in-service as early as Q4
2018
• Crestwood purchases all oil and gas at the wellhead
from its producers; full control of processing volumes
• Attractive total project returns; Phase 1 project
accretive to DCF in 2018
Bear Den Plant Map
WBI Residue
New CEQP
Bear Den
West Line
Better netbacks and more
reliable service for Arrow
producers than existing
processor and competing
proposals
Improves competitive
position and ability to
attract incremental
third parties in the
area
Enables Crestwood to
utilize its integrated
midstream value chain
with incremental volumes
(MSL, Colt, Trucking)
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• Primarily a crude-by-rail facility servicing West
and East Coast refiners
• Long-term (3-5 year) take-or-pay contracts
• Typically one fixed price for all hub services
Colt Hub Completes Transition to Terminalling Facility
Spot volumes increase at COLT HUB under new strategy; DAPL connection attracts new
customers sourcing barrels for premium net-backs out of the basin
Crestwood De-bundles Service Offerings –-> Grows Daily Spot Business
(1) Cash flow at the COLT Hub is not linear and will fluctuate and be impacted in
part by daily supply and demand fundamentals for crude oil.
(2) Sample prices as of 6/15/2017 and subject to change on a daily basis.
• Bakken terminalling hub servicing coastal
refiners, marketers, E&P companies
• Reduced take-or-pay contracts; increased daily
spot business
• De-bundled services for customer needs
___________Pre-FY 2017_________ ____________FY 2017+__________
Sample: $1.50/bbl for all services
$0.50-$0.65/bbl $0.50/bbl $0.25/bbl $0.15/bbl
Sample: Customized service by customer(2)
COLT Hub Overview
• COLT Hub completes transition from primarily a rail loading
facility to full-service crude oil terminal and adds DAPL
connection
• Buyers and sellers utilize storage for aggregation, operational
requirements, market liquidity and optionality and contango
markets
• CBR expected to compete for barrels out of the basin as rail
transloading operators and railroads lower pricing to compete
with pipeline competition
• 2017E Adj. EBITDA of $30MM; Q1’17 Adj. EBITDA of
$9.5MM(1)
DAPL’s Impact at the COLT Hub
• The DAPL pipeline went into service June 1, 2017
− Currently 16,000 Bbls/d flow through COLT into DAPL
− As budgeted, rail loading volumes lower and WTI/Bakken
basis spreads have tightened
• Crestwood is repurposing COLT to generate incremental
opportunities
− Retrofitting facility to handle NGL loading
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50
100
150
200
250
300
350
400
1/8/2016
2/8/2016
3/8/2016
4/8/2016
5/8/2016
6/8/2016
7/8/2016
8/8/2016
9/8/2016
10/8/2016
11/8/2016
12/8/2016
1/8/2017
2/8/2017
3/8/2017
4/8/2017
5/8/2017
6/8/2017
Strong Delaware Permian Economics
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Delaware Permian Wolfcamp Breakevens
Delaware Permian breakeven economics lead US onshore opportunity set and are
highly economic in today’s commodity price environment
Strong EURs and Well Costs
Permian Rig Count Since 2016
<$7MM
D&C Costs
900M
Barrels
Equivalent
Sources: Wood MacKenzie used for breakeven, EUR and well
cost data. Baker Hughes rig data as of 6/16/2017.
4/29/2016: 134 rigs
Current: 368 rigs
+175%
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Building Competitive Scale in Delaware Permian
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Asset MapAsset Overview & Strategy
Crestwood is expanding its footprint in the heart of the Delaware Basin, the most
active shale play in the US
• Current Assets includes Willow Lake
gathering & processing (100% owned) and
Nautilus gathering & compression (50% JV
owned)
1. Northern Delaware - 85 MMcf/d (1)
gathering and processing capacity with
existing contracts with Concho,
Mewbourne, Matador, Cimarex,
Marathon and ExxonMobil
2. Southern Delaware - ~250 MMcf/d
natural gas gathering system for Shell
(SWEPI)
• Growth Strategy includes Orla Express
Pipeline (20”) and Orla Processing plant (200
MMcf/d) to connect the systems
– Covers >2 million acres and the 5 most
active counties in core Delaware Permian
Basin
>$100 million of total Delaware Basin EBITDA potential by 2021 from identified
expansion opportunities
(1) Expanding Willow Lake plant to 85 MMcf/d in Q3 2017
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Willow Lake Gathering and Processing System
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Willow Lake gathering system and processing plant is at the center of significant
development and M&A activity in the Northern Delaware-Permian (50 rigs operating)
Crestwood Delaware Basin Area MapWillow Lake System
• Willow Lake Gathering and Processing System is at the
epicenter of Northern Delaware Permian development in Eddy
and Lea counties, NM
– ~82 miles low pressure gathering system: current
processing capacity (55 MMcf/d) is full
– Additional 30 MMcf/d RJT skid being installed to handle
expected volumes in 2Q17-2Q18
• Existing acreage/well dedications with Concho and Mewbourne
supported by 100,000 acre AMI around plant/system
• Recent M&A activity near/on Willow Lake system includes XTO
(Exxon) purchase of Bass for ~$6 BB; Marathon purchase of
BG Energy for ~$2 BB; existing contracts with both entities;
working on development plans and infrastructure needs
0
10
20
30
40
50
Q1:16 Q1:17
MMcf/d
Processing Gathering
+44% gathering volumes
+65% processing volumes
Willow Lake Volume Growth
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Shell Nautilus Gas Gathering System
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Greenfield natural gas gathering system to support Shell’s development activity in
Loving and Ward counties, TX
Proposed System MapOverview
• Shell (SWEPI) Nautilus Gas Gathering System
– In-service date of June 2, 2017
– 20 year gathering and compression contract
– 194 miles of low pressure gathering lines; 36 miles of high
pressure trunklines; initially designed to gather 250 MMcf/d
– 4 compressor stations, w/ dehydration, and liquids handling
services; 196 Receipt Points
– Processing Plant connections with Bone Springs (direct),
Ramsey (via Avalon Express), and Orla (via Orla Express)
• 100,000 acreage dedication in Loving and Ward counties, TX
– Currently ~5 rigs SWEPI running in area
• Tiered fixed-fee contract structure for gathering and compression
• Capex ~$90MM in 2017 ($45MM net to CEQP)
Event Status
Signed Agreement w/ Shell COMPLETED
Project Development COMPLETED
Construction COMPLETED
In-Service Date COMPLETED
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Orla Express Pipeline & Orla Processing Plant
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Crestwood is building a super-header and 200 MMcf/d processing plant connecting
Willow Lake and Nautilus gathering systems; positioned to compete across the entire
primary Delaware Permian catchment area (161 Hz rigs operating)
Premier G&P Footprint in Delaware Basin Core
WES/ETP Bone
Spring
Project Overview
• Construction underway on 33 miles of 20”
pipeline and 200 MMcf/d cryogenic gas
plant in Orla, TX
– Planned expansions to 600 MMcf/d of
capacity
– Multiple takeaway options include
residue interconnects with EPNG and
ETP, and NGL interconnects with Targa
& EPD
• Initial phase connects Willow Lake
gathering to Orla Express and Orla plant
to handle projected volumes from
northern Delaware Permian
– Base scope capital of ~$170 million
– Targeted in-service date Q2 2018
• Expansion phase will connect the Nautilus
system to Orla plant and new laterals
connecting additional producers
– Expansion scope capital of $70 million
– Targeted in-service date 2H 2018 and
early 2019
Orla Plant: 200
MMcf/d cryogenic
gas processing
plant
Orla Express Pipeline
connecting existing
Willow Lake system to
new Orla gas
processing plant
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Expanding First Reserve Delaware Permian JV
FR provides up-front capital on Orla Plant & Orla Express Capital
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Financing Terms for Orla Expansion Joint Venture Structure
• Crestwood contributed the Willow Lake assets to the FR
Permian JV at a value of $151 million (“Contribution
Value”)
– Implies a transaction multiple of ~14x based on
LTM EBITDA
– Transaction approved by CEQP conflicts committee
• FR will be obligated to fund 100% all capital
requirements equal to the Contribution Value
– Initial Orla expansion project scope of ~$170 MM
– Any capital requirements thereafter will be funded
50/50
• Crestwood continues to receive 100% of all Available
Cash generated by the contributed entity until earlier
of Orla plant in-service date or June 30, 2018
• AMI for FR DBJV expanded to include Eddy and Lea
Counties, NM (currently Culberson, Reeves, Loving and
Ward Counties, TX)
Crestwood
Midstream
Partners LP
Crestwood
Infrastructure
Holdings LLC
100%
50%Crestwood
Permian Basin
Holdings LLC(2)
Crestwood
Permian Basin
LLC(3)
Crestwood
New Mexico
Pipeline LLC(1)
PF Permian JV Asset Summary
Willow Lake
Assets
Nautilus
Assets
FR XIII
Crestwood
Permian Basin
Holdings LLC50%
All Permian assets now included in Permian JV with First Reserve; Willow Lake
contribution allows Crestwood to organically grow Permian footprint without
accessing the capital markets
300+
MMcf/d
Gathering Capacity
on Willow Lake and
Nautilus systems
285
MMcf/d
Processing
Capacity
360
Miles
Gathering and
header lines
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23%
49%
28%
79%
13%
9%
NE Marcellus Stagecoach Gas Services JV
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Assets MapStagecoach Overview
Stagecoach Storage
Customers
Producers
Marketers
Marketers
Utility / LDCs
Producers
Stagecoach Transportation
Customers
Utility/ LDCs
• Strategic 50/50 joint venture with Consolidated Edison
(“Con Edison”)
• Extensive network of FERC regulated storage and pipeline
assets located at center of prolific Marcellus dry-gas
resource play
− 2.9 Bcf/d delivery capacity; over 180 miles of pipes
− 41 Bcf storage capacity
− Firm 3-6 year contracts on pipeline and storage assets
• Stagecoach generated Approximately $145 million Adjusted
EBITDA in 2016
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Increasing NE Marcellus Gas Supply Picture
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• PV-10 positive breakeven pricing approximately $2/Mcf(1)
• Long haul pipeline project cancellations have created
bottleneck issues to get natural gas out of the basin
• Producers will send incremental volumes through
Stagecoach assets to get to Millennium, Transco and
Tennessee pipelines
• Stagecoach is a leading pipeline hub that provides
producers optionality to get out of the basin
Current natural gas prices have encouraged northeast Marcellus producers to
resume capital programs in the basin that will drive natural gas production growth
Growing Volumes Benefit StagecoachNE Producers Increasing Capital Budgets
…Which Leads to Higher Production Forecasts
-
500
1,000
1,500
2,000
2,500
Chesapeake SWN Cabot EQT Gulfport Range Rice
CapitalExpenditures($USMM)
2016 2017Combined 68% Increase in
Y-o-Y Capital Expenditures
0
100
200
300
400
500
600
700
Chesapeake SWN Cabot EQT Gulfport Range Rice
DailyProduction(MMcf)
2016 2017Combined ~10% Increase in
Y-o-Y Natural Gas Production
(1) Chesapeake Energy investor presentation.
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200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
TransportationVolumes(Mcf/d)
Transco Millennium Tennessee Stagecoach Storage UGI Sunbury
>35% Increase in Stagecoach Transportation Volumes
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Improving NE Gas Market; Regulatory Environment
• Improving Market Demand:
− 9.2 GW of new gas-fired power gen
within 60 miles of Stagecoach assets
− ~1.1 GW of coal plant retirements of in
2017
• Regulatory Environment Progressing:
Atlantic Sunrise, Rover, Northern Access,
Leach Xpress and Orion Expansion receive
conditional approvals
Proposed MARC II Project
Current Opportunities
Strong Regional Fundamentals
• MARC II: Currently conducting joint
discussions with customers; PennEast
received EIS approval
• Incremental services to direct regional
demand markets
The Northeast region is the largest US gas supply base and the best potential for long-
term demand growth
MARC I
North/South
Steuben
Thomas Corners
Seneca Lake
Crestwood
East Pipeline
Stagecoach
Total New Market
Demand for
Northeast Gas of
2.2 – 2.4 Bcfd by
2019
= Stagecoach Storage and Interconnects
PA
NY
CON EDISON
SERVICE
AREA
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$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
250
275
300
325
350
375
Q2:15 Q3:15 Q4:15 Q1:16 Q2:16 Q3:16 Q4:16 Q1:17
GatheringVolumes(MMcf/d)
• Crestwood & BlueStone have 10-year
agreement
– Fixed-fee and percent of index fee
structure for both Natural Gas and
NGLs
– Contract structure provides significant
upside as commodity prices rebound
• BlueStone brought 7 DUCs online in the
first quarter 2017
• Active workover program designed to
eliminate system declines and modestly
grow volumes
• BlueStone evaluating new development
and refrac opportunities
Barnett Gathering & Processing Update
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BlueStone’s workover activities and recent DUC completions drive system volume
growth in 2017; 2017E Adj. EBITDA ~$60 million
Asset Overview Barnett Gathering Volume Growth
Increased volumes combined with fixed-fee/percent of index contract structure
drive cash flow outperformance
Natural Gas Prices Since 2016(1)
BlueStone Begins
System Reactivation
System
wide
shut-ins
April 15th:
BlueStone
Agreement
(1) Source: EIA Henry Hub Natural Gas Spot Price.
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• 20-year, fixed-fee gathering and compression
services w/ Antero Resources
• 140,000 acreage dedication
• System capacity of 875 MMcf/d; currently
<50% utilized
• 100 MMcf/d compression services on AM
gathering in Western Area (90% utilized)
• Current cash flow reflects actual throughput,
no MVC payments expected through 2018 (no
cash flow cliff)
• Four DUCs were brought online Q1 2017; Nine
additional DUCs expected in Q2 2017
SW Marcellus Gathering & Compression Update
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Gathering volumes expected to average 400 MMcf/d in 2017 as producer begins
completing DUC Inventory; 2017E Adj. EBITDA ~$60 million
Asset Overview
Crestwood SW Marcellus System Supports Exceptional Resource Acreage
• Over 250 wells have been connected to Crestwood’s system – No dry holes
• Avg. 30-day IP rate of ~8.0 MMcf/d; Avg. EURs between 8.0 – 12.0 Bcf(1)
• 800+ liquid-rich (>1,100 BTU) drilling locations and 1,000+ dry gas drilling locations remain
• Growing NGL processing at the Sherwood plant with increased market takeaway capacity out of the basin
• Multiple large SW Marcellus operators hold acreage positions contiguous to Crestwood’s eastern AOD
Asset Map
East AOD
Western Area
Arsenal
Resources
EQT
Noble Energy
EQT SWN
Area
Operators
(1) Source: Wood Mackenzie.
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Chesapeake Actively Drilling in PRB Niobrara
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CHK PRB Net Production Potential
Source: Chesapeake Energy Company Presentations.
• PRB Jackalope JV - Crestwood (50%) Williams (50%)
owns 180 MMcf/d gas gathering system and 120 MMcf/d
processing plant in Converse Co., Wyoming
• PRBJV entered into new 20-year fixed fee contract with
Chesapeake in Jan. 2017
− Eliminated old “cost of service” model
− Adjusted G&P fees to incentivize CHK accelerated
development
− Includes minimum revenue guarantees for 5 – 7
years ensuring return of capital on prior capex
• Chesapeake is currently drilling in the Turner, Parkman,
Mowry and Sussex formations in addition to Niobrara
• Current gas volumes at ~60 MMcf/d up from 46
MMcf/d from FY 2016
• Recent Turner test at 2,560 Boe/d with 78% oil cut
• Recent Niobrara DUC’s brought on at 1,720 Boe/d with
~50% oil cut
• Potential to grow production to more than 100,000 boe/d
over the next five to seven years
Overview
New G&P contract allows Chesapeake to accelerate development plans and achieve
full potential of PRB Niobrara acreage; 2017E Adjusted EBITDA ~$25 MM
388K
Dedicated Acres
2,600
Remaining Drilling
Locations
Chesapeake is currently running 2 rigs on the Jackalope system and
one dedicated frac crew; expect to go to 3 rigs in late 2017 or early 2018
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NGL Marketing benefits from NE NGL growth
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Crestwood’s is a leading marketer for Marcellus/Utica producers, processors and
fractionation through truck, rail, storage and terminal assets; ME2 pipeline capacity
adds export ability to local/regional sales; 2017E Adj. EBITDA ~$60 MM(1)
Customers
Crestwood’s Assets
Macro-Drivers That Create Opportunity for Margin
Crestwood sources product two ways:
1) Upstream producers, processors and
fractionators
2) Downstream refiners, retailers, petrochem
Seasonal Spreads/Inventory CycleHeating Degree Days (“HDDs”)
Domestic NGL Supply Growth
• Significant NGL storage and terminal assets:
- 2.8 MMBbl of storage capacity (primarily
Marcellus/Utica)
- 10 trucking and rail terminals
• Significant NGL transportation fleet:
- +500 NGL truck/trailer units
- +2,100 NGL railcars
• Pipeline capacity to domestic and international
markets, including waterborne exports (TEPPCO,
Dixie, Mariner East 2)
PADD 1 Supply/Demand Outlook
• Propane supplies est +42% to 313
MMb/d by 2019
• NE demand flat at ~170-175
MMb/d through 2019
• Exports est + 373% to 175 MMb/d
by 2019
• Crestwood well positioned to
maintain traditional NE local market
sales while participating in margin
upside through exports
(1) Annual Adj. EBITDA excludes US Salt contribution of approximately $25MM/year.
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2017 Outlook
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Marketing, Supply & Logistics
• Adjusted EBITDA:
$80MM - $90MM
• EBITDA growth from recent
capital investment on new
terminals, West Coast
expansion and US Salt
Crestwood has a bright 2017 outlook as customers increase development activity
and new projects come into service in 2H 2017
Segment Outlook
Storage & Transportation
• Adjusted EBITDA:
$80MM - $90MM
• Full-year of 35% Con Edison JV
cash flow distribution of 35%(2)
• COLT Hub 2017E EBITDA of
$30MM
Gathering & Processing
• Adjusted EBITDA:
$265MM - $275MM
• New development activity
across Arrow, PRB Niobrara,
SW Marcellus and Permian
systems
Adjusted EBITDA
Distributable Cash Flow
Distribution Coverage Ratio
2017E Leverage Ratio
Growth Capital
Maintenance Capital
1.2x – 1.4x
4.0x – 4.5x
$225 million – $250 million
$20 million – $25 million
$360 million – $390 million(1)
$200 million – $230 million(1)
(1) Please see accompanying tables of non-GAAP reconciliations.
(2) In June 2018, Crestwood’s Stagecoach JV cash flow distribution increases
from 35% to 40% through June 2019, then increasing to 50%.
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Strong Balance Sheet & Liquidity
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• Top-tier leverage position
– Q1 2017 leverage of 3.9x
– Current borrowing capacity ~$650 MM
• Committed to long-term leverage <4.0x once
growth projects come online
• No near-term maturities; attractive long-term
capital
• Evaluating divestitures to ensure leverage targets
Balance Sheet Positioned for Strength Current Capitalization
RCF
Preferred Equity Overview
• Crestwood has ~$636MM preferred equity outstanding
• Annual distribution of 9.25% payable quarterly
• Preferred equity holders have option to convert 1-for-
10 after Q2 2017 (6.8MM common units)
– Investor conversion unlikely and no forced
conversion
Crestwood strengthened its balance sheet by repaying approximately $1 billion of debt
in 2Q 2016; Crestwood targets YE 2017 leverage of 4.0x-4.5x
No Near-Term Debt Maturities
($MM)
RCF
6.25%
Notes
5.75%
Notes
Actuals Actuals Actuals
($ millions) 2015 2016 Q1 2017
Cash $1 $2 $1
Revolver $735 $77 $382
Senior Notes 1,800 1,475 1,214
Other Debt 9 6 5
Total Debt $2,544 $1,558 $1,601
Total Leverage Ratio 4.75x 3.74x 3.92x
Issue Price Yield
2023 102.50 5.5%
2025 101.50 5.5%
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$100
$200
$300
2017 DCF 2018 Portfolio CF Incremental Preferred 2018 DCF 2018 Distributions
LP
Distributions
@
$2.40 / unit
Excess
Coverage
Excess Coverage allows Distribution Growth in 2018
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$0.60Quarterly Distribution
per unit
$2.40Annual Distribution
per unit
Strong distribution coverage in 2017 allows Crestwood to reallocate internally
generated cash flow for further deleveraging and future expansion opportunities
11.9%Current Distribution
Yield
(1) Mid-point of DCF guidance. Distribution yield as of 6/20/2017.
Current Distribution
($ MM)
• Arrow expansions
• Nautilus full year in-service
• Willow Lake projects
• PRB Niobrara activity
• Interest expense savings
• Stagecoach growth and cash flow
sharing step-up
DCF growth positions Crestwood to build excess
coverage after preferred equity cash distributions
2017 DCF (1) 2018 Portfolio
CF Growth
Incremental
Preferred Cash
Distributions
2018 DCF 2018
Distributions
Distribution Strategy: Maintain targeted coverage ratio of
1.2X – 1.3X with possibility of distribution increase in the 2H 2018;
Factors to consider: excess coverage, investment opportunities,
leverage ratio, cost of capital
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The Crestwood Investment Opportunity
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Focused on aggressively executing growth opportunities while maintaining
financial strength
• Near-term gathering and processing growth opportunities in the Bakken and
Delaware-Permian with FINANCING SOLUTION IN PLACE!
• Long-term northeast pipeline projects around existing assets with Con Edison
In the meantime…
• Crestwood is well-positioned to deliver attractive yield to investors(1)
– Current Yield = 11.9%; Coverage Ratio = 1.4x; Leverage Ratio = 3.9x
• Diversified business mix and strong contract portfolio
• No incentive distribution rights
• Assets leveraged to volume growth with commodity price improvement
• Reversion to Peer Group / Alerian yield provides significant upside for units
Execution Drives Significant Upside Return Opportunity;
CASH FLOW PER UNIT GROWTH TO RESUME IN 2018
(1) Current yield data as of 6/20/2017. Coverage ratio and leverage ratio as of 3/31/2017.
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CEQP Non-GAAP Reconciliations
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(in millions, unaudited) 2016
Full-Year
EBITDA
Net income (loss) (192.1)$
Interest and debt expense, net 125.1
Loss on modification/extinguishment of debt (10.0)
Provision (benefit) for income taxes 0.3
Depreciation, amortization and accretion 229.6
EBITDA (a)
152.9$
Significant items impacting EBITDA:
Unit-based compensation charges 19.2
(Gain) loss on long-lived assets, net 65.6
Goodwill impairment 162.6
(Earnings) loss from unconsolidated affiliates, net (31.5)
Adjusted EBITDA from unconsolidated affiliates, net 61.1
Change in fair value of commodity inventory-related derivative contracts
14.1
Significant transaction and environmental related costs and other items
11.6
Adjusted EBITDA (a)
455.6$
Distributable Cash Flow
Adjusted EBITDA (a)
455.6
Cash interest expense (b)
(117.7)
Maintenance capital expenditures (c)
(13.3)
(Provision) benefit for income taxes (0.3)
Deficiency payments (7.2)
Distributable cash flow attributable to CEQP 317.1$
Distirbutions to Niobrara Preferred (15.2)
Distributable cash flow attributable to CEQP common (d)
301.9$
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 gain or loss on modification/extinguishment of debt) and depreciation, amortization and
accretion expense. Adjusted EBITDA considers the adjusted earnings impact of our unconsolidated affiliates by adjusting our equity earnings or losses from our unconsolidated affiliates to reflect our
proportionate share (based on the distribution percentage) of their EBITDA, excluding impairments. Adjusted EBITDA also considers the impact of certain significant items, such as unit-based
compensation charges, gains and losses on long-lived assets, 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 historical 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.
(c) M aintenance capital expenditures are defined as those capital expenditures which do not increase operating capacity or revenues from existing levels.
(d) Distributable cash flow is defined as Adjusted EBITDA, less cash interest expense, maintenance capital expenditures, income taxes and deficiency payments (primarily related to deferred revenue).
Distributable cash flow should not be considered an alternative to cash flows from operating activities or any other measure of financial performance calculated in accordance with GAAP as those items
are used to measure operating performance, liquidity, or the ability to service debt obligations. We believe that distributable cash flow provides additional information for evaluating our ability to declare and
pay distributions to unitholders. Distributable cash flow, as we define it, may not be comparable to distributable cash flow or similarly titled measures used by other corporations and partnerships.
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CEQP Non-GAAP Reconciliations
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Expected 2017 Range
Low - High
Net income
Interest and debt expense, net
Depreciation, amortization and accretion
Unit-based compensation charges
Earnings from unconsolidated affiliates
Adjusted EBITDA from unconsolidated affiliates
Adjusted EBITDA
Cash interest expense(a)
Maintenance capital expenditures(b)
Cash distribution to preferred unitholders(c)
Distributable cash flow attributable to CEQP(d)
(d) Distributable cash flow is defined as Adjusted EBITDA, less cash interest expense, maintenance capital expenditures, income taxes, deficiency
payments (primarily related to deferred revenue), and public Crestwood M idstream LP unitholders interest in CM LP distributable cash flow.
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.
$0 - $30
CRESTWOOD EQUITY PARTNERS LP
Full-Year 2017 Adjusted EBITDA and Distributable Cash Flow Guidance
Reconciliation to Net Income
(in millions, unaudited)
(a) Cash interest expense less amortization of deferred financing costs plus bond premium amortization plus or minus fair value adjustment of interest
rate swaps.
(b) M aintenance capital expenditures are defined as those capital expenditures which do not increase operating capacity or revenues from existing
levels.
(c) Includes cash distributions to Crestwood Niobrara preferred unitholders and cash distributions to Class A preferred unit holders.
25
195
110
(50) - (55)
80 - 85
$360 - $390
$200 - $230
(30)
(105)
(20) - (25)