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Presentation TitlePresentation Subtitle

Crestwood Midstream Partners LP Crestwood Equity Partners LP

Connections for America’s Energy™

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5/19/2014




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National Association of Publicly Traded Partnerships

2014 MLP Investor Conference

May 21 – 22, 2014

Connections for America’s Energy™ ™™ ™™ ™2

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 Midstream and Crestwood Equity 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 future financial and operating results, objectives, expectations and intentions and other statements that are not historical facts. Factors that could result in suchdifferences or otherwise materially affect Crestwood Midstream’s or Crestwood Equity’s financial condition, results of operations and cash flows include, without limitation; the possibility that expected synergies will not be realized, or will not be realized within the expected timeframe; fluctuations in oil, natural gas and NGL prices; the extent and success of drilling efforts, as well as the extent and quality of natural gas volumes produced within proximity of Crestwood Midstream or Crestwood Equity assets; failure or delays by customers in achieving expected production in their natural gas projects; competitive conditions in the industry and their impact on the ability of Crestwood Midstream or Crestwood Equity to connect natural gas supplies to Crestwood Midstreamor Crestwood Equity gathering and processing 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 Midstream or Crestwood Equity 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 Midstream or Crestwood Equity’s control; timely receipt of necessary government approvals and permits, the ability of Crestwood Midstream or Crestwood Equity to control the costs of construction, including costs of materials, labor and right-of-way and other factors that may impact either company’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 thesubstantial indebtedness of either company, as well as other factors disclosed in Crestwood Midstream and Crestwood Equity’s filings with the U.S. Securities and Exchange Commission. You should read filings made by Crestwood Midstream and Crestwood Equity with the U.S. Securities and Exchange Commission, including Annual Reports on Form 10-K for the year ended December 31, 2013, and the most recent Quarterly Reports and Current Reports, for a more extensive list of factors thatcould affect results.

Forward Looking Statements

2

Connections for America’s Energy™ ™™ ™™ ™

Crestwood Corporate Structure

3

Two publicly traded MLPs provides strategic flexibility to enhance value • Crestwood/Inergy merger creates a

substantial long term growth platform

– ~$9.0 BB enterprise value

– Handling 2+ Bcf/d of natural gas and ~500,000 Bbls/d of NGLs

– >1 million acres of premier shale play acreage under dedication

– Capabilities to compete for large scale infrastructure projects across the entire midstream value chain

– Significant sponsor and management ownership aligned with public ownership

– Strategic optionality

Drop-down current CEQP assets preserving pure-play GP strategy

Form joint ventures for large projects

Utilize CEQP to facilitate strategic combination

Crestwood Equity Partners LP(NYSE: CEQP)

186.5 million units outstanding

First Reserve/Crestwood Holdings

~11% LP Interest

Crestwood Midstream Partners LP

(NYSE: CMLP)188.0 million units outstanding

Operating Subsidiaries

~4% LP InterestGP / IDR Ownership

CEQP Public Unitholders~71% Interest

CMLP Public Unitholders~85% Interest

~29% LP Interest100% Non-economic GP Interest (Control)


• Expanding platform in premier shale plays across North America– Focused in crude oil and liquids-rich plays that provide superior producer

economics (Marcellus/Utica, Bakken, Niobrara, Permian)

• Providing multiple services across the value chain – Building virtual pipeline network through integrated gathering, processing,

storage and delivery systems

• Visible, long term growth platform validates merger thesis– $880 MM in 2013 acquisitions adds Bakken and Niobrara exposure– $1.2 BB in organic capital backlog through 2018– $6.0 BB of potential capital projects under evaluation in current operating

regions

• Enhancing customer reliability and optionality– Flow assurance and market connectivity and optionality

• Commitment to best-in-class operations and customer service– Completing projects on time, on budget– Operational safety is our top priority!

• Long-term goal to reach investment grade while delivering superior returns to unitholders

• Project execution drives 2014 and 2015 EBITDA and DCF growth• Increase financial flexibility by improving coverage ratio, leverage ratio and

liquidity

Strategic Focus on Long Term Growth

4

Organic Development and Strategic

M&A Drive Growth

ConservativeFinancial

Management

Targeting Premier Shale Plays across Value Chain

Diverse midstream platform with substantial long term growth potential

First-classCustomer

Service and Operational Excellence


US Midstream Portfolio in All the Right Places

5

Assets and operations divided into 4 operating regions to gain scale, reduce costs and generate commercial synergies

Northeast RegionRockies Region

Western Region

Central Region


Diverse Business Mix – Low Commodity Exposure

…With Stable Contract Profiles

6

Crude Oil & NGL Gross Margin

69%

Dry GasMargin31%

6

Short-term Contracts

13%

Fixed-Fee49%

Firm Contracts

38%

2014E Gross Margin 2014E Gross Margin

Attractive Growth Areas…

2014E EBITDA 2014E EBITDA

Rockies25%

Central20%

West4%

Northeast51%

• Northeast and Rockies primary growth regions

• Significant business diversification provides cash flow stability

– 10+ different key assets with ~$20 MM of EBITDA

– No single line of business constituting more than ~15% of total cash flows

• Portfolio growth levered to Crude and NGL focused services

– Material upside leverage to improving dry gas prices

• Significant contract stability

– Minimal direct commodity price exposure

BarnettRich

Inergy Services

COLTHub

BarnettDry

MARC I Arrow

Gathering & Processing

38%

Storage & Transportation

23%

NGL & Crude

Services39%


$2.05 $2.11 $2.33 $2.60

$3.65 $3.75 $3.76 $3.80 $3.84 $3.89 $3.94 $4.15 $4.24 $4.54

$4.76 $4.77 $5.10 $5.12 $5.24 $5.35 $5.37

$5.67 $5.70 $5.72 $5.93 $6.00

$7.16 $7.43

–

$1.00

$2.00$3.00

$4.00

$5.00

$6.00$7.00

$8.00

Existing assets and future growth opportunities in shale plays where producer wellhead economics are strongest

2014 Calendar Strip Price: $4.44/MMBtu(1)

2014 Calendar Strip Price: $99/Bbl(1)

Source: Tudor Pickering Research. Breakeven Prices to earn 10% Single Well IRR.(1) Calendar 2014 NYMEX prices as of 5/16/2014

Basins where Crestwood has existing assets or targeted development projects.

7

Supply Driven Growth – Liquids Focused

7


Northeast Region – Marcellus / Utica

88

• >20 Bcf/d and >1 MMBbl/d NGLs out of Marcellus / Utica by 2020 timeframe

• Distribution constraints for natural gas and NGLs require new infrastructure and export capability

• Significant SW Marcellus/Utica supply searching for outlets to Midwest and Gulf Coast markets

• 2014 projected capital spending of ~$200 MM

Regional Commentary (1)

Core growth opportunity in the most prolific natural gas play in history

Gathering & Compression Storage & Transportation Supply and Logistics

Substantial system build-out since 2012

875 MMcf/d capacity by year-end 2014

>1.0 Bcf/d over next 5 years

Key customers: Antero Resources and Mountaineer Keystone

Strong producer economics

Critical Northeast US storage and transportation facilities

41 Bcf fully contracted capacity

>1.4 Bcf/d bi-directional transportation capacity connected to critical Marcellus supply points

Attractive customer mix of gas and electric utilities, producers and marketers

Supportive long-term fundamentals

Leading purchaser of Marcellus / Utica NGLs

2.2 MMBbls LPG storage, 462 LPG trucking units, 1,300 LPG rail cars, and >7,000 Bpd terminals

Accessing international markets through East Coast waterborne exports

Key customers: Williams, Total, PBF and Marathon

(1) Based on industry forecast data.


• Antero Resources/Crestwood Agreements

– 20-year, 100% fixed-fee contract with annual escalators

– ~140,000 acres area of dedication

– 7 year East AOD minimum volume commitment

– Approximately 1,500 drilling locations in East AOD

• Antero Resources Update

– 15 drilling rigs operating in WV; >$1.2 BB of D&C capex in WV Marcellus

– Signed contracts for 1.0 Bcf/d processing and 1.3 Bcf/d pipeline takeaway capacity to support WV drilling program

• Build-out of gathering and compression assets provides capacity to meet expected volume growth

– Exit 2013 at 460 MMcf/d (+25% YTD); current spot volumes at ~625 MMcf/d

– Exit 2014 at ~750 MMcf/d (+50% YTD) (1)

9

Providing extensive gathering and compression services for the most active producer in the rich-gas Southwest Core of the Marcellus

NE Region – Southwest Marcellus Gathering

9

Source: Crestwood internal estimates and Antero Resources April 2014 Update.

(1) Based on Crestwood’s internal estimate.


300

400

500

600

700

800

900

1,000

Oct

-13

Nov

-13

Dec

-13

Jan-

14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-

14

Aug

-14

Sep

-14

Oct

-14

Nov

-14

Dec

-14

MMcf/d

CMLP EAOD Compression Actual Volume

Budget

Stark Ph I

Banner Ph IBanner Ph II

NE Region – Southwest Marcellus 1Q 2014 Update

10

• EAOD system build-out kept up with Antero production during Q1 2014

• EAOD system capacity now at 700 MMcf/d with addition of Morgan Ph II & Perkins Ph II in Q1 2014

– Current MTD May volumes averaging 620 MMcf/d

– 28 DUCs still waiting on completions

• Expect 2014 average volumes of 625 to 650+ MMcf/d

– 75 well completions/connections projected in 2014 (25 wells on-line thru May 1st)

• EAOD system build-out poised to stay ahead of Antero; 875 MMcf/d by start of Q4 2014

– Provides incremental completion opportunities and further volume growth in 2014/2015

90% 80%

EAOD System UpdateEAOD System Volume & Utilization Forecast

Western Area Update

• CMLP compression growing to 240 MMcf/d in Q2 2014

– Victoria Ph I station completed in April; Ph II on track for June 2014

• Antero moving forward with MLP IPO including assets in Western Area


NE Region – Marcellus Storage & Transportation

11

(1) Stagecoach and Thomas Corners are 100% contracted based on operational capacity.

Storage Contract Profile

Transportation Contract Profile

• 41 Bcf high performance, multi-cycle storage

– Critical supply points for premium NE markets

– Fully contracted primarily with NE utilities including ConEd, PSEG and NJ Natural Gas

• >1.4 Bcf/d bi-directional flow across North/South and MARC I

– FERC regulated transportation assets providing firm wheeling services

– Primary shippers include Anadarko, Chesapeake, Cabot, Southwestern and Statoil

– Optimal market pricing points for prolific NE Marcellus dry gas

FacilityCommodity

Stored

Percentage Contractually

Committed

Weighted Avg.

Maturity (Year)

Stagecoach (1) Natural Gas 26.2 Bcf 100% 2016Thomas Corners (1) Natural Gas 7.0 Bcf 100% 2015Seneca Lake Natural Gas 1.5 Bcf 100% 2017Steuben Natural Gas 6.3 Bcf 100% 2017

Working Storage Capacity

Transporation AssetCommodity Transported

Percentage Contractually

Committed

Weighted Avg.

Maturity (Year)

North/South Facilities Natural Gas 365.0 MMcf/d 100% 2017MARC I Pipeline Natural Gas 590.0 MMcf/d 100% 2021East Pipeline Natural Gas 30.0 MMcf/d 100% 2021

Transportation Capacity


NE Region – Storage & Transport 1Q 2014 Update

12

• Record demand from severe winter weather during Q4 2013 and Q1 2014

Q1 2014 hub services revenues; $2.5MM over expectation

• Increasing value for firm wheeling services

Average basis differential between TGP and Millennium of ~$1.40/Dth

Crestwood starting to capture more of basis differential

Storage and Transportation portfolio 100% contracted through March 2015

• Contracted additional 40 MMcf/d of firm transportation on North/South and MARC I; $4.4MM incremental 2014 revenue

• ~150 MMcf/d expansion of North/South to Millennium Pipeline through installation of incremental compression; ~$11 MM capital cost; in-service Q1 2015

Held non-binding open season in Q1 2014; bids totaling 287 MMcf/d

Executed long-term precedent agreements totaling 92 MMcf/d thus far; ~$5 MM EBITDA contribution

Total project expected to generate $10 MM EBITDA annually beginning 2015

• Further compression and future looping projects at attractive returns

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

$5.50

1/1/2014 1/21/2014 2/10/2014 3/2/2014 3/22/2014

TGP Marcellus/MPL East Pool -- Daily Basis…

Q1 2014 Performance

Growth Projects


Rockies Region: Bakken / PRB Niobrara

1313

• Bakken Shale the premier crude oil shale play in North America

– ~1.5 MMBbls/d by 2020

– 194 active rigs running in the Bakken

– 70% all crude Bbls currently exit basin via rail

• PRB Niobrara emerging crude oil play

– Stacked pay zones provides attractive inventory of highly economic development locations

Regional Commentary (1)

Gathering & Processing Storage & Terminalling Crude Logistics Bakken Arrow gathering systems

125 MBbl/d crude oil, 100 MMcf/d natural gas, 40 MBbl/d water

Key customers: WPX, Kodiak, Halcon, XTO, QEP, Enerplus and Marathon

• PRB Niobrara gas gathering and processing system >150 MMcf/d in 2015 Key Customers: Chesapeake

and RKI Exploration

• Bakken: 1.1 MMbbl crude oil storage capacity at COLT Hub; 120 MBbl storage at Dry Fork Terminal; 200 MBbl tank capacity at Arrow CDP

• 160 MBbl/d crude by rail terminal facility at COLT Hub

• Niobrara: early stage 10-15 Mbbl/d rail terminal and 100 Mbblstorage at Douglas Terminal in Converse County, WY

COLT Connector pipeline links COLT Hub and Dry Fork Terminal

Acquired >20 MBbl/d local crude oil trucking business in 1Q 2014

Commenced crude supply and logistics trading in Q2 2014 to optimize Rockies Region assets

2 unit trains (220 rail cars) on order, to be received Q1 2015

Value chain strategy at work in Bakken and PRB Niobrara

(1) Based on industry forecast data.


• 160 MBbl/d rail facility in Williams County, ND; connected to BNSF rail system

• Anchored by multi-year take-or-pay contracts with refiners on West Coast and East Coast– Tesoro, Sunoco, Flint Hills, BP, Statoil

• Connected to Arrow gathering system through Tesoro and Hiland pipelines

• Q1 2014 volumes: – 98 MBbl/d rail loading – 64 Mbbl/d pipeline receipts– 30 MMbl/d truck receipts– 21 Mbbl/d COLT Connector pipeline

Dry Fork Terminal Overview

• Located at the Beaver Lodge/Ramberg pipeline hub with connection to Tesoro and Enbridge pipelines

• 21-mile, 10” bi-directional pipeline (COLT Connector) connects COLT to Dry Fork Terminal

• 120 MBbl crude oil storage capacity

COLT Hub Overview

Rockies Region – COLT Hub

14

Combined w/ Arrow gathering the COLT and Dry Fork terminals provide an integrated Bakken operating footprint

COLTConnector

Dry Fork Terminal

COLTTerminal

Tesoro CorporationBelle Fourche Pipeline Co.Enbridge Pipelines North Dakota Inc.

Crude PipelinesBNSF Railroad

Enbridge Pipeline

BNSF Mainline Beaver

Lodge

ArrowSystem

Tesoro Pipeline


• ~150,000 acreage dedication in Dunn and McKenzie Counties, ND on Fort Berthold Reservation

• Crude pipeline interconnects with Tesoro, Hiland and Bakken Link

• Natural gas pipeline and processing connect with OneOk

• Long term gathering contracts with WPX, Kodiak, Halcon, XTO, QEP, Enerplusand Marathon

• 11 rigs operating in area during Q1 2014

• Expansion of gathering system to be complete by 2015– 125 MBbl/d crude oil capacity– 100 MMcf/d natural gas capacity – 40 MBbl/d of produced water

capacity • Increased down-spacing to 12 wells per

DSU; increases potential wells 30% to 1,344

15

Supply aggregation begins with Arrow MidstreamAsset Overview Asset Map

Rockies Region – Arrow Midstream

15


–

50

100

150

200MBbl/d

Contracted Capacity Actual Loading Volumes Budget

• Severe winter weather and downstream pipeline disruptions severely impacted Q1 2014 gathering volumes

• Q2 2014 volumes expected to increase 20-25%; 38 wells expected to be connected

• Well performance across the Arrow system above expectations

• COLT rail loading contracted to 149 MBbl/d beginning Q2 2014 – May MTD volumes of 125 MBbl/d– Single day loading 153 MBbl/d in Q2

2014

• Adding release and departure track at COLT Hub to increase customer flexibility; to be completed in Q3 2014

• Started crude oil marketing team in Denver to optimize assets

16

Supply aggregation begins with Arrow Midstream

Arrow Gathering / COLT Hub Update

Rockies Region – Bakken Shale 1Q 2014 Update

16

10

20

30

40

50

60

70

10

20

30

40

50

60

70MMcf/dMBbl/d

Crude - Budget Crude - Actuals Water - Budget

Water - Actuals Gas - Budget Gas - Actuals

Arrow Volumes

COLT Rail Loading


Expanding gathering and processing system in the Powder River Basin (PRB) to serve increasing production

• 50/50 JV with Access Midstream

• 20-year cost-of-service agreement with Chesapeake, RKI Exploration and Production and China National Offshore Oil Corporation

• 311,000 acre dedication

• Current volumes ~ 55 MMcf/d

• 37 wells drilled, waiting on additional capacity to be completed and connected

• Completion of 120 MMcf/d Bucking Horse processing plant in Q4 2014 will alleviate capacity constraints

Rockies Region – PRB Niobrara Development

1717

Jackalope Gas Gathering

Douglas Rail Terminal• 50/50 JV with Enserco Midstream

• Newly constructed crude oil rail terminal facility in Douglas, WY

• Anchored by 10 MBbl/d 5-yr contract w/ Chesapeake; AMI overlaps with Jackalope dedication area

• 10-15 MBbl/d unit train service in Q2 2014


Central Region – Barnett, Permian, Fayetteville, Granite Wash / Haynesville & Gulf Coast Storage

1818

• Current gas price and forward strip support development in core dry gas operating areas

• Emerging Delaware Permian Basin with producer activity focused on Wolfcamp, Bone Spring development in SE New Mexico and West Texas

• Increasing Eagle Ford production, emerging LNG exports, & US exports to Mexico provide potential opportunities for S Tx storage

Regional Commentary

Barnett Fayetteville Permian Delaware

Granite Wash / Haynesville Tres Palacios

Gathering and processing in Barnett core acreage

Primary customers: Quicksilver Resources and Devon Energy

100% fee-based contracts through 2024

Blue-chip producers including BHP, BP and XTO

30 MMcf/d processing plant in service Q3 2014

Phase III expansion with available 120 MMcf/d plant (Delaware Ranch)

36 MMcf/d gathering and processing capacity in the Granite Wash

Small Haynesville gathering and treating assets

38.4 Bcf of working gas capacity

Southern most high-deliverability gas storage facility in Texas

Connected to 10 pipeline systems serving multiple U.S. demand markets

Emerging growth from Permian


Central Region – Barnett Shale 1Q 2014 Update

19

Turning the Corner in the Barnett Shale

• Recent Quicksilver (KWK) / Tokyo Gas well completions show improved performance in Barnett dry area

– 4 recent Texas Motor Speedway wells 30-day IP rate ~ 60% higher than average type curve

– Village Creek well with 25% higher 90-day IP rate

– KWK development plans currently include ~34 new well completions in 2014 vs Crestwood budget of ~25 wells

• Cost effective KWK well work-over program reduced Barnett declines in 2013

– KWK completed ~150 workovers in 2013

• Negotiating incentive fee structure to drive further rich-gas development at Cowtown

250300350400450500

MMcf/d

Budget Actuals


Central Region – Delaware Permian Development

• Phase I – Converted existing Las Animas system from dry gas to rich gas – Installed 10 MMcf/d refrigerated JT skid Q3 2013

• Phase II - Constructing Willow Lake Gathering & Processing– 20 MMcf/d cryogenic plant in-service Q3 2014

– 10-year, fixed-fee gathering and processing agreement with Legend Production Holdings; 107,000 acre AMI

– Recently connected Wolfcamp well exceeded industry average type curve by 3x

• Phase III - Delaware Ranch Gas Project– Developing large scale centralized 120 MMcf/d+

processing facility and pipeline system

– Target production from Eddy, Lea, Culberson, Reeves, and Loving counties

– In-service date YE 2015 / early 2016

• Phase IV - Other Projects in the Works– Crude trucking, pipeline gathering &

transportation

– Water gathering & disposal

TX

NM

20


Central Region – Tres Palacios Update

21

Mexico Plans 42 Gas-Fired Power Projects

> 4.0 Bcf/d of Nearby LNG Export Facilities

Corpus Christi

• Significant cost-cutting initiatives underway

• Joint ventures discussions coupled with long-term storage commitments with multiple interested parties

• LNG exportation and Mexico power demand drives storage value and expansion opportunities

― Pipeline to Freeport & Corpus Christi LNG Export facilities

― Pipeline to S. Texas Agua Dulce Hub & Border crossing

• Pursuing NGL storage conversion opportunities & connectivity w/ liquids pipelines

• Pursuing additional direct supply connections with Eagle Ford processing facilities

Long Term “Re-positioning for the Future”


NGL Supply, Logistics, Transportation & Salt

22

• Leading purchaser of Marcellus / Utica liquids

• One of the largest LPG truck fleets in the US

• Winter 2013 / 2014 volumes averaged approximately 350,000 Bbl/d

Strong propane and butane margins due to record winter demand

• Strong Bath storage utilization / positive momentum for Watkins Glen approval

• West Coast business positioned for future growth as Monterrey Shale develops

• ~$100MM current EBITDA contribution

22

CEQP growing business segment instrumental in executing Crestwood’s “wellhead-to-burner tip“ operating model


Q1 2014 Review – Segment EBITDA

2323

Sequential EBITDA growth across operating segments

• Marcellus volume growth

• Bucking Horse plant in service in PRB Niobrara

• Barnett upside from increasing KWK activity

• Q1 2014 Arrow volume growth impacted by severe weather

• Long-term volume outlook exceeds original expectations

• COLT R&D tracks in-service Q4 2014

• Continued record demand for NE Storage & Transportation assets

• Successful open seasons for incremental capacity expansions lock-in 2014 and 2015 upside potential

Key Drivers for 2014 Outlook

(1) Excludes $2.1MM and $31.4 MM non-cash accrual for the Antero earn-out in Q1 2014 and Q4 2013, respectively.(2) Excludes $10.7MM and $0.6 MM non-cash gains in fair value on derivative contracts in Q1 2014 and Q4 2013, respectively.

($ in millions) 4th Quarter 1st QuarterCEQP Total Segment EBITDA 2013 2014 % Change

Gathering and Processing (1) 47.5$ 48.2$ 1.5%

NGL and Crude Services (2) 38.7$ 45.0$ 16.3%

Storage and Transportation 36.7$ 38.0$ 3.5%

Total 122.9$ 131.2$ 6.8%


Q1 2014 Review – Balance Sheet Profile

2424

Improving coverage, leverage and liquidity critical strategic focus in 2014

• Natural deleveraging through project execution driving EBITDA growth in Q2 to Q4 2014

• EBITDA growth augmented with disciplined utilization of at-the-market equity issuance

• Assessing alternative equity sources for sizable expansion projects

• Targeting year end 2014 leverage metrics of <4.5x

• Balanced approach to distribution growth and coverage

• Targeting 2014 coverage of >1.0x

Key Drivers for 2014 Outlook

(1) Total CMLP Revolver capacity is $1.0 BB. Total CEQP Revolver capacity is $550 MM.

($ in millions) 4th Quarter 1st Quarter2013 2014

CMLP Balance Sheet Profile

Revolver Balance (1) 414.9$ 532.1$

Total Debt 1,870.8$ 1,989.5$

Leverage Ratio 4.90x 5.06x

CEQP Balance Sheet Profile

Revolver Balance (1) 381.0$ 387.6$

Total Debt 395.2$ 402.6$

Leverage Ratio 4.22x 4.23x


Arrow Midstream crude oil, natural gas and produced water gathering

COLT Hub Expansion I

Marcellus Shale gathering & compression development for Antero

Niobrara Shale gathering and processing development for Chesapeake and RKI Exploration

Permian Basin gathering and processing at Willow Lake

Watkins Glen NGL Storage

COLT Hub Expansion II

NE Marcellus transportation expansion

Third Party M&A

Bakken Shale expansion opportunities

Permian Basin organic development opportunities

Rail Terminal Expansion opportunities (Canada, Douglas expansion, Bakersfield)

Niobrara Shale crude oil expansion opportunities

NGL / crude oil marketing and trucking expansions / bolt-on acquisitions

Tres Palacios expansion oportunities (Agua Dulce Header, Freeport LNG Lateral, Olefin Storage, NGL Pipeline)

Commonwealth pipeline

Marcellus Shale (SW Rich Core) / Utica expansion opportunities

Drop-Down of CEQP operational assets

2014 2015 2016 2017+

25

Long-Term Growth Drivers

25

~$1.2 BB backlog of identified opportunities currently under stages of development

~$6.0 BB of identified incremental expansion opportunities currently under evaluation / negotiation

Premier Shale footprint provides attractive backlog of organic projects; successful execution at 5.0x to 7.0x all-in build multiples drives substantial future growth


Attractive 5-Yr Investment Profile

26

• >15% 5-yr EBITDA CAGR

Imbedded organic growth from $1.2 BB projects

• Long-term coverage ratio of > 1.1x

• 6 to 10% long-term distribution growth

• Long-term leverage ratio of 3.5x to 4.0x

Balanced mix of debt and equity

Disciplined ATM utilization

Alternative equity sources for large-scale development projects

Drivers for Long-term OutlookTotal Segment EBITDA

Leverage Ratio


• Footprint covers premier US natural gas, liquids-rich and crude oil shale plays

– Growth underpinned by Marcellus/Utica, Bakken, PRB Niobrara and Permian Basin

– Material upside leverage to natural gas price improvements

• Merger integration complete, optimization strategy underway

Expanding capital investment opportunity across value chain

Expands margins to drive increased returns on capital

• Stable cash flow from fixed-fee and take-or-pay contracts

• Dual CMLP and CEQP public currency provides optionality for transformational growth

• Improving financial flexibility to execute growth objectives

27

Key Investor Highlights

Financial stability with visible growth through execution of value chain strategy

27


Non GAAP Reconciliations

2828


Crestwood Equity Partners LP Non-GAAP Reconciliations

29

March 31, December 31,2014 2013

Gathering and ProcessingOperating revenues 79.5$ 76.6$ Costs of product/services sold 18.7 16.2 Operating and administrative expense 13.4 14.4 Gain on long-lived assets 0.5 1.0 Earnings (loss) from unconsolidated affiliate 0.3 0.5 Gain (loss) on contingent consideration (2.1) (31.4) EBITDA 46.1$ 16.1$

NGL and Crude ServicesOperating revenues 841.1$ 682.5$ Costs of product/services sold 760.5 622.6 Operating and administrative expense 24.5 20.3 Loss on long-lived assets - (0.1) Loss from unconsolidated affiliate (0.4) (0.2) EBITDA 55.7$ 39.3$

Storage and TransportationOperating revenues 51.0$ 49.1$ Costs of product/services sold 6.8 8.0 Operating and administrative expense 6.2 4.4 EBITDA 38.0$ 36.7$

Total Segment EBITDA 139.8$ 92.1$ Corporate (27.8) (40.6) EBITDA 112.0$ 51.5$

Segment Data(in millions)

CRESTWOOD EQUITY PARTNERS LP (FORMERLY INERGY, L.P.)

Three Months Ended (unaudited)


Crestwood Equity Partners LP Non-GAAP Reconciliations

30

March 31, December 31,2014 2013

EBITDANet income (loss) 13.2$ (42.1)$ Interest and debt expense, net 31.7 31.7 Provision (benefit) for income taxes 0.8 (0.2) Depreciation, amortization and accretion 66.3 62.1

EBITDA 112.0$ 51.5$ Non-cash equity compensation expense 5.4 9.8 (Gain) loss on contingent consideration 2.1 31.4 Gain on long-lived assets (0.5) (0.9) (Earnings) loss from unconsolidated affiliates, net 0.1 (0.3) Adjusted EBITDA from unconsolidated affiliates 1.7 1.9 Change in fair value of derivative instruments (10.7) (0.6) Significant transaction related costs and other items 6.5 17.8 Adjusted EBITDA (1) 116.6$ 110.6$

(1) EBITDA is defined as income before income taxes, plus net interest and debt expense, 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, the impact of certain significant items, such as non-cash equity compensation expenses, gains and impairments of long-lived assets and goodwill, third party costs incurred related to potential and completed acquisitions, loss on contingent consideration, and other transactions identified in a specific reporting period. EBITDA and Adjusted EBITDA are not measures calculated in accordance with accounting principles generally accepted in the United States of America (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.

CRESTWOOD EQUITY PARTNERS LP (FORMERLY INERGY, L.P.)

Reconciliation of Non-GAAP Financial Measures(in millions)

Three Months Ended (unaudited)

national association of publicly traded partnerships...

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