wells fargo 2013 annual energy symposium presentation...

Presentation Title Presentation Subtitle

Crestwood Midstream Partners LP Crestwood Equity Partners LP

Connections for America’s Energy ™

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12/10/2013




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Wells Fargo 2013 Annual Energy Symposium December 10-11, 2013

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 such differences or otherwise materially affect Crestwood Midstream’s or Crestwood Equity’s financial condition, results of operations and cash flows include, without limitation, the risks that the Crestwood Midstream and Crestwood Equity businesses will not be integrated successfully or may take longer than anticipated; 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 Midstream or 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 the substantial 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, 2012 and September 30, 2012, respectively, and the most recent Quarterly Reports and Current Reports, for a more extensive list of factors that could affect results. Crestwood Midstream and Crestwood Equity do not assume any obligation to update these forward-looking statements.

Forward Looking Statements

Wells Fargo 2013 Annual Energy Symposium 2

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

Transformational 2013 for Crestwood

3

• Merger creates premier mid-cap MLP – Combined enterprise value of ~$8.5 BB; ~$550 MM 2014E EBITDA – Currently servicing over 2 Bcf/d of natural gas and ~ 500,000 Bbls/d of NGLs and crude

oil – Dual public equities (CMLP and CEQP) providing investors multiple investment

opportunities across Crestwood structure – Substantially completed merger integration process

• ~$880 MM in recent acquisitions creates meaningful backlog of future growth from two of the most prolific crude oil plays in North America – Acquired Arrow Midstream Bakken Shale assets for $750 MM – Acquired 50% interest in Jackalope Gas Gathering System in PRB Niobrara Shale for

$108 MM; 50% interest in Douglas Crude Rail Facility for $22.5 MM

• ~$445 MM organic capital expenditures in 2013 drives meaningful 2014 growth

• Secured and identified $1.2 BB in organic capital backlog through 2018 predominantly around high-growth liquids-rich and crude oil plays – Antero Marcellus Gathering system accelerating development due to recent IPO – Integration of Bakken assets to provide additional growth potential – Renewed firm contracts for substantially all NE Storage and Transportation 2014

available capacity; expansion opportunities under development

• Raised $1.7 BB in total long-term equity and debt capital in 2013 to fund 2013 organic capital program, optimally finance acquisitions, and build material liquidity for future growth – Limited capital markets activity expected to fund 2014 capital program – Improving credit metrics in 2014 driven by substantial EBITDA growth

Bolt-On & Strategic

M&A

Organic / Commercial Development

Crestwood / Inergy Merger

Significant transformation in 2013 creates exciting new beginning

Well Positioned

Balance Sheet

Wells Fargo 2013 Annual Energy Symposium


Diversified US Midstream Portfolio

Existing platform in every premier shale play in North America creates significant opportunity for optimization, organic expansion, and strategic M&A

ASSET SUMMARY (1)

• Natural Gas – 1.3 Bcf/d natural gas transportation

capacity – 2.1+ Bcf/d gathering capacity – 1,260+ miles of pipeline – ~80 Bcf natural gas storage capacity (2)

• NGL and Crude Oil – Eight natural gas processing plants – 600+ MMcf/d processing capacity – 180,000 BPD crude oil rail terminal

facilities – 125,000 BPD crude oil gathering – NGL and crude logistics business

including trucks, rail cars, terminals, fractionation, storage and marketing 4.6 MMBbls NGL storage 12,000 Bbl/d fractionation 8,000 Bbl/d isomerization 520 NGL truck/trailer units 1,071 rail car units 2 crude unit trains on order in 2015

(1) Includes announced expansion projects

(2) Total storage capacity is expected to be reduced to 58 Bcf following Tres Palacios application filed with the FERC on December 6, 2013.

• Gathering and Processing

Gas Storage and Transportation

• NGL and Crude Services

--- High Growth

--- Core Optimize

--- Core Stable

• Basin Areas

• Shale Regions

Headquarters

4 Wells Fargo 2013 Annual Energy Symposium


• Segment and asset diversification provides greater cash flow stability

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

– No single customer, asset or business unit constituting more than ~15% of total cash flows

• Significant gross margin supported by long-term (take-or-pay and equivalent) contracts

– ~51% of 2013E gross margin guaranteed under firm take-or-pay type contract

– ~84% margin fixed-fee (no direct commodity price exposure)

– ~69% of total 2014E gross margin from operating assets providing rich gas, NGL or crude oil services

Attractive Business Mix and Cash Flow Profile

Margin Profile

5

2013E EBITDA Mix

Crude Oil & NGL Gross Margin

69%

Dry Gas Margin 31%

Gathering & Processing

40%

Storage & Transportation

28%

NGL & Crude

Services 32%

5

Stagecoach

Barnett Rich

Marcellus

Inergy Services COLT

Hub

Barnett Dry

MARC I

Arrow

Fayetteville

Other US Salt

Un- Contracted

16%

Fixed-Fee 33%

Firm Contracts

51%

2014E Gross Margin 2013E Gross Margin(1)

(1) 2013E gross margin percentages represent the combination of the estimated full year 2013 contributions from legacy Crestwood Midstream, legacy Inergy Midstream, and Arrow Midstream without pro forma adjustments required by GAAP.



Identified and Contracted Expansion Projects Support 2014+ EBITDA and DCF growth

6

Project Timeline (1) Capex ($MM)

Commentary

Marcellus Gathering & Compression

2014 - 2018 ~$375 • Pipeline and compression expansion for Antero Resources

in rich gas window of SW Marcellus Shale core

Arrow Midstream 2014 – 2018 ~$100 • Continued build-out of Bakken crude oil, water, and

natural gas gathering system for WPX, QEP, Halcon, XTO and Kodiak

COLT Hub Expansion 2014 – 2016 ~$80 • Ongoing 40,000 Bbl/d expansion completed in Q1 2014 • Additional future expansion of COLT Hub facility

Jackalope 2014 – 2016 ~$240 • Construction of expanding rich gas gathering system and

120 Mmcf/d processing plant for RKI and Chesapeake in PRB Niobrara

Watkins Glen 2015 ~$20 • Completion of Watkins Glen NGL storage facility build-out

in western NY

NE Marcellus Transportation Expansion

2015 – 2016 ~$250 • Additional takeaway capacity in NE Pennsylvania with

direct connectivity to North-South and MARC I pipelines to bring growing Marcellus dry gas supplies to market

Other (2) 2014 – 2018 ~$150 • Ongoing growth capital opportunities around existing

asset platform

Attractive backlog of contracted and identified organic projects drive growth at 5.0x to 7.0x all-in build multiples

(1) Represents estimated timing of capital spend. (2) Primarily includes growth capital related to bringing on new wells around Crestwood’s base G&P platform over the next five years excluding the Marcellus and

PRB Niobrara



2014 CMLP & CEQP Guidance Announced

7

Statistic FY2013E FY2014E

Adjusted EBITDA

~$365

$465 - $510

Adjusted Distributable Cash Flow ~$270 $330 - $360

Growth Capital ~$445 $400 - $425

2014E Distribution Growth 6 – 10%

3-Yr Distribution Growth 6 – 10%

CMLP

CEQP

0%

20%

40%

60%

80%

100%

2014E EBITDA Mix

2014E EBITDA Mix

C&N

S&T

G&P 0%

20%

40%

60%

80%

100%

Statistic FY2013E FY2014E

Adj. EBITDA

~$415

$520 - $570

Adjusted Distributable Cash Flow(1) ~$70 $85 - $95

2014E Distribution Growth 5 – 10%

3-Yr Distribution Growth >20%

Note: FY2013E represents the midpoint of the ranges. (1) Represents Adjusted DCF attributable to the operating assets of CEQP plus cash received by CEQP for the 7.1MM LP units and GP / IDR interest that CEQP

owns in CMLP.

$ MM

$ MM



NGL & Crude Services



NGL & Crude Services



CMLP Offers Strong Total Return Potential to Investors

8

• CMLP represents superior risk-adjusted returns proposition for investors

• Current valuation (~70 to 160 Bps yield discount relative to selected peers) not reflective of the new Crestwood operating and financial platform with long-term visibility to 6 to 10% distribution growth

– Expected 3-Yr EBITDA CAGR of ~26% (1)

$1.2 BB organic expansion opportunities from 2014 to 2018 at 5.0x to 7.0x all-in build multiples

Continued disciplined M&A strategy to complement organic growth

~$60 to ~$70MM of additional EBITDA available for drop-down from CEQP (not included in ~26% expected EBITDA CAGR through 2016)

– Long-term coverage ratio targets of 1.05x to 1.10x

– Long-term leverage targets of 3.5x to 4.0x EBITDA

3-Yr Total Return Sensitivity (3) Current Yield (2)

(1) Represents expected compound annual growth rate from the midpoint of 2013E EBITDA through year end 2016 estimated EBITDA. (2) Current yields based off of the closing prices as of 12/3/2013. Diversified peers include KMP, EPD, ETP, PAA, WPZ, OKS and EEP. T&S peers include SEP, EPB,

BWP, TCP, EQM, TEP and MEP. G&P peers include ACMP, WES, MWE, NGLS, RGP, DPM, APL, XTEX, SMLP and SXE. (3) Represents estimated 3-yr unlevered internal rate of return by sensitizing targeted distributions per LP unit and long-term target yield on a CMLP unit

purchased as of 12/3/2013.

7.3%

6.6% 6.3% 5.9% 5.5%

–

2.0%

4.0%

6.0%

8.0%

CMLP Diversified T&S Alerian G&P

Target 3-Yr Annual Distribution GrowthYield 6.0% 7.0% 8.0% 9.0% 10.0%

7.25% 13% 14% 15% 17% 18%7.00% 14% 16% 17% 18% 19%

6.50% 17% 18% 19% 20% 21%

6.00% 20% 21% 22% 23% 24%5.50% 23% 24% 25% 26% 27%



2013 2014 2015 2016$0

$25

$50

$75

$100

$125

LP Distributions GP / IDRs

$0

$150

$300

$450

$600

2013 2014 2015 2016

LP Distributions GP / IDRs

CEQP Total Return Potential Leveraged to CMLP

9

• Long-term CEQP growth levered to underlying execution and distribution growth at CMLP

• Expected 3-Yr CEQP DCF CAGR of ~35% (1)

– Challenging fundamentals at Tres Palacios limit 1H 2014 growth; over longer term GP / IDR economics work

6% to 10% annual growth in CMLP distributions per LP unit through 2016 drives ~45% to ~65% growth in cash distributions received by CEQP (LP distributions + GP / IDR distributions)

– Expected 3-Yr CAGR in CEQP distributions per LP unit of >20% (1)

…Drives ~50+% growth in CEQP Cash Received ~6 to 10% CMLP Distribution / LP Unit Growth…

CMLP Total Cash Distribution ($MM) (2) CEQP Cash Received ($MM) (3)

(1) Represents compound annual growth rate from year end 2013 through year end 2016. Does not include the impact of any potential drop-down of the operational assets from CEQP to CMLP.

(2) Estimated total cash distributions paid by CMLP in accordance with long-term guidance of 6% to 10% annual growth in distributions per LP unit. (3) Represents cash received by CEQP for the 7.1MM LP units and GP / IDR interest that CEQP owns in CMLP. Does not include expected cash flows from the

operational assets currently owned by CEQP. (4) 2013 total CMLP cash distributions and CEQP cash received include pro forma adjustments as though the Crestwood / Inergy merger was completed as of January

1, 2013.

(4) (4)



Industry Leading Portfolio of Gathering and Processing Assets Feed the Value Chain

(1) Key Operating Statistics as of 9/30/13. Includes storage and transportation

Fayetteville Shale 100,000+ acres

15 year contracts 10-20% Developed

Haynesville Shale 20,000+ acres

5-10 year contracts <20% Developed

Barnett Shale 140,000+ acres

10-20 year contracts ~60% Developed

Marcellus Shale 136,000+ acres 20 year contract

5-10% Developed + ROFO on Antero’s

Western rich gas AOD Granite Wash 22,000+ acres

10-13 year contracts

~30-40% Developed

Permian / Delaware Basin 55,000 acres to be redeveloped as rich

gas play

5 year contracts

Current system-wide gathering throughput of ~1.2 Bcf/d

PRB Niobrara Shale 311,000 acres AMI 20-year 15% COS

contracts <5% Developed

10 10

Bakken Shale 150,000 acres

Avg. Contract Tenor 6-7 yrs 20% Developed



$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

$34 $42 $43 $44 $47 $48 $50 $50 $52 $52 $53 $53 $56 $56 $59 $60 $60 $61 $61 $61 $63 $64 $68 $69 $72 $72

$81 $91

$0$10$20$30$40$50$60$70$80$90

$100

Strategy centered on developing infrastructure where producer wellhead economics are strongest

2014 Calendar Strip Price: $3.99/MMBtu(1)

2014 Calendar Strip Price: $95/Bbl(1)

Source: Tudor Pickering Research. Breakeven Prices to earn 10% Single Well IRR. (1) Calendar 2014 NYMEX prices as of 12/3/2013

Basins where Crestwood has existing assets or targeted development projects.

11

Favorable Basin Economics



• Antero Resources/Crestwood Agreements

– 20-year, 100% fixed-fee contract with annual escalators for low pressure natural gas gathering and compression services

– ~136,000 net acres area of dedication

– 7 year East AOD minimum volume commitments underpins Crestwood’s capital outlay; 7 year ROFO on Antero’s Western Area

• Antero Resources 2013 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

– Completed Largest E&P IPO ever in the US markets raising ~$1.6 BB in gross proceeds

• Accelerating Antero development plans drive significant Crestwood 2013/14 system growth

– Exit 2013 at ~ 500 MMcf/d (+25% YTD)

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

12

Growing rich gas gathering and compression assets in the core Southwest portion of the Marcellus

East AOD

Western Area

Existing pipeline 2013 Pipelines Planned build out 2014-2016 3rd Party takeaway

Area of Dedication (AOD) CMM compressor stations 3rd Party comp stations MWE Sherwood Plant

West Union

Greenbrier Area

Victoria

Marcellus Shale Drives G&P Segment Contribution



• Recently completed the Zinnia 20” Trunkline integrating the Greenbrier Area with the Eastern AOD system

• 14 laterals under construction or recently completed connecting multiple Antero well pads – 2H 2013 to early 1Q 2014 in-service dates

• 11 new laterals in early planning stages – 2H 2014 to early 1Q 2015 in-service dates

• Recently completed the West Union Phases 1 & 2 (Western Area) and Morgan Phase 1 (East AOD) Stations adding 184 MMcf/d of compression capacity

• 5 additional compression projects totaling 263 MMcf/d under construction and expected to come on line over next 6 months

• New 120 MMcf/d Banner station plus 2 additional compressor stations on the planning horizon over remaining 18 month Antero development period

13

Marcellus 2013-14 Expansion Projects Update



PRB Niobrara Shale 3Q 2013 Acquisitions Add to Rich Gas Growth Potential

CHK/RKI Leasehold

CHK Operated Rigs

Industry Rigs

Non-Operated Rigs

Jackalope AMI (311,000 acres)

• Acquired 50% interest in Jackalope Gas Gathering System (“JGGS”) on 7/19/2013 for ~$108 MM

– Rich gas gathering and processing for Chesapeake (“CHK”), RKI Exploration and Production (“RKI”, a First Reserve portfolio company) and China National Offshore Oil Corporation (“CNOOC”) on 300,000+ acres

– ~111 miles of pipeline / 15,600 HP of compression; 80 wells currently connected to JGGS system

– Initial 120 MMcf/d processing plant in-service 3Q 2014

– Acquisition financed by $150 MM preferred equity with GE Energy Financial Services (“GE EFS”)

• Acquired 50% interest in Enserco Crude Oil Rail Terminal (Powder River Basin Industrial Complex) on 9/4/2013 for $22.5 MM

– Early stage crude oil rail terminal (similar start up to COLT HUB)

– Anchored by long term contract with CHK from JGGS area

– Expanding for crude by rail unit-train service to 20,000 BPD in 1Q 2014

14

Integrated gathering, processing NGL pipeline and rail potential in the Powder River Basin (PRB)



Segment Profit (1) 2014E Profit Contribution

15

Gathering & Processing Segment 2014 Forecast

42%

24%

2%

18%

9%

5%

Marcellus

Barnett Rich

Barnett Dry

Fayetteville

Niobrara

Granite Wash

(1) Represents segment level revenues less product purchases, operating and maintenance expenses.

$0

$50

$100

$150

$200

$250

2010 2011 2012 2013E 2014E

$ MM



Well Positioned NE Storage & Transport Assets

• Crestwood owns premier NE US high deliverability, multi-cycle storage facilities in NY

– 41 Bcf fully contracted capacity under long term take or pay contracts; Firm storage services and interruptible/hub services

• Crestwood’s NE pipeline network connects CMLP storage & Marcellus supplies to Dominion, Millennium, Transco and TGP pipelines serving NE US markets

– Over 1.4 Bcf/d bi-directional capacity directly connected to Marcellus PA supply points;

• Diverse customer base: electric & gas utilities, Marcellus producers, and marketers

– Key customers include ConEd, PSEG, Anadarko, Cabot, Southwestern

16

Storage & Pipeline network provides critical infrastructure for Marcellus growth



NE Storage & Transportation Contract Update

17

(1) Stagecoach and Thomas Corners are 100% contracted based on operational capacity. (2) Steuben facility granted market-based rate structure beginning April 1, 2013.

Storage Contract Profile

Transportation Contract Profile

• NE Assets are fully subscribed through March 31, 2014 • Significant re-contracting progress made during 3Q 2013:

– NE 2014 storage renewal capacity largely re-contracted at existing 18¢/MSQ rates; latest Stagecoach capacity renewed at 25¢/MSQ showing strong NE market demand for multi-turn storage

– 100 MMcf/d of available MARC I capacity marketed through end of 1Q 2015; MARC I fully subscribed and evaluating an expansion project

Transporation AssetCommodity Transported

Percentage Contractually

CommittedWeighted Avg. Maturity (Year)

North-South Facilities Natural Gas 325.0 MMcf/d 100% 2016MARC I Pipeline Natural Gas 550.0 MMcf/d 100% 2021East Pipeline Natural Gas 30.0 MMcf/d 100% 2021

Transportation Capacity

FacilityCommodity

Stored

Percentage Contractually

CommittedWeighted Avg. Maturity (Year)

Stagecoach (1) Natural Gas 26.3 Bcf 100% 2016Thomas Corners (1) Natural Gas 7.0 Bcf 100% 2015Seneca Lake Natural Gas 1.5 Bcf 100% 2016Steuben (2) Natural Gas 6.2 Bcf 100% 2017

Tres Palacios (3) Natural Gas 38.4 Bcf 64% 2014

Working Storage Capacity



Tres Palacios Gas Storage – “Weather the Storm”

18 18

• Current Gulf Coast gas storage market is challenged due to: – Overbuilt storage market – Weak summer/winter gas price spreads – Low gas price volatility – 2.1+ Bcf/d gathering capacity – Excess gas supplies from Eagle Ford play

• Long term demand for storage expected to improve when Gulf Coast LNG projects commence exports, Mexico gas demand increases and storage operators re-purpose or shut down excess capacity

• Aggressively driving down cost structure – Filed with FERC on 12/6/13 to reduce

certificated working capacity by 60% to match current firm subscriptions (15.5 Bcf) reducing operating expense by ~$7 MM

– Seeking reduction of property taxes by ~$3 MM • Aggressive near term marketing strategy

– New executives leading commercial function – Remarketing capacity but will avoid multi-year

re-contracting at the bottom of the market prices

– Increasing optimization/hub services



Storage & Transport Segment 2014 forecast

19

Transportation

Storage

19


57%

43%

$0

$25

$50

$75

$100

$125

$150

2010 2011 2012 2013E 2014E

$ MM

Transportation

Storage

(1) Represents segment level revenues less product purchases, operating and maintenance expenses for both CEQP and CMLP operating assets (formerly NRGM

and NRGY in historical periods).



Expanding NGL & Crude Services Business

20

Key NGL Facilities and Assets

• Nationwide, Crestwood is handling over 500,000 BPD of NGLs and Crude Oil through our facilities and transportation assets – ~180,000 BPD of NGLs through NGL facilities and transport assets – ~186,000 BPD of NGLs controlled by Crestwood’s supply and logistics business – ~160,000 BPD crude through COLT Hub and Arrow Midstream

• Truck & Rail Car Fleet – 500 trailers (450 NGL) and 1,100 rail cars largely servicing the Marcellus and Utica Shale regions

• West Coast Assets – 25,000 BPD fractionation, isomerization, storage and terminalling facility

• Bath/NE Storage – 1.7 MMBbl propane and butane storage cavern

• South Jersey Terminal – rail to truck serving refiners and blenders in Eastern US markets

• Seymour, Indiana – proprietary NGL marketing terminal on Enterprise’s Teppco Pipeline with 500,000 Bbl storage cavern

• Refiner Services – includes keep dry agreements, butane blending services, emerging crude marketing business

• Producer Services – Exclusive NGL marketer for Williams and Total in Marcellus/Utica region

• US Salt – produces ~400,000 tons per year; provides access to growing NE storage cavern space



Expanding footprint in the

core of the Bakken

Crestwood’s Bakken platform to service ~18% of current

Bakken production

(1) Source: Cawley, Gillespie & Associates. (2) Source: North Dakota Department of Mineral Resources

Bakken Shale Drives 2014 Crude Services Growth

Wells Fargo 2013 Annual Energy Symposium 21

• Attractive Producer Economics Drive…(1)

• Positioning Crestwood to be a full value chain midstream services provider for the Bakken Shale – COLT Hub Crude Rail Facility - connects

premier East Coast and West Coast refiners with growing Bakken Shale crude supplies

– Arrow Crude Gathering System - adds >150,000 acres dedicated with >1,000 total potential drilling locations in the core of the core of the Bakken Shale

… Continued Production Growth (Bbls/d)(2)

Original Oil in Place


• Leading Bakken crude rail facility anchored by multi-year take or pay contracts with refiners on West Coast and East Coast

• 160,000 BPD rail loading capacity(1) – Double rail loop – Connected to the Burlington Northern

Santa Fe rail system • Truck unloading facility with capacity of

96,000 BPD(1)

• 1.08 million Bbl of customer storage capacity(1)

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

• Interconnectivity with Arrow crude gathering system through Tesoro and Hiland

Dry Fork Terminal Overview

• Located at the intersection of four major pipelines at the Beaver Lodge/Ramberg pipeline hub

• Crude oil metering and pipeline interconnection facilities allow transfer to: – Tesoro pipeline – Enbridge pipeline

• 120,000 Bbl of working storage capacity • Potential interconnections with Hess, Hiland

Crude and TransCanada

COLT Terminal Overview

(1) Capacities shown are after planned expansion is complete.

COLT Hub Crude Rail Facility



$750 MM accretive Arrow Midstream acquisition closed November 8, 2013

• Located on the Fort Berthold Reservation • Long term gathering contracts with committed

Bakken Shale producers: WPX, QEP, XTO, Halcon and Kodiak

• 460 miles of gathering pipeline systems – 150 miles of crude oil gathering lines (125,000

Bbl/d of throughput capacity by 2015) – 160 miles of natural gas gathering lines (100

MMcf/d of throughput capacity by 2015) – 150 miles of water gathering lines (40,000 Bbl/d

of throughput capacity by 2015) – Multiple crude pipeline interconnects (Tesoro,

Hiland and Bakken Link) and natural gas pipeline and processing connect with OneOk

– Fully-automated truck loading facilities and crude oil storage capacity at CDP

• Substantial gathering system expansion underway – Commissioning 5 new compressor stations to

capture flared associated gas in 4Q 2013 – 9-10 rigs operating in area to drive 2014

volumes

Asset Description Asset Map

Operations: Dunn and McKenzie Counties, ND

Volumes: ~ 50,000 MBbls/d crude oil; ~15 MMcf/d of gas; ~ 8,500 MBbls/d of water

Wells Connected: ~235 wells

Arrow Midstream Acquisition



COLT Connector

Dry Fork Terminal

COLT Terminal

Tesoro Corporation Belle Fourche Pipeline Co. Enbridge Pipelines North Dakota Inc.

Crude Pipelines BNSF Railroad

Enbridge Pipeline

BNSF Mainline Beaver

Lodge

Synergy Potential

• Arrow system is ~ 60 miles southeast of CMLP’s COLT Hub crude rail and pipeline terminal

– COLT Hub is North Dakota’s most active crude by rail facility; expansion to be completed in 1Q 2014

160,000 BPD unit train capacity; 1.2 MMBls crude oil storage; 105,000 BPD pipeline capacity; 95,000 BPD truck rack unloading capacity

150,000 BPD rail loading take or pay contracts with refiners (70% of flow to Pacific NW)

• Direct connectivity between Arrow and COLT Hub through Hiland and Tesoro Pipelines

– Improves pricing and sales optionality for Arrow producers

– Improves access to new wellhead supplies for COLT customers

Integrating the Bakken Footprint

24 24

Arrow’s CDP is a strategic liquidity hub south of the Missouri river, which complements COLT Hub

Arrow System Tesoro

Pipeline



NGL & Crude Services Segment 2014 Forecast

25


12%

7%

9%

4%

7%

28%

33%

$0

$50

$100

$150

$200

$250

2010 2011 2012 2013E 2014E

$ MM NGL Supply Logistics

Crude Logistics

NGL Transportation

West Coast

NGL Storage

US Salt

(1) Represents segment level revenues less product purchases, operating and maintenance expenses for both CEQP and CMLP operating assets (formerly NRGM

and NRGY in historical periods).

Arrow



• Post-merger mid-cap MLP positioned to service premier US liquids-rich and crude oil shale plays – Liquids-focused growth strategy benefits from

robust long-term macro fundamentals • Diversified assets servicing world-class customers

across the midstream value chain – Gathering & Processing – Storage and Transportation – NGL and Crude Services

• Stable cash flow platform with ~84% margin from fixed-fee and take-or-pay type contracts – NE Storage & Transportation assets fully

subscribed with firm demand contracts – COLT Hub fully contracted with take or pay

contracts – Marcellus gathering and compression minimum

volume commitments • Strong balance sheet with liquidity to fund growth

projects and bolt-on acquisitions – 2014 capital program fully funded with minimal

capital markets activity expected

26

Key Investor Highlights

Positioning Crestwood for long-term visibility to growth through organic projects and M&A



Non GAAP Reconciliations

27 27 Wells Fargo 2013 Annual Energy Symposium


Crestwood Midstream Partners, L.P. Non-GAAP Reconciliations

28 28

Net income $105 - $138

Interest expense, net $130 - $142

Depreciation, amortization and accretion $230

Adjusted EBITDA $465 - $510

Cash interest expense1 ($115) - ($127)

Maintenance capital expenditures1 ($20) - ($23)

Adjusted distributable cash flow $330 - $360

1 We define cash interest expense as interest expense, net, adjusted for the amortization of debtissue costs , premiums, discounts and other non-cash debt-related i tems. We define maintenance capi ta l expenditures as capi ta l expenditures related to mainta ining our assets and operations .

CRESTWOOD MIDSTREAM PARTNERS LPFull Year 2014 Adjusted EBITDA and Distributable Cash Flow Guidance

Reconciliation to Net Income ($ In millions)



Crestwood Equity Partners, L.P. Non-GAAP Reconciliations

29 29

Net income $135 - $173

Interest expense, net $145 - $157

Depreciation, amortization and accretion $240

Adjusted EBITDA $520 - $570

Cash interest expense1 ($130) - ($142)

Maintenance capital expenditures1 ($25) - ($28)

Proportionate Adjusted DCF Attributable to Public CMLP Unitholders2 ($280) - ($305)

Adjusted distributable cash flow $85 - $95

1 We define cash interest expense as interest expense, net, adjusted for the amortization of debtissue costs , premiums, discounts and other non-cash debt-related i tems. We define maintenance capi ta l expenditures as capi ta l expenditures related to mainta ining our assets and operations .

2 Represents proportionate amount of DCF attributable to publ ic uni tholders after taking into account CEQP's ownership interest in CMLP's incentive dis tribution rights and common units .

Reconciliation to Net Income($ In millions)

CRESTWOOD EQUITY PARTNERS LPFull Year 2014 Adjusted EBITDA and Distributable Cash Flow Guidance


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