Morgan Stanley Midstream MLP and Diversified...

Presentation TitlePresentation Subtitle

Crestwood Midstream Partners LP Crestwood Equity Partners LP

Connections for America’s Energy™

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3/2/2014




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Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event

March 4-5, 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 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 ornon-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; operatinghazards, 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 CrestwoodMidstream 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 that could affect results.

Forward Looking Statements

Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event 2


Two Ways to Invest –One Premier Midstream Energy Company

3

Crestwood Equity Partners LP(NYSE: CEQP)

186.4 million units outstanding

Gathering and Processing− Marcellus− Niobrara− Barnett− Fayetteville− Others

First Reserve/Crestwood Holdings

~29% LP Interest100% Non-economic GP Interest

(Control)

~11% LP Interest

Crestwood Midstream Partners LP

(NYSE: CMLP)187.9 million units outstanding

Legacy Inergy Assets- NGL Supply & Logistics

- GC Gas Storage

NE Storage and Transportation− Stagecoach− Marc I− North / South− Thomas Corners− Others

NGL and Crude Oil Services− Bakken Arrow Midstream− Bakken COLT Hub Facility− Niobrara Douglas Facility − NE NGL Storage − US Salt

~4% LP InterestGP / IDR Ownership

EBITDA Contribution: 43%1 EBITDA Contribution: 23%1 EBITDA Contribution: 34%1

1 Represents relative EBITDA contribution of 2014E projected CMLP EBITDA. See guidance materials issued on December 5, 2013 on www.crestwoodlp.com.

CEQP Public Unitholders~71% Interest

CMLP Public Unitholders~85% Interest


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

• Crestwood/Inergy merger creates premier mid-cap MLP– Size and Scale: Combined enterprise value of ~$8.9 BB; ~$550 MM 2014E EBITDA – Diversified Midstream Portfolio: Coast to coast asset footprint located in major liquids

rich and crude shale plays– Compelling well-head to burner tip business model currently servicing over 2 Bcf/d of

natural gas and ~ 500,000 Bbls/d of NGLs and crude oil

• ~$370 MM organic capital expenditures in 2013 drives meaningful 2014 growth

• $1.2 BB organic capital backlog in high-growth liquids-rich and crude oil plays fuels– 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

• ~$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

• Dual public equities (CMLP and CEQP) provide multiple investment opportunities and allow strategic flexibility for partnership

• Substantial EBITDA growth to drive distribution coverage >1.0x and improve leverage ratios to ~4.0x

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

Key Investment Highlights

4

Bolt-On & Strategic

M&A

Organic / Commercial Development

CompellingBusiness

Model

Crestwood well-positioned to execute on 2014 strategic objectives

FinancialStrength & Flexibility



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– 1.0 Bcf/d firm natural gas transportation

capacity– 2.5+ Bcf/d gathering capacity– 1,350+ miles of pipeline– ~80 Bcf natural gas storage capacity (2)

• NGL and Crude Oil– 10 natural gas processing plants – 615+ MMcf/d processing capacity– 180,000 BPD crude oil rail terminal

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

trucks, rail cars, terminals, fractionation, storage and marketing 4.9 MMBbls NGL storage 12,000 Bbl/d fractionation 8,000 Bbl/d isomerization 557 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

5Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event


Strong Fourth Quarter 2013 Performance

66


Sequential EBITDA growth across operating segments

• 175 MMcf/d of new compression placed in service in the Marcellus Shale during Q4 2013 led to 9% increase in gathering volumes and 30% increase in compression volumes

• Contribution of Arrow assets acquired in November 2013

• 8% increase in crude oil loading volumes at the COLT Hub

• Increased margins from supply and logistics services

• Continued strong demand for wheeling and hub services

• Storage assets 100% contracted with average maturity of 2.75 years

Key Drivers

(1) Excludes $31.4 million non-cash charge related to potential future earn-out payment accrued in fourth quarter 2013

CEQP/CMLP Consolidated 4th Quarter 3rd QuarterSegment EBITDA 2013 2013 % Change

Gathering and Processing (1) 47.5$ 43.2$ 10.0%

NGL and Crude Services 39.3$ 21.8$ 80.3%

Storage and Transportation 36.7$ 34.9$ 5.2%

Total 123.5$ 99.9$ 23.6%


• Crestwood generates ~$545 million of 2014E EBITDA from diversified asset platform covering three reporting segments

– 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

– ~38% of 2014E margin guaranteed under firm take-or-pay type contract

– ~87% of margin fixed-fee (no direct commodity price exposure)

Meaningful Scale & Diversification with Attractive Business Mix and Cash Flow Profile

Margin Profile

7

2014E EBITDA Mix

Crude Oil & NGL Gross Margin

69%

Dry GasMargin31%

Gathering & Processing

38%

Storage & Transportation

21%

NGL & Crude

Services41%

7

StagecoachBarnett

Rich

Marcellus

Inergy Services

COLTHub

BarnettDry

MARC IArrow

Fayetteville

OtherUS Salt

Un-Contracted

13%

Fixed-Fee49%

Firm Contracts

38%

2014E Gross Margin 2014E Gross Margin



Organic Expansion Projects Drive 2014+ EBITDA and DCF growth

8

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

9

Statistic FY2013(1) FY2014E

Adjusted EBITDA ~$375 $465 - $510

Adjusted Distributable Cash Flow ~$260 $330 - $360

Growth Capital ~$370 $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&P0%

20%

40%

60%

80%

100%

Statistic FY2013(1) FY2014E

Adj. EBITDA ~$430 $520 - $570

Adjusted Distributable Cash Flow(2) ~$70 $85 - $95

2014E Distribution Growth 5 – 10%

3-Yr Distribution Growth >20%

(1) Represents the combination of the full year 2013 contributions from legacy Crestwood Midstream, legacy Inergy Midstream, and Arrow Midstream without pro forma adjustments required by GAAP.

(2) 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



(1) Represents expected compound annual growth rate from 2013 EBITDA through year end 2016 estimated EBITDA. (2) Yield for CMLP based on 2/27/2014 closing price. Peer group data sourced from Citigroup research. Diversified peers include KMP, EPD, ETP, PAA, WPZ, OKS and

EEP. T&S peers include SEP, EPB, 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 2/27/2014.

CMLP Offers Strong Total Return Potential to Investors

10

• CMLP represents superior risk-adjusted returns proposition for investors

• Current valuation (~50 to 150 Bps yield discount relative to selected peers) not reflective of the new Crestwood operating and financial platform with long-term visibility to 6 – 10% distribution growth

– Expected 3-Yr EBITDA CAGR of ~25% (1)

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

Continued disciplined bolt-on M&A to complement organic growth

– 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)


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

7.00% 13% 14% 16% 17% 18%6.50% 16% 17% 18% 19% 20%

6.00% 18% 20% 21% 22% 23%

5.50% 21% 23% 24% 25% 26%5.00% 25% 26% 27% 28% 30%

7.2% 6.8%

5.8% 5.4% 4.9%

–

2.0%

4.0%

6.0%

8.0%

CMLP Diversified Alerian T&S G&P


2013 2014 2015 2016$0

$25

$50

$75

$100

$125

LP Distributions GP / IDRs

$0

$150

$300

$450

$600

2013 2014 2015 2016LP Distributions GP / IDRs

CEQP Total Return Potential Leveraged to CMLP

11

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

• Expected 3-Yr CEQP distribution growth of >20%

– GP / IDR economics the most impactful driver of CEQP growth

6% – 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)

– NGL Supply & Logistics operational cash flow growth of 10%-15% in 2014 with minimal capital deployed

– Recovery in gulf coast storage market not critical to achieving growth objectives at CEQP

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

CMLP Total Cash Distribution ($MM) (1) CEQP Cash Received ($MM) (2)

(1) Estimated total cash distributions paid by CMLP in accordance with long-term guidance of 6% to 10% annual growth in distributions per LP unit.(2) 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.(3) 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.

(3)(3)



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

Note: Key Operating Statistics as of 12/31/13. Includes storage and transportation.

Fayetteville Shale143,000+ acres

15 year contracts10-20% Developed

Haynesville Shale22,000+ acres

5-10 year contracts<20% Developed

Barnett Shale140,000+ acres

10-20 year contracts~60% Developed

Marcellus Shale140,000+ acres20 year contract

5-10% Developed+ ROFO on Antero’s

Western rich gas AODGranite Wash22,000+ acres

10-13 year contracts

~30-40% Developed

Permian / Delaware Basin55,000 acres to be redeveloped as rich

gas play

5 year contracts

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

PRB Niobrara Shale311,000 acres AMI20-year 15% COS

contracts<5% Developed

1212

Bakken Shale150,000 acres

Avg. Contract Tenor 6-7 yrs20% Developed



• Antero Resources/Crestwood Agreements

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

– ~140,000 net acres area of dedication

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

• Antero Resources Update

– 15 drilling rigs operating in WV with 35 DUC well backlog; >$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

• 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 580 MMcf/d

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

13

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

East AOD

Western Area

Existing pipeline2013 PipelinesPlanned build out 2014-20163rd Party takeaway

Area of Dedication (AOD)CMLP compressor stations3rd Party comp stationsMWE Sherwood Plant

West Union

Greenbrier Area

Victoria

Marcellus Shale Drives G&P Segment Contribution


(1) Based on Crestwood’s internal estimate.


• In Q4 2013 added 175 MMcf/d in additional compression capacity

– Phase 1 of Perkins and Morgan stations were completed adding 110 MMcf/d of capacity increase East AOD system capacity >600 MMcf/d

– Completed the West Union Phase 2 to add 65 MMcf/d of capacity to the Western Area

– Completed pipelines to connect Morgan & Perkins stations to MarkWest Sherwood processing plant

• 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 planning stages

– 2H 2014 to early 1Q 2015 in-service dates

• 5 additional compression projects totaling 263 MMcf/d under construction and expected to come on in 1H 2014

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

14

Marcellus 2013-14 Expansion Projects Update



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

• 50/50 JV in Jackalope Gas Gathering System (“JGGS”) with Access Midstream

– 20-year cost-of-service rich gas gathering and processing agreement with Chesapeake (“CHK”), RKI Exploration and Production (“RKI”, a First Reserve portfolio company) and China National Offshore Oil Corporation (“CNOOC”) on 311,000 acres

– ~145 miles of pipeline / 15,600 HP of compression; 115 wells currently connected to JGGS system

– Q4 gathering volume of ~47 MMcf/d; Q1 spot volumes at current system capacity of 55-60 MMcf/day

– Initial 120 MMcf/d processing plant in-service 4Q 2014 increasing system capacity to 180 MMcf/d

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

• 50/50 JV interest in Powder River Basin Industrial Complex (Douglas Terminal) anchored by long term contract with CHK; currently expanding for crude by rail unit-train service to 20,000 BPD in 2Q 2014

PRB Niobrara Shale Assets Add toRich Gas Growth Potential

1515Morgan Stanley Midstream MLP and Diversified Natural Gas

Corporate Access Event

CHK/RKI Leasehold

CHK Operated Rigs

Industry Rigs

Non-Operated Rigs

Jackalope AMI (311,000 acres)

Douglas Facility


Segment Profit (1) 2014E Profit Contribution

16

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 2013 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

17

Storage & Pipeline network provides critical infrastructure for Marcellus growth



NE Storage & Transportation Update

18

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

Storage Contract Profile

Transportation Contract Profile


FacilityCommodity

Stored

Percentage Contractually Committed

Weighted 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% 2017Steuben Natural Gas 6.2 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

• Capturing substantial interruptible transportation revenue at Marc I and North-South due to wider basis spreads between long haul pipelines into Northeast demand markets

• Weighted average maturity of contract portfolio through June 2018• Successful contract renewals in Northeast:

– NE 2014 storage renewal capacity re-contracted at ~10% higher than existing rates– Increased firm transportation contracts for additional 80 dth/d in Q4– Announced non-binding open season for additional firm transportation on North-South and

Marc I pipeline system


Gulf Coast Gas Storage Update

1919

• Near-term marketing strategy intact– Re-contracted 4 bcf at current

market rates– Increasing optimization/hub services

activity; record withdrawals in Q4 2013– Remarketing capacity but will avoid

multi-year re-contracting at bottom of the market

– Recent volatility supportive of long-term contracting efforts

• Aggressively driving down cost structure at Tres to achieve ~$10 million annual savings– Filed with FERC to reduce certificated

working capacity by 60% reducing operating expense by ~$7 MM

– Seeking reduction of property taxes by ~$3 MM

• Tres well positioned over the long term for improvement in Gulf Coast storage fundamentals due to LNG exports and Mexico gas demand



Storage & Transport Segment 2014 forecast

20

Transportation

Storage

20


57%

43%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).


$0

$25

$50

$75

$100

$125

$150

2010 2011 2012 2013 2014E

$ MM


Expanding NGL & Crude Services Business

21

Operations Across Midstream Value Chain• Nationwide, Crestwood is handling over 500,000 BPD of NGLs and Crude Oil through our facilities and transportation assets

• Supply & Logistics business provides producers and refiners improved netbacks while linking end users with cost-effective supply– Producer Services – Exclusive NGL

marketer for Williams and Total in Marcellus/Utica region

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

• Coast-to-coast reach of logistics operations well-positioned to optimize Crestwood’s diversified asset portfolio



Denotes current services offerings and/or operational capacity

Growing NGL & Crude Services business instrumental in executing Crestwood’s “wellhead-to-burner tip“ operating model

Serving Blue Chip Customers


Operations: Dunn and McKenzie Counties, ND

Volumes: ~47,000 MBbls/d crude oil; ~20 MMcf/d of gas; ~ 12,000 MBbls/d of water

Wells Connected: ~255 wells

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

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

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

Bbl/d of throughput capacity by 2015)– 170+ miles of natural gas gathering lines (100

MMcf/d of throughput capacity by 2015)– ~165 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 1Q 2014– 11 rigs operating in area to drive 2014 volumes

22

$750 MM accretive Arrow Midstream acquisition closed November 2013

Asset Description Asset Map

Arrow Midstream Operations



• Leading Bakken crude rail facility located in Williams County, ND 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



COLTConnector

Dry Fork Terminal

COLTTerminal

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

Crude PipelinesBNSF 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; 96,000 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

2424

Arrow’s CDP is a strategic liquidity hub, which complements COLT Hub; Crestwood currently ~18% of Bakken crude oil production

ArrowSystemTesoro

Pipeline



NGL & Crude Services Segment 2014 Forecast

25


12%

7%

9%

4%

7%

28%

33%

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


$0

$50

$100

$150

$200

$250

2010 2011 2012 2013 2014E

$ MM


• 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

– Size and scale provides “critical mass” to execute strategy

• Diversified assets servicing world-class customers across the midstream value chain

• Stable cash flow platform with ~87% margin from fixed-fee and take-or-pay type contracts

• Recent M&A activity and ongoing organic development to drive meaningful growth in 2014 and beyond

• Strong balance sheet with liquidity and financial flexibility to fund growth projects and bolt-on acquisitions

26

Key Investor Highlights

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



Non GAAP Reconciliations




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

CRESTWOOD EQUITY PARTNERS LP (FORMERLY INERGY, L.P.)Segment Data(in millions)

Three Months Ended (unaudited)

December 31, 2013

September 30, 2013

Gathering and ProcessingOperating revenues $ 76.6 $ 71.1 Costs of product/services sold 16.2 12.9

Operating and administrative expense 14.4 14.9 Goodwill impairment — (4.1)Gain on long-lived assets 1.0 4.4

Earnings (loss) from unconsolidated affiliate 0.5 (0.4)Gain (loss) on contingent consideration (31.4) —

EBITDA $ 16.1 $ 43.2 NGL and Crude Services

Operating revenues $ 682.5 $ 307.3 Costs of product/services sold 622.6 270.0

Operating and administrative expense 20.3 15.5 Loss on long-lived assets (0.1) —Loss from unconsolidated affiliate (0.2) —EBITDA $ 39.3 $ 21.8

Storage and TransportationOperating revenues $ 49.1 $ 48.8 Costs of product/services sold 8.0 7.1

Operating and administrative expense 4.4 6.8 EBITDA $ 36.7 $ 34.9

Total Segment EBITDA $ 92.1 $ 99.9 Corporate (40.6) (29.1)

EBITDA $ 51.5 $ 70.8



CRESTWOOD EQUITY PARTNERS LP (FORMERLY INERGY, L.P.)Reconciliation of Non-GAAP Financial Measures

(in millions)(unaudited)

Three Months EndedDecember 31,

2013September 30,

2013EBITDANet income (loss) $ (42.1) $ (7.9)Interest and debt expense, net 31.7 22.8 Provision (benefit) for income taxes (0.2) 0.5 Depreciation, amortization and accretion 62.1 55.4

EBITDA $ 51.5 $ 70.8 Significant items impacting EBITDA:

Non-cash equity compensation expense 9.8 5.6 (Gain) loss on contingent consideration 31.4 —

Gain on long-lived assets (0.9) (4.4)Goodwill impairment — 4.1

(Earnings) loss from unconsolidated affiliates, net (0.3) 0.4 Adjusted EBITDA from unconsolidated affiliates 1.9 0.6 Significant transaction related costs and other items 17.8 13.1 Adjusted EBITDA 1 $ 110.6 $ 99.9

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, gain or 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 Midstream Partners, L.P. Non-GAAP Reconciliations



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 capita l expenditures as capita l expenditures related to maintaining our assets and operations .

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

Reconciliation to Net Income ($ In millions)





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 capita l expenditures as capita l expenditures related to mainta ining our assets and operations .

2 Represents proportionate amount of DCF attributable to publ ic unitholders 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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