2012 Master Limited Partnership Conference National Association of Publicly Traded Partnerships

May 23, 2012

Forward Looking Statements

This presentation contains forward looking statements within the meaning of the

federal securities laws. Forward looking statements are not guarantees of performance.

They involve risks, uncertainties and assumptions. The future results of Crosstex

Energy, L.P. and its affiliates (collectively known as “Crosstex”) may differ materially

from those expressed in the forward-looking statements contained throughout this

presentation and in documents filed with the SEC. Many of the factors that will

determine these results are beyond Crosstex’s ability to control or predict. These

statements are necessarily based upon various assumptions involving judgments with

respect to the future, including, among others, the ability to achieve synergies and

revenue growth; national, international, regional and local economic, competitive and

regulatory conditions and developments; technological developments; capital markets

conditions; inflation rates; interest rates; the political and economic stability of oil

producing nations; energy markets; weather conditions; business and regulatory or

legal decisions; the pace of deregulation of retail natural gas and electricity; the timing

and success of business development efforts; and other uncertainties. You are cautioned

not to put undue reliance on any forward looking statement. Crosstex has no obligation

to publicly update or revise any forward looking statement, whether as a result of new

information, future events or otherwise. 2

Crosstex GP, LLC

Public/Other Shareholders

100%

Public Unitholders

56%

• 2% GP Interest

• 100% IDRs

Crosstex Energy, Inc. (NASDAQ: XTXI)

Directors / Executive Officers

87% 13%

2%

22%

Crosstex Energy, L.P. (NASDAQ: XTEX)

20%

GSO Crosstex

Holdings

Corporate Structure

3

• $635 million Revolving Credit Facility

• 8.875% Senior Notes due 2018

• 7.125% Senior Notes due 2022*

Crosstex Energy

Services, LP.

All Assets

and Operations

* 7.125% Senior Notes contingent upon closing of Clearfield acquisition

• Over 2,800 miles of natural gas gathering and transmission pipeline

• 10 natural gas processing plants

• 4 fractionators

• Over 470 miles of NGL pipeline

• 2.4 MM barrels of NGL cavern storage

• Crude terminals – S. La.

4

Services Provided

5

Strategically Located Assets

LIG

• ~2,100 miles of pipeline

• 2 processing plants

• 2 treating plants

PNGL

• ~440 miles of NGL pipeline

• 4 processing plants

• 3 fractionation facilities

North Texas

• ~840 miles of pipeline

• 3 processing plants

• 2 treating plants Permian Basin – Apache JV

• 50 MMcf/d cryogenic processing

plant

• Mesquite fractionator and rail

terminal

Crude

• Crude truck, rail and barge transloading facilities:

− Riverside: 4,500 Bbl/d existing + ~10,000 Bbl/d under construction

− Eunice: 3,000 Bbl/d existing

Cajun Sibon

• ~130-mile NGL pipeline

from Mt. Belvieu to

expanded fractionation

assets in LA

Clearfield - Utica

• ~200 miles of crude &

condensate pipeline

• Truck, rail, barge, and

brine disposal facilities

Eagle Ford

• Strategic investment in Howard Energy

• ~450 miles of pipeline

• Pipeline and plant construction operations

Truck Unloading Station

Brine Disposal Well

Barge Terminal

Rail Terminal

Storage

Processing Plant

Fractionator

Recent Accomplishments

* Debt issuance contingent upon closing of Clearfield acquisition 6

Our strategy is to:

• Maximize earnings and growth of existing businesses

• Grow business to enhance scale and diversification and to create value

Continue focus on new core businesses to enhance diversification and scale:

• Increase NGL business

• Grow Crude, Logistics and Salt Water Disposal business

• Develop GP&T business in rich gas areas

Near Term Strategic Plan

7

Committed to Diversified Growth

8

Crosstex continues to effectively execute its growth and

expansion strategy:

Investments and Acquisitions

Clearfield Energy, Inc. Acquisition $210

Howard Energy Partners - Meritage Investment 52

Sub-total Investments and Acquisitions $262

Organic Growth and Expansion

Cajon Sabon Phase I $230

Clearfield Energy / Utica Shale Expansion - Post Acquisition 50

Permian Basin 29

PNGL Crude Terminals 21

Other Organic Growth 30

Sub-total Organic Growth And Expansion $360

Total Growth $622

Projected Capital Spend(amounts in millions)

Clearfield Energy, Inc. Overview

9

Transaction Overview

10

The Transaction:

Agreement to acquire privately held Clearfield Energy, Inc. for $210 million

9X EBITDA multiple, expected to move to a 5X EBITDA multiple within three years; $50 million

additional capital investment

Anticipated closing date – July 2012

Financing through a combination of debt and equity

The Company:

Clearfield Energy, Inc:

125 years of history in Ohio; formerly (prior to 1983) Buckeye Pipeline’s Mackburg Division, created

in 1886

Fee-based crude and condensate services in Ohio, West Virginia, and Kentucky

− Pipeline, rail, barge, and trucks

Fee-based brine collection and disposal services in Ohio and West Virginia

− Four wholly owned and two joint venture disposal wells

Handles 30% of all oil production in Ohio and Kentucky; 55% in West Virginia,

− Majority of new Utica Shale oil production

Current Volumes ~10,000 Bbl/d of crude/condensate and ~5,700 Bbl/d of brine

Revenue mix: 75% crude/condensate and 25% brine

Clearfield Energy, Inc. Asset Overview

11

Assets include:

- 4,500 Bbl/hr barge

terminal on the Ohio

River

- 20 car-28,000 Bbl/d

(expanding to 40 car-

56,000 Bbl/d by end of

2012) rail loading terminal

on the Ohio Central

Railroad

- ~120 miles of 8” pipeline

in Ohio (Current capacity

10,000Bbl/d)

- ~80 miles of 6” pipeline in

West Virginia (Current

capacity 7,000Bbl/d)

- Over 2,500 miles of

unused ROW

- ~100,000 Bbls of above

ground storage

- 4 wholly owned brine

disposal wells, 2 joint

venture disposal wells, 1

additional well currently

being completed and 1

being permitted

- Extensive fleet of trucks

(Current capacity 35,000

Bbl/d)

Source: Ohio Department of Natural Resources

Truck Unloading Station

Brine Disposal Well

Barge Terminal

Rail Terminal

Existing Pipeline

Business Overview by Asset

NTX: Strategically Positioned in the Barnett Shale

Well Positioned Assets (current capacity) :

• NTPL – 375 MMcf/d

• NTX Gathering Assets – 1 Bcf/d +

• Azle plant – 50 MMcf/d

• Goforth plant – 30 MMcf/d

• Silvercreek plant – 200 MMcf/d

• Compression HP – 191,652

2011Segment Cash Flow

LTM 3/31/2012 Throughput :

• NTX – Gathering – 803,000 MMBtu/d

• NTX – Transmission – 352,000 MMBtu/d

• NTX – Processing – 275,000 MMBtu/d

Note: Segment Cash Flow is a non-GAAP financial measure. See Appendix for reconciliation to Operating Income (loss) 13

LIG: Strategically Positioned Assets

2011Segment Cash Flow

Note: Segment Cash Flow is a non-GAAP financial measure. See Appendix for reconciliation to Operating Income (loss)

Well Positioned Assets (current

capacity):

• LIG Pipeline – 1Bcf/d+

• LIG Red River 24” Expansion – 465 MMcf/d

• Plaquemine Plant – 225 MMcf/d; 10,000 Bbls/d Fractionator

• Gibson Plant – 110 MMcf/d

LTM 3/31/2012 Throughput:

• LIG – Gathering / Transmission 899,000 MMBtu/d

• LIG – Processing – 248,000 MMBtu/d

14

PNGL: Strategically Positioned Assets

Well Positioned Assets (current capacity):

• Eunice – 750 MMcf/d; 15,000 Bbls/d

• Pelican – 600 MMcf/d

• Sabine – 300 MMcf/d

• Blue Water – 525 MMcf/d

• Riverside – 27,000 Bbls/d

• Napoleonville Storage – 2.4 MMBbls

2011Segment Cash Flow

Note: Segment Cash Flow is a non-GAAP financial measure. See Appendix for reconciliation to Operating Income (loss)

LTM 3/31/2012 Throughput:

• Processing – 824,000 MMBtu/d

• NGL Fractionation – 1,121,000 gal/d

15

Cajun Sibon Phase I

• Project includes building ~130-mile NGL pipeline from Mt. Belvieu and expanding fractionation assets in LA

• Estimated in service date in first half of 2013 • Estimated Capex of $230MM excluding raw make storage

16

Permian Basin Expansion

• Joint venture with Apache: 50 MMcf/d cryogenic facility; 50% owned – Operated by Crosstex

• Mesquite fractionator and rail terminal: 100% owned - Creates space for Apache NGLs

17

Eagle Ford Expansion

• Strategic investment in Howard

Energy Partners to pursue

opportunities in the Eagle Ford Shale

• Completed a 30-mile, 12-inch

diameter pipeline expansion for rich

gas header since initial acquisition

• Acquired Meritage assets in April

2012

18

Financial Overview

Current Financial Focus

• Maintaining strong liquidity position for flexibility with no near term debt maturities

• Maintaining conservative capital structure and leverage ratios

– Match distributions with more reliable cash flows

– Reinvest excess coverage from less sustainable cash flows

– Funded over $400 million of 2012 growth capital through recent debt and equity issuance*

• Improving cash flows by:

– Investing in high-return projects

– Improving efficiencies of existing assets

20

4.23x

4.08x3.96x 3.90x 3.96x 3.92x

4.07x

1.34x

1.60x1.57x 1.53x

1.19x

1.41x1.52x

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

$0.35

1.00x

1.50x

2.00x

2.50x

3.00x

3.50x

4.00x

4.50x

3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012

Quarterly Leverage and Distribution

Dist/unit Leverage Dist. Coverage

* Debt contingent upon closing of Clearfield acquisition

58%66%

62%57% 54%

10%

12%14%

13% 19%

15%

9% 13%19%

17%

17%13% 11% 11% 10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2008* 2009 2010 2011 2012**

Gathering & Transmission Fee Based Processing & Fractionation

Processing Margin Percent of Liquids

Fee Based Focus

* 2008 excludes discontinued operations ** 2012 represents midpoint of guidance

~ 70% Fee-based business

21

Solid Performance in All Core Areas

Note: Segment Cash Flow is a non-GAAP financial measure. See Appendix for reconciliation to Operating Income (loss) * 2012 represents mid-point of guidance without adjustment for the Clearfield acquisition ** Cash flows from Permian assets are included in the North Texas and PNGL segment amounts

CAGR (2008 – 2012) for total segment cash flows of 9.9%

22

Years Ended December 31,

Segment Cash Flow 2008 2009 2010 2011 2012 *

(Amounts in Millions)

North Texas ** 103$ 113$ 114$ 126$ 126$

LIG 82 80 82 95 89

PNGL ** 12 21 38 51 72

Total Asset Segments 197$ 214$ 235$ 272$ 287$

Appendix

2012/2013 Hedge Positions

24

Hedged Volume as a % of Hedgeable Volume

Q2 Q3 Q4 Q1 Q2 Q3 Q4

POL

Total VAR Volumes 4.82 6.02 5.78 5.46 5.32 5.20 5.03

Total Hedgeable Volumes 2.97 4.07 3.57 3.40 3.29 3.20 3.05

Total Hedged Volumes 2.61 1.66 1.92 1.95 1.69 1.35 1.53

Hedged Percentage 88% 41% 54% 57% 51% 42% 50%

Proc Margin

Total VAR Volumes 33.67 38.53 38.50 37.56 38.09 38.64 38.67

Total Hedgeable Volumes 6.54 6.63 6.64 5.94 6.03 6.12 6.14

Total Hedged Volumes 4.51 2.77 2.02 1.31 1.21 0.77 0.99

Hedged Percentage 69% 42% 30% 22% 20% 13% 16%

2012 2013

(Volumes in MM gallons)

Processing Sensitivities Matrix Total Year 2012

Note: All amounts in millions except prices & ratios and include hedge impacts. 25

Natural Gas Price Natural Gas Price

$2.00 $2.50 $3.00 $3.50 $4.00 $2.00 $2.50 $3.00 $3.50 $4.00

300% $0.510 $0.637 $0.765 $0.892 $1.020 300% $52.0 $59.0 $66.1 $73.1 $80.1

335% $0.569 $0.712 $0.854 $0.996 $1.138 335% $57.5 $65.9 $74.3 $82.7 $91.1

410% $0.697 $0.871 $1.045 $1.219 $1.393 410% $69.2 $80.6 $91.9 $103.3 $114.6

485% $0.824 $1.030 $1.236 $1.442 $1.648 485% $81.0 $95.3 $109.6 $123.8 $138.1

550% $0.935 $1.168 $1.402 $1.636 $1.869 550% $91.2 $108.0 $124.8 $141.7 $158.5

$2.00 $2.50 $3.00 $3.50 $4.00 $2.00 $2.50 $3.00 $3.50 $4.00

300% $21.5 $23.9 $26.4 $28.9 $31.4 300% $30.5 $35.1 $39.6 $44.2 $48.8

335% $22.6 $25.4 $28.2 $30.9 $33.7 335% $34.9 $40.5 $46.1 $51.8 $57.4

410% $25.1 $28.5 $31.9 $35.3 $38.7 410% $44.1 $52.1 $60.0 $68.0 $75.9

485% $27.6 $31.7 $35.7 $39.7 $43.7 485% $53.4 $63.6 $73.9 $84.2 $94.4

550% $29.8 $34.4 $38.9 $43.5 $48.0 550% $61.4 $73.7 $85.9 $98.2 $110.5

Gross Margin from Total POL Contracts

Natural Gas Price Natural Gas PriceNGL to

Gas Ratio

Gross Margin from Total POL & PM ContractsNGL Basket Price Per Gallon

NGL to

Gas Ratio

NGL to

Gas Ratio

Gross Margin from Total PM Contracts

NGL to

Gas Ratio

Approximates Year 2012 Low Guidance

Approximates Year 2012 Midpoint of Guidance

Approximates Year 2012 High Guidance

26

Reconciliation: Segment Cash Flow to Operating Income (Loss)

* Other includes LOC fees, Stock Based Compensation and gains or losses on derivatives 26

(Amounts in Millions) 2007 2008 2009 2010 2011 2012 *

Total Asset Team Segment Cash Flow 176$ 197$ 214$ 235$ 272$ 287$

Shared Services (11) (15) (14) (13) (16) (18)

Other ** (3) (7) (3) 11 8 1

Asset Team Segment Profits 161$ 176$ 197$ 233$ 264$ 270$

Corporate Segment Profits 8 6 3 - - -

Segment Profits 169$ 182$ 201$ 233$ 264$ 270$

General and administrative expenses (60) (69) (60) (48) (53) (59)

Gain (loss) on derivatives 4 9 3 (9) (8) -

Gain on sale of property 1 1 1 14 (0) -

Depreciation, amortization and impairment (83) (137) (122) (113) (125) (126)

Operating income (loss) 31$ (14)$ 23$ 77$ 77$ 86$

Years Ended December 31,

* 2012 Represents mid-point of guidance without adjustment for the Clearfield acquisition

* * Other includes the impact of LOC fees, Gain (Loss) on derivatives and stock-based compensation allocated to operations

* 2012 Represents mid-point of guidance without adjustment for the Clearfield acquisition

* * Other includes the impact of LOC fees, Gain (Loss) on derivatives and stock-based compensation allocated to operations