Connections for America s Energy. Investor Presentation. Presentation Title. Presentation Subtitle. August /8/2018

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1 Investor Presentation Presentation Title Presentation Subtitle August /8/2018 Crestwood Midstream Partners LP Crestwood Equity Partners LP

2 Company Information Crestwood Equity Partners LP Contact Information NYSE Ticker CEQP Market Capitalization ($MM) (1,2) $2,649 Enterprise Value ($MM) (2) $5,071 Annualized Distribution $2.40 Corporate Headquarters 811 Main Street Suite 3400 Houston, TX Investor Relations (713) Forward-Looking Statements The statements in this communication regarding future events, occurrences, circumstances, activities, performance, outcomes and results are forward-looking statements. Although these statements reflect the current views, assumptions and expectations of Crestwood s management, the matters addressed herein are subject to numerous risks and uncertainties which could cause actual activities, performance, outcomes and results to differ materially from those indicated. Such forward-looking statements include, but are not limited to, statements about the benefits that may result from the merger and statements about the future financial and operating results, objectives, expectations and intentions and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect Crestwood s financial condition, results of operations and cash flows include, without limitation, the possibility that expected cost reductions will not be realized, or will not be realized within the expected timeframe; fluctuations in crude oil, natural gas and NGL prices (including, without limitation, lower commodity prices for sustained periods of time); the extent and success of drilling efforts, as well as the extent and quality of natural gas and crude oil volumes produced within proximity of Crestwood assets; failure or delays by customers in achieving expected production in their oil and gas projects; competitive conditions in the industry and their impact on our ability to connect supplies to Crestwood gathering, processing and transportation assets or systems; actions or inactions taken or non-performance by third parties, including suppliers, contractors, operators, processors, transporters and customers; the ability of Crestwood to consummate acquisitions, successfully integrate the acquired businesses, realize any cost savings and other synergies from any acquisition; changes in the availability and cost of capital; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond Crestwood s control; timely receipt of necessary government approvals and permits, the ability of Crestwood to control the costs of construction, including costs of materials, labor and right-of-way and other factors that may impact Crestwood s ability to complete projects within budget and on schedule; the effects of existing and future laws and governmental regulations, including environmental and climate change requirements; the effects of existing and future litigation; and risks related to the substantial indebtedness, of either company, as well as other factors disclosed in Crestwood s filings with the U.S. Securities and Exchange Commission. You should read filings made by Crestwood with the U.S. Securities and Exchange Commission, including Annual Reports on Form 10-K and the most recent Quarterly Reports and Current Reports for a more extensive list of factors that could affect results. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management s view only as of the date made. Crestwood does not assume any obligation to update these forward-looking statements. Corporate Structure No IDRs (1) Market data as of 8/6/2018. (2) Unit count and balance sheet data as of 6/30/

3 Well-Positioned for DCF per Unit Growth 3

4 Key Investor Highlights We Have the Right Strategies in Place to be a Sector Leader EXECUTION UNITHOLDER ALIGNMENT Well-positioned assets and strong fundamentals support volume growth 4%, 14% and 22% y-o-y YTD 2018 growth on oil, gas and water gathering volumes, respectively Best-in-class midstream operator for safety, customer service, community and environmental responsibility No incentive distribution rights Management and insiders own >30% of common LP units General Partner First Reserve committed ~$500MM to support CEQP growth in Delaware Basin FINANCIAL DISCIPLINE Committed to long-term leverage ratio of 4.0x or below Strong distribution coverage of 1.2x or above Opportunistically managing capital structure to reduce cost of capital SELF-FUNDED No equity required to fund $300MM-$350MM capital program in 2018 Asset divestitures and excess cash flow used to finance growth Strategic joint-ventures with Shell Midstream, Williams, Con Edison and First Reserve GROWTH High quality projects in Bakken, Delaware Basin, Powder River Basin and NE Marcellus Committed to accretive organic growth projects offering 5x 7x build multiples ~$120MM+ expected EBITDA contribution from current projects by 2021 Crestwood s 5-year plan is focused on delivering increased DCF per unit 4

5 First Half 2018 Drives Results and Outlook Significant Momentum Supports 3-year EBITDA Growth Outlook Crestwood s self-funding and integrated asset strategy drives exceptional results in the first half 2018 and strong confidence in future growth Strong Financial Results Best-in-class Operations Fully integrated assets and strong producer supply development supports growth Adj. EBITDA of $103MM, 6% above :17 and 1% above :18 Adj. EBITDA guidance tightened to $400MM to $420MM Leverage and coverage ratios of 4.0x and 1.3x, respectively Combined O&M and G&A expenses reduced 13% over :17 Improved annual safety metrics results in lower insurance Crestwood Transportation named a 2018 CCJ Innovator of the Year Bakken Arrow debottlenecking in-service 2018; cash flow ramp beginning in MMcf/d Bear Den 2 plant in service 2019; Secured NGL takeaway capacity in ONEOK Elk Creek NGL pipeline Delaware Basin 200 MMcf/d Orla plant placed in- service 2018; Fully integrated with Willow Lake and Nautilus Systems Secured NGL takeaway capacity/ownership in EPIC pipeline and long-term PSA with Chevron Phillips Powder River Basin Expanding Bucking Horse 2 plant and Jackalope system to 345 MMcf/d 5

6 Multiple High-Growth Basins Strong Fundamentals Drive Midstream Infrastructure Investment Bakken Powder River Basin Northeast Marcellus Delaware Basin 5-Yr Growth Strategy Driven by 4 Core Growth Areas Bakken Delaware Basin Powder River Basin NE Marcellus Shale Remaining portfolio of assets provide stable cash flows, optimization alternatives and upside optionality Diversified midstream portfolio with operating scale along the value chain 6

7 Bullish Outlook and Producer Activity Crestwood s Assets are Located in the Right Place! Crestwood s growth capital investments are building scalable franchise positions in the Bakken, Delaware Basin and Powder River Basin Core Growth Asset Basin Crude Oil Growth Forecast Rig Count Bakken 1.3 MMBbls/d : MMBbls/d +55% by % Y-O-Y Permian Basin 3.2 MMBbls/d :18 +80% 5.7 MMBbls/d By % Y-O-Y Powder River Basin / Niobrara 0.6 MMBbls/d : % 1.2 MMBbls/d by % Y-O-Y >50% of US onshore rigs are operating in Crestwood s top-3 core growth areas; Crestwood is investing in all the right places! Sources: Bakken production data per East Daley. Permian and Powder River forecasts per wall street research. Rig count data 7 provided by Baker Hughes and DrillingInfo as of 8/3/2018.

8 Balanced Portfolio; High Quality Customers Excellent Diversity of Services, Customers and Markets Stable cash flows supported by fixed-fee contracts, top-tier customer base and balanced commodity exposure CEQP Contract Portfolio 2018 Forecasted EBITDA Variable Rate Contracts 14% Long-Term Contract Profile With High Quality Customers (1) G&P assets backed by 1.1 million acreage dedication; High quality producer mix Take-or-Pay and Fixed-Fee Contracts 86% Top-tier NE Gas Storage & Transportation franchise; Largely investment grade Volumes by Commodity EBITDA by Commodity 15% 20% Diversified NGL Marketing, Supply & Logistics business 25% 60% 30% 50% Gas Oil NGLs ~86% of Crestwood 2018 EBITDA from take-or-pay and fixed-fee contracts; Key assets protected from commodity volatility and volume declines (1) Not inclusive of all Crestwood customers. 8 8

9 Volume Growth Drives Investments and Returns YTD 2018 oil, gas and water gathering volumes up 4%, 14% & 22% YOY Producer Activity Driving Volume Growth 100,000 90,000 80,000 70,000 60,000 50,000 Bakken Oil - +65% Growth 90,000 80,000 70,000 60,000 50,000 40,000 30,000 Bakken Natural Gas - +60% Growth 40,000 20,000 80,000 70,000 60,000 Bakken - Water 250, ,000 Delaware Basin 50, ,000 40,000 30,000 20, % Growth 100,000 50, % Growth 10, , , , ,000 50,000 Powder River Basin % Growth 600, , , , , ,000 SW Marcellus and Barnett SW Marcellus (1) Barnett 10%/yr decline 5-10%/yr decline 0 0 (1) MVCs through 2018 term; however, all current and future cash flow reflective of actual throughput and rate (no cash flow cliff). 9

10 Estimated Adjusted EBITDA ($MM) High Return Projects Drive EBITDA/DCF Growth Crestwood s visible project backlog will drive >15% 3-yr EBITDA and DCF/unit CAGR; Near-term growth focused in the Bakken, Delaware Basin and Powder River Basin $600 $550 Organic Projects Drive Accretive Growth >15% Growth $500 $450 $400 $350 Guidance $400MM-$420MM >15% Growth >15% 3-YR DCF/Unit CAGR $ E 2018 Drivers Growth Capital $300 million - $350 million 5x-7x build multiples Arrow gathering system expansions and debottlenecking Bear Den Processing Plant 1 Nautilus gathering system growth Orla Express and Processing Plant 1 Increased Stagecoach contribution 2019 Drivers Est. Growth Capital (1) $250 million - $300 million 5x-7x build multiples Arrow, Nautilus and Jackalope growth Bear Den Processing Plant 2 Powder River Basin Jackalope system expansion Bucking Horse Plant 2 Increased Stagecoach contribution TBD Arrow, Nautilus and Jackalope volume growth Orla and Bucking Horse Processing Expansions Northeast Marcellus expansion Joint-venture consolidations (1) Estimates based on projects currently underwritten in

11 Crestwood Driving Unitholder Value Unrecognized Value to Further Propel Valuation EV/EBITDA Crestwood has been a leader in the sector s transformation by checking all the right boxes for unitholder value creation Strong fundamentals in the areas we operate Sub-4x Leverage and Coverage above 1.2x NO Incentive Distribution Rights 50% 40% 30% 20% 10% 0% -10% -20% Crestwood Has Delivered Strong Performance YTD Relative Price Performance CEQP +44% Peers +18% Alerian +5% Limited regulatory exposure Visible, accretive growth projects Committed to MLP structure Yet Still Offers Significant Upside With Continued Execution 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x Median = 12.2x 11.1x 11.4x 11.9x 12.0x 12.4x 9.3x 10.0x Peer 1 Near-term Growth Catalysts Provide Unrecognized Value CEQP Peer 2 Peer 3 Peer 4 Peer 5 Peer x 13.2x Peer 7 Peer x Peer x Peer 10 Peer Group Includes: DCP, ENBL, ENLK, ETP, OKE, PAA, SMLP, TRGP, WES, and WPZ. Market trading data per NYSE Connect as of 8/6/ EV/EBITDA data per Wall Street research as of 8/6/

12 Attractive Set of Near-term Organic Growth Projects 12

13 Bakken Growth Strategy Crestwood actively expanding the Arrow Gathering System and Bear Den Processing Plants as producer volume growth forecasts exceed expectations Arrow Overview Arrow Gathering system expected to generate Adj. EBITDA of $165MM in 2018; ~40% increase from >1,500 drilling locations identified on dedicated acreage Diversified and balanced group of producers: WPX, QEP, XTO, EnerPlus, Bruin, Rimrock, PetroShale 8-year weighted average contract length and Crestwood purchases 100% of oil and gas volumes at the wellhead The Arrow system will be Crestwood s largest driver of cash flow growth in 18/ Forecasted Volume Growth Oil (MBbl/d) Water (MBbl/d) Gas (MMcf/d) 80 well connects per year through 2021 drives 15-20% EBITDA CAGR Oil Natural Gas Water 3-Product Growth Strategy Oil gathering volumes expected to increase ~15% in 2018 based on improved well performance Connected to DAPL in ; led to significant improvement in producer net-backs Gas gathering volumes expected to increase ~50% in 2018 with reduced flaring Bear Den Plants reduce reliance on 3 rd party processing, provide flow assurance and better net-backs Water gathering volumes expected to increase ~60% in 2018 Significant produced water being trucked today; expanded water gathering and new SWD wells 13

14 Capacity (MBbls/d) Capacity (MBbls/d) Capacity (MMcf/d) Capacity (MMcf/d) Arrow System Expansion Projects Arrow gathering and processing projects increase capacity to support longterm development plans based on improving FBIR well performance SWD Expansions New Oil & Water Pumps Gathering Projects New Compressor Station Bear Den Plant Phase 1: 30 MMcf/d Phase 2: 120 MMcf/d Debottlenecking projects offer sub-4x build multiple economics Crude Gathering Water Gathering Gas Gathering Gas Processing % % % % YE YE 2019 YE YE 2019 YE YE 2019 YE YE Average Volumes 14

15 Processing Volume (MMcf/d) Bear Den Processing Plants Crestwood is expanding Arrow s processing capacity to meet producer forecasts and improve flow assurance; Bear Den Phase 2 scheduled in-service for 2019 Gas Processing Overview Bear Den Processing Strategy is a two phase solution to provide 150 MMcf/d processing for Arrow gas volumes; focus on reduced flaring, flow assurance and improved net-backs Phase 1: 30 MMcf/d RJT unit to process excess gas volumes previously flared or above third-party processing contracts Commissioned late ; 100% full Phase 2: 120 MMcf/d cryogenic plant to process 100% of Arrow gas volumes by 2019 Targeted in-service 2019 NGL Marketing: signed anchor shipper agreement with ONEOK Elk Creek project with COLT NGL by rail loading as backup Processing Capacity Growth Timeline CEQP Bear Den - Phase 2 CEQP Bear Den - Phase 1 Third-Party Processing Attractive total project returns of sub-6x; Phase 1 project immediately accretive to 2018 DCF Bear Den plant phase-1 15

16 Bakken s Full-Service Business Model Crestwood s integrated Bakken franchise offers Arrow producers full-service midstream solution to ensure flow assurance and competitive pricing out of the Basin 1 Wellhead Services - Fully Integrated G&P System Expanding gathering and processing capacities to meet growing producer forecasts Crestwood s #1 Arrow goal is to optimize producer netbacks!! 2 COLT Hub and Trucking Services COLT Hub offers storage and crude oil and NGL rail loading to West and East Coast markets Crestwood s MS&L segment optimizes crude and NGL marketing services in the Basin Trucking adds value services for crude and water 3 Premium Downstream Connectivity Elk Creek Dakota Access (DAPL) Crestwood secured agreements to move product gathered at Arrow to premium downstream markets via DAPL (Arrow and COLT Hub), Northern Border (Arrow) and Elk Creek (Bear Den) pipelines Pipeline agreements scaled to support Bear Den volume growth Best-in-class integrated Bakken G&P system with premium downstream connectivity fully supports Arrow producers and FBIR off-set producers; Elk Creek NGL agreement integrates Crestwood s Bakken and Powder River Basin systems 16

17 Delaware Basin Growth Strategy Crestwood operates a fully integrated G&P system in the heart of the Delaware Basin through 50/50 JV with First Reserve (CPJV) and CPJV JV with Shell Midstream Delaware Basin Overview Fully integrated G&P system is supported by long-term fixed contracts and spans from Eddy County, NM to Reeves County, TX Current assets include the Orla cryo-plant, Willow Lake and Nautilus gathering systems, and EPIC Y-grade pipeline interest Total gathering capacity of 650 MMcf/d Total processing capacity of 255 MMcf/d Total Y-grade long-haul capacity of 80 MBbls/d Future expansion opportunities: Orla processing expansions; Orla 2 planning underway Crude oil gathering, terminalling and condensate stabilization/blending Produced water gathering and disposal Shell sold dedicated southern Ward Co. acreage to Halcon Resources in 2018; Potential to accelerate build-out Joint venture strategy with First Reserve and Shell Midstream supports long-term growth strategy (1) Asset Map Fully integrated G&P system in the core of the Delaware Basin with a long-term NGL takeaway solution enhances competitive advantage; Crestwood pursuing incremental undedicated third-party volumes around existing systems X 3 Over 200K dedicated acres X 6 (1) Crestwood and First Reserve each own 50% of Willow Lake and Orla Plant and 25% of Nautilus system; Shell Midstream owns 50% of the Nautilus system. 17

18 Delaware Basin Full-Service NGL Solution Crestwood s Delaware Basin competitive advantage enhanced with recent acquisition of EPIC NGL pipeline capacity and favorable PSA with Chevron Phillips; Provides G&P customers guaranteed NGL capacity and pricing to premium Gulf Coast markets 1 Fully Integrated G&P System 200 MMcf/d Orla cryogenic gas processing plant placed into service in July 2018; Willow Lake and Nautilus gathering systems support high quality producers in the core of the Basin 2 3 NGL Pipeline Capacity CPJV acquired undivided joint ownership in Orla-to-Benedum segment of EPIC Y-grade pipeline; 80 MBbls/d capacity provides Orla customers NGL takeaway capacity to favorable Gulf Coast markets Orla Downstream Marketing Long-term Y-grade sales agreement with Chevron Phillips at Benedum, TX; Provides greater flow assurance and improves net-backs for Orla s customers Crestwood s Delaware Basin footprint provides customers full midstream value chain services and flow assurance in a very competitive Basin 18

19 Powder River Basin Growth Strategy Large-scale G&P system expansions underway driven by recent volume growth and future development activity Overview Strategic 50/50 JV with Williams Chesapeake Energy currently operating five rigs; potential sixth rig in 2019 PRB assets to reach capacity in 2H 2018 or early 2019 Jackalope gathering system capacity of 180 MMcf/d Bucking Horse plant processing capacity of 120 MMcf/d (upgraded to 145 MMcf/d in 2H 2018) Expanding Jackalope and Bucking Horse processing plant to 345 MMcf/d capacity by 2019 Crude opportunity in 2H18 CEQP Niobrara JV has long-term financing partners Chesapeake Forecasting Substantial Volume Growth in $25/Bbl - $35/Bbl Breakeven 2,780 undrilled inventory 388,000 dedicated acres Recent Turner tests: 2,886 Boe/d with 51% oil cut 2,560 Boe/d with 80% oil cut 1,700 Boe/d with 80% oil cut CHK production volume growth exceeds previous forecasts; total volumes now expected to double by YE 2019 Powder River Basin has emerged as Chesapeake's Oil Growth Engine ; Stacked play economics drive Chesapeake development and off-set producer activity Source: Chesapeake Energy investor presentation. 19

20 PRB Economics Attracting High-Quality Producers Third-party operators provide opportunity for incremental G&P volume growth Turner formation drilling economics offer >100% RORs at current strip pricing (1) CHK Acreage Delineated PRB Front and Center on Earnings Anadarko has established a core position of more than 300,000 gross acres developed a play concept focused on the turner formation and drilled wells in this play, with rates >2000 BOE per day, having a greater than 80% oil cut Anadarko 8/2018 We're very pleased with what we're seeing. Every [Turner] well that we bring on is really some of the higher rate of return wells that we have later this year, we'll not only pick up a 2 nd rig, We get to the 3 rd rig. Devon Energy 8/2018 While we currently anticipate our production will reach 38 MBbls/d by year-end, we've already increased our net oil production in the PRB by 90% year-to-date with additional growth that will come Chesapeake Energy 8/2018 Note: Producer logo locations are approximations of acreage positions. (1) Per Chesapeake Energy investor presentation. 20

21 Bcf/d NE Marcellus Provides Long-Term Growth Potential NE Marcellus is the most prolific US gas basin; Stagecoach is strategically located to capture infrastructure expansion opportunities from NE gas demand growth Stagecoach Overview Strategic Position in NE Natural Gas Market Strategic 50/50 JV with Consolidated Edison FERC regulated storage and pipeline assets located at center of prolific NE Marcellus Stagecoach Assets Connected to 5 Bcf/d supplies SGS rates/returns expected to be unaffected by recent FERC ruling; majority of revenues from market-based and negotiated rates Near-term growth: JV Cash Flow Stagecoach generated ~$135MM Adjusted EBITDA in Stagecoach Assets 41 Bcf storage capacity 3.1 Bcf/d of deliverability and 5 Bcf/d of supply access June 2018/2019: Cash flow distribution to CEQP steps to 40% and 50%, respectively NE Marcellus Gas Production Constrained in Long-term growth potential: Evaluating incremental takeaway projects Production More Pipe Production Base Case Production Less Pipe out of the basin Current pipeline constraints and Pipeline Capacity (Base) Pipeline Capacity (Less) Pipeline Capacity (More) announced projects stymied by regulatory 10 environment 9 NE production needs an additional Bcf/d of take-away capacity Source: Northeast production data per BTU Analytics. 21

22 Balance Sheet Strength, Disciplined Capital Allocation, Accretive DCF Growth 22

23 Financial Outlook Crestwood tightened Adjusted EBITDA guidance range upward to reflect strong performance in the first half 2018 and new growth capital investments Adjusted EBITDA Distributable Cash Flow Distribution Coverage Ratio Leverage Ratio Growth Capital Maintenance Capital (1) REVISED REVISED $400 million $420 million $195 million $225 million >1.2x 4.0x 4.5x $300 million $350 million $15 million $20 million Gathering & Processing Adjusted EBITDA (2) : $345MM - $355MM Arrow gathering system expansions and debottlenecking Bear Den Processing Plant 1 Nautilus gathering system growth Orla Express and Processing Plant 1 SW Marcellus / Barnett modest declines Segment Outlook Storage & Transportation Adjusted EBITDA (2) : $70MM - $75MM Stagecoach distribution to increase 5% in June 2018 and 10% in June 2019 COLT Hub $10MM-$15MM cash flow contribution in 2018 and 2019 Tres Palacios rate improvement driven by Gulf Coast LNG and Mexican gas demand Marketing, Supply & Logistics Adjusted EBITDA (2) : $50MM - $55MM NGL marketing business driven by seasonal propane and butane demand in the Northeast US Salt divested for $225MM in at ~11x cash flow; West Coast NGL assets divested for $58MM Note: Please see accompanying tables of non-gaap reconciliations for Adj. EBITDA and DCF. (1) Excludes maintenance capital contribution from joint ventures expected to be $3-$5MM net to Crestwood. (2) Segment Adjusted EBITDA excludes corporate G&A of $65MM. 23

24 Self-Funded Capital Program Crestwood has underwritten $300MM-$350MM (1) in 2018 to expand gathering and processing capacity in the Bakken, Delaware Basin and Powder River Basin Crestwood is committed to maintaining a strong balance sheet and excess distribution coverage as it pursues organic growth projects Growth Capital By Region Delaware Basin 11% Crestwood s current capital program is fully financed with no public equity requirements to maximize project returns and DCF/unit value creation Growth capital will be funded by 1) reinvesting retained DCF, 2) available liquidity under revolving credit facility, 3) jointventure partners and 4) non-core asset divestitures Bakken 72% Powder River 16% Other 1% Maintenance Capital by Quarter Growth Capital by Quarter $10 $160 $8 $140 $120 $6 $4 $100 $80 $60 $2 $40 $20 - :18A :18 :18 :18 - :18A :18A :18 :18 Highly accretive growth projects expected to generate 5x 7x build multiples (1) range of $300 million to $350 million represents growth capital net to CEQP. 24

25 Strong Balance Sheet and Liquidity Crestwood is committed to maintaining a very strong balance sheet and financial flexibility; Crestwood targets YE 2018 leverage of 4.0x-4.5x Balance Sheet Positioned for Strength Top-tier leverage position 2018 leverage of 4.0x Current borrowing capacity over $600 million Over $1 billion of debt reduction over past 3-years Committed to long-term leverage <4.0x once growth projects come online Current Capitalization Actuals Actuals Actuals Actuals ($ millions) FY 2015 FY FY 2018 Cash $1 $2 $1 $6 Revolver $735 $77 $318 $385 Senior Notes 1,800 1,475 1,200 1,200 Other Debt Total Debt $2,544 $1,558 $1,526 $1,591 Total Leverage Ratio 4.8x 3.7x 4.1x 4.0x No Near-Term Debt Maturities No near-term maturities; attractive longterm capital Committed to funding 2018 and 2019 current capital program without accessing the public equity markets ($MM) $800 $600 $400 $200 Issue Price Yield % % RCF 6.25% Notes 5.75% Notes $ Note: Senior note price and yield data per Bloomberg as of 8/6/

26 Key Investment Highlights Solid fundamentals across diverse nationwide asset portfolio Long-term leverage sub-4x and coverage >1.2x NO Incentive Distribution Rights Disciplined and prudently financed capital program Scalable accretive organic growth projects Forecasted >15% 3-yr DCF/Unit CAGR Unrecognized Value Generated by Near-term Growth Catalysts to Further Drive Value Creation for Unitholders!!! 26

27 Appendix: Appendix 27 27

28 Crestwood s Industry Recognition in In, Crestwood was recognized for its unwavering commitment to best in class customer service, community engagement, environmental stewardship and unitholder alignment Customer Service Community Engagement Ranked #1 in the EnergyPoint Research Customer Satisfaction Survey for Customer Service Customer Service Community Engagement Community Engagement Crestwood was awarded the NDPC Excellence in Community Engagement Award for our commitment to the communities where we operate Unitholder Alignment ~1/3 rd common units owned by insiders; Crestwood scored #1 in Wells Fargo s December midstream investor alignment report (1) Unitholder Alignment Unitholder Alignment Environmental Stewardship Environmental Stewardship Environmental Stewardship Recognized by the EPA as a SmartWay Partner, as a Company that demonstrates a standard of operations that minimizes their environmental footprint Crestwood s culture of excellence positions the partnership to be a responsible steward of capital and an attractive midstream investment (1) Wells Fargo research report titled The Midstream Alignment Scorecard. Published on 12/5/. Ranking based on unit ownership, governance, safety metrics, structure and 28 incentive compensation.

29 Gathering Volumes (MMcf/d) Barnett Update BlueStone s workover activities and recent DUC completions offset natural volume declines in Asset Overview Crestwood & BlueStone have 10-year agreement Fixed-fee and percent-of-index fee structure for both natural gas and NGLs Contract structure provides significant upside as commodity prices rebound BlueStone brought 7 DUCs online in the first quarter Active workover program designed to eliminate system declines and modestly grow volumes BlueStone evaluating new development and refrac opportunities $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $ Barnett Gathering Volumes BlueStone Begins System Reactivation :16 :16 :16 :16 :17 :17 :17 :17 :18 :18 Natural Gas Prices Since (1) April 15 th : BlueStone Agreement Workovers Offset Natural Field Decline Increased volumes combined with fixed-fee/percent-of-index contract structure drive cash flow outperformance (1) Source: EIA Henry Hub Natural Gas Spot Price. 29

30 SW Marcellus Update Gathering volumes up 36% in as Antero completes DUC Inventory Overview 20-year, fixed-fee gathering and compression services with Antero Resources 140,000 acreage dedication; System capacity of 875 MMcf/d 100 MMcf/d compression services on AM gathering in Western Area (90% utilized) MVCs through 2018 term; however, all current and future cash flow reflective of actual throughput and rate (no cash flow cliff) 21 DUCs brought online in Highlights Mcf/d 600, , , , , , , ,000 Gathering Volumes Since FY 21 DUCs in increased daily volumes >150 MMcf/d 200,000 J-16 F-16 M-16 A-16 M-16 J-16 J-16 A-16 S-16 O-16 N-16 D-16 J-17 F-17 M-17 A-17 M-17 J-17 J-17 A-17 S-17 O-17 N-17 Asset Map ~275 wells have been connected to Crestwood s system No dry holes EQT SWN Avg. 30D IP rate ~8.0 MMcf/d; Avg. EURs between 8 12 Bcf (1) 800+ liquid-rich (>1,100 BTU) drilling locations and 1,000+ dry gas drilling locations remain Growing NGL processing at the Sherwood plant with increased market takeaway capacity out of the basin Multiple large SW Marcellus operators hold acreage positions contiguous to Crestwood s eastern AOD Western Area East AOD Noble Energy Arsenal Resources EQT Well connections in highlight exceptional reservoir quality and significant upside growth potential with incremental activity (1) Source: Wood Mackenzie. 30

31 CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Full-Year 2018 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in millions, unaudited) Expected 2018 Range Low - High Net income Interest and debt expense, net Depreciation, amortization and accretion Unit-based compensation charges Earnings from unconsolidated affiliates Adjusted EBITDA from unconsolidated affiliates Adjusted EBITDA $35 - $ (75) - (80) $390 - $420 Cash interest expense (a) Maintenance capital expenditures (b) Adjusted EBITDA from unconsolidated affiliates Distributable cash flow from unconsolidated affiliates Cash distribution to preferred unitholders (c) Distributable cash flow attributable to CEQP (d) (95) - (100) (15) - (20) (110) - (115) (75) $195 - $225 (a) Cash interest expense less amortization of deferred financing costs. (b) M aintenance capital expenditures are defined as those capital expenditures which do not increase operating capacity or revenues from existing levels. (c) Includes cash distributions to preferred unitholders and Crestwood Niobrara preferred unit holders. (d) Distributable cash flow is defined as Adjusted EBITDA, adjusted for cash interest expense, maintenance capital expenditures, income taxes, and our proportionate share of our unconsolidated affiliates' distributable cash flow. Distributable cash flow should not be considered an alternative to cash flows from operating activities or any other measure of financial performance calculated in accordance with GAAP as those items are used to measure operating performance, liquidity, or the ability to service debt obligations. We believe that distributable cash flow provides additional information for evaluating our ability to declare and pay distributions to unitholders. Distributable cash flow, as we define it, may not be comparable to distributable cash flow or similarly titled measures used by other companies. 31