Connections for America s Energy. Investor Presentation. Presentation Title. Presentation Subtitle. February /19/2018

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1 Investor Presentation Presentation Title Presentation Subtitle February /19/2018 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) $1,962 Enterprise Value ($MM) (2) $4,138 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 2/16/2018. (2) Unit count and balance sheet data as of 12/31/. 2

3 Well-Positioned for DCF per Unit Growth 3

4 Key Investor Highlights: Solid Execution in Sets Up Crestwood for Stronger 2018 EXECUTION UNITHOLDER ALIGNMENT FINANCIAL DISCIPLINE SELF-FUNDED GROWTH Adj. EBITDA of $395MM achieves upper end of increased guidance 29%, 23% and 24% y-o-y growth on oil, gas and water gathering volumes, respectively Recognized by EnergyPoint, NDPC and the EPA as a best-in-class midstream operator for safety, customer service, community and environmental responsibility No incentive distribution rights ( IDRs ) Management and insiders own >30% of common LP units First Reserve continues to commit over $500MM of new capital to support CEQP growth; Highlights First Reserve s long-term committee to Crestwood Attractive balance sheet; 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 No equity required to fund $250MM-$300MM capital program in 2018 Asset divestitures used to reduce debt; US Salt divested in for ~$225MM Highly strategic joint-ventures with Shell Midstream, Williams, Con Edison and First Reserve reduce capital requirements High quality growth in the Bakken, Delaware Basin, Powder River Basin and NE Marcellus Committed to accretive organic growth projects offering 5x 7x build projects ~$120MM+ expected EBITDA contribution from current projects by 2021 Focused on generating increased DCF per unit to enhance unitholder value on a Price/DCF basis 4

5 and FY Financial Results Outperform Crestwood exceeded the mid-point of its increased guidance targets and outperformed consensus estimates in Fourth Quarter Results ($US Millions) Actuals Consensus Adjusted EBITDA $110.9 $104 (-) Cash Interest Expense (23.5) (-) Maintenance Capital (5.9) (-) Other (5.9) (-) Distribution to Preferred Holders (18.8) Distributable Cash Flow $56.8 $55 FY Actuals vs. Guidance ($US Millions) FY Actuals Guidance Adjusted EBITDA $395 $380 $400 Distributable Cash Flow $228 $220 $230 Growth Capital $214 $225 $250 Maintenance Capital $22 $20 $25 Coverage Ratio 1.4x x Leverage Ratio 4.1x 4.0x 4.5x 5

6 Diversified Assets in Active Basins 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 Crestwood assets offer operating scale, fixed-fee services & DCF growth 6

7 Balanced Portfolio; High Quality Customers Stable cash flows supported by fixed-fee contracts, top-tier customer base and balanced commodity exposure by volume and EBITDA 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; 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. 7 7

8 Strong Growth Outlook by Basin FY oil, gas and water volumes up 29%, 23% & 24%; continued volume growth expected from 2018 drilling plans Producer Activity Driving Volume Growth System Drivers 100,000 90,000 80,000 70,000 60,000 50,000 40,000 Bakken Oil - +65% Growth 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 Bakken Natural Gas - +60% Growth Bakken 29%/4%/24% oil/gas/water volume growth System expansions in 2018 Delaware Basin 217% volume growth 3 active rigs in ,000 Bakken - Water 250,000 Delaware Basin Halcon adding rig on So. Nautilus 70,000 60,000 50, , ,000 Powder River Basin 88% volume growth 40,000 30,000 20,000 10, , , , , , ,000 0 SW Marcellus and Barnett SW Marcellus Barnett % Growth 10%/yr decline 5-10%/yr decline 100,000 50, , , , ,000 80,000 60,000 40,000 20,000 Powder River Basin % Growth - +70% Growth 3 active rigs in 4 rigs forecasted in 2018 SW Marcellus 23% volume growth 21 DUCs completed in 10%/yr PDP decline rate in 2018 (1) Barnett 8% volume decline Active workover program in 1H: %/yr PDP decline rate in 2018 (1) MVCs through 2018 term; however, all current and future cash flow reflective of actual throughput and rate (no cash flow cliff). 8

9 Financial Outlook Crestwood expects to resume cash flow growth in 2018 as volumes in the Bakken, Delaware Basin, and Powder River Basin benefit from increased activity Adjusted EBITDA Distributable Cash Flow Distribution Coverage Ratio Leverage Ratio Growth Capital Maintenance Capital $390 million $420 million $195 million $225 million >1.2x 4.0x 4.5x $250 million $300 million $15 million $20 million Gathering & Processing Adjusted EBITDA (1) : $335MM - $355MM Bakken 15% y-o-y growth driven by system de-bottlenecking and new processing capacity Powder River growth driven by improved contract and rig activity; 4 expected in 1H 2018 Delaware Basin growth driven by increased gathering volumes and Orla processing plant in-service in mid-2018 SW Marcellus / Barnett modest declines Segment Outlook Storage & Transportation Adjusted EBITDA (1) : $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 (1) : $50MM - $55MM US Salt divested for $225MM in at ~11x cash flow NGL marketing business driven by seasonal propane and butane demand in the Northeast West Coast stable and primarily based on butane demand from local refiners Note: Please see accompanying tables of non-gaap reconciliations for Adjusted EBITDA and DCF. 9 (1) Segment Adjusted EBITDA excludes corporate G&A of $65MM.

10 Attractive Set of Near-term Organic Growth Projects 10

11 Growth Capital Crestwood plans to invest $250MM-$300MM in 2018 to expand gathering and processing capacity in the Bakken, Delaware Basin and Powder River Basin $100 $75 $50 $25 - Growth Capital By Region (1) Bakken 81% Delaware Basin 13% Powder River 4% Other 2% Growth Capital by Quarter :18 :18 :18 :18 Growth Capital Summary by Region Bakken Gathering and compression de-bottlenecking projects for oil, gas and water systems Bear Den processing Phase 1 and 2 plant expansions; target Phase 2 in-service date 2019 Salt water disposal wells and water upgrades Growth projects drive 15% - 20% EBITDA 5-yr CAGR Delaware Basin Orla processing plant (200 MMcf/d); target in-service date July 2018 High pressure pipelines connecting Willow Lake to Orla and Nautilus to Orla Gathering system expansions for Shell, Concho, Marathon and Mewbourne Powder River Basin Well connects and gathering system expansions Monitoring processing capacity at Bucking Horse plant; Current capacity of 120 MMcf/d CHK plans to run 4 rigs on PRB acreage in 2018 Highly accretive growth projects expected to generate 5x 7x build multiples (1) range of $250 million to $300 million represents growth capital net to CEQP. 11

12 Bakken Growth Strategy Crestwood continues to expand the Bakken Arrow System to offer producers full value-chain services and meet growing volume forecasts Arrow Overview Arrow Gathering system generated ~$120MM of Adj. EBITDA in >1,500 drilling locations identified on dedicated acreage Diversified and balanced group of producers: WPX, QEP, XTO, EnerPlus, Bruin, Rimrock 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 Current projects: Increasing oil gathering capacity to 120 MBbls/d Gas gathering volumes expected to increase ~50% in 2018 Current Projects: (1) Increasing gas gathering capacity to 120 MMcf/d and (2) Bear Den Plant: 2-phase 150 MMcf/d plant; Evaluating downstream NGL solutions to optimize producer netbacks and project returns Water gathering volumes expected to increase ~60% in 2018 Current projects: Increasing water gathering capacity to 90 MBbls/d and new SWD wells 12

13 Capacity (MBbls/d) Capacity (MBbls/d) Capacity (MMcf/d) Capacity (MMcf/d) Arrow System Expansion Projects Arrow expansions nearly double capacity to support long-term development plans and increasing Bakken 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 Crude Gathering Water Gathering Gas Gathering Gas Processing % % % % YE YE 2019 YE YE 2019 YE YE 2019 YE YE

14 Processing Volume (MMcf/d) Bakken Processing Expansion Projects Crestwood is investing growth capital to expand Arrow s processing capacity to meet producer drilling forecasts; Bear Den Phase 2 scheduled in-service for 2019 Overview Bear Den Processing Plant is a two phase processing solution that will provide 150 MMcf/d of combined processing capacity Phase 1: Immediate solution - 30 MMcf/d RJT unit sized to process excess gas volumes previously flared or above third-party contracts Phase 1 project cost ~$100MM (includes Bear Den pipeline) Commissioned late November Phase 2: Long-term solution MMcf/d cryogenic plant sized to process 100% of Arrow gas by 2019 Phase 2 project cost ~$195MM Targeted in-service 2019 Attractive total project returns of sub-6x; Phase 1 project accretive to DCF in Processing Capacity Growth Timeline CEQP Bear Den - Phase 2 CEQP Bear Den - Phase 1 Third-Party Processing Bear Den plant phase-1 14

15 Delaware Basin Strategy and Overview Crestwood is building competitive scale and fully integrated systems in the heart of the Delaware Basin through 50/50 JV with First Reserve Asset Overview & Strategy Current assets includes Willow Lake gathering & processing and Nautilus gathering & compression Total gathering capacity of 335 MMcf/d Total processing capacity of 85 MMcf/d Current growth projects: In-Service 200 MMcf/d Orla Processing Plant 2018 Nautilus to Orla Pipeline 2018 Willow Lake to Orla Pipeline 2018 Future expansion opportunities: Crude oil gathering, terminalling and condensate stabilization/blending Produced water gathering and disposal Halcon Resources acquired southern Ward Co. acreage from SWEPI 2018 Potentially accelerates development and buildout of southern Nautilus system Asset Map Willow Lake and Nautilus systems expected to be fully connected to the Orla Processing plant by July 2018; Crestwood pursuing incremental undedicated thirdparty volumes around existing systems 15

16 Delaware Basin Current G&P Assets Willow Lake and Nautilus gathering systems, combined gather over 140 MMcf/d, are at the center of significant development activity in the Delaware Basin Willow Lake System Willow Lake Gathering and Processing System is at the epicenter of Northern Delaware Basin development in Eddy and Lea counties, NM ~82 miles low pressure gathering system Current processing capacity of 85 MMcf/d (includes 30 MMcf/d expansion to handle volume growth through 28) Existing acreage/well dedications with Concho and Mewbourne supported by 100,000 acre AMI around plant/system The Orla Express pipeline will connect the Willow Lake system to the Orla Processing Plant in 1H 2018 Delaware System Maps Over 200K dedicated acres Nautilus System Nautilus Natural Gas Gathering System supports Shell s Delaware Basin development program; Joint venture with Shell Midstream LP 20-year tiered fixed-fee gathering and compression contract 100,000 acreage dedication in Loving and Ward counties, TX ~$90MM of capital invested in at a ~5.0x build-multiple The Nautilus-to-Orla pipeline will connect the Nautilus system to the Orla Processing Plant in 1H 2018 The Permian basin is the most important asset within Shell s unconventional portfolio, Shell has around 270k acres in the Permian, and intends to invest $1 billion per year to grow production to 155 MBbls/d by Shell Midstream Asset Ownership: Willow Lake Orla Plant Nautilus Crestwood 50% 50% 25% First Reserve 50% 50% 25% Shell Midstream % 16

17 Delaware Basin Water Solutions Next Leg of Growth Scalable infrastructure solutions for Delaware Basin water requirements; potential next phase of Delaware Basin growth strategy Delaware Water Production 5-YR Delaware Basin Water Forecast (1) 3.0 MMBbls/d Eddy Lea Daily Production (BBL) Loving Winkler Culberson Ward Based on Crestwood s current capture area, 2.4 MMBbls/d of produced water is forecasted by 2021 Reeves Crestwood s existing assets well-positioned to offer water gathering and disposal services to producers Jeff Davis Pecos Capture Area. Crestwood has extensive experience gathering and disposing produced water in the Bakken Source: DrillingInfo and Wood Mackenzie. (1) Water forecast based on capture area gas forecast and converted to water based on GORs and WORs for the Wolfcamp and Bone Spring type curves per Wood Mackenzie. 17

18 Powder River Basin Strategy and Overview Recent volume growth and future development activity may provide meaningful gathering and processing expansion opportunities in 2H 2018 or early 2019 Overview Powder River Basin system experiencing meaningful volume growth due to multiple bench production Stacked Pay and Large Inventory Offer High Growth Potential $25/Bbl - $35/Bbl Breakeven 2,780 undrilled inventory 388,000 dedicated acres Crestwood and Williams s (50/50 JV) assets may reach capacity in 2H 2018 or early 2019 Jackalope gathering system capacity of 180 MMcf/d Buckinghorse plant processing capacity of 120 MMcf/d Chesapeake Energy currently operating three rigs with the expectation of adding a fourth in 1H 18 Turner drilling program offers over 100% RORs 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 / delineation program proved concept across acreage position CHK projects PRB production of ~200 Mboe/d by 2022 Powder River Basin is gaining traction as a very economic stacked play; Chesapeake development and off-set producer activity provide growth potential for Crestwood Source: Chesapeake Energy investor presentation dated 2/13/

19 Bcf/d NE Marcellus Provides Long-Term Growth Potential NE Marcellus is the most prolific US gas basin and best potential for demand growth; Stagecoach is strategically positioned to capture growth opportunities 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 2.9 Bcf/d delivery capacity; over 180 miles of pipes 41 Bcf storage capacity 3.1 Bcf/d of deliverability and 5 Bcf/d of supply access Near-term growth: JV Cash Flow Stagecoach generated ~$135MM Adjusted EBITDA in June 2018/2019: Cash flow distribution steps to 40% and 50%, respectively NE Marcellus Gas Production Constrained in Long-term growth potential: Evaluating incremental takeaway projects out of the basin Pipeline constraints will continue in NE for Production More Pipe Production Base Case Production Less Pipe Pipeline Capacity (Base) Pipeline Capacity (Less) Pipeline Capacity (More) the next 10 years 10 NE production needs an additional 3-5 Bcf/d of take-away capacity to catch up with the available production Source: Northeast production data per BTU Analytics. 19

20 Balance Sheet Strength, Disciplined Capital Allocation, Accretive DCF Growth 20

21 Self-Funded 2018 Capital Program Crestwood is self-funding its 2018 capital program to maximize project returns and DCF/unit value creation US Salt Divestiture 1 Divested US Salt LLC, a non-core business in the MS&L segment, for approximately $225 million Valuation is ~11x E distributable cash flow Transaction closed December 1, Retained DCF 2 Forecasted cash flow growth allows Crestwood to maintain distribution coverage >1.2x and leverage <4.0x Crestwood will reinvest cash flow into accretive organic projects in FY 2018 Joint-Venture Strategy 3 Strategic joint-ventures minimize project risk and capital commitments, while enhancing commercial opportunities: Delaware Basin: First Reserve and Shell Midstream (NYSE: SHLX) NE Marcellus: Consolidated Edison (NYSE:ED) Powder River Basin: Williams Partners (NYSE:WPZ) Crestwood is committed to maintaining a strong balance sheet and excess distribution coverage as it pursues organic growth projects 21

22 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 YE leverage of 4.1x Current borrowing capacity ~$500 MM Substantial debt reduction over past 2- years Committed to long-term leverage <4.0x once growth projects come online No near-term maturities; attractive long-term capital Current Capitalization Actuals Actuals Actuals ($ millions) 2015 Cash $1 $2 $1 Revolver $735 $77 $318 Senior Notes 1,800 1,475 1,200 Other Debt Total Debt $2,544 $1,558 $1,526 Total Leverage Ratio 4.8x 3.7x 4.1x No Near-Term Debt Maturities Committed to funding 2018 capital program without accessing the public equity markets ($MM) $800 Issue Price Yield % 6.25% Notes Excess cash re-invested into accretive growth projects $600 $ % 5.75% Notes Substantial revolver capacity $200 RCF Additional potential non-core divestitures $ Note: Senior note price and yield data per Bloomberg as of 2/16/

23 Execution in 2018 to Drive Value Creation Price/DCF 14.0x 12.0x 10.0x P/DCF peer average = 10.3x; Implies >20% CEQP unit price upside to ~$34/unit 8.8x 8.9x 9.5x 9.6x 10.6x 10.9x 12.4x 8.0x 6.0x 4.0x 2.0x 0.0x CEQP Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 CEQP Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Leverage Ratio <4.25x Coverage Ratio >1.25x No IDRS Self-Funded CAPEX Significant Insider Ownership Source: DCF data provided by industry research dated 2/9/2018. G&P Peers Include: AMID, DCP, ENBL, ENLK, MPLX and WES. Note: Significant insider ownership defined as management and Board of Directors common unit ownership over 5% of outstanding units. 23

24 The Crestwood Investment Opportunity Focused on aggressively executing growth opportunities while maintaining financial strength SELF-FUNDED near-term gathering and processing growth opportunities in the Bakken and Delaware Basin Long-term PRB and northeast Marcellus pipeline projects In the meantime Crestwood is well-positioned to deliver attractive yield to investors (1) Current Yield = 8.7%; Coverage Ratio = 1.4x; Leverage Ratio = 4.1x Diversified business mix and strong contract portfolio No incentive distribution rights Reversion to Peer Group / Alerian yield provides significant upside for units Execution Drives Significant Upside Return Opportunity; CASH FLOW PER UNIT GROWTH TO RESUME IN 2018 (1) Current yield data as of 2/16/2018. Coverage ratio and leverage ratio as of 12/31/. 24

25 Appendix: Appendix 25 25

26 Crestwood s Commitment to Excellence was Recognized 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 26 incentive compensation.

27 Gathering Volumes (MMcf/d) Barnett Overview 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 Volume Growth :15 :15 :16 :16 :16 :16 :17 :17 :17 :17 Natural Gas Prices Since (1) April 15 th : BlueStone Agreement BlueStone Begins System Reactivation 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. 27

28 SW Marcellus Overview Gathering volumes up 36% in as Antero completes DUC Inventory Overview 20-year, fixed-fee gathering and compression services w/ 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. 28

29 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. 29