Investor Presentaiton
Continued Consolidation
ENABLE*
MIDSTREAM PARTNERS
WOODFORD EXPRESS, LLC
LOTUS
MIDSTREAM
زل
ENERGY
TRANSFER
Crestwood
Equity Partners LP
Closed December 2021
Assets complementary to ET'S
interstate and intrastate pipeline
system
Increased gathering and
processing footprint in the
Midcontinent and added
complementary U.S. Gulf Coast
infrastructure
Anchored by strong customers
and fee-based contracts
Immediately accretive to free
cash flow and DCF/unit
At announcement, transaction
value represented 6.9x multiple of
2021E run-rate EBITDA
➤ Closed September 2022
Assets extended ET's gas
gathering and processing system
in the SCOOP play in OK
Added processing/treating plant
and gathering lines directly
connected to ET's network
Anchored by strong customers
and fee-based with significant
acreage dedications contracts
➤ Immediately accretive to free
cash flow and DCF/unit
Closed May 2023
Assets complementary to ET's
crude oil pipeline system
Increased gathering and
processing footprint in the
Permian Basin and increased
connectivity to major hubs
Anchored by strong customers
and fee-based contracts
Immediately accretive to free
cash flow and DCF/unit
Announced August 2023(¹)
Commercial synergy opportunities
from the combination of their
storage and logistics business
with ET's NGL & Refined Product
and Crude Oil assets
Increases G&P footprint in
Delaware and Williston Basins
Provides entry into the Powder
River Basin
➤ Cash flow supported by primarily
fixed fee agreements and top-tier
customer base
Immediately accretive to DCF/unit
upon closing
(1)
The transaction is expected to close in the fourth quarter of 2023, subject to the approval of Crestwood's unitholders, regulatory approvals, and other customary closing conditions
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