Crestwood Midstream Partners LP Morgan Stanley Midstream MLP Corporate Access Event March 5, 2013
Crestwood Midstream Partners LPMorgan Stanley Midstream MLP
Corporate Access EventMarch 5, 2013
Forward Looking Statements
2
This presentation contains forward-looking statements and projections, made in reliance on the safe harbor provisions ofthe Private Securities Litigation Reform Act of 1995, regarding future events, occurrences, circumstances, activities,performance, outcomes and results of Crestwood Midstream Partners LP (“Crestwood” or “CMLP”). Although thesestatements reflect the current views, assumptions and expectations of Crestwood’s management, the matters addressedherein are subject to numerous risks and uncertainties, which could cause actual activities, performance, outcomes andresults to differ materially from those indicated. However, a variety of factors could cause actual results to materiallydiffer from Crestwood’s current expectations in financial condition, results of operations and cash flows including, withoutlimitation, changes in general economic conditions; fluctuations in oil, natural gas and natural gas liquids prices; theextent and success of drilling efforts, as well as the extent and quality of natural gas volumes produced within areas ofacreage dedicated on and within proximity of our assets; failure or delays by our customers in achieving expectedproduction in their natural gas projects; competitive conditions in our industry and their impact on our ability to connectnatural gas supplies to our gathering and processing assets or systems; actions or inactions taken or non-performanceby third parties, including suppliers, contractors, operators, processors, transporters and customers; our ability toconsummate acquisitions, successfully integrate acquired businesses, realize any cost savings and other synergies fromany acquisition; changes in the availability and cost of capital; operating hazards, natural disasters, weather-relateddelays, casualty losses and other matters beyond our control; timely receipt of necessary government approvals andpermits, our ability to control the costs of construction, including costs of materials, labor and rights-of-way and otherfactors that may impact our ability to complete projects within budget and on schedule; the effects of existing and futurelaws and governmental regulations, including environmental and climate change requirements; the effects of existingand future litigation; risks related to our substantial indebtedness; and other factors disclosed in Crestwood’s filings withthe Securities and Exchange Commission. The forward-looking statements included in this presentation are made onlyas of the date of this presentation, and we undertake no obligation to update any of these forward-looking statements toreflect new information, future events or circumstances except to the extent required by applicable law.
Current Crestwood Operations
(1) Key Operating Statistics as of 2/1/13
Key Operating Statistics (1)
Miles of Pipeline 849
Processing Plants 6
Compression HP (000’s) 259
Gathering Volume (MMcf/d) 975
Processing Volume (MMcf/d) 220
Fayetteville Shale100,000+ acres
15 year contracts
Haynesville Shale20,000+ acres
5-10 year contracts
Barnett Shale140,000+ acres
10-20 year contracts
Marcellus Shale127,000+ acres
20 year contract+ ROFO on Antero’s
Western rich gas AODGranite Wash13,000+ acres
10-13 year contracts
Avalon Shale55,000 acres
5 year contracts
3
Significant TransformationRepositioned Crestwood to be a leading diversified rich gas
focused partnership with assets in six world-class shale plays
4
Crestwood Holdings
(“HoldCo”)formed
KGS Barnett Shale
acquisition
CMLP issues $53MM equity
Fayetteville Shale and
Granite Wash acquisition
Haynesville Shale
acquisition
Marcellus Shale
acquisition (CMM Joint
Venture formed)
CMLP issues $153MM equity, $200MM Senior
Notes, increases revolver capacity to
$500MM
Avalon Shale
acquisition
CMLP issues $103MM equity
HoldCo $400MM term loan (replaced
existing loan)
CMM Joint Venture arranges $200MM
revolver
May 2010
Feb 2011
Nov 2011
Apr 2011
May 2011
March 2012
Oct 2010
Jan 2012
FRC & Management $535MM equity; HoldCo
$180MM term loan, arranges $400MM
revolver
Bolt-on Devon acquisition in rich Barnett
Shale
Aug 2012
CMLP issues $115MM equity
1
Nov 2012
CMLP issues $150MM Senior
Notes, increases revolver capacity to
$550MM
Dec2012
Bolt-on Enerven
acquisition by CMM in
Marcellus Shale
Drop Down of HoldCo’s 65%
interest in CMM to CMLP
Jan2013
CMLP issues $129MM Class
D Equity to HoldCo
2 3 4 5 6 7 8
Transitioning for Long Term Growth
5
Repositioning the Partnership through Diversification
Increased presence in liquids rich plays, representing 62% of Q4 2012 gathering volumes Increased exposure to broader fee-based services down the midstream value chain
Building Scale while Maintaining Cash Flow Stability
Increased fixed fee exposure to 98% of portfolio Added significant minimum volume commitment with Antero acquisition (increasing to
450 MMcf/d in 2016)
Balancing Growth between M&A and Greenfield Development
Focused on bolt-on acquisitions with operating synergies World-class business development team generating greenfield opportunities Established producer credibility and operational critical mass across six resource
plays
Managing Capitalization and Leverage Ratios Strong strategic and financial alignment with well capitalized general partner Commitment to maintain long-term capitalization of ~50% equity and ~50% debt
and long-term leverage of <4.0x
(1) Midpoint of CMLP Guidance.
Processing14% Gathering
66%
Compression20%
Increasing Diversification and Scale
2010
343 MMcfd Gathering
6
20132012
Processing25%
Gathering75%
Processing15%
Gathering84%
823 MMcfd Gathering 1,050 MMcfd Gathering(1)
By
Are
aB
y Se
rvic
e
BarnettDry
33%
Barnett Rich20%
Marcellus 28%
Fayetteville10%
Other6%
Other3%
Barnett Dry
20-25%
Barnett Rich
20-25%
Marcellus 40-45%
Fayetteville8-12%
Other5%
Other5%
In 2013, Antero expected to become Crestwood’s largest producer by volumes and Quicksilver will account for < 40% of total revenues
Long-Term Cash Flow Stability98% of Revenues covered by Fixed Fee Contracts
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0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000
2032
2024
2022
2021
2020
2017 Avalon Shale
Barnett (1)
Haynesville / Bossier
Granite Wash
Fayetteville
Marcellus
Dedicated Acreage
Con
trac
t Ter
m o
f Maj
or P
rodu
cers
(1) Includes KWK and Devon Barnett acreage dedications to CMLP.
Leveraging Existing Relationships Towards New Opportunities
8
Infrastructure Investment Opportunity
Area with existing assets and operationsArea with greenfield or development projects being evaluated
$200+ billion anticipated midstream infrastructure required to support upstream development of unconventional assets over the next 2-3 decades
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Established producer credibility and operational critical mass across six resource plays Seasoned business
development team draws from significant experiences at El Paso, Williams and Kinder Morgan Private equity support to
finance large-scale development projects
Crestwood Well Positioned to Participate in Long‐term
Infrastructure Development
CMM Drop-Down and Marcellus Outlook
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Transformational Transaction Repositions Crestwood to become one of the largest midstream service
providers in the rich gas area of the Marcellus Shale Further diversification into rich gas plays where near-term growth
prospects and organic opportunities are robust By year-end 2013, Antero expected to become Crestwood’s largest
producer by volumes
Over 3,000 future Marcellus drilling locations for Antero in its core acreage position
Backlog of 2013 organic growth opportunities around existing dedicated Marcellus acreage
Significant bolt-on acquisition opportunities
Significant minimum volume commitments from Antero through 2018 Guaranteed minimum revenues growing to >$50 million by 2016
Volumes have doubled since beginning of 2012 from 200 MMcf/d to 400 MMcf/d
Completes drop-down cycle by consolidating Marcellus opportunities into CMLP
Simplifies the capital structure providing increasing flexibility for HoldCo to pursue additional drop-down opportunities
Repositions the Company
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High Visibility to Future Growth
Re-Loads HoldCofor Future
Drop-Downs
Increased Cash Flow
Stability
Crestwood acquired HoldCo’s 65% interest in CMM for $258 million
Enterprise valuation of $525 million for 100% of CMM (9x 2013E EBITDA)
Transaction financed with $129 million of cash drawn from Crestwood’s revolving credit facility plus 6.2 million of new Class D Units and 133,060 general partner units issued to HoldCo
Class D Units substantially similar to existing Class C Units
Distributions to Class D units are payable in cash or through the issuance of additional Class D Units at Crestwood’s discretion
Class D Units begin receiving distributions with the Q1 2013 distribution and convert to common units on March 1, 2014
After the transaction, HoldCo holds ~47% of the outstanding LP units of Crestwood providing further incentive for continued support of Crestwood growth
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CMM Drop-Down Transaction Overview
Sources of Funds ($MM)
CMLP Revolving Credit Facility $129
Class D Unit & GP Equity Issuance $129
Total Sources of Funds $258
Uses of Funds ($MM)
CMM Drop Down Purchase Price $258
Total Uses of Funds $258
CMM substantially de-risked quicker than anticipated but still in “high-growth” phase Throughput growth from ~200 MMcf/d
in early 2012 to ~400 MMcf/d currently Drop-down exposes Crestwood to
100% of significant organic and bolt-on growth opportunities
7 - 8% accretion to Crestwood 2013 DCF / LP Unit Attractive purchase multiple of 9x
2013 EBITDA Valuation and transaction terms
unanimously approved by CMLP Conflicts Committee
Positions HoldCo for continuation of drop-down strategy with future M&A and greenfield development opportunities
Delivering on the Strategy
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Drop-Down Strategy at Work
Future Greenfield
Development
Crestwood Midstream Partners LP (NYSE: CMLP)
49% LP/GP
Public and Class C
Unit holders
HoldCo
First Reserve and Management
51% LP
CMM Marcellus
Shale
FutureDrop‐Down
CurrentCMLP Assets
Drop-Down #1
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High Growth Marcellus Assets 20 year 100% fixed fee contract
structure with annual escalator
Provides low pressure gathering and compression services
Approximately 136,000 net acres area of dedication from Antero (East AOD) vs 104,000 net acres (127,000 gross acres) at acquisition
7 year minimum volume guarantee in East AOD (300-450 MMcf/d)
7 year right-of-first-offer on adjacent acreage (Western Area)
In early discussions regarding infrastructure development in Western Area
Illustrates strength of Crestwood’s relationship with Antero
East AOD
Western Area
Existing pipeline2013 PipelinesPlanned build out 2014-20163rd Party take away
Area of DedicationCMM compressor stations3rd Party compressor stationsMWE Sherwood Processing Plant
Ed Arnold Unit1H: 12.9 MMcf/d and 79 Bbl/d oil IP2H: 14.4 MMcf/d and 31 Bbl/d oil IP
Anna Unit2H: 5.8 MMcf/d and
175 Bbl/d oil IP
Nicholson Unit2H: 6.6 MMcf/d and
29 Bbl/d oil IP
Leatherman Unit1H: 14.7 MMcf/d IP2H: 11.8 MMcf/d IP
Highly Rich Gas88,000 Net Acres
960 Gross Locations
Rich Gas128,000 Net Acres
1,412 Gross Locations
Dry Gas60,000 Net Acres
674 Gross Locations
Valentine Unit1H: 19.7 MMcf/d and 73 Bbl/d oil IP2H: 13.9 MMcf/d and 33 Bbl/d oil IP
Heirs Unit1H: 17.0 MMcf/d IP2H: 18.6 MMcf/d IP
SherwoodProcessing
Plant
121 Horizontals Completed11.0 Bcfe avg EUR14.1 MMcf/d avg IP
6,923’ avg lateral length
Erwin Hilltop Unit1H: 13.3 MMcf/d IP
Tom’s Fork Unit2H: 13.6 MMcf/d IP
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Strong Antero Results / Rich Gas Focus
–
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
2012 EBITDA Growth inGatheringVolumes
Addition ofCompression
Services
2013E EBITDA
16
13 Antero rigs running in area and 3 fraccrews 24/7
Significant gathering volume growth
Jan 1, 2012: ~200 MMcf/d
Current: ~400 MMcf/d
2013 average: ~460 MMcf/d
East AOD well IP’s running ~20% better than initial type curve assumptions
Antero currently committed to ~600 MMcf/d processing capacity and ~850 MMcf/d downstream transport capacity
Drop-down provides CMLP 100% exposure to tremendous Marcellus Shale growth
~122% growth in 2013 EBITDA relative to 2012 annualized
Enerven acquisition provides platform for incremental service offerings across the value chain
Marcellus Activity Outlook
2013 EBITDA Build-Up35% Interest
($000s)
0
100
200
300
400
500
600
Jan‐12 Jan‐13
MMcf/d
Actual Forecast
2012 2013
East AOD Gathering Volumes
350 MMcf/d300 MMcf/d
Min Volumes
Bolt-On Enerven Acquisition
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Map Placeholder``
Tichenal
Jarvisville
Ike & MikeSalem
Existing pipeline
Planned build out 2012-2016
3rd Party take away
Enerven stations
$95 million acquisition by CMM of Enerven compression assets – Dec 2012 4 compressor stations on CMM gathering
systems in East AOD under 5 year Antero contract
31 total compressor units and 10 glycol dehydration units - 43,100 total HP (expanding to 46,200 HP)
295 MMcf/d total capacity (expanding to 320 MMcf/d)
Immediately accretive ~8.5x multiple; adds $11-12MM 2013 EBITDA
Bolt-on acquisition extends CMM’s value chain services to Antero in East AOD and across Marcellus region Meaningful incremental margin per Mcf of
throughput (~60% increase)
Funded by CMM $200MM revolver
2013 Marcellus Projects Underway Antero is shifting development to the
higher BTU areas in SW portion of the East AOD and the Western Area
CMM’s 2013 capital projects to increase system capacity to ~500 MMcf/d to support Antero 2013 drilling program of 60+ new well connects
2013 budgeted capital of $105 –$115 million
2013 compression expansion projects
~$55 million budgeted capex
~255 MMcf/d of new compression capacity
Targeted in-service 2Q13 – 4Q13
2013 pipeline expansion projects
~$50 million budgeted capex
~18 miles of pipeline + laterals
Target in-service 2Q13 – 3Q13
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Existing pipelinesPlanned build out 2014-20162013 Projects
Area of DedicationCMM compressor stations3rd Party compressor stations
Morgan
Tichenal
Perkins
JarvisvilleMarkWest Zinnia
SalemIke & Mike
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Long-Term Growth Opportunities
Significant long term development for Antero within the East AOD under a 20-yr fixed fee contract
Bolt-on acquisitions of third party compression and pipeline assets within the East AOD
Inside Antero East AOD
Western Area
Exercise ROFO to acquire and develop significant rich-gas gathering and compression infrastructure for Antero in Western Area Early traction on incremental
business opportunities with Antero in Western Area
Eastern Dry Gas Area
Currently constructing Mackey Wolfe gathering system for Mountaineer Keystone in Barbour County
Potential to consolidate all eastern producer acreage through construction of the Tygart Valley Pipeline (TVP)
Existing pipelinePlanned build out 2013-20163rd Party take away
Areas of Dedication
Producer Acreage Areas
Tygart Valley
Momentum M3ETC, MarkWestCompressor stations
Mountaineer Keystone
Triana
HG
Triana
XTO, Hunt, Statoil
CNX
EnerPlus
Statoil
PDC
Antero Resources
Mackey Wolfe gathering system
Business Development Update
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RKI Niobrara Shale Leasehold PositionCHK/RKI Leasehold
CHK Operated Rigs
Industry Rigs
Non‐Operated Rigs
Combined CHK/RKI footprint of ~750,000 acres in the Powder River Basin (PRB)
CHK currently operating 10 rigs
55 wells complete at year end 2012
Only 16 wells on production primarily due to limited midstream infrastructure
$480 million drilling carry from CNOOC drives CHK activity through 2014
Multiple PRB stacked crude oil formations (Teapot, Parkman, Sussex / Shannon, Niobrara / Frontier)
Jackalope Operating Area
Selected Completion Data from CHK (1)
Oil NGLs Gas Well Name County, State (bbls) (bbls) (mmcf) BOE
Wallis 23-33-71 A 3H Converse, WY 1,105 385 3.0 1,990
York Ranch 26-33-70 A 1H Converse, WY 745 440 3.4 1,750
Clausen Ranch 25-34-71 ST A 1H Converse, WY 1,075 280 2.2 1,720
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(1) Source: Chesapeake Energy Corporation December 2012 investor presentation.
Crestwood – RKI Niobrara Project Status Crestwood signed letter agreements in 4Q 2012 to: Acquire RKI’s 50% non-op interest in the existing Jackalope gathering
system
Obtain long term dedications of gas gathering and processing rights of potentially all of RKI’s 50% interest in the approximately 750,000 acre footprint
Initiate certain development activities with respect to planned processing facilities required for the eventual build-out of the Jackalope system, subject to reimbursement by RKI
Negotiation and execution of definitive agreements expected to be completed during first half of 2013
Expect multi-year capital build-out Majority of investment expected to be warehoused at the GP/JV level at
HoldCo throughout the early development period
CMLP drop-down opportunities as build-out matures
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Utica Shale / Point Pleasant Development Currently in discussions with
Utica Shale/Point Pleasant producers for development of gathering and processing facilities
Potential for condensate, rich gas gathering and NGL pipelines in northeast Ohio and northwest Pennsylvania
Extension of value chain services for storage and terminaling
Initial development by HoldCoor joint venture expands drop-down growth at CMLP as cash flows mature
23
Permian Basin Development
24
Significant ramp up of producer activity in the Avalon Shale area
Crestwood’s Las Animas “starter-kit” system provides early traction with area producers as lack of midstream infrastructure currently exists to support potential rich gas production
Opportunity for potential conversion of existing system to rich gas service and installation of existing spare processing capacity
Crestwood Target Area
Existing Las Animas Gathering System
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Greenfield Development Financing Plan
Crestwood Financing
Plan
Utilize private capital to acquire high growth assets and/or develop greenfield projects
Continued support from First Reserve
Raise incremental private equity capital from third parties
Utilize First Reserve / Sponsor Equity
Acquire / consolidate assets at CMLP when cash flow profile is appropriate
Apply targeted long-term capital structure for long-term assets
Drop-downs allow for opportunistic access to capital markets
Bolt‐On M&A / Drop‐Downs to CMLP
Opportunistically term-out revolver to maintain liquidity
Build in capacity as appropriate to allow for planned growth
Negative covenant flexibility to permit joint venture drop-down strategy
Manage Liquidity
Joint venture / HoldCo structure to warehouse high growth assets
Follow-on private equity and project financing to support capital build-out
CMLP to operate joint venture assets
Warehouse High Growth Assets
Financial Overview
26
CMLP Financial Forecast
27
Throughput (MMcf/d)
Adjusted EBITDA ($MM)
Growth Capital Expenditures ($MM)
Adjusted Distributable Cash Flow ($MM)
343
570
823
1,050
$55 $63$47
$32
$125
215
RichDry
RichDry
(1) Represents mid-point of 2013 guidance
(1) (1)
(1)(1)
2012 Financial Highlights
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(1) Includes 100% of CMM gathering volumes.
Improvements in all key financial and operational metrics
Gathering and processing volume growth driven by rich gas areas
Continued growth in Adjusted EBITDA, 9% increase to a record annual performance of $119 million
8% distribution growth; on target with previously announced guidance
2012 Highlights%
IncreaseYear Ended
2012 2011
Operating Statistics:Gathering (Bcf) (1) 301.1 208.1 + 45%
Processing (Bcf) 63.3 52.6 + 20%
Financial Metrics:
Revenues ($MMs) 214.0$ 205.8$ + 4%
Adjusted EBITDA ($MMs) 119.3$ 110.0$ + 9%
Adjusted distributable cashflow ($MMs) 91.2$ 87.8$ + 4%
Distributions per Unit 2.02$ 1.87$ + 8%
CMLP Capitalization
29
(1) Adjustments reflect the $258MM drop down of remaining 65% interest in Q1 2013. Transaction financed with 50% debt and 50% with issuance of Class D Units. Distributions on the Class D Units will be paid with additional Class D Units, not cash, throughout 2013.
(2) Represents latest twelve months as defined in CMLP’s credit agreement, further adjusted to reflect annualized fourth quarter 2012 distributions from CMM and pro forma impact of Enerven acquisition. Pro Forma CMM drop down represents the acquisition of the remaining 65% interest.
(3) Remaining liquidity calculated as maximum facility capacity of $550 million, less current amount outstanding.(4) The Class C Units will begin receiving cash distributions effective with the first quarter 2013 distribution to be paid in May 2013.
Pro FormaCMM As Adjusted
($ millions) 12/31/2012 Drop Down (1) 12/31/2012
Capitalization
Revolving credit facility $206.7 $129.0 $335.77.75% Senior Notes, due 2017 350.0 – 350.0Capitalized leases 7.0 – 7.0
Total CMLP Debt $563.7 $129.0 $692.7
Partners' capital 620.7 129.0 749.7
Total Crestwood capitalization $1,184.4 $258.0 $1,442.4
Pro Forma LTM Adjusted EBITDA (2) $140.6 $26.5 $167.1
Credit Statistics:
Debt / Total capitalization 48% 48%Debt / Pro Forma LTM Adjusted EBITDA 4.0x 4.1xRemaining Liquidity (3) $343.3 $214.3
Units Outstanding
Common Units 41.2 – 41.2Class C Units (4) 7.2 – 7.2Class D Units – 6.2 6.2
Total Limited Partner Units 48.4 6.2 54.6
Key Investment Considerations
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Well positioned assets poised for both near-term and long-term cash flow growth
98% fee-based revenues mitigates direct commodity price risk
Management team with strong track record of execution of strategic objectives
Strong general partner sponsorship and structure supports growth strategy
The following slides of this presentation provide reconciliations of the non-GAAP financial measures adjusted EBITDA and adjusted distributable cash flow to their most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"). Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income or operating income or any other GAAP measure of liquidity or financial performance.
We define adjusted EBITDA as net income from continuing operations adjusted for interest expense, income taxes, depreciation, amortization and accretion expense and certain non-recurring expenses, including but not limited to items such as transaction related expenses and gains/losses on the exchange of property, plant and equipment. Adjusted EBITDA is commonly used as a supplemental financial measure by senior management and by external users of our financial statements, such as investors, research analysts and rating agencies, to assess the financial performance of our assets without regard to financing methods, capital structures or historical cost basis. We define adjusted distributable cash flow as net income from continuing operations adjusted for: (i) the addition of depreciation, amortization and accretion expense; (ii) the addition of income taxes; (iii) the addition of non-cash interest expense; (iv) the subtraction of maintenance capital expenditures and (v) certain non-recurring expenses, including but not limited to items such as transaction related expenses and gains/losses on the exchange of property, plant and equipment. The GAAP measure most directly comparable to adjusted distributable cash flow is net income from continuing operations.
Non-GAAP Financial Measures
31
Non-GAAP Reconciliations
32
Year Ended December 31, 2008 2009 2010 2011 2012
($ in thousands)
Total revenues 76,084$ 95,881$ 113,590$ 205,820$ 213,961$ Product purchases - - - (38,787) (39,005) Operations and maintenance expense (19,395) (21,968) (25,702) (36,303) (40,617) General and administrative expense (6,407) (9,676) (17,657) (24,153) (25,890) Gain from exchange of property, plant and equipment - - - 1,106 - Earnings from unconsolidated affiliate - - - - 3,847 Other income 11 1 - - -
EBITDA 50,293 64,238 70,231 107,683 112,296 Non-recurring transaction related expenses - - 6,318 2,279 3,805 Less: Equity earnings from unconsolidated affiliate - - - - (3,847) Add: Adjusted earnings from unconsolidated affiliate - - - - 7,074
Adjusted EBITDA 50,293 64,238 76,549 109,962 119,328 Less:
Depreciation, amortization and accretion expense 13,131 20,829 22,359 33,812 45,726 Interest expense 8,437 8,519 13,550 27,617 33,618 Income tax provision (benefit) 253 399 (550) 1,251 1,206 Non-recurring transaction related expenses - - 6,318 2,279 7,032
Net income from continuing operations 28,472$ 34,491$ 34,872$ 45,003$ 31,746$
Net income from continuing operations 28,472$ 34,491$ 34,872$ 45,003$ 31,746$ Depreciation, amortization and accretion expense 13,131 20,829 22,359 33,812 45,726 Income tax provision (benefit) 253 399 (550) 1,251 1,206 Non-cash interest expense 6,096 3,836 4,961 3,473 4,506 Non-cash equity compensation 1,017 1,705 5,522 916 1,877 Maintenance capital expenditures (1,890) (10,000) (6,600) (1,409) (4,084)
Distributable cash flow 47,079 51,260 60,564 83,046 80,977 Transaction related expenses and non-recurring gains - - 2,737 4,779 3,805 Significant minimum volume deficiency payment - - - - 2,718 Less: Equity earnings from unconsolidated affiliate - - - - (3,847) Add: Adjusted DCF from unconsolidated affiliate - - - - 7,500
Adjusted distributable cash flow 47,079$ 51,260$ 63,301$ 87,825$ 91,153$
Cash distributions declared for respective period 33,736 39,428 52,423 70,453 95,983
Distribution coverage 1.40x 1.30x 1.21x 1.25x 0.95x
Non-GAAP Reconciliations
33
2013Guidance
Net income: $38 million to $53 million
Add/Deduct:
Depreciation, amortization and accretion expense $80 million
Interest expense, net $50 million
Income tax provision $2 million
Adjusted EBITDA $170 million to $185 million
Note: Information as provided in Crestwood's February 26, 2013 news release.