Market Overview

Crestwood Provides Strategic Delaware Basin Update


200 MMcf/d Orla cryogenic gas processing plant placed into service

Acquired ownership in EPIC NGL Pipeline's Orla-to-Benedum segment
securing NGL pipeline capacity to the Gulf Coast

Entered into long-term Y-grade purchase agreement with Chevron
Phillips Chemical Company

Crestwood Equity Partners LP (NYSE:CEQP) ("Crestwood" or "CEQP")
announced that Crestwood Permian Basin Holdings LLC ("CPJV") completed
construction and began processing volumes at the Orla plant, a new 200
MMcf/d cryogenic gas processing plant located in Reeves County, TX.
Concurrently, CPJV brought into service the Orla Express Pipeline, a 33
mile, 20-inch-high pressure line connecting the existing Willow Lake
system with the Orla plant. CPJV expects the Nautilus-to-Orla Pipeline,
a 28 mile, 20 inch high pressure line connecting the Nautilus system to
the Orla plant, to be fully in-service in the coming days. The Orla
plant and associated infrastructure was placed into service on schedule,
on budget, and without any major recordable safety incidents.

Crestwood Permian Basin Holdings LLC is a 50/50 joint venture between
Crestwood and First Reserve, a leading global private equity investment
firm exclusively focused on energy. CPJV's Delaware Basin gathering and
processing assets are supported by long-term contracts with premier
customers and now include 255 MMcf/d of processing capacity, 650 MMcf/d
of natural gas gathering capacity and 390 miles of integrated pipelines
spanning the northern & southern Delaware Basin.

EPIC NGL Pipeline Transaction

CPJV entered into an agreement with EPIC Y-Grade Pipeline, LP ("EPIC")
to acquire undivided joint ownership in the Orla-to-Benedum segment of
EPIC's 16" NGL pipeline, which was placed into service June 2018. The
ownership interest provides CPJV control of 80,000 Bbls/d of capacity
out of the Delaware Basin to multiple downstream connections in the
Benedum, TX area with ultimate access to Sweeny, Mont Belvieu, and
Corpus Christi markets. CPJV's 80,000 Bbls/d of capacity, which is
sufficient to move NGL product from the new 200 MMcf/d Orla plant plus
two additional 250 MMcf/d processing train expansions, is being marketed
on a standalone basis as a CPJV proprietary pipeline. CPJV's ownership
in this pipeline provides a competitive NGL takeaway solution to
continue growing its G&P footprint in the Delaware Basin.

Chevron Phillips Y-Grade Sales Agreement

Simultaneously, CPJV entered into a long-term purchase and sale
agreement with Chevron Phillips Chemical Company LP ("Chevron Phillips")
in which CPJV will sell, and Chevron Phillips will purchase, Y-grade
originating from CPJV's Orla plant in Reeves County, TX. Crestwood will
deliver Y-grade product produced at the Orla plant via the
Orla-to-Benedum segment to Chevron Phillips at the EZ Pipeline at
Benedum Station, through which the product has the ability to reach
multiple outlets to Mont Belvieu and be a key feedstock supplier to
Chevron Phillips's Sweeny Complex located along the Gulf Coast.

Heath Deneke, Executive Vice President and Chief Operating Officer,
commented, "Today marks a key moment for Crestwood's Delaware Basin
growth strategy as we have placed into service the first Orla plant,
integrated the Willow Lake and Nautilus gathering systems, secured NGL
pipeline takeaway capacity for the new Orla plant and future plant
expansions, and signed a long-term, attractive marketing agreement for a
substantial portion of Orla's current and future NGL products. Crestwood
now operates a fully integrated gathering and processing system in the
core of the Delaware Basin that is scaled to meet our producer's current
and future expected volume growth. Additionally, going forward,
Crestwood is positioned to securely and economically move Orla NGL
products into Gulf Coast markets which provides our customers
optionality and flow assurance that creates a unique competitive
advantage for Crestwood."

About Crestwood Permian Basin Holdings LLC

Crestwood Permian Basin Holdings LLC ("CPJV") is a 50/50 joint venture
between Crestwood Equity Partners LP and First Reserve focused on
developing, owning and operating midstream infrastructure in the
Delaware Basin.

About First Reserve

First Reserve is a leading global private equity investment firm
exclusively focused on energy. With 35 years of industry insight,
investment expertise and operational excellence, the Firm has cultivated
an enduring network of global relationships and raised approximately USD
$31 billion of aggregate capital since inception. First Reserve has
completed over 650 transactions (including platform investments and
add-on acquisitions), creating several notable energy companies
throughout the Firm's history. Its portfolio companies have operated on
six continents, spanning the energy spectrum from upstream oil and gas
to midstream and downstream, including resources, equipment and
services, and associated infrastructure. Visit us at
for more information.

About Crestwood Equity Partners LP

Houston, Texas, based Crestwood Equity Partners LP (NYSE:CEQP) is a
master limited partnership that owns and operates midstream businesses
in multiple unconventional shale resource plays across the United
States. Crestwood is engaged in the gathering, processing, treating,
compression, storage and transportation of natural gas; storage,
transportation, terminalling, and marketing of NGLs; and gathering,
storage, terminalling and marketing of crude oil.

Forward Looking Statements

This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal securities law. Such forward-looking statements are
subject to a variety of known and unknown risks, uncertainties, and
other factors that are difficult to predict and many of which are beyond
management's control. These risks and assumptions are described in
Crestwood's annual reports on Form 10-K and other reports that are
available from the United States Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on forward-looking
statements, which reflect management's view only as of the date made. We
undertake no obligation to update any forward-looking statement, except
as otherwise required by law.

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