The Oil and Gas Financial Journal Transaction of the Year - Over $1billion, Gulf Coast 2013

Awarded to: Crestwood Midstream Partners LP

Oil & Gas Awards Judges Comments

“The newly combined company has assets in every premier shale play in North America. The size of the merged company should prove it a major infrastructure competitor.

“This merger results in a more integrated entity and will create operational and financial efficiencies as well as a more diversified operation. This should provide additional opportunities for growth. This transaction does not add considerable debt, if any, to the entities.”

Crestwood Midstream Partners LP – Corporate Overview

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

Crestwood Equity Partners (NYSE: CEQP) owns the general partner interest, including the incentive distribution rights and an approximate 4% limited partner interest of Crestwood Midstream. In addition, Crestwood Equity’s operations include a natural gas storage business in Texas and an NGL and crude oil supply and logistics business that serves customers in the United States and Canada.

Crestwood experienced significant change in 2013 as it merged with Inergy LP and Inergy Midstream LP, then added to its Bakken presence with the acquisition of Arrow Midstream. The result creates a business with a total enterprise value of approximately $9 billion. Crestwood enters 2014 with a liquids-focused growth strategy for its diverse operations linking producers, active in multiple shale plays, and end-user customers across the natural gas, NGLs and crude oil sectors.

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