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Crestwood Midstream Partners Announces Quarterly Distribution

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The Board of Directors of Crestwood Midstream GP LLC, general partner of Crestwood Midstream Partners LP (NYSE:CMLP) (“Crestwood Midstream”) announced that it has declared the partnership’s quarterly cash distribution of $0.41 per limited partner unit ($1.64 annually) for the quarter ended September 30, 2014. In addition, Crestwood Midstream will issue approximately 388,000 additional Class A units to the owners of the Class A units in lieu of cash distributions, which represents the period from June 17, 2014, through September 30, 2014. The distributions will be paid on November 14, 2014, to unitholders of record as of November 7, 2014.

As previously announced, Crestwood Midstream and Crestwood Equity Partners LP (NYSE:CEQP) each plan to report financial results for the third quarter 2014 on Wednesday, November 5, 2014, before the New York Stock Exchange opens for trading. Following the announcement, management will host a joint conference call for investors and analysts at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) that day to discuss the operating and financial results. The call will be broadcast live over the internet. Investors may participate either by phone or audio webcast.

By Phone:

Dial 877-407-8293 at least 10 minutes before the call and ask for the Crestwood Earnings Call.

By Webcast:

Connect to the webcast via the “Presentations” page of Crestwood’s Investor Relations website at www.crestwoodlp.com. Please log in at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call for 90 days.

About Crestwood Midstream Partners LP

Houston, Texas, based Crestwood Midstream (NYSE:CMLP) is a master limited partnership 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, compression, storage and transportation of natural gas; storage, transportation and terminalling of NGLs; and gathering, storage, terminalling and marketing of crude oil.

About Crestwood Equity Partners LP

Houston, Texas, based Crestwood Equity Partners LP (NYSE:CEQP) is a master limited partnership that 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 supply and logistics business that serves customers in the United States and Canada.

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 Midstream’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.

Tax Notice to Foreign Investors

This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of Crestwood Midstream’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Crestwood Midstream’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not Crestwood Midstream, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

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