Crestwood Equity Partners 8K Regulation FD Disclosure | CEQP 19 Sep 07

2007 MLP Conference

Las Vegas, NV

September 19-20, 2007

Exhibit 99.1

Forward Looking Statements

Nasdaq: NRGY, NRGP

Except

for

the

historical

information

contained

herein,

the

matters

discussed

this

presentation

(e.g.,

our

growth

outlook

and

forecasted

economics)

are

forward-looking

statements

that

involve

risks

and

uncertainties.

These

risks

and

uncertainties

include,

among

other

things,

market

conditions,

weather

risks

and

other

factors

discussed

the

Company

filings

with

the

Securities

and

Exchange

Commission

including

Forms

10-K,

10-Q,

S-3,

and

S-1.

Furthermore,

any

forward

looking

statements

presented

are

expressed

good

faith

and

are

believed

have

reasonable

basis

the

date

this

presentation.

Inergy

assumes

responsibility

update

this

information

and

may

superceded

later

information.

Forward-looking

statements

are

not

guarantees

future

performance

assurance

that

our

current

assumptions

and

projections

are

valid.

Actual

results

may

differ

materially

from

those

projected.

Inergy Overview

Inergy Snapshot

Inergy, L.P. is a geographically diverse retail propane and midstream energy business

largest retail propane distributor serving over 700,000 customers in 28 states

26 bcf high-deliverability natural gas storage facility located in New York

1.2

million

barrel

LPG

salt

cavern

storage

facility

located

near

Bath,

New

York

Fee-based NGL fractionation, storage and terminaling operations on the West Coast

Recently announced intent to acquire 6.2 bcf Steuben County natural gas storage complex, expandable

to ~16 bcf

West Coast NGL Facility

Stagecoach Natural Gas

Storage Facility

Over 340 Retail Propane

Service Locations

Announced Acquisition:

Steuben County

Storage Complex

Tax efficient investment structure

Strategic Benefits to NRGY

NRGP among the highest financial

leverage to growth profile of public

GPs

Two Ways to Invest in Inergy

Operating

Subsidiaries

100% ownership

26.2%

Limited

Partner

Interest

89.7%

Limited

Partner

Interest

9.4%

Limited

Partner

Interest

Incentive

Distribution

Rights

0.9%

General

Partner

Interest

Inergy

Holdings, L.P.

NASDAQ: NRGP

Inergy, L.P.

NASDAQ: NRGY

Public

Unitholders

& Others

Public

Unitholders

& Others

Management

& Others

73.8%

Limited

Partner

Interest

__________________

Combined

Partnership

(a)

Enterprise Value: ~$3,073 mm

Inergy

Holdings

Capitalization

(b)

Equity Market Value: ~$947 mm

Enterprise Value: ~$978 mm

Inergy,

L.P.

Capitalization

(c)

Equity Market Value:

~$1,633 mm

Enterprise Value:

~$2,263 mm

(a)

The combined partnership enterprise value is adjusted to exclude

the NRGY partnership interest owned by NRGP.

(b)

Inergy Holdings, L.P. equity market value as of September 11, 2007 and net debt balances as of June 30, 2007.

(c)

Inergy, L.P. equity market value as of September 11, 2007 and net debt balances as of June 30, 2007. The trading value of Inergy, L.P. units is grossed-up to reflect ~.9% general partner interest.

Investment Highlights

High Return Investment Opportunities

Significant Management Ownership Aligned With

Unitholders

Growth

Attractive Yields

Quarterly Cash Distributions are Tax-Advantaged

Significant Cash Distribution Growth Since IPOs

Dual-Platform Growth Strategy

Continued Retail Propane Consolidation

Ongoing Expansion of Midstream Business

Income

Security

Compelling Combination of Income and Growth

Inergy Has Consistently Grown Cash Distributions

Distribution Growth Record

(a)

Annualized Distributions.

__________________

NRGY

NRGP

Fiscal 2002

Fiscal 2003

Fiscal 2004

Fiscal 2005

Fiscal 2006

Fiscal 2007

$1.20

$1.25

$1.32

$1.35

$1.40

$1.43

$1.46

$1.50

$1.54

$1.58

$1.62

$1.66

$1.70

$1.90

$2.00

$2.04

$0.90

$2.08

$1.08

$2.12

$1.16

$2.16

$1.28

$2.18

$1.40

$2.22

$1.50

$2.26

$1.60

$2.30

$1.92

$2.34

$2.04

Industry-Leading Total Returns

__________________

(a)

Source: Fact Set.

-50%

50%

100%

150%

200%

250%

300%

350%

400%

450%

7/25/2001

10/16/2002

1/7/2004

3/30/2005

6/21/2006

9/13/2007

Indexed Total

Return (%)

Inergy, L.P.

Inergy Holdings, L.P.

S&P 500

Alerian MLP Index - AMZX

NRGY: +359.8%

Total Returns Since Inergy, L.P. IPO

S&P 500: +38.9%

NRGP: +125.6%

AMZX: +169.9%

Inergy Strategy

Further Develop the Operation of an Outstanding

Propane Franchise

–

Decentralized operating model with concentration on

attractive propane markets

–

Deliberate focus on high percentage of residential customers

with high tank control

–

Supply procurement expertise

Grow Through Acquisitions & Capital Expansion Projects

–

Propane -

Actively expand existing retail footprint and establish new footprints with top

regional businesses

–

Midstream -

Execute capital expansion projects around existing asset base

–

Pursue and evaluate complementary midstream opportunities

–

Seek to further strengthen the long-term growth profile with stable, fee-based cash flow

streams

Disciplined Capital Investment

Deliver Operational Excellence

Propane Operations

Propane Value Chain

Propane represents about 4% of household energy consumption in the US.

Propane is a basic necessity to many consumers

–

Propane is clean burning and characterized by a stable demand base

–

Customers use propane to heat homes, cook food, heat water

Propane is trucked to customers homes that are beyond the natural gas

distribution network

Inergy

competes

the

storage,

transportation,

and

distribution areas of

the value chain

Propane Business

Premier national propane business

–

Operations are managed on a decentralized basis

–

Service customers in attractive propane markets

throughout the eastern half of the United States

–

Operational metrics exceed peer group

Deliberate focus on residential customers

–

Residential

69 %

•

90% Tank Control

–

Industrial/Commercial 23 %

–

Agricultural

8 %

Demonstrated strength in wholesale

supply, procurement, and risk

management

Superior Operating Performance

Decentralized structure lends

itself to better pricing and

operational decision-making

Focus on retail margin drives

value to cash flow line

Strong wholesale supply and

procurement business reduces

risk and protects margins

__________________

$0.50

$0.60

$0.70

$0.80

$0.90

Inergy (b)

Peer Average (c)

Gross Profit/Retail Propane Gallon

(a)

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

Inergy (b)

Peer Average (c)

EBITDA/Retail Propane Gallon

(a)

Source: 2006 10-K filings. Data includes gross profit and EBITDA from propane operations.

(b)

Inergy’s EBITDA and gross profit exclude i) non-cash gains or losses on derivative contracts

associated with fixed price sales to retail propane customers, ii) non-cash compensation charges,

and iii) gains or losses on the disposal of assets as disclosed in SEC filings.

(c)

Peer average includes: APU, ETP, FGP, and SPH.

Demonstrated Acquisition Performance

Inergy has executed 69 acquisitions (including 63 retail

propane transactions) totaling ~$1.5 billion from inception

in 1996 to date

Disciplined acquisition criteria

Proven integration model

–

Rigorous due diligence and underwriting process

–

Immediate and intense focus on performance against set

expectations

Propane valuations continue to be relatively attractive

Inergy expects to continue to lead the propane market

consolidation

Propane Consolidation Opportunities

Top

Propane

Retailers

Control

~39%

Market

(b)

Domestic

Retail

Market

for

LPG

Approximately

10.4

Billion

Gallons

(a)

__________________

(a)

Source:

January

2007

American

Petroleum

Institute

Report.

(b)

Source:

February

2007

LPG

Magazine.

(c)

Cooperatives.

Suburban Propane

4.5%

Energy Transfer

5.9%

Ferrellgas

7.8%

Over 5,000 Independent

Retailers

61.0%

Cenex (c)

3.9%

Blossman Gas Inc.

0.7%

MFA Oil Co. (c)

0.8%

Growmark (c)

1.9%

Inergy, L.P.

3.6%

Amerigas

9.3%

Southern States (c)

0.7%

Midstream Operations

Midstream Platform

Stable, fee-based cash flow profile with little/no seasonality

Currently represents ~27% of overall Inergy pro forma EBITDA

–

Exceeds 30% with expansion projects and potential propane acquisitions as

shown on page 32

High quality predominantly investment-grade customer base

Stable Economic

Return

High Quality

Assets

Significant

Capital

Expansion

Opportunities

Straightforward, supply/demand-driven businesses

Stagecoach -

newly constructed core energy infrastructure in the

Northeast

West Coast state-of-the-art transportation/distribution facility

Consistent with our disciplined diversification strategy

West Coast isomerization unit & storage facility

Bath natural gas and LPG expansion opportunity

North Lateral connection to Millennium Pipeline

Thomas Corners natural gas storage development

(a)

Represents Adjusted EBITDA for Trailing Twelve Months ended 6-30-07, in addition to EBITDA from Stagecoach Phase II.

__________________

Stagecoach located in the

“sweet spot”

of Northeast

natural gas market

–

Pipelines from south / west are

constrained, necessitating storage to

supply the growing Northeast market

Millennium intended to de-

bottleneck the Northeast with supply

made available from Stagecoach,

Empire and other Northeast supply

Millennium is ~9 miles from

Stagecoach

Stagecoach –

Asset Overview

High performance/high deliverability natural gas storage facility located

approximately 150 miles northwest of New York City

–

Significant participant in Northeast natural gas distribution market

–

Asset fully contracted with weighted-average maturity of contracts extending to July 2014

Stagecoach

Available v. Constrained Pipeline Corridors

Phase II Expansion Complete

Commercial Operations –

Phase II

–

Phase II shippers include-Consolidated

Edison, Nexen Energy, and Coral Energy

–

Average contract maturity >8 years

Very attractive financial returns

$130 m expansion completed on-time and

on-budget

Commercial operations of Phase II began

September 1, 2007

Bath Storage Facility

1.2 million bbl salt cavern LPG

storage facility located on 125 acres

near Bath, NY (60 miles from Stagecoach)

Additional 210,000 gallons above ground

storage

High performance truck and rail loading

facilities

Expands midstream platform with

existing management team

Facility highlights:

–

Attractive base economics

–

Announced expansion to high deliverability

natural gas storage

–

Open season package being prepared to

solidify strong commercial interest

STAGECOACH

Bath, NY LPG Storage

Map of Area

Dominion

Millennium/Columbia Gas ROW

Tennessee Gas Pipeline

Inergy South Lateral

Steuben County Storage Complex

•

6.2 Bcf working gas capacity

•

6 vertical wells

•

Facility-owned 12.5 mile

pipeline connected to

Dominion’s Woodhull line

•

Currently 6 field employees

•

Devonian reef

•

Fully-contracted with

investment grade

counterparties

Adrian Facility

•

4 Bcf of working gas capacity

•

Deliverability

•

50 mmcf/d maximum injection

•

100 mmcf/d maximum withdrawal

•

8 miles of pipeline connected to

Thomas Corners

•

Salt cavern geology

•

New 5 k Bhp compressor facility

•

Conversion to natural gas storage

expected to be completed by

injection season 2010

Developed and Operated Integrally the Project Provides Additional

MSQ 15.9 Bcf; MDIQ 130 mmcf/d; MDWQ 260 mmcf/d

•

5.7 Bcf working gas capacity

•

Deliverability

•

50 mmcf/d maximum injection

•

100 mmcf/d maximum withdrawal

•

8 high-angle vertical wells

•

Capital assumptions include a 6.5

mile connection to Adrian, as well

as a 1.5 mile connection to TGPL

•

Existing 7.5 mile, 8”

pipeline

connected to Columbia A5 line

•

New 5 k bHP compressor facility

•

Devonian reef

•

Planned in-service date by

injection season 2009

Thomas Corners Facility

Bath Facility

Premier Gas Storage Platform

~40 Bcf of working natural gas

storage capacity located within 200

miles of New York City

Investment grade counterparties

with long term contracts

Abundant interconnections

available

STAGECOACH

Bath, NY LPG Storage

ConocoPhillips Santa Maria

Chevron Richmond

Tesoro Golden Eagle (Avon)

Shell Martinez

Valero Benicia

ConocoPhillips Rodeo

Chevron El Segundo

BP Carson

ExxonMobil Torrance

ConocoPhillips Wilmington

Valero Wilmington

Paramount Refining

Edginton Oil Long Beach

Big West

Kern Oil

San Joaquin Refining

Oxy/Chevron Elk Hills Production

Strategic West Coast Operations

West Coast NGL facility

located 18 miles West of

Bakersfield, CA in San

Joaquin Valley.

Situated between major West

Coast refining centers.

West Coast Facility Overview

Primarily fee-based revenue streams

Operations include:

–

NGL storage

–

NGL fractionation

–

State-of-the-art transportation & terminaling

Facility improvements since 2003

–

Expanded fractionation capacity by 25%

–

Doubled transport fleet from 20 to 40 units

–

Added cogeneration facility

–

Expanded rail and truck terminal capabilities

Significant planned capital expansion

Planned West Coast Expansion

Isomerization plant

–

Constructing a 12,000 bpd butamer

–

Isobutane used in gasoline blending

–

Long term, fee-based economics

Pipelines to local refiners

–

Constructing NGL product pipelines

Storage expansion

–

Expanding refrigerated butane storage

capacity to approximately 15 million

gallons

Attractive investment economics

–

Capital Expenditures $ 106.4 m

–

Expected EBITDA $17.0 m

Expected in-service late Summer

2008

Planned

12,000 bpd

Butamer

Existing

Fractionator

Existing Bullet

Storage

Existing 5M gal

Propane Storage

Planned

15M gal

NC4 Storage

Existing 8 Bay

Truck Rack

Planned

NC4 Spherical

Storage

Planned

IC4

Spherical

Storage

West Coast Plant Expansion

Capital Investment Outlook

Expansion projects and moderate propane acquisitions generate substantial fuel

for growth

–

Potential

NRGY

Accretion:

$0.20

(9%)

–

Potential

NRGP

Accretion:

$0.88

(43%)

__________________

12 months

7.5 x

$16.7 m

$125.0 m

Propane Acquisitions

(a) (b)

Fall ‘10

5.5 x

$ 11.0 m

$60.0 m

Bath Expansion

Fall ’09

8.7 x

$ 12.0 m

$104.0 m

ASC & Thomas Corners

Fall ’08

7.4 x

$2.6 m

$19.2 m

North Lateral

Late Summer

’08

6.3 x

$17.0 m

$106.4 m

West Coast –

Expansion

24 months

7.5 x

$16.7 m

$125.0 m

Propane Acquisitions

(a) (b)

7.1 x

Expected

Multiple

$76.0 m

$538.6 m

Total Investment

Expected

In-Service

Expected

EBITDA

Expected

Capital

Investment

Planned Project /

Potential Acquisitions

(a)

Potential accretion calculations include the following assumptions: (i) funding based upon a 50% equity and 50% debt mix at today’s long-term costs, (ii) maintenance

capital

expenditures

approximately

$3.5

and

(iii)

per

unit

accretion

measured

from

$2.34

NRGY.

(b)

This assumed amount represents approx. avg. annual purchase price of propane acquisitions over the last 3 years.

(c)

The above figures regarding growth potential are based on various forward-looking assumptions made by the management of Inergy. While Inergy believes that these

assumptions are reasonable, it can give no assurance that such results will materialize.

(a) (b) (c)

Financial Overview

Prudent Financial Policies

Balanced funding objectives

–

Long-term targeted debt-to-EBITDA of approximately 3.5 to 4.0x

–

Proven access to equity capital and public debt markets

–

Strong liquidity position:

$425 million bank credit facility in place

$200 million available for working capital

Rigorous capital investment review process

–

All acquisitions & expansion projects must be accretive to

Distributable Cash Flow per LP unit

Conservative approach to risk management

Capitalization

(a)

Adjusted EBITDA excludes i) non-cash gains or losses on derivative contracts associated with fixed price sales to retail propane customers, ii) long-term incentive

and

equity

compensation

expense,

and

iii)

gains

losses

the

disposal

assets

disclosed

Inergy,

L.P.’s

SEC

filings.

__________________

Cash

6.8

Debt:

Inergy, L.P. revolving working capital credit facility

1.3

Inergy, L.P. revolving acquisition credit facility

Inergy, L.P. senior unsecured notes

619.3

Other MLP debt

15.7

Total Debt

636.3

Total Partners' Capital

799.3

Total Capitalization

1,435.6

Adjusted EBITDA Guidance

($ in millions)

(a)

$210

Net Long Term Debt / 2007 Adjusted EBITDA Guidance

(a)

3.0 x

Net Long Term Debt / Total Capitalization

44.0%

As of June 30, 2007

($ in millions)

$43

$111

$175

$207

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

FY 2004

FY 2005

FY 2006

TTM 6/30/07

Adjusted EBITDA

(a)

Financial Performance

141

318

360

364

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

FY 2004

FY 2005

FY 2006

TTM 6/30/07

Retail Propane Gallon Sales

$123

$326

$397

$456

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$500.0

FY 2004

FY 2005

FY 2006

TTM 6/30/07

Total Gross Profit

(a)

Adjusted EBITDA excludes i) non-cash gains or losses on derivative contracts associated with fixed price sales to retail propane customers, ii) long-term incentive and equity compensation

expense, and iii) gains or losses on the disposal of assets as disclosed in Inergy, L.P.’s SEC filings.

__________________

5.4 x

3.3 x

4.0 x

1.0 x

2.0 x

3.0 x

4.0 x

5.0 x

6.0 x

FY 2004

FY 2005

FY 2006

TTM 6/30/07

EBITDA / Interest

(a)(c)

Strong Credit Profile

2.6 x

4.9 x

3.6 x

3.1 x

1.5 x

2.0 x

2.5 x

3.0 x

3.5 x

4.0 x

4.5 x

5.0 x

FY 2004

FY 2005

FY 2006

TTM 6/30/07

LT Debt / EBITDA

(a)(b)(c)

(a)

Historical represents reported results excludes seasonal working

capital borrowings which are subject to a clean down provision.

(b)

Historical pro forma results give EBITDA credit for debt included on the balance sheet as of the reporting date.

(c)

Adjusted EBITDA excludes i) non-cash gains or losses on derivative contracts associated with fixed price sales to retail propane customers, ii) long-term incentive and equity

compensation expense, and iii) gains or losses on the disposal of assets as disclosed in Inergy, L.P.’s SEC filings.

31%

45%

49%

44%

10%

20%

30%

40%

50%

60%

FYE 2004

FYE 2005

FY 2006

TTM 6/30/07

LT Debt / Total Capitalization

(a)

__________________

2.1 x

3.7 x

Projected Cash Flow Mix

Midstream

34%

Propane

66%

Propane

Midstream

Propane

81%

Midstream

19%

Propane

Midstream

(a)

Assumes full year of Stagecoach Phase II, as well as planned projects and planned acquisitions as described on slide 26.

__________________

Propane

34%

Midstream

66%

Propane

Midstream

PROJECTS/

POTENTIAL ACQUISITIONS

(a)

OUTLOOK

TTM 6/30/2007

Conclusion

Investment Highlights

High Return Investment Opportunities

Significant Management Ownership Aligned With

Unitholders

Growth

Attractive Yields

Quarterly Cash Distributions are Tax-Advantaged

Significant Cash Distribution Growth Since IPOs

Dual-Platform Growth Strategy

Continued Retail Propane Consolidation

Ongoing Expansion of Midstream Business

Income

Security

Compelling Combination of Income and Growth

Committed to Generating Industry-Leading

Returns to Our Unitholders

Crestwood Equity Partners (CEQP) 8-KRegulation FD Disclosure