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CORPORATE UPDATE – Pembina Pipeline Corp

Pembina Pipeline Corp · Sep 1, 2014 · 39 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. CORPORATE UPDATE – Pembina Pipeline Corp – slide 1
    PEMBINA PIPELINE CORPORATION CORPORATE UPDATE TSX: PPL, NYSE: PBA September 2014 1
  2. CORPORATE UPDATE – Pembina Pipeline Corp – slide 2
    PEMBINA IS A UNIQUE INVESTMENT OPPORTUNITY Pembina represents a pure play energy infrastructure company that allows investors to participate in the resurgent volume growth of the Western Canadian Sedimentary Basin Well-Positioned…
  3. CORPORATE UPDATE – Pembina Pipeline Corp – slide 3
    PEMBINA AT A GLANCE Oil Sands & Heavy Oil TSX: PPLNYSE: PBA 1,650 km of pipelines with 880 mbpd of contracted capacity Common shares outstanding (1) 328 million TSX common share trading price (1) 49.97 Gas Services TSX 52-week…
  4. CORPORATE UPDATE – Pembina Pipeline Corp – slide 4
    IDEALLY LOCATED ASSETS Integrated system of pipelines transport hydrocarbon liquids produced in western Canada: conventional and synthetic crude oil, heavy oil and oil sands products, condensate (diluent) natural gas liquids…
  5. CORPORATE UPDATE – Pembina Pipeline Corp – slide 5
    ASSETS AND MAJOR PLAYS IN WCSB Map for illustrative purposes only. ALBERTA ATHABASCA OIL SANDS SLAVE POINT MONTNEY SEAL PELICAN LAKE SWAN HILLS DEEP BASIN DUVERNAY CARDIUM Gas Processing Plant Redwater Fractionator…
  6. CORPORATE UPDATE – Pembina Pipeline Corp – slide 6
    CUSTOMER FOCUSED VALUE CHAIN Conventional Gas Services Pipelines Midstream Mainline Extraction Gas/HVP Value Chain: Gathering and processing Transportation on Conventional Pipelines Gathering, Fractionation at Production…
  7. CORPORATE UPDATE – Pembina Pipeline Corp – slide 7
    STRONG MARKET PERFORMANCE 500 % total return* * Jan 1, 2004 Dec 31, 2013, inclusive of dividends reinvested 4.6 % CAGR in dividends per share* * 2004 - 2013 2.8 billion in dividends paid since inception* * To…
  8. CORPORATE UPDATE – Pembina Pipeline Corp – slide 8
    STRONG MARKET PERFORMANCE Significant total return outperformance in 2013 calendar year compared to both the composite index (+25%) and average peer performance (+20%) 10 Year Total Return PPL vs. S&P/TSX(1) 2013 Calendar Year Total…
  9. CORPORATE UPDATE – Pembina Pipeline Corp – slide 9
    STRONG FINANCIAL PERFORMANCE 10 21 % CAGR % CAGR in ACFPS in operating margin 2004 2013 2004 2013 2.50 1,000 900 Adjusted Cash Flow Per Share 2.00 800 700 1.50 600 ( millions) 500 1.00 400 300 0.50 200…
  10. CORPORATE UPDATE – Pembina Pipeline Corp – slide 10
    2014 CAPITAL SPENDING PLAN 1,800 1.7 billion* 4% 1,600 15% Total 2014 planned Capex = 1,400 9% 76% higher than 2013 and largest in 1,200 Pembinas history 21% 1,000 60% directed towards NGL-related value ( millions)…
  11. CORPORATE UPDATE – Pembina Pipeline Corp – slide 11
    FOCUSED ON FEE-FOR-SERVICE PROJECTS Capital Red indicates projects under Projects (all fee-for-service) In-Service (CMM) construction or development Conventional Pipelines Phase II Crude Oil, Condensate & NGL 695 2014-2015…
  12. CORPORATE UPDATE – Pembina Pipeline Corp – slide 12
    BUSINESS OVERVIEW 13
  13. CORPORATE UPDATE – Pembina Pipeline Corp – slide 13
    CONVENTIONAL PIPELINES Operational excellence ALBERTA 99% reliable FORT ST JOHN TAYLOR DUNVEGAN FORT MCMURRAY Proximal to prolific geology Q2 2014 throughput: 573 VALLEYVIEW mbpd (18% increase from Q2 GRANDE PRAIRIE SWAN…
  14. CORPORATE UPDATE – Pembina Pipeline Corp – slide 14
    SOLID BUSINESS PLATFORM 100% of revenue is fee-for-service No direct commodity exposure Expansions underpinned by long-term contracts Established infrastructure captures incremental production from major resources plays…
  15. CORPORATE UPDATE – Pembina Pipeline Corp – slide 15
    GROWING THROUGHPUT Solid industry performance combined with strategically located assets has led to strength in Pembina's throughput profile 573 mbpd 492 mbpd 456 mbpd 414 mbpd 500 393 mbpd 374 mbpd 400 (mbpd) 300…
  16. CORPORATE UPDATE – Pembina Pipeline Corp – slide 16
    OUR EXPANSIONS COULD BRING CAPACITY TO 1.4 MILLION BPD 1,400 1,400 mbpd 1,200 1,000 320 800 53 55 mbpd 52 40 600 175 400 453 200 Pre-Expansion Phase I Phase II Phase III Phase III (Ultimate Total…
  17. CORPORATE UPDATE – Pembina Pipeline Corp – slide 17
    2 BILLION PHASE III EXPANSION ALBERTA FT. ST. 1,000 mbpd ultimate JOHN capacity on Peace & Northern TAYLOR GORDONDALE Pipelines DAWSON CREEK Phase III will have 320 mbpd VALLEYVIEW initial capacity between Fox Creek and…
  18. CORPORATE UPDATE – Pembina Pipeline Corp – slide 18
    OIL SANDS & HEAVY OIL Syncrude Pipeline Horizon Pipeline Operational excellence Cheecham Lateral Nipisi Pipeline 99+% reliable over Mitsue Pipeline Peace Pipeline operating history Diverse connectivity to various industry hubs…
  19. CORPORATE UPDATE – Pembina Pipeline Corp – slide 19
    SOLID BUSINESS PLATFORM PIPELINE SYSTEM SYNCRUDE HORIZON CHEECHAM NIPISI & MITSUE Contracted Capacity 389,000 250,0001 136,000 127,000 (bpd) Contract Type Cost-of-Service Fixed Return Fixed Return Fixed Return Initial Term 25+…
  20. CORPORATE UPDATE – Pembina Pipeline Corp – slide 20
    POTENTIAL CORNERSTONE PIPELINE Signed 35 million engineering support agreement CNRL HORIZON (ESA) SYNCRUDE Commenced stakeholder consultation and progressing engineering FORT MCMURRAY Application expected to be filed by end of…
  21. CORPORATE UPDATE – Pembina Pipeline Corp – slide 21
    GROWING OIL SANDS & HEAVY OIL CAPACITY 1,400 1,300 mbpd 1,200 1,000 32 800 95 mbpd 250 600 136 400 114 200 275 Syncrude Syncrude Cheecham Lateral Horizon Nipisi & Mitsue Nipisi & Mistue Potential Total…
  22. CORPORATE UPDATE – Pembina Pipeline Corp – slide 22
    GAS SERVICES Operational excellence Gas Processing Plant Redwater Fractionator 96% reliable PEACE PIPELINE Pembina Conventional MUSREAU Pipelines Regional wells contain total GAS PLANT Pembina Gas Services Pipelines NGL of…
  23. CORPORATE UPDATE – Pembina Pipeline Corp – slide 23
    SOLID BUSINESS PLATFORM Strategically positioned infrastructure in active and emerging NGL rich plays Provide gas gathering, compression and shallow/deep cut processing services 100% fee-for-service revenue (no direct commodity…
  24. CORPORATE UPDATE – Pembina Pipeline Corp – slide 24
    EXPANDING TO MEET CUSTOMER DEMAND 1,198 MMcf/d 1,200 60,000 200 1,000 50,000 100 130 800 40,000 bpd (NGL and C5 output) 200 MMcf/d 600 30,000 50 400 205 Additional 56% of contracted 20,000 growth by end of…
  25. CORPORATE UPDATE – Pembina Pipeline Corp – slide 25
    NGL MIDSTREAM Map for illustrative Redwater West: purposes only. Gas Processing Plant 73 mbpd NGL fractionator and 7.8 mmbbls Redwater Fractionator of finished product cavern storage Midstream Storage Facility Truck Terminal…
  26. CORPORATE UPDATE – Pembina Pipeline Corp – slide 26
    STRONG DEMAND FOR OUR SERVICES: FULL NGL SERVICE OFFERING RFS II: Doubling size of Redwater at estimated cost of 415MM expected on-stream Q4 2015 Incremental 73,000 bpd of C2+ fractionation capacity Committed take-or-pay revenue…
  27. CORPORATE UPDATE – Pembina Pipeline Corp – slide 27
    NATURAL GAS LIQUIDS FRACTIONATION GROWTH 300 RFS III 250 mbpd New 400 million 55,000 bpd propane- 250 plus fractionator Underpinned by long-term take-or-pay 55 contracts with multiple producers 200 9 Leverage design and…
  28. CORPORATE UPDATE – Pembina Pipeline Corp – slide 28
    STORAGE POTENTIAL NGL SALT CAVERN STORAGE POTENTIAL ABOVE GROUND STORAGE POTENTIAL 2,000 40 38 MM bbls 1.8 mmbbls 1,800 35 1,600 30 600 1,400 millions of barrels thousands of barrels 25 1,200 20 1,000 2.6 540…
  29. CORPORATE UPDATE – Pembina Pipeline Corp – slide 29
    CRUDE OIL MIDSTREAM Develop and provide ALBERTA terminal, hub & storage services to support the TAYLOR FORT MCMURRAY energy industry 630,000 barrels of above ground crude oil and condensate storage capacity PRINCE GEORGE…
  30. CORPORATE UPDATE – Pembina Pipeline Corp – slide 30
    SOLID BUSINESS PLATFORM Revenue generated from multiple service offerings Liquids capture and terminaling support growth for other Pembina businesses Interconnectivity increases options for customers Access to 5 diluent…
  31. CORPORATE UPDATE – Pembina Pipeline Corp – slide 31
    PEMBINA NEXUS TERMINAL Crude oil Dilbit Synthetic Crude Diluent Heavy Export Red indicates Pembina- owned existing and proposed pipelines and connections Dashed lines and/or grey text indicates proposed projects whereas…
  32. CORPORATE UPDATE – Pembina Pipeline Corp – slide 32
    STRONG FINANCIAL PLATFORM
  33. CORPORATE UPDATE – Pembina Pipeline Corp – slide 33
    LIQUIDITY & ACCESS TO CAPITAL Access capital at attractive rates DRIP(1) currently raising 26 million per month; raised Capital Structure(2) 286 million for full year 2013 3% 1.5 billion credit facility: currently completely…
  34. CORPORATE UPDATE – Pembina Pipeline Corp – slide 34
    DEBT METRICS Total Debt to EBITDA Funds from Operations / Total Debt 5.0x 35% 30% 4.0x 25% 3.0x 20% 2.0x 15% 10% 1.0x 5% 0.0x - 1 2010 2011 2012 2013 2010 2011 2012 1 2013 Total Debt / EBITDA Funds from Operations /…
  35. CORPORATE UPDATE – Pembina Pipeline Corp – slide 35
    CLEAN BALANCE SHEET 7.0x BBB 6.0x A- BBB(H) A- BBB BBB+ 5.0x Total Debt / 2013E EBITDA 4.0x NR BBB 3.0x Ba2 2.0x 1.0x 0.0x Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Total Debt / 2013E…
  36. CORPORATE UPDATE – Pembina Pipeline Corp – slide 36
    SUMMARY
  37. CORPORATE UPDATE – Pembina Pipeline Corp – slide 37
    SUMMARY Strategically located and well-established Highly contracted and stable cash flow infrastructure Fee-for-service focused capital program Extensive asset footprint with high barriers to entry Strong growth portfolio Assets…
  38. CORPORATE UPDATE – Pembina Pipeline Corp – slide 38
    GOING THE DISTANCE BOB MICHALESKI Chief Executive Officer MICK DILGER President & Chief Executive Officer MICK DILGER President & Chief Operating Officer PETER ROBERTSON Senior Vice President, Chief Financial Officer PETER ROBERTSON…
  39. CORPORATE UPDATE – Pembina Pipeline Corp – slide 39
    NON-GAAP AND ADDITIONAL GAAP MEASURES This presentation uses certain terms that are not defined by GAAP but are used by management of Pembina to evaluate Pembina's performance. Non-GAAP and additional GAAP financial measures do not have…

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