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GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Jun 24, 2015 · 24 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. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 1
    GHS 100 Energy Conference Chicago, IL June 24, 2015 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 2
    Presentation Outline Overview of Plains All American Crude Oil Industry Overview Future Growth, Financial Strategy & Summary Q&A www.plainsallamerican.com NYSE: PAA & PAGP 3
  3. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 3
    Plains All American Structure One Business - Two Ways To Invest (NYSE: PAA & PAGP) General Partner General Partner Owners (1) PAGP Class A Shareholders 34% Structured as a limited partnership, Investors & EMG (et. al.) 20% but has…
  4. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 4
    Plains All American Profile (NYSE: PAA & PAGP) Financial Profile(1) PAA Assets(4) Total Enterprise Value 44.9 B Pipelines (active miles) 18,900 miles PAA Equity Market Cap 18.1 B Liquids Storage 125 MMBbls PAGP Equity Market Cap(2)…
  5. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 5
    Proven Business Model Positions PAA To Perform In A Variety Of Market Conditions Understand the Markets Optimize Performance Fundamental supply/demand of Such Assets drivers Interconnectivity Volatility, seasonality and Build or…
  6. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 6
    PAAs Assets Are Located In All Major North American Crude Oil Production & Liquids Rich Areas As Well As Inland And Coastal Terminal & Interchange Locations PAAs Interconnected System Services Both Supply Push and Demand Pull…
  7. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 7
    PAAs Activities Are Conducted on Four Product Platforms -- Crude Oil Is The Largest Areas of involvement reflected in light grey Illustrative Adj. EBITDA Contribution NGL 20% Crude Oil 75% www.plainsallamerican.com NYSE:…
  8. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 8
    Durable, Fee-Based Cash Flow Each Segment Is Underpinned By Infrastructure Assets Reporting Segments(1) Adjusted Segment Profit Supply & Logistics (Margin Based -- includes fee-based equivalent + upside) 990 Trucks; 1,100 Trailers…
  9. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 9
    Demonstrated Ability To Deliver Solid Performance In Volatile Markets And Fluctuating Supply And Demand Scenarios PAA Adjusted EBITDA: Actual Performance vs. Guidance Met or Exceeded Guidance for 13 Years 2,500 (53 Consecutive…
  10. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 10
    Crude Oil Industry Overview www.plainsallamerican.com NYSE: PAA & PAGP 11
  11. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 11
    12-Month Recap Of The Crude Oil Price Environment /bbl Crude Oil Price Movement: June 14 - Present (1) /bbl Price Differential to WTI (Cushing) (1) 125 15 115 10 105 Price as of % Change 95 5 06/15/15 Since June 85 - 59.6…
  12. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 12
    Significant Growth In North American Shale Resource Plays Was The Principal Driver Of The Current Supply / Demand Imbalance Avg. 2011 Avg. 2014 Increase Region (mb/d) (mb/d) (2011-2014) % Canada South Texas 250 1,425 1,175 470% 700…
  13. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 13
    The Defined Crude Oil Resource Base Is Extensive, Recovery Techniques Are Proven And PAAs Assets Are Located In All Of The Right Places Its Not A Question Of If The Resource Gets Developed, But Instead When (In mmb/d) Current Major US…
  14. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 14
    It Will Take Time To Resolve The Current ImbalanceBut The World Needs Sustainable North American Production GROWTH OPEC and Rest of World are not a Sustainable Annual global demand increase Source of Swing Supply estimated to…
  15. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 15
    Future Growth, Financial Strategy & Summary www.plainsallamerican.com NYSE: PAA & PAGP 16
  16. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 16
    Overview Of PAAs 2015 Capital Program Permian Basin Diverse Approved Project Portfolio Permian Basin Area Projects 390 Largest single project represents 6% of total 2015 capital program Cactus Pipeline 135 Diversity of programs…
  17. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 17
    Recent & Current Investments In Organic Capital Projects Provide Visibility For Multi-Year Growth (In mm) Organic Growth Capital Investment 2,400 Strong Visibility for 2,150 2,026 Growth 2,000 1,620 1,600 1,200 Multi-Billion…
  18. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 18
    PAAs Fully Loaded Weighted Average Cost of Capital Cost of Capital (Illustrative Calculation as of June 15, 2015) Equity Cost LP Distribution Rate 3.28 (current rate + 20%) Weighted Average Cost of Capital GP Distribution / LP…
  19. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 19
    Long Term, Acquisitions Expected To Be Additive To Organic Growth PAA Remains Active, But Disciplined in Approach PAA Acquisitions Total: 11 Billion (2001-2014) The MLP Sector Growth 2006 MLPs 110 120 More Critical to M&A Today:…
  20. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 20
    PAA & PAGP Capitalization & Liquidity As of March 31, 2015 Capitalization Capitalization (in millions) PAA PAGP Long-term Debt 8,763 9,322 Partners' Capital 8,836 10,148 Total Book Capitalization 17,599 19,470 Credit Credit…
  21. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 21
    PAA Has Demonstrated Financial Discipline During A Period Of Substantial Growth LT Debt to Adj. EBITDA(1) 5.0x 17.0 16.0 Over this 12-year period, PAA Total Capitalization (billions) 14.4 LT Debt / Adj. EBITDA 13.5 4.5x…
  22. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 22
    Consistent Execution Of PAAs Strategy Has Driven Attractive Distribution Growth & Total Returns Over A Multi-Year Period Annualized Year-end Distributions(1) Targeting Increased 42 out of last 44 quarters 7% Growth 3.00 2.82 2.64…
  23. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 23
    PAGP Distribution Growth Summary & Outlook Annualized PAGP Distribution 1.00 0.95 0.923 0.888 0.90 0.85 0.812 0.80 0.763 0.75 0.7336 0.70 0.6822 0.63914 0.65 0.59616 0.60 0.55 0.50 (2) IPO Q1 2014 (1) Q2 2014 Q3 2014 Q4…
  24. GHS 100 ENERGY CONFERENCE – Plains All American Pipeline, L.P. – slide 24
    Key Takeaways Strategically located, geographically diverse & operationally flexible assets Well-positioned to weather a challenging crude oil market environment, benefit from volatile market conditions and service high-growth liquids…

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