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GHS 100 Energy Conference – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Jun 25, 2012 · 44 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 Roy Lamoreaux Director Investor Relations Director, San Francisco, Francisco CA June 25, 2012
  2. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 2
    Plains All American Ownership Structure PAA Supportive GP Owners PAA Public General Partner Unitholders Oxy 35% (privately owned) 92% LP Kayne Anderson 27% 6% LP 2% GP Interest et al Interest Interest + IDRs EMG 25% Management…
  3. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 3
    PAA Profile PAA Aggregate Size/Yield Assets (4) Total Assets (1) 17.1 B Pipelines (active miles) 18,700 miles Liquids Storage 120 MMBbls Book Equity (1) 6.5 B Natural Gas Storage (5) 84 Bcf Book Cap. (1) 12.3 B Fractionation…
  4. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 4
    PAAs Activities Are Conducted on Four Product Platforms Crude Oil Refined Products Gas Producers Transportation, Facilities, Supply & Logistics Refiners Refineries Transportation, Transportation, Facilities Facilities, & Marketing…
  5. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 5
    PAAs Proven Business Model Embraces a Proactive Approach to Forecasting Market Conditions Formulaic Qualitative Assets Understand the markets + Fundamental supply/demand drivers Volatility, seasonality, cyclicality, etc. Capital…
  6. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 6
    PAAs Business Model Has Been Proven Through a Number of Cycles and Market Conditions NYMEX Crude Oil Prices PAA Adjusted EBITDA: U.S. Petroleum Consumption 150.00 Actual Performance vs. Beginning of the 21,000 130.00 2,000 Year…
  7. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 7
    US Oil Industry Fundamentals Significant Shift of Resources to Development p of Oil Resource/Shale Plays y Historical Oil & Gas Rig Count Natural Gas & Crude Oil Prices 150 15 Oil 130 13 110 11 per barrel 90 9 / Mcf 70…
  8. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 8
    US & Canada Rank Highly For Crude Oil Production and Crude Oil Production Growth (Expected To Continue for Several Years) Worlds 10 Largest Oil Producers Crude Oil Production 0.7 3 Year Production Growth 9.8 95 9.5 (1) (2011…
  9. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 9
    Resource Plays Are Expected to Continue to Drive Very Significant g Increases in North American Production Projected Cumulative Growth Top 10 World Producers From 2009 to 2016/18 Time Period(2) 3YYr. C Cum. G Growth th (2009 2011…
  10. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 10
    PAAs Assets Are Well Positioned to Service Major North American Crude Oil Production Growth Areas Athabasca / Peace River / Cardium B kk / S Bakken Sanish i h / Three Th Forks F k Monterey Marcellus/ Utica Niobrara /…
  11. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 11
    PAA Continues to Expand to Accommodate Production Growth Capital Investment Over a 5 Year Period * Canada (2.5bn) BP NGL Acquisition Rainbow II Pipeline construction Pipeline connections and storage construction Bakken (385mm)…
  12. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 12
    2012 Capital Program Reflects PAAs Focus on Small-to-Medium-Sized Small to Medium Sized Projects Based on guidance furnished via Form 8-K on May 7, 2012 (in millions) Eagle Ford Project 160 Dollard Custom Treating & Truck…
  13. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 13
    Capital Project Portfolio Provides Strong Visibility For Continued Organic g Investment at Attractive Returns 5+ billion project portfolio(1) provides visibility to invest 1 billion in 2012, 650 to 850+ million in 2013, and a…
  14. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 14
    Acquisitions Continue to Play a Major Factor In PAAs Long-Term g Growth Strategy gy PAA Acquisition Investment 2001 2012 Acquisitions by Year* 1,750 2001 - 2012 Total: 6.8 billion 1,500 Average: 570 mm/yr 1,250 2007 - 2012 Avg:…
  15. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 15
    Acquisition Focus and Recent History Primary Focus: Bolt-on acquisitions fill out / expand asset footprint in core areas Strategic St t i acquisitions i iti establish t bli h new core areas or complement l t asset base Long…
  16. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 16
    The BP NGL Acquisition Added a Large Suite of Complementary Assets to Our Existing g Crude Oil & NGL Footprint p Pipeline systems 2,600 miles Alberta Storage 20 MMbbls Kemp River Pipeline Fractionation(1) 232,000 bpd Fort…
  17. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 17
    BP Assets are a Strategic Fit with PAAs Canadian Crude Oil and US NGL Footprint -18-
  18. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 18
    On Track to Complete Key BP Acquisition Integration Milestones by 4Q12 Milestone Completed Target Transition employees, ensure critical systems work day one as designed, designed PAA risk processes in place & functioning as planned…
  19. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 19
    Financial Overview -20-
  20. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 20
    PAAs Financial Strategy Fund growth capital with at least 55% equity and excess cash flow Minimize capital market risk: early/pre-funding is a priority Target a credit profile of: LT Debt / Book Capitalization Ratio 45-50% LT Debt /…
  21. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 21
    PAA has Demonstrated Financial Discipline During a Period of Substantial Growth (in billions) Over this 9+ year period, PAA invested 12 billion* in acquisition and internal growth capital investments while remaining within (or…
  22. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 22
    PAA: Strong Capitalization & Liquidity As of March 31,, 2012 Capitalization (in millions) Change 3/31/12 12/31/10 Long-term debt 1,629 5,794 4,165 (1) Partners' capital 1,940 6,513 4,573 Total book capitalization 3,569 12,307…
  23. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 23
    Generating Meaningful Excess Cash Flow 1.3 Billion Excess Cash Flow To Be Reinvested Over 8 Year Period (dollars in millions) 8-Year DCF 5.7 billion 8-Year Distribution Coverage 128% 1,400 1,200 1,000 22% 800 600 400 78%…
  24. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 24
    PAAs Relative Size and Average Trading Activity Provides q y to Individual and Institutional Investors Liquidity MLP Equity Market Capitalization MLP Daily Value Traded(1) (PAA 4th among 80 MLPs) 50.0 70.0 45.0 PAA 60.0 40.0 PAA…
  25. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 25
    PAA Has Delivered Solid Distribution Growth and Total Returns Target Adjusted EBITDA 1,598 1,800 Distributions 8-9% Increased in 30 of 32 quarters Growth 4.50 4.20 3.98 1 106 1,106 1,022 3.90 3.80 3.57 3.68 887 3.60…
  26. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 26
    PAA Investment Considerations Strategically located, geographically diverse asset base Well positioned to serve high-growth liquids resource plays Stable cash flow 70% fee based S&L segment driven by fee-equivalent lease gathering…
  27. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 27
    Appendix
  28. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 28
    Eagle Ford Organic g Growth Project j Coupled p with a Bolt-on Acquisition q Eagle Ford Pipeline 130-mile crude oil and condensate pipeline 300,000 mb/d throughput capacity 1.5 million barrels of storage capacity & marine terminal…
  29. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 29
    Permian Basin Expansion Projects 250 MM of Projects j Servicing g Spraberry, y Avalon/Bone Spring, g Wolfberry y Plays y Multiple expansions / extensions of existing mainline systems (100 miles North & South Spraberry in…
  30. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 30
    Northern Alberta: Rainbow Pipeline II Diluent Supply for Growing Heavy Oil Demand Received at Nipisi Norman Wells Rainbow Pipeline II Overview 187-mile pipeline to transport condensate and Wabasca W b River Ri P/L butane from…
  31. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 31
    Mid-Continent Mississippian ss ss pp a Lime e Pipeline pe e / Medford ed o d Line e Conversion Co e s o Increasing Northern Oklahoma and Southern K Kansas ttakeaway k capacity it bby 175,000 Bbl/d 150 mmb/d, 170-mile…
  32. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 32
    Bakken North Pipeline and Manitou (Ross) Rail Facility Bakken North Pipeline - 55 million Manitou multi-use facility 80 mile, 12-inch crude oil pipeline - 40 (1) million (65 miles east of Trenton) extending from Trenton and Crude…
  33. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 33
    PAAs Fully Loaded Weighted Average Cost of Capital Illustrative Calculation Equity Cost Debt Cost Distribution Rate (assumes 4.50 growth) 10-Yr Fixed Rate Debt Cost 4.0% GP Burden 2.11 Gross Distribution 6.61 Unit Price (80.00/unit…
  34. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 34
    Non GAAP Reconciliations Non-GAAP
  35. GHS 100 Energy Conference – Plains All American Pipeline, L.P. – slide 35
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