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2015 Investor Day – Pembina Pipeline Corp

Pembina Pipeline Corp · Aug 14, 2015 · 104 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. 2015 Investor Day – Pembina Pipeline Corp – slide 1
    PEMBINA PIPELINE CORPORATION 2015 INVESTOR DAY DOING THE IMPORTANT THINGS RIGHT TSX: PPL; NYSE: PBA
  2. 2015 Investor Day – Pembina Pipeline Corp – slide 2
    Our team presenting today AGENDA PRESENTER Mick Dilger Overview & Value Proposition Mick Dilger President & Chief Executive Officer Market Dynamics Scott Burrows Scott Burrows Crude Oil Value Chain Focus Paul Murphy Vice President,…
  3. 2015 Investor Day – Pembina Pipeline Corp – slide 3
    OVERVIEW & VALUE PROPOSITION Mick Dilger
  4. 2015 Investor Day – Pembina Pipeline Corp – slide 4
    Pembina: a unique investment opportunity Pure play energy infrastructure company that allows TSX: PPLNYSE: PBA investors to participate in the oil and natural gas Common shares outstanding(1) 339 million liquids industry across Canada…
  5. 2015 Investor Day – Pembina Pipeline Corp – slide 5
    Our assets and businesses at a glance Gas Processing Plant Conventional Pipelines Redwater Fractionator 8,800 km network transports hydrocarbon Midstream Storage Facility products and extends across much of Alberta Truck Terminal…
  6. 2015 Investor Day – Pembina Pipeline Corp – slide 6
    Our assets and businesses operate in prolific geology ATHABASCA OIL SANDS MONTNEY TAYLOR SEAL PELICAN LAKE SWAN HILLS Gas Processing Plants DEEP BASIN Redwater Fractionator EDMONTON Pembina Conventional Pipelines DUVERNAY…
  7. 2015 Investor Day – Pembina Pipeline Corp – slide 7
    We remain confident in our strategy OBJECTIVE: To provide highly competitive and reliable returns to investors through monthly dividends while enhancing the long-term value of our shares. STRATEGY: Preserve value by providing safe,…
  8. 2015 Investor Day – Pembina Pipeline Corp – slide 8
    We have had great success securing unrisked projects 12,000 1.9 billion of capital expenditures planned for 2015 Cumulative Capital Expenditures(1) (MM) 10,000 Announced 1.4 billion of new 8,000 committed capital in 2014…
  9. 2015 Investor Day – Pembina Pipeline Corp – slide 9
    We are pursuing a fee-for-service growth portfolio Projects (all fee-for-service) Capital (CMM) Relative Growth Project Portfolio Conventional Pipelines Phase II NGL/Crude Expansions 695 Phase III Pipeline Expansions (1) 2,440…
  10. 2015 Investor Day – Pembina Pipeline Corp – slide 10
    Project timelines & in-service dates Committed Capital Expected In-Service Date* Expected Project Timelines* Musreau III 1.7 4,000 billion of capital 3,660 MM Saturn II 3,500 expected to be put SEEP into service in 2015…
  11. 2015 Investor Day – Pembina Pipeline Corp – slide 11
    Growing incremental operating margin 1,400 Potential Incremental Operating Margin (MM) 1,200 1,000 Full utilization upside 800 600 400 200 0 2015 2016 2017 2018 2018+ Uncommitted Phase I & II Pipeline Phase III…
  12. 2015 Investor Day – Pembina Pipeline Corp – slide 12
    We are continuing to de-risk our business 700-1,000 4% 14% 14% million of potential incremental EBITDA 22% generated per year on a run-rate basis once 64% 82% Pembina's committed projects are all in-service* 2014 2018…
  13. 2015 Investor Day – Pembina Pipeline Corp – slide 13
    Evolution of Pembinas acquisitions EV/NOI multiple at acquisition date Current EV/NOI multiple 11.6X 11.6X 11.3X 10.0X 10.0X 9.8X 8.6X 8.4X 6.8X 7.1X Cutbank Edmonton Provident Vantage Weighted Cutbank Edmonton Provident…
  14. 2015 Investor Day – Pembina Pipeline Corp – slide 14
    Our business in 2018 Now In 2018. Conventional Pipelines Largest conventional crude oil and NGL feeder system in Canada 8,800 km network 13% increase in km (adding 1,120+ km with Phase III and laterals) Fox Creek to Namao capacity at…
  15. 2015 Investor Day – Pembina Pipeline Corp – slide 15
    MARKET DYNAMICS Scott Burrows
  16. 2015 Investor Day – Pembina Pipeline Corp – slide 16
    Doing the important things right: reducing exposure The situation: What Pembina is doing right: Markets over the past several Growing fee-for-service portion of business months have been dramatically Developing market egress…
  17. 2015 Investor Day – Pembina Pipeline Corp – slide 17
    Transition of North American propane markets to export focus US & Canadian propane inventories remain at all time highs US propane production is continuing to grow 100,000 90 1,100,000 90,000 1,000,000 80 Production (bpd)…
  18. 2015 Investor Day – Pembina Pipeline Corp – slide 18
    Paradigm shift in global propane markets The US has become the world's largest propane exporter Asia-Pacific propane long-term fundamentals remain strong 1,200 2,500 US Propane Exports 1,000 2,000 800 1,500 mbpd mbpd…
  19. 2015 Investor Day – Pembina Pipeline Corp – slide 19
    Ethane market dynamics support Albertas petrochemical industry 400 Supply from oil sands off-gas Import from Vantage pipeline Pembina is one of the WCSBs largest Alberta Ethane Supply & Demand (mbpd) Supply from conventional…
  20. 2015 Investor Day – Pembina Pipeline Corp – slide 20
    Butane supply continues to grow while demand remains tepid 800 700 600 500 mbpd 400 300 200 100 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014(E) 2015(E) 2016(E) US Butane Demand US Butane Supply…
  21. 2015 Investor Day – Pembina Pipeline Corp – slide 21
    Condensate supply shortfall driven by demand from oil sands Western Canada condensate supply and demand forecast Top 8 oil sands condensate usage ranked by operating production 700 900 Reduction Due to Rail Cenovus (Conoco) Demand…
  22. 2015 Investor Day – Pembina Pipeline Corp – slide 22
    CRUDE OIL VALUE CHAIN Paul Murphy
  23. 2015 Investor Day – Pembina Pipeline Corp – slide 23
    Doing the important things right: crude oil value chain The situation: What Pembina is doing right: Record volumes and significant Highly reliable pipeline operations expansion in conventional pipelines Pipelines are 100%…
  24. 2015 Investor Day – Pembina Pipeline Corp – slide 24
    Crude oil value chain Pembina's integrated service offering PRODUCTION CONSUMPTION CONVENTIONAL & MIDSTREAM OIL SANDS PIPELINES MIDSTREAM Production Field Terminalling &Treatment LVP Feeder Terminalling Logistics & Spec…
  25. 2015 Investor Day – Pembina Pipeline Corp – slide 25
    Important crude oil resource plays remain economic at current prices Canadian crude oil plays break-even price (half-cycle) US crude oil plays break-even price (half-cycle) 70 72 60 70 68 50 66 CAD / bbl 40 US / bbl…
  26. 2015 Investor Day – Pembina Pipeline Corp – slide 26
    Conventional Pipelines overview Pipelines operational excellence: 99% reliable ALBERTA Proximal to prolific geology FORT TAYLOR DUNVEGAN MCMURRAY Q4 2014 throughput: 612 mbpd (22% increase from Q4 2013) FORT ST JOHN 2014…
  27. 2015 Investor Day – Pembina Pipeline Corp – slide 27
    We are investing to drive growth Capital Expenditures Capital Spending Details 4,500 2014 (actual): 628 million 4,000 Spent to progress Phase II HVP and LVP, complete 3,500 Simonette to Kakwa expansion and on other expansion…
  28. 2015 Investor Day – Pembina Pipeline Corp – slide 28
    Our throughput continues to grow Solid industry performance and strategically located assets have led to strength in Pembina's throughput profile January 2015: reached a weekly all-time high peak throughput of over 662,000 bpd 575 mbpd…
  29. 2015 Investor Day – Pembina Pipeline Corp – slide 29
    Expansions could bring Alberta capacity to 1.5 million bpd 1,600 1,508 mbpd 1,400 1,200 420 1,000 (mbpd) 800 55 53 52 40 600 175 400 200 453 Pre-Expansion Phase I Phase II Phase III Phase III (Ultimate…
  30. 2015 Investor Day – Pembina Pipeline Corp – slide 30
    Increasing Peace and Northern volumes under long-term contract 692,000 Phase II LVP & HVP Standalone & contracts Phase III contracts Phase I contracts 170,000 bpd bpd of crude oil, 160,000 bpd 362,000 bpd condensate and NGL…
  31. 2015 Investor Day – Pembina Pipeline Corp – slide 31
    Phase III Expansion making a good thing better System Capacity (mbpd) Capital Expenditure (MM) Contracted Volumes (mbpd) 800 3,000 700 680 2,540 700 2,500 2,440 600 600 500 2,000 1,949 500 420 Installation 400 362…
  32. 2015 Investor Day – Pembina Pipeline Corp – slide 32
    Pipeline lateral and expansion program 210 MM NEBC Expansion 160 km, up to 12 HVP pipeline, underpinned by long-term, cost-of-service ALBERTA agreement Base capacity of up to 75 mbpd Parallels Pembinas existing BC pipelines Subject…
  33. 2015 Investor Day – Pembina Pipeline Corp – slide 33
    Vantage Pipeline acquisition & expansion Vantage Pipeline, SEEP and Vantage Expansion Acquisition cost: 730 million(1) 700 km ethane pipeline originates in Tioga, North EDMONTON Dakota and terminates near Empress, Alberta Fort…
  34. 2015 Investor Day – Pembina Pipeline Corp – slide 34
    Oil Sands & Heavy Oil overview Syncrude Pipeline Operational excellence Horizon Pipeline Cheecham Lateral 99+% reliable over operating history Nipisi Pipeline Mitsue Pipeline Diverse connectivity to various industry hubs for crude…
  35. 2015 Investor Day – Pembina Pipeline Corp – slide 35
    Crude Oil Midstream overview ALBERTA Develop and provide terminal, hub & storage services to support the energy industry FORT MCMURRAY 630 mbbl of above ground crude oil and TAYLOR condensate storage capacity, with 540 mbbl under…
  36. 2015 Investor Day – Pembina Pipeline Corp – slide 36
    We are investing to drive growth Capital Expenditures Capital Spending Details 700 2014 (actual): 63 million 600 Spent to complete Cynthia full-service terminal Capital Expenditures (MM) and progress above ground storage at…
  37. 2015 Investor Day – Pembina Pipeline Corp – slide 37
    Our assets are well-positioned and interconnected CANADIAN DILUENT HUB Crude oil Dilbit Synthetic Crude Diluent Heavy Export Red indicates Pembina-owned existing and proposed pipelines and connections Dashed lines and/or…
  38. 2015 Investor Day – Pembina Pipeline Corp – slide 38
    Expanding above ground storage Edmonton North Terminal (PNT-E) Above Ground Storage Potential Complete tanks Hydrotest 2,000 1.8 By Q3 2015 Coat and paint MMbbls 1,600 Pipe rack construction 600 Complete pipe connections Q3…
  39. 2015 Investor Day – Pembina Pipeline Corp – slide 39
    Canadian Diluent Hub (CDH) is well-situated 350 million diluent receipt and delivery terminal Ideal site location for diluent terminal Site is in close proximity to: major oil sands pipeline rights-of-way Redwater Project details…
  40. 2015 Investor Day – Pembina Pipeline Corp – slide 40
    PROJECT EXECUTION OVERVIEW Michael Massecar
  41. 2015 Investor Day – Pembina Pipeline Corp – slide 41
    Doing the important things right: project execution The situation: What Pembina is doing right: Success in securing projects has resulted in We have significant in-house project execution expertise largest project execution program…
  42. 2015 Investor Day – Pembina Pipeline Corp – slide 42
    Well-established and proven project approach In-house project expertise Project development efficiencies Continue to improve all aspects of project life cycles Repeatability & standardized designs (leveraging design through growing…
  43. 2015 Investor Day – Pembina Pipeline Corp – slide 43
    Project track record Capital Project & Cost Date in-service Completed on time Completed on budget Safety Metric Business Unit (CMM) Mitsue: ahead of 1,152,065 man hours & 8,420,896 Nipisi & Mitsue Under budget by 40 400 August 2011…
  44. 2015 Investor Day – Pembina Pipeline Corp – slide 44
    PROJECTED CAPITAL SPEND PROFILE AND PROJECT STATUS Project UPDATE development status looking forward Projects (in construction/ Capital Regulatory Expected Tracking Project Status development) (CMM) Approval In-Service On…
  45. 2015 Investor Day – Pembina Pipeline Corp – slide 45
    Construction: Phase II, Phase III and lateral program ALBERTA Phase III Expansion Phase III Expansion (under construction) Completed Phase III Expansion segment Previously announced Phase II Expansion Pembina crude oil and condensate…
  46. 2015 Investor Day – Pembina Pipeline Corp – slide 46
    Phase II LVP & HVP construction update 695 million expansion: near term in-service date Increase capacity by 55 mbpd on Peace and Northern NGL system Project Increase capacity by 53 mbpd on LVP system details Obtained all…
  47. 2015 Investor Day – Pembina Pipeline Corp – slide 47
    Phase III construction update 2.44 billion expansion: underway 880 km total of new pipeline (previously 540 km) Initial capacity of 420 mbpd between Fox Creek and Edmonton, with ability to Project increase capacity to over 680 mbpd by…
  48. 2015 Investor Day – Pembina Pipeline Corp – slide 48
    NGL VALUE CHAIN Stu Taylor
  49. 2015 Investor Day – Pembina Pipeline Corp – slide 49
    Doing the important things right: NGL value chain The situation: What Pembina is doing right: Large resource in place: Montney, Gas Services is in heavy execution phase (four projects to be completed by Deep Basin and Duvernay mid…
  50. 2015 Investor Day – Pembina Pipeline Corp – slide 50
    NGL value chain Pembina's integrated service offering PRODUCTION CONSUMPTION CONVENTIONAL GAS SERVICES PIPELINES MIDSTREAM Gathering, Propane Mainline Terminalling Logistics Consumption Production Processing, HVP Feeder…
  51. 2015 Investor Day – Pembina Pipeline Corp – slide 51
    Integrated value chain case study Gas Plant Case Study: Overview NOI Contribution by Value Chain (MM) 200 MMcf/d of ethane-plus extraction capacity 60 26 MM incremental NOI created on top of and up to 13,000 bpd of NGL with 70 km NGL…
  52. 2015 Investor Day – Pembina Pipeline Corp – slide 52
    58 Eagle Ford US American shale gas break-even price (half-cycle) Dry Gas Haynesville Shale - LA Important gas resource plays remain economic at current prices Haynesville Shale - TX Barnett Shale Diversity of…
  53. 2015 Investor Day – Pembina Pipeline Corp – slide 53
    Gas Services overview Operational excellence ALBERTA 96% reliable Positioned in active and emerging NGL rich plays FORT MCMURRAY Provide gas gathering, compression and shallow/deep cut processing services Seven facilities in…
  54. 2015 Investor Day – Pembina Pipeline Corp – slide 54
    Gas Services: contract overview 100% fee-for-service revenue Underpinned by long-term contracts 75% of 2014 revenue protected with take-or-pay commitments Flexible to offer commercial framework; standard terms include: Longer-term,…
  55. 2015 Investor Day – Pembina Pipeline Corp – slide 55
    We are investing to drive growth Capital Expenditures Capital Spending Details 1,200 2014 (actual): 295 million Spent to progress the multi-year construction Capital Expenditures (MM) 1,000 projects at Resthaven and Saturn II…
  56. 2015 Investor Day – Pembina Pipeline Corp – slide 56
    And to support growing volumes 700 673 MMcf/d Resthaven & Musreau II: in service Q4 2014 600 500 Saturn I: in service Q4 2013 400 MMcf/d 300 200 100 - 2009 2010 2011 2012 2013 2014 Jan-15 Gas processing…
  57. 2015 Investor Day – Pembina Pipeline Corp – slide 57
    Saskatchewan Ethane Extraction Plant (SEEP) construction update 110 million, 60 MMcf/d deep cut gas plant in Saskatchewan Bakken Acquired under-construction plant as part of Vantage acquisition Deliver ethane to the Vantage Pipeline…
  58. 2015 Investor Day – Pembina Pipeline Corp – slide 58
    Resthaven Expansion construction update 145(1) million, 100 MMcf/d (gross) expansion & pipeline lateral Bring total plant capacity to 300 MMcf/d(2) Project Constructing 28 km 12 gathering pipeline to deliver gas into facility…
  59. 2015 Investor Day – Pembina Pipeline Corp – slide 59
    Musreau III construction update 105 million, 100 MMcf/d shallow cut gas plant Liquids extraction capacity of 3,000 bpd Underpinned by long-term, take-or-pay service agreement Project Leverages engineering and design from Musreau I…
  60. 2015 Investor Day – Pembina Pipeline Corp – slide 60
    Saturn II construction update 170 Million, 200 MMcf/d deep cut gas plant Liquids extraction capacity of 13,000 bpd Project Leverage engineering work completed for Saturn I details 10-year firm-service contract for 130 MMcf/d (65% of…
  61. 2015 Investor Day – Pembina Pipeline Corp – slide 61
    Expanding to meet customer demand 1,600 1,463 80,000 MMcf/d 1,400 100 70,000 100 100 1,200 200 60,000 200 NGL and C5 Output (bpd) 1,000 60 60 60 60 50,000 100 MMcf/d 130 800 40,000 200 600 30,000 61% 50…
  62. 2015 Investor Day – Pembina Pipeline Corp – slide 62
    NGL Midstream overview REDWATER WEST: Gas Processing Plant Redwater Fractionator 73 mbpd NGL fractionator and 7.9 MMbbls of finished product Midstream Storage Facility Truck Terminal cavern storage Rail Terminal Pembina Pipelines…
  63. 2015 Investor Day – Pembina Pipeline Corp – slide 63
    We are investing to drive growth Capital Expenditures Capital Spending Details 2,000 2014 (actual): 327 million 1,800 Spent to progress RFS II as well as NGL storage Capital Expenditures (MM) 1,600 caverns and associated…
  64. 2015 Investor Day – Pembina Pipeline Corp – slide 64
    NGL fractionation growth 300 250 RFS II mbpd New 415 million 73 mbpd C2+ fractionator 250 Committed take-or-pay revenue streams for 10-year 55 term from in-service date, for 97% of the operating 200 capacity 9 Expected on-stream…
  65. 2015 Investor Day – Pembina Pipeline Corp – slide 65
    NGL salt cavern storage potential Substantial storage cavern 40 38 development potential MMbbls 35 30 Cavern development: (MMbbls) 25 At Redwater 20 2.6 15 13 caverns in-service 10 17.5 5 in development 5…
  66. 2015 Investor Day – Pembina Pipeline Corp – slide 66
    Progressing RFS II construction RFS II site in August 2013 RFS II & RFS III site in December 2014 RFS II site in May 2014 Redwater positioned to be Canada's largest fractionation site 74 See Forward-looking statements &…
  67. 2015 Investor Day – Pembina Pipeline Corp – slide 67
    RFS II construction update 415 million, 73 mbpd ethane-plus fractionator 10-year take-or-pay contracts for 100% of operating capacity Project Leverage engineering work completed for RFS I details Erected de-propanizer; completing…
  68. 2015 Investor Day – Pembina Pipeline Corp – slide 68
    RFS III construction update 400 million, 55 mbpd propane-plus fractionator 10-year, take-or-pay contracts for 100% of operating capacity Leverage engineering work completed for RFS I & II Project details De-ethanization tower can be…
  69. 2015 Investor Day – Pembina Pipeline Corp – slide 69
    Corunna facilities 45 million product handling capacity expansion Rail offload and cavern injection pumps to increase offloading capacity from 3,800 cars per year to 6,200 cars per year Adding rail track, new truck bay, brine pond,…
  70. 2015 Investor Day – Pembina Pipeline Corp – slide 70
    Propane export extending Pembina's value chain participation Global opportunity Growing North American production and robust Existing NGL Western Value Chain Asian demand Canada Decrease of traditional markets Eastern Canada and…
  71. 2015 Investor Day – Pembina Pipeline Corp – slide 71
    Proposed propane export terminal project timeline Potential US500 million export terminal Continue public consultation and engagement (throughout project) Prepare and submit regulatory applications Prepare detailed engineering 2015…
  72. 2015 Investor Day – Pembina Pipeline Corp – slide 72
    Opportunities for growth: North Dakota Bakken/Williston Basin NGL Production Forecast Drivers of growth opportunities 800 Robust current production 160 mbpd of NGL 700 Recent flaring regulation setup 600 significant future NGL…
  73. 2015 Investor Day – Pembina Pipeline Corp – slide 73
    Bakken NGL egress & opportunity Current Egress Alternatives Potential Opportunities Transported on Third Party pipelines Construction of straddle plant infrastructure Vantage Pipeline Further expansion of the Vantage Pipeline…
  74. 2015 Investor Day – Pembina Pipeline Corp – slide 74
    DEDICATED TO ASSET INTEGRITY & SAFETY Allan Charlesworth
  75. 2015 Investor Day – Pembina Pipeline Corp – slide 75
    Doing the important things right: asset integrity The situation: What Pembina is doing right: We continue to add new assets, expand Focus on maintaining safe and reliable operations existing assets, and renewed long- We have a…
  76. 2015 Investor Day – Pembina Pipeline Corp – slide 76
    Comprehensive and continuous evaluation of all threats IN-LINE INSPECTION (ILI) FACILITY INTEGRITY Metal loss Governs operation, inspection, monitoring Crack detection and mitigation (if required) for all pressure vessels and tanks…
  77. 2015 Investor Day – Pembina Pipeline Corp – slide 77
    Rigorous in-line inspection program using latest technology Pembina has over 460 ILI capable Main tool technologies pipeline segments Magnetic flux leakage (MFL) Pembina completes an average of 60- Geometry (deformations) 80…
  78. 2015 Investor Day – Pembina Pipeline Corp – slide 78
    Robust geotechnical program INSPECTION PROGRAM 1,731 water crossings, 430 slopes Typically over 400 inspections/year MONITORING PROGRAM Depth-of-cover surveys: typically over 200/year Slope surveys and instrumentation: typically…
  79. 2015 Investor Day – Pembina Pipeline Corp – slide 79
    Innovative tube storage inspection Tool development and testing was completed in August 2014 Multi-diameter inspection tool, able to inspect 48-54-inch tubes Execution of inspection runs were successful, with quality data…
  80. 2015 Investor Day – Pembina Pipeline Corp – slide 80
    Focus on continuous risk reduction initiatives Continue to evaluate all threats to our pipelines and facilities (corrosion, geohazards, crack, geometry, etc.) Using (developing) new technologies to enhance detection and analysis of…
  81. 2015 Investor Day – Pembina Pipeline Corp – slide 81
    Our priority is on safety and reliability Employee Safety Safe Driving Employee near-miss reporting increased by 45% in 2014 Mandatory AMA Collision Avoidance program Over 1,100 employees worked more than 2.3 million hours Back-in…
  82. 2015 Investor Day – Pembina Pipeline Corp – slide 82
    STRONG FINANCIAL PLATFORM Scott Burrows
  83. 2015 Investor Day – Pembina Pipeline Corp – slide 83
    Doing the important things right: financing The situation: What Pembina is doing right: With our large portfolio of We continue to execute well-timed, well-priced financings secured capital, we have We are committed to our…
  84. 2015 Investor Day – Pembina Pipeline Corp – slide 84
    Financing objectives Finance growth 50/50 debt/equity Maintain BBB rating with conservative balance sheet metrics Manage through the investment cycle Ensure ample liquidity to fund capital program Ensure financing flexibility to…
  85. 2015 Investor Day – Pembina Pipeline Corp – slide 85
    Debt metrics Total Debt / 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 2014 2010 2011 2012 2013 2014 Total Debt / Total Book Capitalization…
  86. 2015 Investor Day – Pembina Pipeline Corp – slide 86
    Clean balance sheet 8.0x 7.0x 6.0x 2014 Debt / EBITDA(1) 5.0x 4.0x 3.0x 2.0x 1.0x 0.0x BBB- A BBB BBB+ A- BBB A A- BBB+ BBB BB NR Pembina continues to employ significantly less leverage than its…
  87. 2015 Investor Day – Pembina Pipeline Corp – slide 87
    Conservative structuring Debt Cost of Capital / Tenor Optimization(1) 7.0% 6.5% Peer 7 BBB Weighted Average Coupon 6.0% BBB+ Peer 3 5.5% Peer 4 5.0% Peer 2 Peer 9 4.5% Peer 5 Baa2 4.0% Peer 6 Peer 8 3.5% Peer 1…
  88. 2015 Investor Day – Pembina Pipeline Corp – slide 88
    Access capital at attractive rates Medium term notes (2013-YTD) Preferred shares (2013-YTD) Common shares (2013-YTD) 700 700 700 600 600 600 600 600 500 500 500 400 400 400 345 MM MM MM 321 286 266 300 300 250 250…
  89. 2015 Investor Day – Pembina Pipeline Corp – slide 89
    Debt maturity profile Senior Debt Maturity Profile Majority Fixed Rate Debt 600 Amount outstanding (MM) 500 400 300 200 96% Fixed Rate 100 0 Weighted average cost of debt: 4.6%(1) 120 million drawn on the 1.5 billion…
  90. 2015 Investor Day – Pembina Pipeline Corp – slide 90
    Funding plan and capital structure is equipped for growth Funding Plan Prudent and flexible capital structure1 6,000 5 B 24% (2015 2018) 5,000 4,000 Debt 4% MM 3,000 8% 64% Capital Preferred Expenditures 2,000 DRIP…
  91. 2015 Investor Day – Pembina Pipeline Corp – slide 91
    Dividend growth supported by growing cash flow 2.50 A- 2.00 BBB BBB+ 1.50 1.00 0.50 - 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Dividends per share Adjusted Cash Flow from Operating activities per…
  92. 2015 Investor Day – Pembina Pipeline Corp – slide 92
    WE ARE DEDICATED TO STAKEHOLDERS Mick Dilger
  93. 2015 Investor Day – Pembina Pipeline Corp – slide 93
    Invested almost 3 million in our communities in 2014 Funded over 140 organizations in 2014, including: 17 schools 22 volunteer fire departments 10 hospitals and/or health centres PEMBINA'S UNITED WAY BENCHMARKING 1st 2,500,000…
  94. 2015 Investor Day – Pembina Pipeline Corp – slide 94
    Purposefully growing opportunities for collaboration with Aboriginal businesses In 2014, Pembina received more than 90 First Nations project consultation completions by Provincial regulators Pembina is continuing its efforts to become…
  95. 2015 Investor Day – Pembina Pipeline Corp – slide 95
    Reputation for attracting and retaining employees 1,120 employees (compared to 430 employees as at the end of 2010) Canadas Top Employers has named us one 13 field offices of the top 70 Employers in Alberta for 2015 Average years of…
  96. 2015 Investor Day – Pembina Pipeline Corp – slide 96
    SUMMARY Mick Dilger
  97. 2015 Investor Day – Pembina Pipeline Corp – slide 97
    We have an established track record 8.2 19 % CAGR % CAGR 2.50 1,200 in ACFPS in operating margin 2005 2014 2005 2014 1,100 Adjusted Cash Flow Per Share 1,000 2.00 900 800 (millions) 1.50 700 600 1.00 500 400…
  98. 2015 Investor Day – Pembina Pipeline Corp – slide 98
    We continue driving shareholder value 487 % total shareholder return* * Jan 1, 2005 Dec 31, 2014, inclusive of dividends reinvested 5.1 % CAGR in dividends per share* * 2005 - 2014 3.4 billion in dividends paid since…
  99. 2015 Investor Day – Pembina Pipeline Corp – slide 99
    We produce exceptional performance 10 Year Total Return PPL vs. S&P/TSX(1) 880 780 Total Return (100 = January 1, 2005) 680 580 480 380 280 180 80 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Pembina…
  100. 2015 Investor Day – Pembina Pipeline Corp – slide 100
    We are continuing to de-risk our business 700-1,000 4% 14% 14% million of potential incremental EBITDA 22% generated per year on a run-rate basis once 64% 82% Pembina's committed projects are all in-service* 2014 2018…

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