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Citi MLP Conference – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Aug 18, 2015 · 23 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. Citi MLP Conference – Plains All American Pipeline, L.P. – slide 1
    2015 Citi MLP/Midstream Infrastructure Conference Las Vegas, NV August 18-20, 2015 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. Citi MLP 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. Citi MLP Conference – Plains All American Pipeline, L.P. – slide 3
    Plains All American Structure One Business - Two Ways To Invest (NYSE: PAA & PAGP) (1) General Partner Owners General Partner PAGP Class A Shareholders 34% Structured as a limited partnership, Investors & EMG (et. al.) 20% but…
  4. Citi MLP 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 36.4 B Pipelines (active miles) 18,900 miles PAA Equity Market Cap 14.6 B Liquids Storage 125 MMBbls PAGP Equity Market Cap(2)…
  5. Citi MLP 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. Citi MLP 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. Citi MLP 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. Citi MLP 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. Citi MLP 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: NYMEX Crude Oil Prices U.S Petroleum Consumption Actual Performance vs. Guidance 160 21,000 140…
  10. Citi MLP Conference – Plains All American Pipeline, L.P. – slide 10
    Crude Oil Industry Overview www.plainsallamerican.com NYSE: PAA & PAGP 11
  11. Citi MLP Conference – Plains All American Pipeline, L.P. – slide 11
    Summary of the Current Oil Price Environment Crude Oil Price Movement: June 14 - Present Price Differential to WTI (Cushing) 125 15 115 10 105 Price as of % Change 95 5 8/12/15 Since June 85 - 43.30 -58% 75 49.66 -56% (5)…
  12. Citi MLP 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. Citi MLP 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. Citi MLP 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 estimated to average 1.3 mmb/d Source of…
  15. Citi MLP Conference – Plains All American Pipeline, L.P. – slide 15
    Future Growth, Financial Strategy & Summary www.plainsallamerican.com NYSE: PAA & PAGP 16
  16. Citi MLP 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 410 Largest single project represents Cactus Pipeline 150 6% of total 2015 capital program Diversity of programs…
  17. Citi MLP 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 2,200 Strong Visibility for 2,026 Growth 2,000 1,620 1,600 1,200 Multi-Billion…
  18. Citi MLP Conference – Plains All American Pipeline, L.P. – slide 18
    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:…
  19. Citi MLP Conference – Plains All American Pipeline, L.P. – slide 19
    PAA & PAGP Capitalization & Liquidity As of June 30, 2015 Capitalization Capitalization (in millions) PAA PAGP Long-term Debt 9,137 9,697 Partners' Capital 8,705 10,014 Total Book Capitalization 17,842 19,711 Credit…
  20. Citi MLP Conference – Plains All American Pipeline, L.P. – slide 20
    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…
  21. Citi MLP Conference – Plains All American Pipeline, L.P. – slide 21
    Consistent Execution Of PAAs Strategy Has Driven Attractive Distribution Growth & Total Returns Over A Multi-Year Period Annualized Year-end Distributions(1) Targeting Increased 43 out of last 45 quarters 6% Growth 3.00 2.80 2.64…
  22. Citi MLP Conference – Plains All American Pipeline, L.P. – slide 22
    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…
  23. Citi MLP Conference – Plains All American Pipeline, L.P. – slide 23
    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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