2015 Barclays CEO Energy-Power Conference New York, NY September 9-10, 2015 www.plainsallamerican.com NYSE: PAA & PAGP 1
Presentation Outline Key Takeaways Overview of Plains All American Crude Oil Industry Overview Future Growth, Financial Strategy & Summary Q&A www.plainsallamerican.com NYSE: PAA & PAGP 3
Key Takeaways For Today Industry outlook: Intermediate-to-Long-Term Constructive-to-Bullish Near-term (12 to 15 months) -- Cautious PAA Has a Proven Track Record of Performance in All Types of Environments PAA Is Well Positioned in:…
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…
Plains All American Profile (NYSE: PAA & PAGP) Financial Profile(1) PAA Assets(4) Total Enterprise Value 35.2 B Pipelines (active miles) 18,900 miles PAA Equity Market Cap 13.8 B Liquids Storage 125 MMBbls PAGP Equity Market Cap(2)…
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% Natural Gas Liquids Refined…
PAA Has a Broad and Deep Crude Oil Presence Throughout N.A. Significant Service Provider in Substantially All Major Supply & Demand Regions PAAs Crude Oil Footprint: Crude Oil Transportation Volumes : 4.3 mmbls/d Purchased Crude…
PAA Has A Proven Business Model Understand the Markets Optimize Performance Fundamental supply/demand of Such Assets drivers Interconnectivity Volatility, seasonality and Build or Acquire cyclicality key logistical assets…
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…
Crude Oil Industry Overview www.plainsallamerican.com NYSE: PAA & PAGP 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 9/1/15 Since June 85 - 45.41 -56% 75 49.56 -53% (5)…
Supply Currently Exceeds Demand, However The World Needs Sustainable North American Production GROWTH Annual global demand increase estimated to average 1.3 OPEC and Rest of World are not a Sustainable mmb/d through 2018 (5.2…
Directional Illustration Of A Return To A Balanced Market mmb/d Change relative to immediately prior year Takeaway Thoughts: 2016 2017 U.S. (200) 200 Illustrative only; multiple Canada 200 100 permutations possible Opec ex Saudi & Iran…
Crude Oil Industry Overview GLA Opening Slide (13) PAAs Current Perspective From 6/4/2015 Investor Day Intermediate-to-Longer-Term Very Constructive-to-Bullish U.S. & Canadian crude oil resource base: Well-defined, extensive and…
Crude Inventory As Of August 28, 2015 vs. PAA/PAGP June 4, 2015 Investor Day Inventory Scenarios Interim Data Points Are Intended to be Directional, Ending Balances Represent the Case Outcome DOE Total Crude Stocks (excl. SPR)(1) mmbls…
Key Takeaway(s) U.S. and Canadian reserves will play an integral role in the intermediate-to-long-term solution. Extensive proven/known reserves remain in place U.S. shale basins are becoming a low cost source of swing production…
The Defined Crude Oil Resource Base Is Extensive, And The Drilling & Completion Recovery Techniques Are Proven (In mmb/d) HZ W. Canada Major US Area Wells Estimate of (20 Yrs) Current Resource Acreage Drilled Undrilled PAA Estimates…
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) HZ W. Canada Major US Area Wells Estimate of (20 Yrs) Current Resource Acreage Drilled…
Overview Of PAAs 2015 Capital Program Permian Basin Diverse Approved Project Portfolio Permian Basin Area Projects 410 Largest single project represents Cactus Pipeline 150 7% of total 2015 capital program Diversity of programs…
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…
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:…
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…
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…
Key Takeaways For Today Industry outlook: Intermediate-to-Long-Term Constructive-to-Bullish Near-term (12 to 15 months) -- Cautious PAA Has a Proven Track Record of Performance in All Types of Environments PAA Is Well Positioned in:…
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