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Wells Fargo Energy Symposium – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Dec 8, 2015 · 30 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. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 1
    2015 Wells Fargo Energy Symposium December 8th, 2015 New York, NY www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 2
    Discussion Outline FAQs Current Situation Overview PAAs Positioning in the Crude Oil Value Chain Looking Forward to 2016, 2017 and Beyond Financial Summary Recap & Value Proposition Q&A www.plainsallamerican.com NYSE: PAA &…
  3. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 3
    Topics From Recent Investor Meetings & 1:1s FAQs Frequently Asked Questions: Why has PAA been impacted more than other MLPs What steps are you taking to manage through the near term challenges How do you view baseline for the S&L…
  4. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 4
    Current Situation Overview PAA is the largest crude oil centric MLP with a leading Illustrative Adj. EBITDA Contribution Major Crude Oil Player In position in substantially all U.S. & Canadian resource U.S. & Canada plays, market…
  5. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 5
    This is Not PAAs First Crude Oil Cycle PAAs Asset Base & Business Model Have Performed In Multiple Commodity Cycles and A Variety of Market Conditions Strategically Located & Integrated Asset Base PAA Adjusted EBITDA: Actual…
  6. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 6
    PAA Is A Leader Across The Entire Crude Oil Midstream Value Chain Primarily fee equivalent Primarily fee based activities merchant activities Multiple commercial optimization opportunities www.plainsallamerican.com NYSE: PAA &…
  7. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 7
    PAAs Integrated Assets Are Located In All Major U.S. & Canadian Crude Oil Production Areas And Substantially All Inland And Coastal Crude Oil Terminal & Interchange Locations PAA Assets (1) Yellow highlighted Pipelines (active…
  8. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 8
    Illustration Of PAAs Value Chain Positioning Note: Map for illustrative purposes only. Not all www.plainsallamerican.com NYSE: PAA & PAGP PAA and 3rd Party assets are shown. 9
  9. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 9
    Illustration Of PAAs Value Chain Positioning Imports Note: Map for illustrative purposes only. Not all www.plainsallamerican.com NYSE: PAA & PAGP PAA and 3rd Party assets are shown. 10
  10. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 10
    Illustration Of PAAs Value Chain Positioning Imports Note: Map for illustrative purposes only. Not all www.plainsallamerican.com NYSE: PAA & PAGP PAA and 3rd Party assets are shown. 11
  11. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 11
    Illustration Of PAAs Value Chain Positioning Patoka Cushing Diamond Memphis Wichita Falls Colorado Jal City Longview Midland Caddo Wink Shreveport Driver Crane Mobile McCamey St. James Houston Nederland…
  12. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 12
    Illustration Of PAAs Value Chain Positioning Patoka Cushing Diamond Memphis Yellow highlights represent significant recent / ongoing capital investments Wichita Falls Colorado Jal City Longview Midland Caddo Wink…
  13. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 13
    Permian Basin: Unparalleled Interconnectivity Across The Crude Oil Midstream Value Chain Permian Basin Assets / Activities (1) Crude Oil Production(2) mb/d Transportation Volumes 1,655 mbbls/d 3,000 2,600 1st Purchaser Gathered Barrels…
  14. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 14
    Permian Basin: Unparalleled Interconnectivity Across The Crude Oil Midstream Value Chain Permian Basin Assets / Activities (1) Crude Oil Production(2) mb/d Transportation Volumes 1,655 mbbls/d 3,000 2,600 1st Purchaser Gathered Barrels…
  15. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 15
    Permian Basin: PAA Extensive Pipeline System Provides Significant Connectivity & Flexible Access To Many Markets PAAs Basin Pipeline provides a header or manifold type connection to all major export pipelines Legend PAA…
  16. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 16
    Permian Basin: PAA Extensive Pipeline System Provides Significant Connectivity & Flexible Access To Many Markets Yellow highlights represent significant recent / ongoing capital investments PAAs Basin Pipeline provides a header…
  17. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 17
    PAA Has Similar Leading Positions In All Major Crude Oil Resource Plays In The U.S. & Canada Interconnected by Pipeline and Rail Multiple Regions Connected by Rail Facilities Other Areas Pipe, Rail & Barge Louisiana & Mississippi…
  18. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 18
    PAA Crude Oil Facilities Span Substantially All Major U.S. & Canadian Interchanges, Demand Corridors and Coastal Locations, And Investments Position PAA Well For Growth Summary of Capacity at PAA Facilities(1)(2) Liquid Storage…
  19. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 19
    2016, 2017 and Beyond Industry conditions incorporated into PAAs performance outlook PAAs preliminary 2016 performance outlook: Transportation & Facilities segments fee based growth Supply & Logistics segment Major focus…
  20. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 20
    Industry Conditions Incorporated Into PAAs Preliminary 2016 & 2017 Performance Outlook Positive Intermediate to Long-Term Outlook (2017 and Beyond) Visibility & Viability of Resource Base Has Never Been Greater; Technology Proven /…
  21. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 21
    2016 For PAA: Challenging 1H16, Strengthening 2H16 Solid Foundation Provided By Ongoing Capital Program Summary: 2016 Adjusted EBITDA to increase over 2015 guidance of 2.2 billion Primarily fee-based growth in Transportation &…
  22. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 22
    Fee Based Growth Visibility Underpinned By Ramp Up of 3 to 4 billion of Capex Projects & MVCs Major Projects with Notable MVC Support Illustration of Organic Growth Cash Flow Ramp-Up Associated Asset Description Permian Basin With…
  23. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 23
    Supply & Logistics Segment Supply & Logistics Adjusted Segment Profit 900 855 893 613 651 Baseline Adjusted 600 590 Segment Profit (500-550 MM) (1) 300 0 2011 2012 2013 2014 2015 (G) 2012 2013 reflects significant…
  24. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 24
    Major Focus Efforts For 2016 Optimize CAPEX & Project Portfolio (reduce need for equity capital) Taking Actions to Reduce 2016 Capex to +/- 1.5 billion Deferring / modifying scope of selected capital projects Optimizing capital…
  25. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 25
    PAA 2017 Outlook (and Beyond): Step Change Improvement Over 2016 Performance; Further Strengthening in 2H 2017 Adjusted EBITDA to ramp up meaningfully over 2016 Expect improvement underpinned by: Illustration of Organic Growth Cash…
  26. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 26
    Financial Overview www.plainsallamerican.com NYSE: PAA & PAGP 27
  27. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 27
    PAA & PAGP Capitalization & Liquidity As of September 30, 2015 Capitalization (in millions) PAA PAGP Long-term Debt 9,970 10,529 Partners' Capital 8,216 9,526 Total Book Capitalization 18,186 20,055 Credit Stats & Liquidity…
  28. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 28
    PAA Financial Position & 2016 Capital Requirements Expect to have +/- 2.3 billion of liquidity entering 2016 Combination of smaller capital program and non-core asset sales reduce PAAs need for equity capital in 2016 Evaluating a…
  29. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 29
    Additional FAQ Responses 12-Year Historical PAA is not forecasting 2016 distribution growth Distribution Coverage 123%(1) Based on our preliminary 2016 capital needs / 1,800 0.9x 1.4x alternatives and positive 2017 fundamental 1.6x…
  30. Wells Fargo Energy Symposium – Plains All American Pipeline, L.P. – slide 30
    Recap & Value Proposition Visible positive intermediate-to-long term fundamentals Proven track record of performance throughout industry cycles Unmatched U.S. crude oil asset base and business profile Supports cash flow durability in…

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