Barclays Investment Grade Energy & Pipeline Conference New York, NY March 3, 2016 www.plainsallamerican.com NYSE: PAA & PAGP 1
Discussion Outline Overview of Plains All American PAAs Positioning and Capital Project Review Financial Review Key Takeaways Q&A www.plainsallamerican.com NYSE: PAA & PAGP 3
Plains All American Structure (1) General Partner Owners General Partner PAGP Class A Shareholders 41% Structured as a limited partnership, Investors & EMG (et. al.) 20% but has checked the box to be taxed as Management Kayne…
Plains All American Profile (NYSE: PAA & PAGP) Financial Profile(1) PAA Assets(4) Total Enterprise Value 22.9 B Pipelines (active miles) 19,200 miles PAA Equity Market Cap 7.8 B Liquids Storage 135 MMBbls PAGP Equity Market Cap(2)…
PAAs Integrated Asset Base & Business Model Have Delivered Solid Results In Volatile Markets And Fluctuating Supply And Demand Scenarios Strategically Located & Integrated Asset Base PAA Adjusted EBITDA: Actual Performance vs. BOY…
PAAs Positioning and Capital Project Review www.plainsallamerican.com NYSE: PAA & PAGP 7
PAA Positioning PAA has the best, largest and most interconnected crude oil midstream platform in the U.S. and a business model that is proven through the cycles PAA is well positioned to manage through a Lower for Longer scenario…
2016 Major Capital Projects PAA is in the process of completing a multi-year, multi-billion dollar capital expansion program (no material capital commitments beyond 2017) 2016 (G) Expansion Capital (in millions) MVC /…
Cactus Pipeline (Supply Push) Supply Push PAAs Cost: 490 million In-Service April 2015 (Q4 2015 volumes 130,000 bpd, capacity and MVC ramps in 2016) 2015 average volume 76,000 bpd Description: 20, 310 mile pipeline from McCamey,…
Saddlehorn Pipeline (Supply Push) PAAs Cost: 260 million (Total Project 900 million) In-Service Timing Estimate: 3Q16 Description: 20, 600 mile pipeline from the DJ Basin to PAA and MMP Cushing, OK terminals Ownership: Undivided…
Diamond Pipeline (Demand Pull) PAA Cost: 465 million In-Service Timing Estimate: 3Q17 Description: 20, 440 mile pipeline from Cushing, OK to Valero Memphis, TN refinery Ownership: 50% JV operating interest with partner Valero, the…
Red River & Caddo Pipelines (Demand Pull) PAA Aggregate Cost 500 million Caddo Pipeline: Demand Pull PAAs Cost: 50 million Red River In-Service: 2Q16 Ownership: 50% 16, 400 mile pipeline from Cushing, OK to Capacity: 80,000 bpd…
PAA Fort Saskatchewan NGL Complex PAA Aggregate Cost- 665 MM (combination Supply Push & Demand Pull) Existing Assets 71 kb/d fractionation capacity 8.3 mm barrels of NGL storage capacity 2.5 mm barrels of brine pond capacity 22.5…
Recent 1.6 Billion Preferred Equity Financing On January 28, 2016 closed a private placement of 61 million 8% Convertible Preferred Units for total proceeds of 1.6 billion Perpetual permanent equity Classified as Partners Capital on…
Financially Well Positioned for Lower for Longer Position Enhanced by January 2016 Preferred Transaction Capitalization PAA PAGP (in billions) Actuals Proforma(4) Actual Proforma(4) Long-term Debt (net debt in Proforma) 10.4 8.8…
2016 Guidance Anticipates Growth in Fee-Based Business Adjusted EBITDA by Segment Guidance Summary (1) 2016 adjusted EBITDA midpoint guidance (In Millions) of 2.28 B, which incorporates an 3,000 expected 12% year-over-year growth…
Credit Profile of PAAs Customer Base Supply and Logistics Segment PAAs most significant exposure (85%) is associated with our Supply & Logistics segment Primarily attributable to our crude oil gathering activities and is primarily…
Credit Profile of PAAs Customer Base Facilities & Transportation Segments Credit exposure is much smaller for our Transportation and Facilities Segments due to the fee based nature of the activities Supply & Logistics segment is a…
Key Takeaways PAA has the best, largest and most interconnected crude oil midstream platform in the U.S. and a business model that is proven through the cycles Positive intermediate-to-long term fundamentals Solid balance sheet,…
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