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2016 MLPA Investor Conference – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Jun 2, 2016 · 24 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. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 1
    2016 MLPA Investor Conference Orlando, FL June 2, 2016 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 2
    Discussion Outline Brief Overview Of Plains All American Potential simplification transaction Crude Oil Industry Outlook PAAs Positioning In The Current Environment Financial Overview Q&A www.plainsallamerican.com NYSE: PAA &…
  3. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 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…
  4. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 4
    Potential Simplification Transaction Currently evaluating a potential simplification transaction between PAA and its general partner Actively engaged with PAA & PAGP boards and 3 largest GP owners Kayne Anderson, EMG & Oxy, represent…
  5. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 5
    Plains All American Profile (NYSE: PAA & PAGP) Financial Profile(1) PAA Assets(5) Total Enterprise Value 26.6 B Pipelines (active miles) 19,200 miles PAA Equity Market Cap(2) 10.8 B Liquids Storage 135 mmbls PAGP Equity Market…
  6. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 6
    Strong Presence In All Major U.S. And Canadian Crude Oil Production Areas And Substantially All Inland And Coastal Crude Oil Terminal / Interchange Locations PAA Has: 1. The most integrated crude oil pipeline & terminal system in…
  7. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 7
    Crude Oil Industry Outlook www.plainsallamerican.com NYSE: PAA & PAGP 8
  8. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 8
    Crude Oil Industry Update The stage is being set for a meaningful recovery in crude oil prices; demand for increased U.S. shale production; surge in drilling & completion activities World petroleum demand is at/near record levels…
  9. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 9
    Reduced Activity Levels & Sharp Decline Rates Suggest Production Declines Are Imminent BY Underlying New YE Production Decline Underlying Production Y/Y Production Production Year (mb/d) (mb/d) Decline % (mb/d) Growth (mb/d)…
  10. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 10
    Regional Detail www.plainsallamerican.com NYSE: PAA & PAGP 11
  11. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 11
    Not All Equipment, Labor and Locations Are Equal Ramp Up Time Will Likely Take Longer Than Ramp Down Time Currently operating with / in the best of the best equipment, labor and locations Activity ramp up may involve time delays,…
  12. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 12
    High Inventory Levels Provide A Near Term Buffer But Can Be Meaningfully Reduced In A Short Period of Time Dotted purple lines based on estimates prepared by PAA in late 2015 Full Disclosure: Variances in PAAs forecasts for…
  13. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 13
    PAAs Positioning In The Current Environment www.plainsallamerican.com NYSE: PAA & PAGP 14
  14. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 14
    Summary Midstream Outlook Near-Term Expectations Continuation of a competitive environment for new volumes Potential for producer bankruptcies to create disruptions Midstream capital projects likely limited to completion of existing…
  15. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 15
    Defined Resource Base Is Extensive, Drilling & Completion Techniques Proven And PAAs Assets Are Located In All The Right Places Its Not A Question Of If The Resource Gets Developed, But Instead When (1) Yellow highlighted Selected…
  16. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 16
    PAA Is A Leader Across The Entire Crude Oil Midstream Value Chain In Almost Every Region Primarily fee-equivalent Primarily fee-based activities merchant activities Multiple commercial optimization opportunities…
  17. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 17
    Illustration OF PAAs Ability To Serve The Industrys Supply Push & Demand Pull Needs Bakken / Patoka Canadian Crude to St. James Cushing to Broom Cushing Diamond STACK Memphis Yellow highlights Stack Injection Station…
  18. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 18
    Substantial Capacity Across The System Leverages PAA To An Industry Recovery Available Capacity 100 mb/d 0-100 mb/d Substantially Full - With Low to No Capex - PAA Handles 4.6 mmb/d of Crude Oil & NGLs Note: Map includes 3rd…
  19. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 19
    Significant Operating Leverage To North American Crude Oil Production Growth With Low-to-No Incremental Capex Production volume growth in each of the Transportation & Facilities (1) (600mm) basins can potentially fill a large portion…
  20. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 20
    Financial Overview www.plainsallamerican.com NYSE: PAA & PAGP 21
  21. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 21
    Capital Structure & Credit Metrics Significant Benefit of 1.6 billion Preferred Equity Raise Capitalization PAA PAGP ( billions) 12/31/15 3/31/16 12/31/15 3/31/16 Long-term Debt 10.4 9.2 10.9 9.7 Partners' Capital 7.9 9.4 9.2 10.7…
  22. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 22
    PAA: A Track Record Of Commitment & Financial Discipline During A Period Of Substantial Growth ( billions) 20.0 LT Debt to Adj. EBITDA(1) 18.3 18.5 5.0x Although our leverage has been 18.0 17.0 impacted by the current Total…
  23. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 23
    DCF & Distribution Coverage 12-Year Historical WTI Crude Oil Price ( millions) Distribution Coverage 117%(1) (/bbl) Shale Oil 1,800 0.86x 160 14% 1.4x 0.88x Development Era 1.6x 1.1x YoY Distribution Grow th 140 12%…
  24. 2016 MLPA Investor Conference – Plains All American Pipeline, L.P. – slide 24
    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 Well positioned to manage…

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