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BAML Energy Credit Conference 2016 – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Jun 7, 2016 · 18 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. BAML Energy Credit Conference 2016 – Plains All American Pipeline, L.P. – slide 1
    BAML Energy Credit Conference 2016 New York, NY June 7, 2016 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. BAML Energy Credit Conference 2016 – 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 and Key Takeaways Q&A…
  3. BAML Energy Credit Conference 2016 – Plains All American Pipeline, L.P. – slide 3
    Crude Oil Industry Outlook www.plainsallamerican.com NYSE: PAA & PAGP 8
  4. BAML Energy Credit Conference 2016 – 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. BAML Energy Credit Conference 2016 – 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. BAML Energy Credit Conference 2016 – 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. BAML Energy Credit Conference 2016 – Plains All American Pipeline, L.P. – slide 7
    Crude Oil Industry Outlook www.plainsallamerican.com NYSE: PAA & PAGP 8
  8. BAML Energy Credit Conference 2016 – 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. BAML Energy Credit Conference 2016 – 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. BAML Energy Credit Conference 2016 – Plains All American Pipeline, L.P. – slide 10
    PAAs Positioning In The Current Environment www.plainsallamerican.com NYSE: PAA & PAGP 11
  11. BAML Energy Credit Conference 2016 – Plains All American Pipeline, L.P. – slide 11
    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…
  12. BAML Energy Credit Conference 2016 – Plains All American Pipeline, L.P. – slide 12
    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…
  13. BAML Energy Credit Conference 2016 – Plains All American Pipeline, L.P. – slide 13
    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…
  14. BAML Energy Credit Conference 2016 – Plains All American Pipeline, L.P. – slide 14
    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…
  15. BAML Energy Credit Conference 2016 – Plains All American Pipeline, L.P. – slide 15
    Financial Overview and Key Takeaways www.plainsallamerican.com NYSE: PAA & PAGP 16
  16. BAML Energy Credit Conference 2016 – Plains All American Pipeline, L.P. – slide 16
    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…
  17. BAML Energy Credit Conference 2016 – Plains All American Pipeline, L.P. – slide 17
    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%…
  18. BAML Energy Credit Conference 2016 – Plains All American Pipeline, L.P. – slide 18
    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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