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March 2016 Update – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Mar 1, 2017 · 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. March 2016 Update – Plains All American Pipeline, L.P. – slide 1
    March Update Presentation New York, NY March 2017 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. March 2016 Update – Plains All American Pipeline, L.P. – slide 2
    Discussion Outline Brief Overview of PAA PAAs Permian Basin Outlook & Positioning Future Growth & Financial Overview Q&A www.plainsallamerican.com NYSE: PAA & PAGP 3
  3. March 2016 Update – Plains All American Pipeline, L.P. – slide 3
    Simplified Organization Structure (rounded in millions) Unified Board of PAA Units & (1) PAA GP Holdings, LLC Equivalent Units (PAGP GP) Directors PAGP Class A Shareholders (through AAP) 101 AAP Private Unitholders (through AAP)…
  4. March 2016 Update – Plains All American Pipeline, L.P. – slide 4
    PAA Is The Largest And Most Integrated Crude Oil Pipeline & Terminal System In The U.S. (1) Plains Financial Profile Total Enterprise Value: 33.1B Equity Market Cap(2) 23.0B Total LT Debt 10.1B PAA/PAGP Current Yields +/- 7.0% PAA…
  5. March 2016 Update – Plains All American Pipeline, L.P. – slide 5
    PAAs Permian Basin Outlook & Positioning www.plainsallamerican.com NYSE: PAA & PAGP 6
  6. March 2016 Update – Plains All American Pipeline, L.P. – slide 6
    PAAs Permian Basin Crude Oil System: Unmatched Interconnectivity Providing Access To Multiple Markets Permian Basin Assets / Activities Transportation Volumes 2,197 mb/d Cushing to Broom Active Pipeline Miles 4,000 Crude Storage…
  7. March 2016 Update – Plains All American Pipeline, L.P. – slide 7
    PAAs Permian Basin Outlook Largest, Most Resilient Of U.S. Shale Resource Areas Oil production grew 100,000 b/d (5%) in 2016 in the cycle trough significant growth widely expected in 2017 and beyond Current Permian Estimates…
  8. March 2016 Update – Plains All American Pipeline, L.P. – slide 8
    PAAs Permian Basin Footprint Permian Basin: PAAs largest asset base / most operating leverage Special focus on Delaware Basin, ramp in volumes on legacy pipelines and ACC Pipeline MVC step-ups in existing contracts Pipeline…
  9. March 2016 Update – Plains All American Pipeline, L.P. – slide 9
    ACC Asset Overview Located in the core of the Northern ACC/PAA System Map Delaware Basin Underpinned by long-term dedications (300k+ dedicated acres with significant EPD undedicated acreage positions available) Significant Concho…
  10. March 2016 Update – Plains All American Pipeline, L.P. – slide 10
    Future Growth & Financial Overview www.plainsallamerican.com NYSE: PAA & PAGP 11
  11. March 2016 Update – Plains All American Pipeline, L.P. – slide 11
    PAA Is Completing A Multi-Year Capital Program Focused On Building Out Regional Interconnectivity Across The Value Chain Potential for small bolt-on opportunities and additional 2016 Project Completions: Permian projects in key…
  12. March 2016 Update – Plains All American Pipeline, L.P. – slide 12
    PAAs Investments Have Continued To Drive Growth In Fee-Based Transportation & Facilities Segments Fee-based Adjusted EBITDA growth PAA Adjusted EBITDA By Segment driven by: ( millions) 2,400 Permian production growth 2,100 Project…
  13. March 2016 Update – Plains All American Pipeline, L.P. – slide 13
    PAAs Substantial Capacity Across The Asset System Leverages PAA To An Industry Recovery Available Capacity Increased utilization of PAAs 100 mb/d asset base can result in 0-100 mb/d significant EBITDA growth with Substantially…
  14. March 2016 Update – Plains All American Pipeline, L.P. – slide 14
    PAAs Actions Throughout The Downturn Reiterate Its Commitment To Investment Grade PAA has responded in force throughout the industry downturn to manage capital needs, focus the core business and return to targeted balance sheet metrics…
  15. March 2016 Update – Plains All American Pipeline, L.P. – slide 15
    PAA Capitalization & Liquidity Capitalization ( in billions) As of December 31 2015 2016 Short-term Debt(1) 1.0 1.7 Long-term Debt 10.4 10.1 Partners' Capital 7.9 8.8 Total Book Capitalization 18.3 18.9 Credit Stats & Liquidity…
  16. March 2016 Update – Plains All American Pipeline, L.P. – slide 16
    2017 A Year Of Transition Multiple 2017 events & fundamental improvements drive improved 2018 outlook, which includes healthy credit metrics and distribution coverage at PAA Completion and integration of ACC & Advantage acquisitions…
  17. March 2016 Update – Plains All American Pipeline, L.P. – slide 17
    Q&A www.plainsallamerican.com NYSE: PAA & PAGP 18
  18. March 2016 Update – Plains All American Pipeline, L.P. – slide 18
    Appendix www.plainsallamerican.com NYSE: PAA & PAGP 19
  19. March 2016 Update – Plains All American Pipeline, L.P. – slide 19
    PAAs View On Current Crude Oil Environment We are 2+ years into a down cycle The severity and trend of this cycle is most comparable to the 1984 cycle OPEC: November 2014 -- rejected role as swing producer to balance supply/demand…
  20. March 2016 Update – Plains All American Pipeline, L.P. – slide 20
    Current Downturn Similar To The Early 1980s Cycle; However, Supply / Demand Imbalance Much Narrower Comparison of Current Cycle to Last Four Cycles Unlike The 1984+ Cycle, OPECs Excess Production U.S. Rig Count Capacity is Greatly…
  21. March 2016 Update – Plains All American Pipeline, L.P. – slide 21
    Upstream CAPEX Cuts Hinder Industrys Ability To Meet Demand Growth 2016 marked two consecutive years of reduced y/y NAM upstream capex spending (First time since 1986, but the magnitude is much larger today) Years Many…
  22. March 2016 Update – Plains All American Pipeline, L.P. – slide 22
    U.S. Lower 48 High Level Of Activity Necessary To Maintain / Increase Production Volumes 1st year declines generally range from 65% to 80% in horizontal / hydraulic fractured oil wells in shale resource plays (30% to 40% in 2nd year)…
  23. March 2016 Update – Plains All American Pipeline, L.P. – slide 23
    Several Encouraging Signs That The U.S. Is Emerging From The Current Downturn, But Inventory Levels Need To Cooperate OPEC/Non-OPEC agreements to cut production by +/- 1.8 mmbpd Continuation of upstream progress (e.g. D&C efficiency,…
  24. March 2016 Update – Plains All American Pipeline, L.P. – slide 24
    Northern Delaware Basin Resource Potential Area Ranks Among The Best Of The Best Prolific Northern Delaware Basin upstream resource includes targets in the Avalon, Bone Spring and Wolfcamp 3,500+ stacked pay column encompassing 10+…

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