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UBS MLP One on One Conference – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Jan 10, 2017 · 26 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. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 1
    UBS MLP One-on-One Conference Park City, Utah January 10, 2017 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 2
    Presentation Topics PAA Overview Industry Status Midstream Environment & PAA Actions PAAs Integrated System & Growth Capacity PAA Key Takeaways www.plainsallamerican.com NYSE: PAA & PAGP 3
  3. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 3
    Plains All American Profile (NYSE: PAA & PAGP) Financial Profile(1) PAA Assets(6) Total Enterprise Value 34.0 B Pipelines (active miles) 19,200 miles PAA Equity Market Cap(2) 15.2 B Liquids Storage 135 mmbls PAGP Equity Market…
  4. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 4
    Strong Presence Throughout The Value Chain In All Major U.S. And Canadian Crude Oil Production Areas And Substantially All Inland And Coastal Crude Oil Terminal / Interchange Locations Crude Oil Value Chain PAA Has: 1. Highly…
  5. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 5
    Industry Status www.plainsallamerican.com NYSE: PAA & PAGP 6
  6. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 6
    PAAs View On Crude Oil Recovery Bullish intermediate to long-term, but remain cautious near-term (preparing for another 9 months or more of challenging conditions) 1. Tighter global supply/demand imbalance 2. Facing steeper decline…
  7. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 7
    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…
  8. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 8
    Steep Shale Decline Curves Require More Activity To Maintain/Increase Production (mb/d) Lower 48 Onshore Production Declines 55% from Total L48 onshore 55% Total L48 Onshore Production 2014 / 2015 Permian 55% completions…
  9. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 9
    Encouraging Signs That We Are At Or Near The Bottom Of The Current Downturn U.S. Lower 48 Rig Count 600 550 500 450 158 mmb 400 Permian & STACK 350 55% 300 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16…
  10. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 10
    Midstream Environment & PAA Actions www.plainsallamerican.com NYSE: PAA & PAGP 11
  11. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 11
    The Midstream Sector Has Generally Over-solved The Infrastructure Shortfall Driven By The Shale Renaissance U.S. L48 Onshore Crude Oil Production From 2010 - 2018, 50 major crude oil pipeline mb/d but has declined projects 9,000…
  12. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 12
    Midstream Response To Current Environment Shifting Focus To Optimization & Rationalization Maximizing Margin Optimization - increased utilization of existing assets Integration developing and connecting gathering systems Reducing…
  13. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 13
    PAAs Actions Have Improved Its Ability To Manage Through The Downturn And Its Positioning For Recovery Operating Initiatives Focused on system optimization and cost efficiencies Anticipate 10% growth in fee-based segment EBITDA for…
  14. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 14
    PAAs Actions Have Improved Its Ability To Manage Through The Downturn And Its Positioning For Recovery Financial Initiatives Secured 1.6 billion of non-conventional financing to complete multi-year capital program Executed PAA/PAGP…
  15. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 15
    PAAs Integrated System & Growth Capacity www.plainsallamerican.com NYSE: PAA & PAGP 16
  16. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 16
    PAA Is Completing A Multi-Year Capital Program Focused On Building Out Regional Interconnectivity Across The Value Chain Bakken / Patoka Canadian Crude to St. James Cushing to Broom Cushing Diamond STACK Memphis Yellow…
  17. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 17
    PAAs Capital Program Focused On Key Growth Regions -- Both Supply Push & Demand Pull MVC / Regional Area Contractual Strategy CAPEX In-Service Timing Regional illustration of 2016 capital program Support Permian Basin Permian Basin…
  18. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 18
    PAAs Investments Have Continued To Drive Growth In Fee-Based Transportation & Facilities Segments Continued Growth In PAAs Fee-Based Revenue Growth From Select Capital Adjusted EBITDA Projects Supported by MVCs ( millions) 415mm…
  19. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 19
    PAAs Permian Basin Crude Oil System: Unmatched Interconnectivity Providing Access To Multiple Markets Permian Basin Assets / Activities (1) Transportation Volumes 2,162 mb/d 1st Purchaser Gathered Barrels 461 mb/d Cushing to Broom…
  20. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 20
    PAA Has An Extended Reach And Incremental Capacity Within The Permian Basin Permian Crude Oil PAAs Available Permian Pipeline Capacity* mb/d Production Delaware Trunk lines Wink: 750 Permian Trunk lines Hubs: 750 Permian Takeaway…
  21. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 21
    PAAs Views On Permian Basin Takeaway Capacity Adequate capacity for 1.2mmb/d of production growth in the Permian Basin. However, basis differential volatility will be influenced by Permian production ramp and timing of potential…
  22. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 22
    STACK & SCOOP Growth Opportunities PAA Kingfisher Cushing STACK core County Hub crude oil region STACK Cashion Terminal Blaine County Canadian County SCOOP Lindsay Terminal Note: Not all PAA assets are labeled on…
  23. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 23
    PAAs Substantial Capacity Across The Asset 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…
  24. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 24
    Increased Utilization Of PAAs Asset Base Can Result In Significant EBITDA Growth With Low-to-No Incremental Capex Production volume growth in each of the basins Transportation & Facilities (1) (600mm) can potentially fill a large…
  25. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 25
    PAA Key Takeaways PAA has one of the largest and most integrated midstream systems in North America Growth profile driven by 2016/2017 capital program underpinned by MVCs Significant liquidity and competitive cost of capital…
  26. UBS MLP One on One Conference – Plains All American Pipeline, L.P. – slide 26
    Q&A www.plainsallamerican.com NYSE: PAA & PAGP 27

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