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JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Sep 21, 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. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 1
    J.P. Morgan Midwest Energy Infrastructure / MLP 1x1 Forum September 21, 2017 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 2
    Presentation Outline Results of Leverage & Distribution Review Fee-Based Growth Drivers Composition of Fee-Based Adjusted EBITDA Wrap Up www.plainsallamerican.com NYSE: PAA & PAGP 3
  3. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 3
    Results of Leverage & Distribution Review www.plainsallamerican.com NYSE: PAA & PAGP 4
  4. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 4
    Industry & PAA Situational Overview Oil prices decreased & industry down cycle began 2H 2014 Crude oil infrastructure projects generated excess capacity in many regions; changed competitive dynamic Long-term view for the crude oil…
  5. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 5
    Situational Overview (contd) PAAs recent performance and near-term Supply & Logistics outlook have been negatively impacted by a variety of factors much more so than anticipated Increased competition, excess capacity, MVCs, variations…
  6. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 6
    Leverage Reduction Action Plan (condensed) ( Billions) 11.2 1.1 Projected Leverage Reduction 1. Intend to reset PAAs annualized distribution to 1.20 will 0.7 0.1 9.7 reduce distribution outflow by 0.6 1.1 1.1 billion over 6…
  7. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 7
    Expected Results Of Our Actions Meaningfully reduce debt & return to targeted credit metrics in next 6 quarters; +/- 1.4 billion debt reduction over 6 quarters High levels of fee-based and total distribution coverage starting Q4 2017…
  8. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 8
    Fee-Based Growth Drivers www.plainsallamerican.com NYSE: PAA & PAGP 9
  9. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 9
    Permian Production Growth Is Primary Driver For Visibility Of Fee- Based EBITDA Growth Over The Next Several Years PAAs operating leverage drives growth potential in fee-based segments S&L provides near-term option value and…
  10. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 10
    Multiple Supply-Push & Demand-Pull Projects Coming On Stream &/Or Utilization Ramping Up Majority of 2017 capital program is a continuation of projects from 2016 2018 800mm continuation of 2017 and build-out & integration of…
  11. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 11
    PAAs Permian Basin Crude Oil System: Unmatched Capacity & Interconnectivity Providing Access To Multiple Markets Permian Basin Assets / Activities Cushing Hub Transportation Volumes 2,750 mb/d Cushing to Broome Lease Gathering…
  12. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 12
    Permian Driving Expected Fee-based Growth In 2H17 Fee-based EBITDA forecasted to increase 76 mm (+16%) from 2Q17 to 4Q17 85% driven by Permian volume growth (Transportation segment) ( millions) Fee-Based Adj. EBITDA 600 Other…
  13. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 13
    Fee-based Growth Expected To Continue Into 2018 Fee-based EBITDA forecasted to be up 300 mm (+15%) from FY 2017 to FY 2018 ( millions) 2,500 Fee-Based Adj. EBITDA +/- 75 2,300 +/- 50 +/- 175* Primarily driven Expected full- by…
  14. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 14
    Permian DUC Inventory Can Increase Rate Of Production Growth & / Or Maintain Current Production If Rig Activity Slows Drilling activity levels and well results are in line / ahead of our Permian forecasts However, completion…
  15. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 15
    PAA Continues To Strengthen Its Leading Crude Oil Midstream Business Platform Especially In The Permian Continuing to execute on Permian Basin growth opportunities: Cactus I & BridgeTex expansions executed new long-term commitments…
  16. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 16
    Composition Of Fee-Based Adjusted EBITDA +/- 94% of PAAs 2Q17 fee-based Adj. EBITDA 2Q17 Fee-Based Adj. EBITDA* was backed by arrangements A C below: Integrated Economics, A. External Customers +/- 5-7% Includes Equity Earnings from…
  17. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 17
    Key PAA Takeaways Recently announced actions strengthen balance sheet, reduce leverage and adopt a fee-based distribution approach Expect fee-based distribution coverage to avg. +/- 150% for 6 qtrs. to pay down debt Well positioned…
  18. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 18
    Q&A www.plainsallamerican.com NYSE: PAA & PAGP 19
  19. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 19
    Appendix www.plainsallamerican.com NYSE: PAA & PAGP 20
  20. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 20
    Quarterly Adj. EBITDA Guidance By Segment Fee-Based: Expect 2H17 fee-based Adj. EBITDA to grow 130 mm (+14%) over 1H17 Supply & Logistics: negative Q2/Q3 and positive Q4 reflective of NGL business seasonality 4Q17 S&L Adj. EBITDA…
  21. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 21
    Plains Supply & Logistics Activities / Value Chain Participation Value Chains PAAs Supply & Logistics Components Crude Oil NGL Lease Activities Gathering NGL Opportunistic / Arbitrage Location Quality Market Differentials…
  22. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 22
    What Gives You Comfort On The Durability Of The Internally Generated Fee-based Cash Flow Across the industry, a large percentage of crude oil & NGL volumes are moved on fee-based assets to market by marketing companies We have engaged…
  23. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 23
    U.S. Crude Oil Lease Gathering 50% of 950,000 b/d Volume is Pipeline Connected PAAs Crude Oil Lease Gathering Process U.S. Crude Oil Lease Gathering (PAAs Wellhead Supply by Region) 1. Buy crude oil from producer at wellhead and sells…
  24. JP Morgan Energy Infrastructure MLP Forum – Plains All American Pipeline, L.P. – slide 24
    Why Do Certain Customers Prefer Plains Be The Shipper Flow Shipper history on PAAs pipelines provides flow assurance for producers Assurance Utilizing PAA trucks, barges and/or pipeline connections to move a producers crude oil…

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