Combination With Pembina Pipeline Corporation Creates one of the largest energy infrastructure companies in Canada Announced on May 1, 2017 Offer to acquire all outstanding shares of Veresen in exchange for 0.4287 common shares of…
Rationale For Combination With Pembina Combined entity greater than the sum of its parts Integrated business across the energy infrastructure value chain Market position and geographic footprint difficult to replicate Enhanced…
Our Business Today Asset base focused on top supply regions and high value markets 6
Best in Class Growth Under Construction 1.4 billion of capital projects under construction starting up by 2018 Veresen Net Capital Target Economics Target (1) (2) Project W.I. Total Invested Leverage EV / EBITDA In-Service %…
Q2 2017 Proportionate Consolidation(1) Strong financial position with appropriate leverage at each business Pipelines Midstream Veresen Proportionate Consolidation Metrics Alliance (2) Ruby(3) AEGS Midstream (4) Aux Sable Power…
Counterparty Diversification and Contract Structures Diversified portfolio of counterparties and secure fee-based contract structures Percent of 2017G Distributable Cash Flow by Percent of 2017G Cash Flow(1) Counterparty and S&P Credit…
2017 Distributable Cash Guidance & Supporting Details Distributable cash of 1.21 to 1.31 per share Distributable EBITDA Interest Principal Maint. Other Cash Low High Low High Low High Capex Low High Low High Pipelines Alliance mm…
Capital Expenditure / Project Development Outlook 2017 capital program of 525 to 575 million Capital Expenditures (mm) (Proportionately Consolidated) Low High Veresen Midstream mm 500 550 Aux Sable mm 1 3 Ruby mm 1 3 Burstall…
Overview of Key Businesses
Alliance Pipeline & Aux Sable Premier transporter of natural gas and NGLs from top plays to high-value end markets Future Opportunities at Alliance Pipeline & Aux Sable Near- Fully contract limited firm capacity available term in…
Ruby Pipeline Stable preferred distribution secured by investment grade shippers Volumes by Shipper Credit Rating MONTANA Portland GTN ROCKIES BASIN mmcf/d Jordan Pipeline Cove WYOMING 1,200 Preferred distribution secured by OREGON…
AEGS Largest transporter of ethane to Alberta petrochemical facilities 1,334 km integrated system connecting BC ALBERTA SASKATCHEWAN ethane sources to storage and BC ALBERTA Pembina Redwater Plant SASKATCHEWAN Edmonton Ethane…
Veresen Midstream A leading independent natural gas gathering and processing business Expect to be the largest independent gatherer TOWER BRITISH ALBERTA Processing COLUMBIA and processor of Montney gas in 2018 Facility Tower…
Growth Platform With Significant Scale 2.8B of gross projects under construction expected to triple EBITDA Investment Gross Annualized Operating Segment Gross Invested Capital (MM) Multiple (x) EBITDA (MM) Assets (1) Contributed Hythe…
Montney Regional Landscape Well positioned to secure 3rd party growth around existing footprint Veresen Midstream CREW Montney Infrastructure LEUCROTTA Veresen Midstream Pipelines New Dawson Projects CNRL TOURMALINE…
Burstall Ethane Storage 1 million barrel ethane storage project supporting Alberta petrochemical industry Salt cavern ethane storage facility with a capacity of 1 million bbls 100% Veresen owned project, with an expected in-service…
Jordan Cove Leading West Coast LNG Project Jordan Cove is one of the lowest cost sources of LNG supply in the world Shortest shipping distance to Asia, with no Panama Canal or hurricane risk, provides cost advantage…
Supplementary Information
Scheduled Debt Amortization Proportionately consolidated basis as at Jun 30, 2017(1,2) H2 (mm) 2017 2018 2019 2020 2021 2022+ Total Long-term Debt - Amortizing Maturities (included in Distributable Cash calculation) Alliance (3) 32…
Alliance Outlook Supportive fundamentals to drive continued strong performance AECO Chicago Citygate Forecasted Alliance Volumes(2) Basis Differential(1) bcf/d A wide AECO Chicago gas price basis is Alliance volumes are…
Veresen Midstream Structure Veresen Midstream to provide up to 5B for CRP midstream projects Veresen Midstream Partnership Structure S&P BBB (Stable) Private limited partnership jointly owned DBRS BBB (Under Review Negative) and jointly…
Veresen Midstream Commercial Structure Significant protections above simple fee-for-service on new Dawson construction Hythe/Steeprock Dawson Fee Model Take-or-pay through 2031 Fee-for-service through 2044 Fee set based on target rate…
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