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January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp

Pembina Pipeline Corp · Jan 25, 2017 · 31 slides

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Slides

  1. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 1
    TSX: PPL; NYSE: PBA January 25 27, 2017 CIBC Whistler Conference
  2. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 2
    Pembina represents a unique investment opportunity TSX: PPLNYSE: PBA Pure-play energy infrastructure company that allows investors to participate in the oil and Common shares outstanding(1) 397 million natural gas liquids industry…
  3. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 3
    Pembina's assets and businesses at a glance Midstream 155 mbpd of Redwater fractionation capacity; 18 truck terminals; 14.8 MMbbl storage; product marketing; 2.1 bcf/d extraction; Nexus Terminal hubs Gas Services 618 MMcf/d shallow…
  4. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 4
    Key themes for the next twelve months 1 Commissioning 4 billion of new capital projects 2 Building on a strong track record of increasing value and decreasing risk 3 Working with a large and diverse base of resilient customers…
  5. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 5
    Commissioning 4 billion of new capital projects Horizontal direction drill to connect RFS with CDH August 2016
  6. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 6
    Multi-billion dollar fee-for-service growth portfolio Secured Growth Projects In-Service Capital Cost (MM) Committed capital expected in-service date(2) Phase III Pipeline Expansions Mid 2017 2,440 NEBC Expansion Late 2017 220 +4…
  7. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 7
    Summary of individual project contributions 2,000 Phase III Laterals 600 - 950 million RFS III Fractionator RFS II Fractionator of potential incremental annual run-rate EBITDA 1,500 Canadian Diluent Hub once Pembina's committed…
  8. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 8
    Our business operates in prolific geology ALBERTA SASKATCHEWAN OIL SANDS MONTNEY (Resource life 185 years) (Resource Life TAYLOR 140 years) FORT MCMURRAY PELICAN LAKE SWAN HILLS DEEP BASIN (Resource Life 40 years) Fort…
  9. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 9
    Conventional Pipeline expansions could bring Alberta capacity to 1.5 million bpd 1,600 1,500 mbpd 1,400 260 1,200 420 Achievable through 1,000 modest investment in additional pump stations Mbpd 800 55 53 45 52 600…
  10. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 10
    Phase III Construction 11
  11. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 11
    Expanding our gas processing infrastructure Total gas processing capacity (bcf/d) In-Service Project Under Development 4.2 4,500 Bcf/d 100 100 4,000 100 250 200 3,500 60 100 200 3,000 134 2,500 MMcf/d 2,000…
  12. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 12
    Significantly growing our NGL fractionation capacity 300 248 250 mbpd 18 200 55 mbpd 150 73 100 9 8 50 85 - Sarnia & RFS I RFS Debottleneck RFS C3+ Debottleneck RFS II RFS III RFS III De-ethanizer Total (Q1…
  13. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 13
    Building on a strong track record of increasing value and decreasing risk Construction at RFS III August 2016
  14. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 14
    Pembina's 'guard rails' through 2018 Overview Current Positioning Maintain target of 80% fee-for-service contribution to 1 Currently above 80% fee-for-service EBITDA EBITDA 2 Maintain 'strong' BBB credit rating Financial metrics…
  15. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 15
    We are committed to a low-risk business platform Summary of operating margin by type (MM)(1) 2 1% 2 15% 2 1% Total fee- 12% based = 1 17% 2% 84% Total fee- 1 17% 15% 1% based = 82% 1 14% Total fee- 22% 17% based = 81% 1 20%…
  16. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 16
    Dividend growth supported by growing cash flow 3.00 2.50 2.00 / Share 1.50 1.00 0.50 - (2) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Dividend per share Adjusted cash flow from operating…
  17. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 17
    Working with a large and diverse base of resilient customers ENT Spring 2016
  18. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 18
    Credit considerations counterparty credit stats 60 day credit exposure(1,3) Additional credit exposure considerations Non Investment AA- to AA+ Grade 17% Overall 60 day credit exposure: 18% 63% with investment grade counterparties…
  19. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 19
    Continued financial strength supported by solid funding plan Construction at CDH August 2016
  20. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 20
    Capital expenditure & financing objectives 2014 2015 Historical capital expenditure 2016 Forecast 2017 Budget Financing objectives 3.0 2017 Capital Finance growth 50 / 50 debt / equity over the Budget 1.9 BB long-term Maintain…
  21. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 21
    Leverage comparison 7.0x 6.0x 5.0x Debt / EBITDA (2016E) 4.0x 3.0x 2.0x 1.0x - A- BBB BBB+ A- BBB+ BBB BBB+ BBB A Ba2 BBB+ BBB NR Pembina continues to employ less leverage than its peers Source: CIBC…
  22. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 22
    Positioning for long-term growth Resthaven Summer 2016
  23. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 23
    Initial Extension Follow -on Pembina's Integrated NGL Value Chain Growth Results Investment Investment Pembina system 1954 - constructed to bring Largest NGL feeder system in WCSB product from Drayton 3 BB+ Largest crude feeder…
  24. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 24
    Doing more with the molecule Illustrative WCSB propane supply & demand(1) Additional market considerations 200 Revolution in unconventional drilling and liquids production WCSB Propane Supply Range has created a paradigm shift in…
  25. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 25
    PDH + PP Considerations Polypropylene (PP) overview Polypropylene (PP) pellets + selected end use PP is a downstream petrochemical product derived from the olefin monomer, propylene PP has many desirable properties including high…
  26. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 26
    Proven M&A track record EV / operating margin multiple at acquisition Current EV / operating margin multiple 2.0x 11.6x 11.6x 11.3x 12.0x 10.0x 10.0x 10x 0.0x 9.7x 9.8x 10.0x 9.2x 8.0x 8.0x 7.1x 6.8x 6.0x 6.0x 4.0x 4.0x…
  27. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 27
    Summary
  28. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 28
    Key take-aways we are doing the important things right Strategically located infrastructure serving long-life economic hydrocarbon reserves Sector leading growth portfolio 5 billion assets going into service Growing our highly…
  29. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 29
    CONTACT US Pembina Pipeline Corporation Suite 4000 585 8th Avenue S.W. Calgary, Alberta T2P 1G1 www.pembina.com investor-relationspembina.com Toll free: 1.855.880.7404 Phone: 403.231.3156
  30. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 30
    Appendix
  31. January 2017 CIBC Whistler Conference Presentation – Pembina Pipeline Corp – slide 31
    Sensitivities (2017 EBITDA CMM) Conventional Pipelines Key variable Uncontracted volumes Volume 10,000 bpd 10 Gas Services Key variable Uncontracted volumes Volume 10 mmcf/d 2 NGL Midstream (1,2) Key variable AECO 0.25 CAD/gj…

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