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November 2017 Corporate Presentation – Pembina Pipeline Corp

Pembina Pipeline Corp · Nov 11, 2017 · 49 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. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 1
    Pembina Pipeline Corporation Corporate Update N o v e m b e r 2017 TSX: PPL; NYSE: PBA
  2. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 2
    Presentation outline Overview of Pembina & completed acquisition of Veresen Delivering on our promises: capital program execution Building on a strong track record of increasing value and decreasing risk Increased financial…
  3. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 3
    Pembina + Veresen: Leading North American Infrastructure Company
  4. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 4
    MONTNEY (Resource Life 140 years) OIL SANDS Pembina + Veresen: fully-integrated midstream (Resource Life 145 years) DEEP BASIN company with diversified asset portfolio along crude FORT McMURRAY (Resource Life 40 years) oil,…
  5. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 5
    Larger and stronger together Successfully closed the Veresen acquisition on October 2, 2017 One of Canada's largest energy infrastructure companies: combined 23 billion market capitalization(1) & 33 billion total enterprise value(1)…
  6. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 6
    Integrated, customer-focused services Empress, Sarnia and Corunna (Mainline Extraction, Fractionation, Distribution) Value chain extension opportunities Propane Gas & NGL Via NGTL exports NGL Storage Fractionation Distribution…
  7. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 7
    Pembina + Veresen: balance and diversification Pembina Pro Forma 25% Pipelines Operating Segment (2018 EBITDA)(1) 34% Processing 53% 17% 58% 13% Midstream (NGL & Crude) 13% 35% Crude Oil 33% Hydrocarbon Mix (2018 EBITDA)(1)…
  8. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 8
    Proven M&A track record EV/operating margin multiple at acquisition Current EV/operating margin multiple 14.0x 12.5x (2018E) 12.0x 12.0x 11.6x 11.6x 12.0x 10.0x 10.0x 10x 10.0x 10.0x 9.2x 8.7x 8.9x 8.9x 8.0x 8.0x 7.5x 6.0x…
  9. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 9
    Delivering on our promises: excellence in capital program execution
  10. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 10
    Snapshot project execution highlights Safety metric(1) LTI Project In-service date Completed on-time Completed on-budget Man Hours Travel (km) Frequency Conventional Phase III Expansion June 2017 On time Under budget 7,300,000+…
  11. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 11
    Billions of dollars in fee-for-service capital projects recently brought into service 2017 In-service Growth Secured Growth Projects In-Service Capital Cost (MM) In-service Capital Cost (MM) Saturn Phase I Gas Plant November 2017…
  12. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 12
    Transformational growth is underway Historical Adjusted EBITDA and 2018 Outlook 2.55 BB to 2.75 BB Pembina Veresen 750 MM to 850 MM Veresen Pembina 1,189 MM 1.8 BB 983 MM to 920 MM 1.9 BB (1) 2014 2015 2016 2018…
  13. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 13
    Hydrocarbon pipeline transportation capacity Hydrocarbon Liquids Natural Gas 3.2 3,500 2.9 MMboed In-service MMbpd 125 3,000 138 Project under development 330 Uncommitted project 2,500 250 Veresen 180 2,000 420 Mboed…
  14. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 14
    Creating the WCSB's largest third-party gas processor 7,000 5.9 In-service 6,000 Project under development Bcf/d 470 Veresen 5,000 4.3 897 100 100 Bcf/d 243 + Duvernay Potential 60 4,000 MMcf/d 3,000 2,088…
  15. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 15
    Fractionation capacity across three NGL market hubs 350 300 In-service mbpd 300 Uncommitted project 250 Veresen mbpd 56 250 20 18 200 Mbpd 55 150 73 100 (2012) 9 8 50 65 - RFS I RFS RFS C3+ RFS II RFS III…
  16. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 16
    Significant growth in hydrocarbon storage capacity 6.0 Underground Storage Capacity (Redwater and Veresen) Above Ground Storage Capacity 14.2 In-service MMbbls 4.0 0.5 Project under development 0.3 0.6 1.0 2.0 Veresen 1.6 0.0…
  17. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 17
    Building on a strong track record of increasing value and decreasing risk
  18. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 18
    Financial 'Guard Rails' Pembina Pembina Combined Impact (2015A) (pre-transaction) Maintain target of 80% fee-for-service 84% 87% 1 contribution to EBITDA 77% (2018 2022) (2018 2022)…
  19. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 19
    Maintain target of 80% fee-for-service contribution to EBITDA Contribution by revenue type (MM) 3 77% fee-based 77% fee-based 80% fee-based 83% fee-based 86% fee-based 4% 10% 3 Take-or-pay/Cost-of-service 4% 16%…
  20. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 20
    Credit considerations and counterparty credit stats 60-day credit exposure(1,3) Pembina assesses all counterparties during on-boarding Non Investment AA- to AA+ process and actively monitors credit limits and exposures Grade 20%…
  21. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 21
    Dividend growth supported by growing cash flow 3.00 2.50 2.00 /Share 1.50 1.00 0.50 - 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E Dividend per share Adjusted cash flow from operating…
  22. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 22
    Increased financial strength and enhanced financing flexibility
  23. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 23
    Capital expenditures and financing objectives Funding plan for 2017/2018 capital (3.5 BB) Ongoing financing objectives 20142015 2017 2016 2017 (Standalone) 2018 (Combined) (Combined) 3.0 Finance growth 50/50 debt/equity over…
  24. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 24
    Commitment to a strong 'BBB' credit rating Debt/Adjusted EBITDA (2018 Forecast)(1) Leverage comparison across industry(4) 4.5x 4.0x 3.75x - 4.25x 3.5x 7.0x Pembina continues to employ less leverage 3.0x 4.0x than its peers 2.5x 2.0x…
  25. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 25
    The future is bright: positioning for long-term growth
  26. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 26
    Our future is bright: many large-scale potential projects Project portfolio 30 Prince Rupert Export Veresen Midstream 25 Terminal 20 6 BB of projects 20 BB BB Peace Pipeline Expansion 15 in-service Unsecured 2017/ 2018 Growth…
  27. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 27
    Supporting growth in the liquids rich Duvernay today and in the future Duvernay II + additional infrastructure (290 MM) Illustrative Duvernay Development Map(1) Announced first tranche of infrastructure under the 20 year agreement…
  28. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 28
    The future: doing more with molecules we already handle Opportunity: value-add infrastructure development and market Challenge: the WCSB is oversupplied with numerous hydrocarbons access to create natural demand Value add opportunity…
  29. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 29
    Proven track record of value chain investment and extension Initial Extension Follow on Integrated Value Chain Highlights Investment Investment Pembina system constructed to Largest NGL feeder system in bring product from Drayton…
  30. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 30
    Propane market dynamics Illustrative WCSB propane supply & demand(1) Revolution in unconventional drilling and 250 liquids production has created a paradigm shift in Pembina's operating regions Pembina's critical mass of propane…
  31. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 31
    PDH/PP opportunity overview and investment rationale (Alberta propane market conditions) Increasing Alberta Propane Supply Revolution in unconventional drilling and NGL production has created an abundance of propane production RFS…
  32. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 32
    Proposed PDH/PP Facility overview Proposed PDH/PP Facility Different grades of PP have different characteristics Pembina and PIC are progressing a proposed world-scale integrated Automotive Housewares Housewares PDH/PP production…
  33. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 33
    CKPC's Alberta PDH/PP Project: key milestones Purchased 2,200 acres of lands adjacent to RFS PDH/PP only requires 400 acres Opportunity Identification PIC and Pembina announce they would be jointly evaluating feasibility of an…
  34. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 34
    LPG West Coast export terminal Signed a non-binding letter of intent with the City of Prince Rupert Site features sheltered berth, adequate existing dock infrastructure, and well- established rail connections between Redwater, AB and…
  35. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 35
    Jordan Cove LNG project Jordan Cove LNG Terminal 7.8 MMTPA(1) (1.3 Bcf/d) greenfield liquefied natural gas export facility Price competitive with USGC brownfield on a delivered into Tokyo basis 9 days shipping to Tokyo with no…
  36. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 36
    Summary
  37. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 37
    We continue to deliver on our promises Proven history of safe and reliable operations while developing enduring relationships with local communities Our long-term strategy remains unchanged and continues to create significant…
  38. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 38
    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
  39. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 39
    Appendix
  40. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 40
    Conventional Pipelines Pipeline operational excellence: 98% reliable (2016) ALBERTA Proximal to prolific geology FORT Q3 2017 revenue volumes: 780 mbpd (21% increase from Q2 MCMURRAY TAYLOR DUNVEGAN 2016) FORT ST JOHN YTD 2017…
  41. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 41
    Our Conventional Pipeline revenue volumes continue to grow Solid industry performance and strategically located assets have led to strength in Pembina's revenue volume profile 900 722 mbpd 800 650 mbpd 614 mbpd 575 mbpd 700…
  42. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 42
    Crude Oil Midstream Develop and provide terminal, hub & storage ALBERTA services to support the energy industry FORT 900 mbbls of above ground crude oil and MCMURRAY TAYLOR condensate storage capacity Access to approximately 1.2…
  43. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 43
    Our Midstream assets are well-positioned and interconnected Synthetic Redwater Synthetic Diluent Oil Sands Diluent Pipelines Crude Namao Canadian Diluent Hub Local Refineries Export Crude Pipelines Edmonton Diluent…
  44. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 44
    Midstream assets are positioned to create significant optionality PNT-H (Canadian Redwater Diluent Hub) Complex PNT-N (Namao) PNT-E (Edmonton North Terminal) Pembina Crude Oil Pipelines Pipeline Pembina NGL Pipelines…
  45. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 45
    Oil Sands & Heavy Oil Syncrude Pipeline Operational excellence Horizon Pipeline Cheecham Lateral 99% reliable (2016) Nipisi Pipeline Mitsue Pipeline Peace Pipeline Diverse connectivity to various industry hubs for crude oil and…
  46. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 46
    Gas Services Positioned in active and emerging NGL rich plays ALBERTA Provide gas gathering, compression, condensate stabilization, shallow cut and both sweet and sour deep cut processing services Fort McMurray 693 MMcf/d shallow…
  47. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 47
    Growing volumes in Gas Services 1,200 1,000 800 MMcf/d 600 400 200 - 2009 2010 2011 2012 2013 2014 2015 2016 2017 (1) Revenue Volumes Gas Services is one of Pembina's fastest growing businesses (1)…
  48. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 48
    NGL Midstream Gas Processing Plant Fractionator Redwater West: Midstream Storage Facility Truck Terminal 210 mbpd of NGL fractionation capacity and 8.3 mmbbls of Rail Terminal Pembina Pipelines finished product cavern storage Third…
  49. November 2017 Corporate Presentation – Pembina Pipeline Corp – slide 49
    Over 1 billion in capital projects at Redwater RFS I RFS II RFS III Operating In service In service 73,000 bpd C2+ fractionator 73,000 bpd C2+ fractionator 55,000 bpd C3+ fractionator commissioned March 2016 commissioned June…

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