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Morgan Stanley Update – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Dec 5, 2017 · 22 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. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 1
    Morgan Stanley Update December 5, 2017 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 2
    Presentation Outline Brief Overview & Update on Plains Crude Oil Market Observations PAAs Asset Base & Positioning Key Takeaways www.plainsallamerican.com NYSE: PAA & PAGP 3
  3. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 3
    Plains Organization Structure (Simplified) PAA GP Holdings, LLC Unified Board PAA MLP security, owns (PAGP GP) 100% of assets and operations PAGP GP security, indirect Public Investors (NYSE: PAGP) Investors Receive 1099…
  4. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 4
    PAA Has One of the Largest and Most Integrated Crude Oil Pipeline & Terminal Systems in North America PAAs Crude Oil Value Chain Legend Plains Current Profile (1) Volumes Handled: 5 mmb/d Transportation volumes 1.1 mmb/d Supply &…
  5. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 5
    PAA Has Three Reporting Segments --2017(G) Adj. EBITDA 2.075 Billion-- Description of PAAs Three Reporting Segments: Transportation transporting crude oil and natural gas liquids Supply and (NGL) on pipelines and gathering systems,…
  6. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 6
    Industry Challenges, PAA Positioning & Strategic Initiatives The past 3+ years have been challenging ( billions) --PAA Adjusted EBITDA-- Fee-based Segments (blue) Margin-based Segment (green) Industry downturn and significant…
  7. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 7
    Executing on PAAs Deleveraging Plan (Plan announced August 25th 2017) On Track Complete 1. Distribution Reset Declared annualized distribution of 1.20 / Unit Results in 1.1 billion in retained cash flow over 6 quarters Distribution…
  8. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 8
    Looking Forward: PAA Focus Areas & Capabilities Fundamental analysis and commercial intelligence supports strategic planning and identification of new opportunities Large regional presence in key crude basins with emphasis on…
  9. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 9
    Crude Oil Market Observations www.plainsallamerican.com NYSE: PAA & PAGP 10
  10. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 10
    (1) U.S. Among Worlds Top Liquids Producers 10 Countries Produce Nearly 70% of World Liquids Supply 70% of World Liquids Supply 2017E Avg. World Liquids Production: 98 mmb/d US & Canada = 20 mmb/d Permian Basin = Largest US…
  11. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 11
    Permian is the Leading Crude Growth Basin Potential 5 Yr. Outlook Total U.S. & Canada Oil Production to Grow 3.9 mmb/d, Permian is 50% of Total --Ring size illustrates magnitude Permian Basin Crude Oil Production (exc. NGL) of…
  12. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 12
    Permian DUC Inventory Supports Production Growth PAA Estimates 20-25% of Hz DUCs* Reside Within PAA Dedicated Acreage Permian production currently in-line with PAAs 2017 expectations Well performance continues to improve Rig count…
  13. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 13
    Permian Growth Expected To Fill Existing Capacity & Drive Demand for New Takeaway Capacity (Permian is PAAs largest asset concentration) Permian Production vs. Operable Pipeline Takeaway Capacity mb/d 5,000 PAA Projects*: 650mb/d…
  14. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 14
    Quality Matters: Increasing Condensate Volumes Will Require Segregation Infrastructure Permian Condensate Growth mb/d mb/d Delaware Basin 1,100 1,000 900 800 Midland Basin 700 600 1,000 Condensate: 500 400 mb/d 45- 52+…
  15. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 15
    Crude Oil Production Growth Will Impact Flows & Will Require Export, Particularly for Light Crudes Cushing YE 2021 crude growth impact (illustrative) Permian Incremental Volumes to USGC (Q4'16 vs. 2021) Permian +1,700 to…
  16. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 16
    PAAs Asset Base & Positioning www.plainsallamerican.com NYSE: PAA & PAGP 17
  17. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 17
    PAAs Permian System: Unmatched Capacity & Interconnectivity Providing Flow Assurance & Access To Multiple Markets Permian Basin Assets / Activities Cushing Hub Transportation Volumes 2,700 mb/d Cushing to Broome Lease Gathering…
  18. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 18
    PAAs Recent / Pending Investments Extend Reach, Enhance Market Access & Further Optimize Existing Permian Basin System Sunrise Extension ACC Acquisition BridgeTex Delaware Basin Expansion Expansion Wolfbone Ranch…
  19. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 19
    PAA Activities Extend Beyond Permian Completing a Multi-Year Capital Program, Positioning for Further Fee-Based Growth PAAs Crude Oil Value Chain Legend Fort Sask Projects Include: Supply-push pipelines DJ Basin…
  20. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 20
    Completion of PAAs Capital Program, Permian Production Growth & Resulting Cash Flow Ramp Drives Visible Fee-based Growth Permian Drives Fee- Based Operating Leverage(1) ( billions) --PAA Expansion Capital-- 2.5 Response to…
  21. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 21
    Key Takeaways www.plainsallamerican.com NYSE: PAA & PAGP 22
  22. Morgan Stanley Update – Plains All American Pipeline, L.P. – slide 22
    Key Takeaways Long-term crude oil market dynamics appear constructive World needs US production; Permian Basin will be key supply Infrastructure is critical to domestic & international value chain PAAs integrated system well…

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