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Corporate Update – Pembina Pipeline Corp

Pembina Pipeline Corp · Feb 9, 2018 · 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. Corporate Update – Pembina Pipeline Corp – slide 1
    Pembina Pipeline Corporation Corporate Update F e b r u a r y 2018 TSX: PPL; NYSE: PBA
  2. Corporate Update – Pembina Pipeline Corp – slide 2
    Presentation outline Leading North American Infrastructure Company Delivering on our promises: capital program execution Building on a strong track record of increasing value and decreasing risk Increased financial strength and…
  3. Corporate Update – Pembina Pipeline Corp – slide 3
    Leading North American Infrastructure Company
  4. Corporate Update – Pembina Pipeline Corp – slide 4
    Recent updates Closed Veresen acquisition on October 2, 2017 with essentially all integration now complete Placed 5.1(1) billion of capital projects into service in 2017 Announced 2018 capital budget of 1.3 billion Announced…
  5. Corporate Update – Pembina Pipeline Corp – slide 5
    Pembina's services reach natural gas, NGL and crude oil markets across North Amercia 6
  6. Corporate Update – Pembina Pipeline Corp – slide 6
    Integrated, customer-focused services Empress, Sarnia and Corunna (Mainline Extraction, Fractionation, Distribution) Value chain extension opportunities Prince Rupert LPG Export Terminal (secured) Gas & NGL Via NGTL NGL Storage…
  7. Corporate Update – Pembina Pipeline Corp – slide 7
    Balance and diversification 23% Pipelines Operating Segment (2018 EBITDA)(1) Processing 19% 58% Midstream (NGL & Crude) 30% Crude Oil 35% Hydrocarbon Mix (2018 EBITDA)(1) NGL 35% Gas US 18% WCSB Currency Exposure (2018…
  8. Corporate Update – Pembina Pipeline Corp – slide 8
    Delivering on our promises: excellence in capital program execution
  9. Corporate Update – Pembina Pipeline Corp – slide 9
    Snapshot project execution highlights Safety metric(1) LTI Project In-service date Completed on-time Completed on-budget Man Hours Travel (km) Frequency Conventional NEBC Expansion October 2017 On time On budget 750,000+ 2,900,000+…
  10. Corporate Update – Pembina Pipeline Corp – slide 10
    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) Phase III Expansion June 30, 2017 2,440…
  11. Corporate Update – Pembina Pipeline Corp – slide 11
    Transformational growth recently completed in 2017 Historical Adjusted EBITDA and 2018 Outlook 3,000 MM 2.55 BB to 2.75 BB 2,500 MM 750 MM to 850 MM Adjusted EBITDA (MM) 2,000 MM 1,500 MM 1,189 MM 983 MM 1,000 MM…
  12. Corporate Update – Pembina Pipeline Corp – slide 12
    Hydrocarbon pipeline transportation systems Net pipeline capacity 3,500 Hydrocarbon Liquids Natural Gas 3.0 2.7 MMboed In-service 3,000 Project under development MMbpd 125 138 Uncommitted project 330 2,500 180 2,000 420…
  13. Corporate Update – Pembina Pipeline Corp – slide 13
    Creating the WCSB's largest third-party gas processor Net processing capacity 7,000 In-service 5.9 6,000 Project under development 92 100 Bcf/d(1) 368 5,000 + Further Duvernay Potential 897 60 100 243 4,000…
  14. Corporate Update – Pembina Pipeline Corp – slide 14
    Largest fractionation capacity in the WCSB Net fractionation capacity 350 285 300 In-service mbpd 56 250 20 200 Mbpd 55 150 73 100 9 8 50 65 - RFS I RFS Debottleneck RFS C3+ RFS II RFS III Sarnia Aux Sable…
  15. Corporate Update – Pembina Pipeline Corp – slide 15
    Significant growth in hydrocarbon storage capacity Net storage capacity 16.0 14.2 Underground Storage Capacity (Redwater and Veresen) Above Ground Storage Capacity MMbbls 14.0 0.5 0.3 0.6 In-service 1.0 12.0 Project under…
  16. Corporate Update – Pembina Pipeline Corp – slide 16
    Building on a strong track record of increasing value and decreasing risk
  17. Corporate Update – Pembina Pipeline Corp – slide 17
    Financial Guard Rails 2015A 2018E Maintain target of 80% fee-based contribution 1 to EBITDA 77% 87%…
  18. Corporate Update – Pembina Pipeline Corp – slide 18
    Maintain target of 80% fee-based contribution to EBITDA Contribution by revenue type (MM) 77% fee-based 77% fee-based 80% fee-based 87% fee-based 3 8% Take-or-pay/Cost-of-service 5% 3 Fee-for-service 16% Product margin 2…
  19. Corporate Update – Pembina Pipeline Corp – slide 19
    Credit considerations and counterparty credit stats 60-day credit exposure(1,3) Pembina assesses all counterparties during on-boarding AA- to AA+ process and actively monitors credit limits and exposures Non Investment Grade 12%…
  20. Corporate Update – Pembina Pipeline Corp – slide 20
    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 2017 Dividend per share Adjusted cash flow from operating…
  21. Corporate Update – Pembina Pipeline Corp – slide 21
    Increased financial strength and enhanced financing flexibility
  22. Corporate Update – Pembina Pipeline Corp – slide 22
    Capital expenditures and financing objectives Funding plan for 2018 capital (1.3 BB) Ongoing financing objectives 3.0 2014 2015 2016 2017 2018 Finance growth 50/50 debt/equity over the long term Maintain strong BBB rating with…
  23. Corporate Update – Pembina Pipeline Corp – slide 23
    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 9.0x Pembina continues to employ less leverage 3.0x 3.9x than its peers 2.5x 8.0x…
  24. Corporate Update – Pembina Pipeline Corp – slide 24
    The future is bright: positioning for long-term growth
  25. Corporate Update – Pembina Pipeline Corp – slide 25
    Our future is bright: many large-scale potential projects Project portfolio Prince Rupert Export Terminal Veresen Midstream 6.9 BB of projects 20 BB (Secured) Unsecured Peace Pipeline Expansion in-service/secured 2017 / 2018+…
  26. Corporate Update – Pembina Pipeline Corp – slide 26
    Supporting growth in the liquids rich Duvernay today and in the future Duvernay I (in-service November 1, 2017 ) Fully-contracted Duvernay I 100 MMcf/d shallow cut gas plant (gross) and field hub infrastructure NGL extraction…
  27. Corporate Update – Pembina Pipeline Corp – slide 27
    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 demand Value-add opportunity End use…
  28. Corporate Update – Pembina Pipeline Corp – slide 28
    Proven track record of value chain investment and extension Integrated Value Chain Initial Extension Follow on Highlights Investment Investment Pembina system constructed to Largest NGL feeder system in bring product from Drayton…
  29. Corporate Update – Pembina Pipeline Corp – slide 29
    WCSB propane market dynamics Illustrative WCSB propane supply & demand(1)(2) The WCSB has an overabundance supply of 250 propane Propane market dynamics support opportunities for Pembina to develop new 200 infrastructure Propane…
  30. Corporate Update – Pembina Pipeline Corp – slide 30
    PDH/PP 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 II & RFS III fractionators…
  31. Corporate Update – Pembina Pipeline Corp – slide 31
    Proposed PDH/PP Facility overview(1) 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…
  32. Corporate Update – Pembina Pipeline Corp – slide 32
    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…
  33. Corporate Update – Pembina Pipeline Corp – slide 33
    Prince Rupert LPG Export Terminal Developing a Prince Rupert LPG Export Terminal with an expected capital cost of 250 to 270 million Permitted up to 25 mbpd of LPG export capacity Site features sheltered berth, adequate existing…
  34. Corporate Update – Pembina Pipeline Corp – slide 34
    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…
  35. Corporate Update – Pembina Pipeline Corp – slide 35
    Summary
  36. Corporate Update – Pembina Pipeline Corp – slide 36
    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…
  37. Corporate Update – Pembina Pipeline Corp – slide 37
    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
  38. Corporate Update – Pembina Pipeline Corp – slide 38
    Appendix
  39. Corporate Update – Pembina Pipeline Corp – slide 39
    Conventional Pipelines Pipeline operational excellence: 98% reliable (YTD Q3 2017) ALBERTA Proximal to prolific geology FORT Q3 2017 revenue volumes: 780 mbpd (21% increase from Q3 MCMURRAY TAYLOR DUNVEGAN 2016) FORT ST JOHN…
  40. Corporate Update – Pembina Pipeline Corp – slide 40
    Our Conventional Pipeline revenue volumes continue to grow 900 722 mbpd 800 650 mbpd 614 mbpd 575 mbpd 700 600 492 mbpd 456 mbpd 417 mbpd 500 374 mbpd Mbpd 400 300 200 100 - Q1-10 Q2-10 Q3-10 Q4-10 Q1-11…
  41. Corporate Update – Pembina Pipeline Corp – slide 41
    Crude Oil Midstream Develop and provide terminal, hub & storage ALBERTA services to support the energy industry FORT 1.4 mmbbls of above ground crude oil and MCMURRAY TAYLOR condensate storage capacity Access to approximately 1.2…
  42. Corporate Update – Pembina Pipeline Corp – slide 42
    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…
  43. Corporate Update – Pembina Pipeline Corp – slide 43
    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…
  44. Corporate Update – Pembina Pipeline Corp – slide 44
    Oil Sands & Heavy Oil Operational excellence: 98% reliable (Q3 2017) Syncrude Pipeline Horizon Pipeline Cheecham Lateral Nipisi Pipeline Diverse connectivity to various industry hubs for crude Mitsue Pipeline Peace Pipeline oil…
  45. Corporate Update – Pembina Pipeline Corp – slide 45
    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…
  46. Corporate Update – Pembina Pipeline Corp – slide 46
    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)…
  47. Corporate Update – Pembina Pipeline Corp – slide 47
    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…
  48. Corporate Update – Pembina Pipeline Corp – slide 48
    Over 1 billion of capital projects completed 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…
  49. Corporate Update – Pembina Pipeline Corp – slide 49
    Veresen Assets ALBERTA Pipeline business includes: 100% interest in AEGS, 50% interest in Alliance and a 50% convertible interest in Ruby Gas services business includes: 47%(1) interest in Veresen Midstream (gas processing…

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