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3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Nov 6, 2018 · 39 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. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 1
    Third-Quarter 2018 Earnings Package Houston, TX November 6, 2018 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 2
    Index Conference Call Transcript Conference Call Slides PAA / PAGP Earnings Release and Guidance PAA Non-GAAP Reconciliations 1 www.plainsallamerican.com NYSE: PAA & PAGP 2
  3. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 3
    Plains All American Pipeline LP (PAA) Corrected Transcript Q3 2018 Earnings Call 06-Nov-2018 Willie C. W. Chiang Chief Executive Officer and Director, Plains All American Pipeline LP A Hi, Shneur.…
  4. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 4
    Third-Quarter 2018 Conference Call Houston, TX November 6, 2018 www.plainsallamerican.com NYSE: PAA & PAGP 1
  5. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 5
    3Q 2018 Overview 3Q18 Delivered 3Q18 results ahead of our expectations Results (reported Adj. EBITDA of 636mm) Increased 2018 Adj. EBITDA Guidance 150mm to +/- 2.55B Outlook Provided preliminary 2019 Adj. EBITDA Guidance of +/-…
  6. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 6
    Constructive Industry Fundamentals & Growth Outlook PAAs Integrated System Well Positioned to Benefit Western Canada Williston mb/d mb/d 6,000 2,000 1,400 1,700 4,700 1,500 4,000 1,000 2,000 500 0 0 YE YE YE YE 2017 2023…
  7. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 7
    Executing Capital Program & Advancing Opportunities to Optimize / Expand Existing System Patoka Progressing optimization/expansion opportunities downstream of Cushing Cushing Diamond STACK +200 mb/d -- potential for Capline…
  8. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 8
    Significant Growth in Permian Tariff Volumes Expecting significant Y/Y Permian PAA Permian Tariff Volumes tariff volume growth mb/d 3Q18: volume growth moderated 4,000 +/- 3.8 mmb/d 3,880 3,734 as pace of completions slowed…
  9. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 9
    PAA Reported Solid 3Q18 Fee-based Results 3Q18 Fee-based Segment Adj. EBITDA: 561mm ( amounts reflect Segment Adj. EBITDA) 3Q18 vs. 3Q17: fee-based up 16mm, or 3% (up 41mm, or 8%, adjusting for asset sales) Transportation up 25mm,…
  10. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 10
    Increased 2018(G) & Updated Preliminary 2019(G) Historical data included for context 2018 Adj. EBITDA Guidance ( billions) Adj. EBITDA Profile 3.0 Adj. EBITDA: +/-2.55B Margin-based 2.5 Fee Based: +/- 2.2B Fee-based +/-0.35 S&L:…
  11. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 11
    Deleveraging Plan Remains On Track Combination of debt reduction & growth in fee-based Segment Adjusted EBITDA PAA close to targeted credit metrics as of 9/30/18 PAA Debt & Leverage Ratios ( billions) (Lev.) 12 6.0x Reduced total…
  12. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 12
    Distribution Management Status Report Upon completion of deleveraging plan in 1H19, expect to be in position to increase distribution Potentially as soon as the 1Q19 distribution payable May 2019 Factors Management and the Board…
  13. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 13
    Highlights of 3Q18 Earnings Conference Call Solid Execution in 3Q18 Delivered results ahead of our expectations Deleveraging plan nearing completion (closer to targeted credit metrics) Executing capital program & actively…
  14. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 14
    Appendix www.plainsallamerican.com NYSE: PAA & PAGP 12
  15. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 15
    On Track to Executing 2018 Goals 2018 Goals: Status 1. Run a safe, reliable, and responsible operation On Track 2. Meet or exceed 2018 operating and financial guidance On Track 3. Progress deleveraging plan for return to…
  16. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 16
    PAA Capitalization & Liquidity Capitalization (in billions) 9/30/2017 12/31/2017 6/30/2018 9/30/2018 Short-term Debt (Primarily Hedged Inventory) 0.9 0.7 0.9 0.4 Long-term Debt 10.5 9.2 9.0 9.1 Partners' Capital 10.3 11.0 10.8…
  17. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 17
    PAA 3Q18 Fee-Based Segment Overview Segment Adj. EBITDA ( millions) Transportation Facilities(1) 388 363 360 182 171 173 3Q17 2Q18 3Q18 3Q17 2Q18 3Q18 Volumes & Segment Adj. EBITDA / Barrel (Thousands of Barrels / Day)…
  18. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 18
    Condensed Consolidating Balance Sheet of Plains GP Holdings (PAGP) September 30, 2018 December 31, 2017 Consolidating Consolidating ( millions) PAA Adjustments (1) PAGP PAA Adjustments (1) PAGP ASSETS Current assets 4,127 4 4,131…
  19. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 19
    2018(G) Update Twelve Months Ended December 31, 2016 2017 2018 (G) ( millions) +/- Segment Adjusted EBITDA Transportation 1,141 1,287 1,510 Facilities 667 734 690 Fee-Based 1,808 2,021 2,200 Supply and Logistics 359 60 350…
  20. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 20
    www.plainsallamerican.com NYSE: PAA & PAGP 18
  21. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 21
    Third-Quarter 2018 PAA & PAGP Non-GAAP Reconciliations & Supplemental Calculations
  22. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 22
    Non-GAAP Reconciliations and Supplemental Calculations: Table of Contents Page 1 Introduction Page 2 Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2014 - 2018 Page 3 Reconciliation to Adjusted EBITDA and…
  23. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 23
    Introduction Non-GAAP Financial Measures and Selected Items Impacting Comparability To supplement our financial information presented in accordance with GAAP, management uses additional measures known as non-GAAP financial measures in…
  24. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 24
    Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2014 - 2018 (in millions) (1) (2) Selected Items Impacting Comparability (3) 2018 2017 2016 2015 2014 Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3…
  25. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 25
    Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2010 - 2013 (in millions) (1) (2) Selected Items Impacting Comparability 2013 2012 2011 2010 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4…
  26. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 26
    Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2006 - 2009 (in millions) (1) (2) Selected Items Impacting Comparability 2009 2008 2007 2006 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4…
  27. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 27
    Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2002 - 2005 (in millions) (1) (2) Selected Items Impacting Comparability 2005 2004 2003 2002 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4…
  28. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 28
    Adjusted Net Income per Common Unit (in millions, except per unit data) (1) (2) Basic Adjusted Net Income per Common Unit 2018 2017 Q1 Q2 Q3 Q3 YTD Q1 Q2 Q3 Q3 YTD Net income attributable to PAA 288 100 710 1,099 444 188 33 665…
  29. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 29
    Net Income/(Loss) Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation (1) Basic Adjusted Net Income/(Loss) per Common Unit 2018 2017 Q1 Q2 Q3 Q3 YTD Q1 Q2 Q3 Q3 YTD Basic net income/(loss) per common unit 0.33 0.07…
  30. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 30
    PAA Credit Metrics (in millions, except ratio amounts): 2012 - 2018 (1) Debt Capitalization Ratios As of As of As of March 31, June 30, September 30, As of December 31, 2018 2017 2016 2015 2014 2013 2012 Short-term debt 774 943 429…
  31. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 31
    PAA Credit Metrics (in millions, except ratio amounts): 2004 - 2011 (1) Debt Capitalization Ratios As of December 31, 2011 2010 2009 2008 2007 2006 2005 2004 Short-term debt 679 1,326 1,074 1,027 960 1,001 378 176 Senior notes,…
  32. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 32
    Cash Distribution Coverage (in millions, except per unit and ratio data): 2016 - 2018 (1) Cash Distribution Coverage (based on distributions paid within the period presented) Twelve Months Ended Three Months Ended YTD Three Months…
  33. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 33
    Cash Distribution Coverage (in millions, except ratio data): 2006 - 2015 (1) (2) Cash Distribution Coverage (based on distributions paid within the period presented) Twelve Months Ended December 31, 2015 2014 2013 2012 2011 2010 2009…
  34. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 34
    Net Income/(Loss) Per Common Unit to Implied DCF Per Common Unit and Common Equivalent Unit Reconciliation (1) (2) Implied DCF per Common Unit Three Months Ended YTD Three Months Ended YTD Mar 31, 2018 Jun 30, 2018 Sep 30, 2018 Sep…
  35. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 35
    Reconciliation of Fee-based Segment Adjusted EBITDA to Adjusted EBITDA (in millions)(1) Reconciliation to Adjusted EBITDA Three Months Ended YTD Three Months Ended YTD Twelve Months Ended Mar 31, 2018 Jun 30, 2018 Sep 30, 2018 Sep…
  36. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 36
    Segment Supplemental Calculations: 2014 - 2018 (in millions, except volumes and per unit data) (1) Segment Adjusted EBITDA 2018 2017 2016 2015 2014 Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD…
  37. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 37
    Segment Supplemental Calculations: 2010 - 2013 (in millions, except volumes and per unit data) (1) Segment Adjusted EBITDA 2013 2012 2011 2010 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Transportation Segment…
  38. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 38
    Segment Supplemental Calculations: 2006 - 2009 (in millions, except volumes and per unit data) (1) Segment Adjusted EBITDA 2009 2008 2007 2006 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Transportation Segment…
  39. 3Q 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 39
    Reconciliation to Segment Adjusted EBITDA Further Adjusted for the Impact of Divested Assets (in millions) (1) Segment Adjusted EBITDA Further Adjusted for the Impact of Divested Assets Three Months Ended June 30, 2018 Three Months…

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