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3Q 2018 Conference Call – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Nov 6, 2018 · 17 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 Conference Call – Plains All American Pipeline, L.P. – slide 1
    Third-Quarter 2018 Conference Call Houston, TX November 6, 2018 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 2
    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 +/-…
  3. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 3
    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…
  4. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 4
    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…
  5. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 5
    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…
  6. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 6
    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,…
  7. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 7
    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:…
  8. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 8
    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…
  9. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 9
    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…
  10. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 10
    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…
  11. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 11
    Appendix www.plainsallamerican.com NYSE: PAA & PAGP 12
  12. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 12
    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…
  13. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 13
    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…
  14. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 14
    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)…
  15. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 15
    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…
  16. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 16
    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…
  17. 3Q 2018 Conference Call – Plains All American Pipeline, L.P. – slide 17
    www.plainsallamerican.com NYSE: PAA & PAGP 18

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