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January 2019 Corporate Update – Pembina Pipeline Corp

Pembina Pipeline Corp · Jan 10, 2019 · 41 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. January 2019 Corporate Update – Pembina Pipeline Corp – slide 1
    Pembina Pipeline Corporation TSX: PPL NYSE: PBA Corporate Update January 2019
  2. January 2019 Corporate Update – Pembina Pipeline Corp – slide 2
    Presentation outline Diverse and integrated assets, serving world-class geology We have built a strong foundation Dedicated to our financial guard rails The future is bright: Billions of dollars of new projects under development…
  3. January 2019 Corporate Update – Pembina Pipeline Corp – slide 3
    Diverse and integrated assets, serving world-class geology
  4. January 2019 Corporate Update – Pembina Pipeline Corp – slide 4
    6
  5. January 2019 Corporate Update – Pembina Pipeline Corp – slide 5
    The Pembina Store: integrated, customer-focused services Empress, Sarnia and Corunna (Mainline Extraction, Fractionation, Distribution) Value chain extension opportunities Prince Rupert LPG Export Terminal (secured) Gas & NGL…
  6. January 2019 Corporate Update – Pembina Pipeline Corp – slide 6
    Pembina's strategy Preserve Value Diversify by providing safe, environmentally by providing integrated solutions which conscious, cost-effective, reliable services enhance profitability and customer services Our Strategy…
  7. January 2019 Corporate Update – Pembina Pipeline Corp – slide 7
    Pembina's advantage in accessing global markets Natural next step in Pembina's value chain extension model Strategically located assets supporting leading geology in North America Critical mass of products to meet global needs and…
  8. January 2019 Corporate Update – Pembina Pipeline Corp – slide 8
    We have built a strong foundation
  9. January 2019 Corporate Update – Pembina Pipeline Corp – slide 9
    Pipeline transportation Net pipeline capacity through time 3,500 In-service 3.0 3,000 Project under development 65 mmboe/d 245 180 125 2,500 133 330 2,000 mboe/d 625 1,500 106 230 250 1,000 389 500 555…
  10. January 2019 Corporate Update – Pembina Pipeline Corp – slide 10
    Largest third-party gas processor serving the WCSB Net processing capacity Pembina 7,000 Provident acquisition 6.2 Veresen acquisition 200 bcf/d(1) 6,000 Project under development 897 57 5,000 75 702 60 250 4,000 214…
  11. January 2019 Corporate Update – Pembina Pipeline Corp – slide 11
    Growing condensate stabilization capacity Net field based condensate stabilization 128 Pembina 140 Veresen acquisition mbpd(1) 120 Project under development 100 50 10 80 mbpd 10 60 15 12 40 24 20 17 0 Gas…
  12. January 2019 Corporate Update – Pembina Pipeline Corp – slide 12
    Largest fractionation capacity serving the WCSB Net fractionation capacity 350 Pembina 307 Provident acquisition mbpd(1) 300 Veresen acquisition 30 Project under development 250 56 200 55 mbpd 150 73 100 20 50…
  13. January 2019 Corporate Update – Pembina Pipeline Corp – slide 13
    Significant hydrocarbon storage capacity Net storage capacity 16 Merchant Underground Storage Capacity Merchant Above Ground Storage Capacity 14.2 mmbbls 14 0.5 Pembina 0.3 0.6 Provident acquisition 12 1.0 Veresen…
  14. January 2019 Corporate Update – Pembina Pipeline Corp – slide 14
    We have delivered on-time and on-budget Safety metric(1) Project Completed on-time Completed on-budget Man Hours Travel (km) LTI Frequency Pipelines NEBC Expansion On time On budget 750,000+ 2,900,000+ 0.53 Phase III Expansion On…
  15. January 2019 Corporate Update – Pembina Pipeline Corp – slide 15
    Transformational growth is generating record financial results Adjusted EBITDA and Adjusted EBITDA per share 2,800 MM to 3,000 MM 3,000 2,750 MM to 2,850 MM 5.55 - 5.95 per share 6.00 Adjusted EBITDA 5.45 - 5.65 per share Adjusted…
  16. January 2019 Corporate Update – Pembina Pipeline Corp – slide 16
    Dedicated to our financial guard rails
  17. January 2019 Corporate Update – Pembina Pipeline Corp – slide 17
    Financial Guard Rails 2015A 2019E Maintain target of 80% fee-based contribution 1 77% 87% to Adjusted EBITDA…
  18. January 2019 Corporate Update – Pembina Pipeline Corp – slide 18
    Our business is highly contracted EBITDA contribution by type(1) 77% fee-based 81% fee-based 85% fee-based 87% fee-based 4 Take-or-pay/Cost-of-service Fee-for-service 4% 3 6% 8% Product margin 10% Frac spread 3 23% 24% 2…
  19. January 2019 Corporate Update – Pembina Pipeline Corp – slide 19
    Dividend strategy supported by fee-based cash flow Illustrative fee-based distributable cash flow analysis(1) Considerations Dividends and all corporate costs Fee-Based Payout are underpinned 100% by fee-based cash flows…
  20. January 2019 Corporate Update – Pembina Pipeline Corp – slide 20
    Credit considerations and counterparty credit stats 60-day credit exposure(1,3) Pembina assesses all counterparties during on-boarding process and actively monitors credit limits and exposures Non Investment AA- to AA+ Grade 15%…
  21. January 2019 Corporate Update – Pembina Pipeline Corp – slide 21
    Commitment to a strong BBB credit rating Debt/Adjusted EBITDA (2019 Forecast)(1) Leverage comparison across industry(4) x x 3.75x - 4.25x x 9.0x Pembina continues to employ less leverage x 3.8x than its peers x 8.0x x 2019 Forecast…
  22. January 2019 Corporate Update – Pembina Pipeline Corp – slide 22
    The future is bright: Billions of dollars of new projects under development
  23. January 2019 Corporate Update – Pembina Pipeline Corp – slide 23
    We are working on billions of dollars of new projects PDH/PP Jordan Cove LNG 10 BB+ Peace pipeline expansions Duvernay development Processing facilities Laterals and connections Additional opportunities 4.5 BB 3.1 BB…
  24. January 2019 Corporate Update – Pembina Pipeline Corp – slide 24
    We continue to secure new projects Secured Growth Projects Under Construction In-service Capital Cost(1) (MM) Duvernay II Mid to late 2019 290 Prince Rupert Export Duvernay III Mid to late 2020 165 Terminal Peace Phase IV, V, VI…
  25. January 2019 Corporate Update – Pembina Pipeline Corp – slide 25
    Demand supports continued Peace build out Including Phase IV and VII, Pembina will have 1.1 million bpd of Edmonton area market delivery capacity on Peace and Northern pipelines Market delivery capacity can be further expanded…
  26. January 2019 Corporate Update – Pembina Pipeline Corp – slide 26
    Value chain extension: Accessing premium markets
  27. January 2019 Corporate Update – Pembina Pipeline Corp – slide 27
    PDH/PP Project Project overview Canada Kuwait Petrochemical Corporation (CKPC) is developing a world-scale integrated propane dehydrogenation plant and polypropylene upgrading facility Joint venture of Pembina and Petrochemical…
  28. January 2019 Corporate Update – Pembina Pipeline Corp – slide 28
    The Alberta feedstock advantage PDH/PP Project Illustrative WCSB propane supply & demand(1)(2) 400 The WCSB currently has an excess supply of propane and ample propane fractionation capacity which creates the Alberta-feedstock…
  29. January 2019 Corporate Update – Pembina Pipeline Corp – slide 29
    Polypropylene is a value-added product PDH/PP Project Polypropylene indicative margin Key Conversions 2,500 Pounds per tonne (PP) lbs/MT 2,205 Gallons per tonne (C3) gal/MT 521 2,000 1,500 US/MT Historical Price Spread…
  30. January 2019 Corporate Update – Pembina Pipeline Corp – slide 30
    CKPC: stronger than the sum of its parts PDH/PP Project Canada Pembina RFS Propane Propylene Polypropylene United States (23,000 bpd) (550 kTa) (550 kTa) Asia South America PDH Facility PP Facility Shipping Third Party…
  31. January 2019 Corporate Update – Pembina Pipeline Corp – slide 31
    Jordan Cove LNG project Situated on 240 acres on the North Spit of Coos Bay, Oregon Liquefaction and export facility with an LNG production capacity of 7.8 mmtpa(1) (1.3 bcf/d) Five 1.5 mmtpa liquefaction trains Two…
  32. January 2019 Corporate Update – Pembina Pipeline Corp – slide 32
    LNG demand is expected to almost double by 2030 Jordan Cove LNG Project Global LNG supply and demand balance(1) Demand considerations 700 65% of global gas demand growth will come from Asia Chinese imports in Q1 2018 have increased…
  33. January 2019 Corporate Update – Pembina Pipeline Corp – slide 33
    West coast shipping advantage Jordan Cove LNG Project Shipping cost: 1.00 Shipping cost: 2.00 Shipping cost: 3.00 Shipping cost: 3.00 Shipping cost: 3.00 U.S. west coast holds significant shipping cost advantage to…
  34. January 2019 Corporate Update – Pembina Pipeline Corp – slide 34
    High degree of alignment with Pembina's strategy Jordan Cove LNG Project What makes Jordan Cove attractive WCSB and U.S. Rockies provide sustainable low cost gas supply Long-term gas supply at Malin Hub from two long-haul pipelines…
  35. January 2019 Corporate Update – Pembina Pipeline Corp – slide 35
    Strong financial position
  36. January 2019 Corporate Update – Pembina Pipeline Corp – slide 36
    Financing history and objectives Historical funding (2012 2018E)(1) Ongoing financing objectives Cash flow after dividends Finance growth 50/50 debt/equity over the long term DRIP 11% 8% Maintain strong BBB rating with conservative…
  37. January 2019 Corporate Update – Pembina Pipeline Corp – slide 37
    Dividend growth supported by growing cash flow 4.50 1,000 4.00 5.6% dividend increase announced May 3, 2018 900 3.50 ACFPS CAGR: 10% 800 Dividend per share CAGR: 5% Cash flow after dividends (MM)(2) 700 3.00 600…
  38. January 2019 Corporate Update – Pembina Pipeline Corp – slide 38
    Value proposition
  39. January 2019 Corporate Update – Pembina Pipeline Corp – slide 39
    Investors receive sustainable industry-leading total returns Total Return: Pembina vs. S&P/TSX Energy Infrastructure(1) Key Metrics 600 5% Dividend growth rate(2) Relative Total Return (100 = January 1, 2008) 360% 500 6.5…
  40. January 2019 Corporate Update – Pembina Pipeline Corp – slide 40
    Pembina's value proposition Diverse and integrated assets, strategically located to serve world-class geology Visible growth while remaining dedicated to our financial guard rails Large scale growth and value chain extension…
  41. January 2019 Corporate Update – Pembina Pipeline Corp – slide 41
    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

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