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UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Jan 14, 2019 · 17 slides

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Slides

  1. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 1
    UBS Midstream Conference January 14-16, 2019 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 2
    Key Takeaways Constructive Long-term Fundamentals & Outlook Market balancing, U.S. leading growth Integrated Asset Base & Business Model Linking key supply & demand markets Fee-based Growth Visibility Potential margin-based…
  3. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 3
    Over Past 20+ Years, PAA Has Developed One of the Largest and Most Integrated Midstream Systems in North America PAAs Crude Oil Value Chain Legend Plains Current Profile Volumes Handled(1): 5.7 mmb/d Transportation 1.3 mmb/d…
  4. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 4
    Constructive Long-term Fundamentals Driven by continued global demand growth Global Supply Global Demand Significant draws for 18 months 100 mmb/d global demand by YE18 Recent inventory builds and volatility Long-term driven by…
  5. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 5
    U.S. Leading World in Liquids Growth (1) Permian Projected to be a Top 4 Producer by YE 2019 mmb/d Top 10 Liquids Producing Nations (Plus Permian) 25.0 20.0 20.0 Permian 15.0 12.4 11.5 10.0 6.3 5.5 5.2 5.2 4.8 5.0 3.8…
  6. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 6
    Well Positioned to Benefit From Strong Growth 6.5 mmb/d growth (YE 2017 to YE 2023) 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 2017 2023…
  7. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 7
    Permian Drilled but Uncompleted Wells (DUCs) Support Visibility for Continued Production Growth Permian Basin: PAAs largest Wells Permian Drilling vs. Completions asset / operating leverage DUC inventory supports future production…
  8. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 8
    Advancing Optimization & Expansion of Existing System Opportunities extend beyond the Permian Advancing optimization/expansion Patoka opportunities downstream of Cushing --Potential for Capline Reversal (binding open Cushing…
  9. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 9
    Permian Long-Haul Projects Enhance market access & further optimize system Cushing Sunrise Expansion (Ph. I & II) PAA Net Pipeline Capacity (mmb/d) Gathering: 2 Intra-Basin: 2 Long-Haul: 1 Gross Capacity: 500 mb/d (24) --Purchase…
  10. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 10
    Permian Gathering & Intra-Basin Systems Significant Capacity Expansions Underway / Completed (in yellow) Gathering Projects: Intra-Basin Projects: +600 mb/d +1,000 mb/d COLORADO CITY El Mar to Wink Wink to Midland WINK…
  11. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 11
    Significant Growth in Permian Tariff Volumes Across system: gathering, intra-basin and long-haul Permian system capacity (YE 2017) PAA Permian Tariff Volumes(1) Gathering: 2 mmb/d (mb/d) Intra-Basin: 2 mmb/d 30% growth +/- 3,800…
  12. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 12
    80% of 2.6 billion 2018/2019 Growth Capital Program Focused in the Permian Basin Aug. 2018 increased 2018/2019 capital program650mm, primarily driven by Permian infrastructure demand 2018/2019 Capital Program Mix Expect 2019 portion…
  13. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 13
    Solid Fee-Based Growth Through the Cycle Supply & Logistics Segment is strategic and complementary Margin-Based Adj. EBITDA Excess S&L ( billions) proceeds to 1.0 reduce debt / Reset S&L 0.8 fund capital Expectations 0.6 0.9…
  14. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 14
    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:…
  15. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 15
    Improving Financial Flexibility Combination of debt reduction & fee-based growth Approaching targeted credit metrics PAA Debt & Leverage Ratios Reduced total debt 1.8 B from ( billions) (Lev.) 9/30/17 (reduced leverage 1.5x) 12…
  16. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 16
    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 will…
  17. UBS Midstream MLP and Utilities One on One Conference – Plains All American Pipeline, L.P. – slide 17
    Key Takeaways Constructive Long-term Fundamentals & Outlook Market balancing, U.S. leading growth Integrated Asset Base & Business Model Linking key supply & demand markets Fee-based Growth Visibility Potential margin-based…

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