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4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Feb 5, 2019 · 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. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 1
    4Q & FY 2018 Earnings Package www.plainsallamerican.com NYSE: PAA & PAGP Houston, TX February 5, 20191
  2. 4Q and FY 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. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 3
    4Q & FY 2018 Earnings Call Houston, TX February 5, 2019 www.plainsallamerican.com NYSE: PAA & PAGP 1
  4. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 4
    Solid Execution of 2018 Goals Run a safe, reliable, and responsible operation - Improved safety and environmental performance Meet or exceed 2018 operating & financial guidance - Exceeded Feb. 2018 guidance 380mm 16% (fee-based…
  5. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 5
    Key Highlights 4Q & FY 2018 Earnings Call Solid Execution of 2018 Key Initiatives Consolidated Results (Segment Adj. EBITDA, millions) Safe, reliable, and responsible operations 2017 2018 2019(G) Key project completions Fee-based…
  6. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 6
    Project Proceeding (Announced Jan 30) JV: ExxonMobil, PAA, Lotus Midstream Project Overview 1mmb/d capacity (36, 650-miles) Targeted In-Service: 1H21 Multi-grade segregation and batching Origins: Wink & Midland Destinations:…
  7. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 7
    Positioning for 2020+ Optimization & Expansion of Existing System Patoka Potential Projects to Provide: Additional connectivity to USGC / exports Cushing take-away capacity Diamond Domestic refining supply Cushing (expansion /…
  8. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 8
    4Q18 Fee-Based Results Key Growth Highlights Fee-Based Adj. EBITDA ( millions) 69 606 +26% Permian volume growth 38 561 (4Q18 YoY: 840 mb/d tariff volume growth) 538 (15) 537 (24) Gathering, intra-basin & long-haul Expanded…
  9. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 9
    2019 Guidance Update Fee-based growth and strong near-term S&L contribution 2019(G) reflects PAAs current market view DCF Profile (fee-based 2% lower vs. Nov. 18 prelim. estimate) 2,500.0 DCF3.0 / 2.46 2.58 Common 8% fee-based…
  10. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 10
    Deleveraging On Track, Improving Financial Flexibility YE 2018 Capitalization ( billions) Cash Flow in Excess of Distributions: 900 mm 12/31/2017 12/31/2018 ST Debt 0.7 0.1 LT Debt / LTM Adj. EBITDA: 3.4x LT Debt 9.2 9.1 Committed…
  11. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 11
    2019 Capital Program Update Executing Permian-focused Capital Program W2W Permian JV project proceeding +/- 1.1 billion Capital Program Several new complementary Permian projects added 2018 capex shift into 2019 2018 shift…
  12. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 12
    Distribution Management Status Report Upon completion of deleveraging plan (1H19), expect to be in position to increase distribution Potentially as soon as 1Q19 distribution payable May 2019 Factors Mgmt. & Board will consider with…
  13. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 13
    Overview of 2019 Goals Run a safe, reliable, and responsible operation Meet or exceed 2019 operating & financial guidance Formally complete deleveraging plan; continue to improve financial positioning / flexibility Capture…
  14. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 14
    Appendix www.plainsallamerican.com NYSE: PAA & PAGP 13
  15. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 15
    2019(G) Update Twelve Months Ended December 31 2017 2018 2019 (G) ( millions) +/- Segment Adjusted EBITDA Transportation 1,287 1,508 1,735 Facilities 734 711 665 Fee-Based 2,021 2,219 2,400 Supply and Logistics 60 462 350 Other…
  16. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 16
    2019(G) Update Twelve Months Ended December 31, 2017 2018 2019 (G) ( millions) +/- Operating Data Transportation Average daily volumes (MBbls/d) 5,186 5,889 7,000 Segment Adjusted EBITDA per barrel 0.68 0.70 0.68 Facilities…
  17. 4Q and FY 2018 Earnings Presentation – Plains All American Pipeline, L.P. – slide 17
    PAA 4Q18 Fee-Based Segment Overview Segment Adj. EBITDA ( millions) Transportation Facilities 388 425 184 181 354 173 4Q17 3Q18 4Q18 4Q17 3Q18 4Q18 Volumes & Segment Adj. EBITDA / Barrel (Thousands of Barrels / Day) (Millions…

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