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March 2019 Corporate Update – Pembina Pipeline Corp

Pembina Pipeline Corp · Mar 7, 2019 · 40 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. March 2019 Corporate Update – Pembina Pipeline Corp – slide 1
    Pembina Pipeline Corporation TSX: PPL NYSE: PBA Corporate Update March 2019
  2. March 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. March 2019 Corporate Update – Pembina Pipeline Corp – slide 3
    Diverse and integrated assets, serving world-class geology
  4. March 2019 Corporate Update – Pembina Pipeline Corp – slide 4
    6
  5. March 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. March 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 service Our Strategy…
  7. March 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. March 2019 Corporate Update – Pembina Pipeline Corp – slide 8
    We have built a strong foundation
  9. March 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. March 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. March 2019 Corporate Update – Pembina Pipeline Corp – slide 11
    Growing condensate stabilization capacity Net field based condensate stabilization Pembina 128 140 Veresen acquisition mbpd(1) 120 Project under development 100 50 10 80 mbpd 10 60 15 12 40 24 20 17 0 Gas…
  12. March 2019 Corporate Update – Pembina Pipeline Corp – slide 12
    Largest fractionation capacity serving the WCSB Net fractionation capacity 400 356 350 Pembina mbpd(1) Provident acquisition 30 Veresen acquisition (2) 39 300 Project under development 56 250 mbpd 200 55 150…
  13. March 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 14.3 mmbbls 14 0.5 Pembina 0.3 0.6 Provident acquisition 12 1.0 Veresen…
  14. March 2019 Corporate Update – Pembina Pipeline Corp – slide 14
    Transformational growth is generating record financial results Adjusted EBITDA and Adjusted EBITDA per share 2,800 MM to 3,000 MM 3,000 5.62 5.50 - 5.90 per share 6.00 Adjusted EBITDA Adjusted EBITDA per share 2,835 MM 2,500…
  15. March 2019 Corporate Update – Pembina Pipeline Corp – slide 15
    Dedicated to our financial guardrails
  16. March 2019 Corporate Update – Pembina Pipeline Corp – slide 16
    Financial Guardrails 2015 2018 Maintain target of 80% fee-based contribution 1 77% 85% to Adjusted EBITDA(1)…
  17. March 2019 Corporate Update – Pembina Pipeline Corp – slide 17
    Our business is highly contracted Adjusted EBITDA contribution by type (1) 77% fee-based 77% fee-based 80% fee-based 85% fee-based 87% fee-based 4 Take-or-pay/Cost-of-service Fee-for-service 4% 6% 3 8% Product margin 10%…
  18. March 2019 Corporate Update – Pembina Pipeline Corp – slide 18
    Dividend strategy supported by fee-based cash flow Illustrative fee-based distributable cash flow analysis(1) Considerations Dividend and all corporate costs are Fee-Based Payout underpinned 100% by fee-based cash flows…
  19. March 2019 Corporate Update – Pembina Pipeline Corp – slide 19
    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 19%…
  20. March 2019 Corporate Update – Pembina Pipeline Corp – slide 20
    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 Pembina continues to employ less leverage x 3.8x than its peer group average 9.0x x x 2019…
  21. March 2019 Corporate Update – Pembina Pipeline Corp – slide 21
    The future is bright: Billions of dollars of new projects under development
  22. March 2019 Corporate Update – Pembina Pipeline Corp – slide 22
    We are working on billions of dollars of new projects Jordan Cove LNG Peace pipeline expansions Duvernay development 6.5 BB+ Processing facilities Laterals and connections Additional opportunities 4 BB 5.5 BB 1 Secured…
  23. March 2019 Corporate Update – Pembina Pipeline Corp – slide 23
    We continue to secure new projects Projects Recently Placed Into Service In-service Capital Cost (1) (MM) Phase IV & V December 2018 460 Burstall Ethane Storage January 2019 190 Prince Rupert Export Terminal Total 650 MM Peace…
  24. March 2019 Corporate Update – Pembina Pipeline Corp – slide 24
    Demand supports continued Peace build out Following Phase 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 to 1.3…
  25. March 2019 Corporate Update – Pembina Pipeline Corp – slide 25
    Value chain extension: Accessing premium markets
  26. March 2019 Corporate Update – Pembina Pipeline Corp – slide 26
    PDH/PP Project Project overview Canada Kuwait Petrochemical Corporation (CKPC) is constructing a world-scale integrated propane dehydrogenation plant and polypropylene upgrading facility Joint venture of Pembina and Petrochemical…
  27. March 2019 Corporate Update – Pembina Pipeline Corp – slide 27
    Structural surplus of Western Canadian propane PDH/PP Project Representative WCSB propane supply & demand(1) 350 Western Canada contains an abundant and 300 highly economic natural gas liquids resources Resource life of Western…
  28. March 2019 Corporate Update – Pembina Pipeline Corp – slide 28
    Polypropylene is a value-added product PDH/PP Project North American PP to Edmonton propane price spread(1) 2,500 2,000 1,500 US/MT 1,000 500 - 2010 2011 2012 2013 2014 2015 2016 2017 2018 Propane to PP…
  29. March 2019 Corporate Update – Pembina Pipeline Corp – slide 29
    CKPC: stronger than the sum of its parts Pembina RFS Complex Canada Propane Propylene PP (23,000 bpd) (550,000 MT) (550,000 MT) United States Asia Third Party South America PDH Facility PP Facility Fractionation Shipping…
  30. March 2019 Corporate Update – Pembina Pipeline Corp – slide 30
    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…
  31. March 2019 Corporate Update – Pembina Pipeline Corp – slide 31
    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…
  32. March 2019 Corporate Update – Pembina Pipeline Corp – slide 32
    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…
  33. March 2019 Corporate Update – Pembina Pipeline Corp – slide 33
    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…
  34. March 2019 Corporate Update – Pembina Pipeline Corp – slide 34
    Strong financial position
  35. March 2019 Corporate Update – Pembina Pipeline Corp – slide 35
    Financing history and objectives Historical funding (2012 2018)(1) Ongoing financing objectives Cash flow after dividends Finance growth 50/50 debt/equity over the long term DRIP 12% 8% Maintain strong BBB rating with conservative…
  36. March 2019 Corporate Update – Pembina Pipeline Corp – slide 36
    Dividend growth supported by growing cash flow 4.50 1,200 4.00 5.6% dividend increase announced May 3, 2018 ACFPS CAGR: 10% 1,000 3.50 Dividend per share CAGR: 5% Cash flow after dividends (MM)(2) 3.00 800 2.50…
  37. March 2019 Corporate Update – Pembina Pipeline Corp – slide 37
    Value proposition
  38. March 2019 Corporate Update – Pembina Pipeline Corp – slide 38
    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) 460% Relative Total Return (100 = January 1, 2009) 500 6.9…
  39. March 2019 Corporate Update – Pembina Pipeline Corp – slide 39
    Pembina's value proposition Diverse and integrated assets, strategically located to serve world-class geology Visible growth while remaining dedicated to our financial guardrails Large scale growth and value chain extension…
  40. March 2019 Corporate Update – Pembina Pipeline Corp – slide 40
    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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