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Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Mar 27, 2019 · 15 slides

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  1. Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P. – slide 1
    Investor Presentation March 2019 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P. – slide 2
    Over Past 20+ Years, PAA Has Developed One of the Largest & Most Integrated Midstream Systems in North America Enterprise Value 29 bln Transportation Volume 5.9 mmb/d S&L Volume 1.3 mmb/d Notes: Map contains only…
  3. Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P. – slide 3
    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…
  4. Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P. – slide 4
    Key Highlights From PAAs 4Q18 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…
  5. Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P. – slide 5
    2019 Guidance 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 growth;…
  6. Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P. – slide 6
    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…
  7. Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P. – slide 7
    2019 Capital Program 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 Permian / Other…
  8. Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P. – slide 8
    Permian System Capacity Significant Expansions Underway / Completed Permian system capacity (YE 2017) Gathering: 2 mmb/d Intra-Basin: 2 mmb/d Long-Haul: 1 mmb/d Permian Basin Adding 2.4 mmb/d of net capacity Colorado City (50%…
  9. Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P. – slide 9
    Cactus II Pipeline Under Construction Project Overview 670mmb/d capacity Multi-grade segregation and batching Midland Origins: Orla, Wink, Midland, Crane, & McCamey Orla Destinations: Corpus Christi & Ingleside Wink Crane…
  10. Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P. – slide 10
    Project Proceeding (Announced Jan 30) JV: ExxonMobil, PAA, Lotus Midstream Project Overview 1mmb/d capacity (36, 650-miles) Multi-grade segregation and batching Midland Origins: Wink & Midland Destinations: Webster, Baytown, Texas…
  11. Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P. – slide 11
    Positioning for 2020+ Potential Additional Projects (Optimization & Expansion of Existing System) Patoka Potential Projects to Provide: Additional connectivity to USGC / exports Cushing take-away capacity Diamond Domestic refining…
  12. Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P. – slide 12
    Solid Fee-Based Growth Through the Cycle Supply & Logistics Segment is strategic and complementary Excess S&L Margin-Based Adj. EBITDA proceeds to ( billions) reduce debt / 1.0 Reset S&L fund capital Expectations 0.8 0.6 0.9 0.9…
  13. Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P. – slide 13
    www.plainsallamerican.com NYSE: PAA & PAGP 14
  14. Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P. – slide 14
    2019(G) Part 1 of 2 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…
  15. Scotia Howard Weil Energy Conference – Plains All American Pipeline, L.P. – slide 15
    2019(G) Part 2 of 2 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…

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