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July 2019 Corporate Presentation – Pembina Pipeline Corp

Pembina Pipeline Corp · Jul 12, 2019 · 44 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. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 1
    Pembina Pipeline Corporation TSX: PPL NYSE: PBA Corporate Update July 2019
  2. July 2019 Corporate Presentation – 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. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 3
    Diverse and integrated assets, serving world-class geology
  4. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 4
    6
  5. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 5
    The Pembina Store Gas & NGL (HVP) Gas Consumers NGL NGL (proposed) Alliance Mainline Extraction Gathering, 3rdParty Pipeline and Fractionation Processing, Pipelines Field Extraction (Younger, Empress, Aux Sable) Industrial…
  6. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 6
    Purpose of Pembina Customers choose us first Investors receive sustainable for reliable and value-added industry-leading total returns services Employees say we are the Communities welcome us and employer of choice and…
  7. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 7
    We have built a strong foundation
  8. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 8
    Pipeline transportation Net pipeline capacity through time 3,500 3.1 In-service mmboe/d 65 3,000 Project under development 245 180 125 133 2,500 330 2,000 625 mboe/d 133 1,500 230 335 1,000 389 500 555 0…
  9. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 9
    Largest third-party gas processor serving the WCSB Net processing capacity Pembina 7,000 Provident acquisition 6.1 Veresen acquisition 200 bcf/d(1) 6,000 Project under development 897 57 5,000 75 682 60 250 4,000…
  10. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 10
    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…
  11. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 11
    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…
  12. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 12
    Leading hydrocarbon storage position 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 acquisition…
  13. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 13
    Transformational growth is generating record financial results Adjusted EBITDA and Adjusted EBITDA per share 2,850 MM to 3,050 MM 3,000 5.60 - 6.00 per share 6.00 Adjusted EBITDA Adjusted EBITDA per share 2,835 MM 2,500 5.00…
  14. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 14
    Dedicated to our financial guardrails
  15. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 15
    Financial guardrails 2015 2019E 1 Maintain target of 80% fee-based contribution to 2015 Adjusted EBITDA(1) 77% 86%…
  16. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 16
    Our business is highly contracted Adjusted EBITDA contribution by type (1) 77% fee-based 77% fee-based 80% fee-based 85% fee-based 86% fee-based 4 Take-or-pay/Cost-of-service Fee-for-service 8% 3 9% Product margin 7% 6% Frac…
  17. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 17
    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…
  18. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 18
    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 18%…
  19. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 19
    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 3.7x than its peer group average 10.0x x x 2019…
  20. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 20
    The future is bright: Billions of dollars of new projects under development
  21. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 21
    We are working on billions of dollars of new projects Peace pipeline expansions Jordan Cove LNG Duvernay development Processing facilities 6.5 BB+ Alliance expansion Laterals and connections Additional opportunities 4 BB 5.5…
  22. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 22
    We continue to secure new projects Projects Recently Placed Into Service In-service Capital Cost (1) (MM) Phase IV & V December 2018 460 Prince Rupert Export Burstall Ethane Storage January 2019 190 Terminal Redwater…
  23. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 23
    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…
  24. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 24
    Competitive advantage in conventional pipelines The Pembina Store a suite of integrated services along the hydrocarbon value chain, maximizing netbacks to producers Aligned outages across the value chain Ability to transport any…
  25. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 25
    Northeast BC fractionation opportunity Infrastructure NEBC Liquids Leverage expertise developed at Redwater Complex Pipeline Gathering Legend Replicate 55,000 bpd C3+ RFS III design Pipeline CN Rail Rail loading and product…
  26. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 26
    Potential expansion of Alliance Pipeline 1,750 100.0% 1,700 99.8% mmcf/d 1,650 99.6% 1,600 99.4% 1,550 99.2% 1,500 99.0% 2013 2014 2015 2016 2017 2018 Revenue Volumes Capacity Reliabiity Bakken only expansion:…
  27. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 27
    Value chain extension: Accessing premium markets
  28. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 28
    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…
  29. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 29
    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…
  30. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 30
    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…
  31. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 31
    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…
  32. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 32
    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…
  33. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 33
    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…
  34. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 34
    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…
  35. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 35
    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…
  36. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 36
    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…
  37. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 37
    Pursuing a portfolio of LNG opportunities Exploring multiple LNG opportunities to optimize: Northeast BC LNG Capital cost and intensity Construction time Regulatory approvals Stakeholder alignment Floating Brownfield…
  38. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 38
    Strong financial position
  39. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 39
    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…
  40. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 40
    Dividend growth supported by growing cash flow 5.00 1,200 4.50 5.3% dividend increase announced May 2, 2019 ACFPS CAGR: 11% 1,000 4.00 Dividend per share CAGR: 4.5% Cash flow after dividends (MM)(2) 3.50 800 3.00…
  41. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 41
    Value proposition
  42. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 42
    Investors receive sustainable industry-leading total returns Total Return: Pembina vs. S&P/TSX Energy Infrastructure(1) Key Metrics 700 4.5% dividend growth rate(2) Relative Total Return (100 = January 1, 2009) 600 495% 500…
  43. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 43
    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…
  44. July 2019 Corporate Presentation – Pembina Pipeline Corp – slide 44
    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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