2Q 2019 Earnings Presentation – Plains All American Pipeline, L.P.
Plains All American Pipeline, L.P. ·
Aug 6, 2019 · 20 slides
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Houston, TX August 6, 2019 2Q 2019 Earnings Package
Index Conference Call Transcript Conference Call Slides PAA / PAGP Earnings Release and Guidance PAA Non-GAAP Reconciliations 1 PAA PAGP 2
Houston, Texas August 6, 2019 2Q19 EARNINGS CALL 9
Second-Quarter 2019 Overview Delivered 2Q19 results ahead of expectations, driven by S&L 2Q19 Results Adj. EBITDA of 784mm 2019(G) Adj. EBITDA +125mm (+/- 2.975 bln); DCF / unit +0.09 (2.80/unit) Updates 2019 Capital Program…
Progressing Commercial Initiatives (Part 1 of 2) Leveraging Plains Existing Systems: Strategic & Capital-Efficient Wink to Webster JV Rangeland Sanctioned and proceeding, underpinned by significant volume of long-term commitments…
Progressing Commercial Initiatives (Part 2 of 2) Leveraging Plains Existing Systems: Strategic & Capital-Efficient Red River JV Expansion Rangeland Sanctioned and proceeding (85 mb/d expansion) Delek: acquired 33% interest (128mm),…
2Q19 Fee-Based Results Strong Year Over Year Growth Fee-Based Seg. Adj. EBITDA ( millions) 2Q19 vs. 2Q18: +51mm, +10% +74mm, or +15%, adjusting for impact of asset sales * Permian tariff volume growth (+841mb/d, +23%) 583 582…
2019 Guidance & Capital Program Update 2019(G) Update (+125mm) Executing Capital Program (+150mm)(1) S&L +150mm; Fee-Based -25mm (CAPEX, millions) +/-1,500 (Segment Adj. EBITDA, millions) Wink-to-Webster +/-1,350 +/-2,975 Strategic…
Improved Financial Flexibility Benefiting from fee-based growth and strong near-term S&L contribution Leverage Retained Cash Flow & Distribution Coverage(2) (LT Debt / LTM Adj. EBITDA) 1,030 Retained Cash Flow 1,085.7 1,083.3…
Solid Progress on 2019 Goals Run a safe, reliable, and responsible operation Meet or exceed 2019 operating & financial guidance Complete deleveraging plan; Improve financial positioning Capture strategic / accretive…
Key Takeaways From Todays Call Solid 2Q19 results; increased 2019 Adj. EBITDA guidance to 2.975 bln Executing 2019 capital program; increased 2019 capital program to 1.5 bln Sanctioned additional capital-efficient growth projects…
APPENDIX 19
Permian Tariff Volumes Historical Summary PAA Permian Tariff Volumes (mb/d) 4,575 4,268 4,063 3,880 Long-Haul 3,734 1,185 3,219 3,240 1,080 1,175 2,963 1,019 1,014 2,761 2,466 937 863 2,146 867 Intra-Basin 824 2,055…
2019(G) Update ( in millions, except per-unit data) (1) (1) 2019(G): Guidance issued on August 6, 2019. Guidance amounts intended to be +/-. (1) 2019(G) reflects cash distribution per common unit paid in February and the…
2019(G) Update ( in millions, except per-unit data) 2019(G): Guidance issued on August 6, 2019. Guidance amounts intended to be +/-. PAA PAGP 14 Note: Please visit IR page of www.plainsallamerican.com for reconciliation of Non-GAAP…
PAA 2Q19 Fee-Based Segment Overview ( in millions, except per-unit data) Segment Adj. EBITDA Transportation Facilities 360 399 410 172 171 184 2Q18 1Q19 2Q19 2Q18 1Q19 2Q19 Volumes & Segment Adj. EBITDA / Barrel (Thousands of…
Capitalization and Liquidity ( in billions) Capitalization 12/31/2017 12/31/2018 6/30/2019 ST Debt 0.7 0.1 0.5 LT Debt 9.2 9.1 9.2 Partners' Capital 11.0 12.0 13.1 Total Book Cap 20.1 21.1 22.2 Credit Stats & Liquidity Target LT…
Condensed Consolidating Balance Sheet of Plains GP Holdings (PAGP) June 30, 2019 December 31, 2018 Consolidating Consolidating ( in millions) PAA Adjustments (1) PAGP PAA Adjustments (1) PAGP ASSETS Current assets 4,282 9 4,291 3,533…
Houston, Texas August 6, 2019 2Q19 EARNINGS CALL
Second-Quarter 2019 PAA & PAGP Non-GAAP & Supplemental Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 1
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