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1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · May 7, 2019 · 20 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. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 1
    1Q 2019 Earnings Package Houston, TX May 7, 2019 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. 1Q 2019 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 www.plainsallamerican.com NYSE: PAA & PAGP 2
  3. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 3
    1Q 2019 Earnings Call Houston, TX May 7, 2019 www.plainsallamerican.com NYSE: PAA & PAGP 1
  4. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 4
    First-Quarter 2019 Overview Delivered 1Q19 results ahead of expectations 1Q19 Results Adj. EBITDA of 862mm 2019(G) Increased 2019 Adj. EBITDA guidance 100mm to +/- 2.85 bln Updates Sanctioned strategic / accretive projects…
  5. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 5
    Executing Permian-focused Capital Program 2,200 mb/d of Permian net capacity additions (YE 2017 to YE 2019) Project Highlights Permian System Capacity (mb/d, rounded) Sunrise II +500 7,400 6,800 Cactus II +900 +800 5,900…
  6. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 6
    Advancing Permian Long-Haul Projects Cactus II Construction progressing on schedule Colorado City Partial in-service, target: 3Q19 Midland Fully in-service, target: 1Q20 Wink-to-Webster Orla Wink Crane Wink-to-Webster JV…
  7. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 7
    Leveraging Existing System Accretive, capital-efficient growth opportunities Patoka Status Updates: St. James: sanctioned 2.4 mmbbls new crude storage Red River: finalizing shipper agreements to sanction Diamond +200 mb/d system…
  8. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 8
    1Q19 Fee-Based Results Strong growth year over year 1Q19 vs. 1Q18: +63mm, +12% Fee-Based Seg. Adj. EBITDA (millions) 0 +84mm, +17%, adjusting for asset sales Permian tariff volume growth (+1mmb/d, +32%) * 1Q19 vs. 4Q18: -23mm,…
  9. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 9
    2019 Guidance & Capital Program Update 2019(G) Update (+100mm) Executing Capital Program (+250mm) (Segment Adj. EBITDA, millions) (CAPEX, millions) +/-1,350 +/-2,850 2,681 Cost / Scope Updates +/- 450 +/-1,100 New 462 Marten…
  10. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 10
    Improved Financial Flexibility Benefitting from fee-based growth and strong near term S&L contribution Leverage Retained Cash Flow & Distribution Coverage (LT Debt / LTM Adj. EBITDA) 970 Retained Cash Flow 1,024.7 1,022.4 1,020.0…
  11. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 11
    2019 Goals on Track Run a safe, reliable, and responsible operation Meet or exceed 2019 operating & financial guidance Complete deleveraging plan; Improve financial positioning Capture growth opportunities, positioning for…
  12. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 12
    Key Takeaways From Todays Call Solid 1Q19 results; increased 2019 Adj. EBITDA Guidance Executing Permian-focused capital program Advancing multiple strategic / accretive growth projects Key initiatives: Enhancing financial…
  13. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 13
    Appendix www.plainsallamerican.com NYSE: PAA & PAGP 12
  14. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 14
    Permian Tariff Volumes Historical Summary (mb/d) 4,268 4,063 3,880 3,734 1,081 Long-Haul 3,240 1,175 3,219 1,019 1,014 2,963 2,761 937 863 2,466 867 824 2,146 1,956 Intra-Basin 702 1,849 1,747 1,739 1,664 1,512 1,446…
  15. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 15
    2019(G) Update Twelve Months Ended December 31, ( in millions, except per-unit data) 2017 2018 2019 (G) +/- Segment Adjusted EBITDA Transportation 1,287 1,508 1,735 Facilities 734 711 665 Fee-Based 2,021 2,219 2,400 Supply and…
  16. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 16
    2019(G) Update Twelve Months Ended December 31, ( in millions, except per-unit data) 2017 2018 2019 (G) Operating Data +/- Transportation Average daily volumes (MBbls/d) 5,186 5,889 7,000 Segment Adjusted EBITDA per barrel 0.68…
  17. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 17
    PAA 1Q19 Fee-Based Segment Overview ( in millions, except per-unit data) Segment Adj. EBITDA Transportation Facilities 425 399 185 184 335 181 1Q18 4Q18 1Q19 1Q18 4Q18 1Q19 Volumes & Segment Adj. EBITDA / Barrel (Thousands…
  18. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 18
    Capitalization and Liquidity ( in billions) Capitalization 12/31/2017 12/31/2018 3/31/2019 ST Debt 0.7 0.1 0.1 LT Debt 9.2 9.1 9.2 Partners' Capital 11.0 12.0 12.8 Total Book Cap 20.1 21.1 21.9 Credit Stats & Liquidity Target…
  19. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 19
    Condensed Consolidating Balance Sheet of Plains GP Holdings (PAGP) ( in millions) www.plainsallamerican.com NYSE: PAA & PAGP 18
  20. 1Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 20
    1Q 2019 Earnings Call Houston, TX May 7, 2019 www.plainsallamerican.com NYSE: PAA & PAGP 19

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