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Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Aug 14, 2019 · 32 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. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 1
    Las Vegas, Nevada August 14-15, 2019 Citi MLP Conference
  2. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 2
    Table of Contents Overview of Plains All American 2Q19 Earnings Highlights Key Takeaways Appendix PAA PAGP 3
  3. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 3
    Plains Investment Considerations Strategic Positioning Financial Positioning Strong NAM operating & commercial presence Investment-grade rated, improved leverage Key NAM basins, supply/demand hubs, export outlets Equity self-funding…
  4. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 4
    Plains All American: Positioned for the Long Term Supply aggregation, quality segregation, flow assurance, and access to multiple markets Built over 20+ years through multiple cycles. Well positioned for continued growth. Financial…
  5. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 5
    Integrated Approach Reinforces Positioning: Enables Delivery of Value Chain Solutions; Supports Constructive Long-term Relationships Business Model Optimize Performance Build or Acquire Understand Markets Increase utilization & Key…
  6. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 6
    North American Liquids Production Growing Plains is well positioned to benefit (key onshore basins YE 18-23) + 900 YE 2018 (mb/d) + 150 YE 2023 est. (mb/d) Western Canada Western Canada Williston Williston + 300 + 250 Rockies…
  7. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 7
    Providing Value Chain Solutions; Strong Alignment with Industry Partners Asset* Producers Peers Marketers Refiners Advantage EF JV White Cliffs BridgeTex Saddlehorn Cactus II Sunrise II W2W Stack JV Value For Customers…
  8. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 8
    Overview of Plains Reporting Segments High-level summary of business activities and scale 2019(G) Adj. EBITDA 2.975 Billion(1) Transportation Segment transportation of crude oil and NGL on pipeline systems, trucks, and barges…
  9. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 9
    Asset Base & Business Model Have Enabled Long-term Growth of Fee-based Adjusted EBITDA S&L Segment S&L activities enable / support: +/- 600mm Market insights / visibility for (Segment Adj. EBITDA) growth investments Long-term…
  10. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 10
    Plains Growth Underpinned by Pipeline Investments 1998 to Present: 6mmb/d of tariff volume growth Acquisitions / Projects 5.9 mmb/d(1) All American Pacific BridgeTex JV Diamond JV Alpha Crude Connector Scurlock Permian Rainbow…
  11. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 11
    2Q19 Earnings Highlights
  12. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 12
    Second-Quarter 2019 Highlights 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…
  13. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 13
    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…
  14. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 14
    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),…
  15. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 15
    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…
  16. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 16
    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…
  17. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 17
    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…
  18. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 18
    Key Takeaways Strong NAM operating & commercial presence Advancing / sanctioning capital-efficient optimization opportunities with strong industry alignment Improved Financial Positioning IG credit rated; Balance sheet health /…
  19. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 19
    APPENDIX
  20. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 20
    Extensive Supply-to-Market Connectivity & Capabilities Operational capabilities critical to delivering value chain solutions throughout North America CAD crude to USGC Empress NGL to US demand Delaware Basin crude to…
  21. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 21
    Cactus II Initial in service August 2019 Project Overview PAA Ownership: 65% Midland Full capacity: 670 mb/d Wink (90% contracted on original 585 mb/d) Orla Crane Targeted Full-service 1Q20 McCamey Origins: Orla, Wink, Midland,…
  22. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 22
    Wink to Webster JV Project sanctioned and progress advancing Project Overview 1.5 mmb/d capacity (36, 650-miles) Targeted In-Service: Early 2021 Midland Multi-grade segregation and batching Origins: Wink & Midland Wink…
  23. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 23
    Continuing to Grow Portfolio of Strategic JVs to Optimize Value Chain Upstream of Cushing Canada Rockies Cross-border pipes Saddlehorn JV* (PAA, MMP(1), WES) (Rangeland* & Wascana) UJI with NGL (Grand Mesa) Western Corridor* systems…
  24. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 24
    Diamond Expansion and Capline Reversal Connecting light and heavy crude to the U.S. Gulf Coast Project Overview Patoka Diamond: 200mb/d expansion and modest extension (PAA ownership: 50%) Capline: reversing for southbound service…
  25. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 25
    Red River Expansion & JV Capital-efficient expansion of demand-pull system (Cushing / Permian to USGC Markets) Cushing Project Overview 85 mb/d expansion Delek: acquired 33% interest (128mm), increased long-term commitment to 100…
  26. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 26
    Red Oak Pipeline JV Leveraging Plains existing system capacity, connectivity & capabilities Cushing Project Overview 30 Wichita Falls PAA Ownership: 50% Scope: 30 / 20 Red Oak Origins: Cushing & Midland Destinations: Corpus,…
  27. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 27
    Market Access: Direct & Indirect Connectivity to Vast Majority of USGC Dock Capacity Port PAA Connected Pipeline Dock / Owner Capline 1 Corpus Christi Cactus II BPL/Trafi 12 2 Corpus Christi EFJV PAA/EPD 8 Mobile 3 Corpus…
  28. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 28
    Plains Hub Terminal Connectivity Cushing Midland OK TX(1) St. James Patoka LA IL Inbound Pipelines PAA PAGP 29 Outbound Pipelines (direct connections underlined) (1) Includes both direct and indirect connections
  29. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 29
    Financial Strategy Achieve and maintain mid-BBB / Baa credit ratings Target a credit profile of: LT Debt / Adj. EBITDA Multiple 3.0x 3.5x (lowered 0.5x; S&L normalized) LT Debt / Book Capitalization Ratio 50% or less Total Debt /…
  30. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 30
    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…
  31. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 31
    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…
  32. Citi MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 32
    2019(G) Update ( in millions, except per-unit data) 2019(G): Guidance issued on August 6, 2019. Guidance amounts intended to be +/-. PAA PAGP 33 Note: Please visit IR page of www.plainsallamerican.com for reconciliation of Non-GAAP…

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