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3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Nov 5, 2019 · 38 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. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 1
    Houston, TX November 5, 2019 3Q 2019 Earnings Package
  2. 3Q 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 PAA PAGP 2
  3. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 3
    Houston, Texas November 5, 2019 3Q19 EARNINGS CALL
  4. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 4
    Third-Quarter 2019 Overview Adj. EBITDA of 731mm: exceeded expectations in Fee-based and S&L 3Q19 Results Placed Cactus II into service; grew Permian & total tariff volumes; captured excess S&L margins 2019(G) 100mm (+/- 3.075 B…
  5. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 5
    2020 & 2021: Completing Strategic / Capital Efficient Projects Project / In-Service Target 2020 2021 2022 Rangeland Capline Heavy Service 1H22 Marten Hills Red Oak 1H21 Wink to Webster 1H21 Diamond / Capline Light Service 1H21…
  6. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 6
    2020 & 2021: Completing Strategic / Capital Efficient Projects Permian Long-Haul Projects Rangeland Marten Hills Cactus II (65%) entered initial service mid Aug-2019 Mechanically complete at designed capacity (670 mb/d) Western…
  7. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 7
    2020 & 2021: Completing Strategic / Capital Efficient Projects Upstream of Cushing Rangeland Marten Hills Saddlehorn (40%) targeting late 2020 in-service Fully committed 100 mb/d expansion Western Corridor Key Projects in Blue…
  8. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 8
    2020 & 2021: Completing Strategic / Capital Efficient Projects Downstream of Cushing Rangeland Red Oak (50%) targeting initial service 1H21 Marten Hills Origins: Cushing & Permian (via Sunrise II) Destinations: Corpus, Ingleside,…
  9. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 9
    3Q19 Fee-Based Results Driven by Transportation Segment Transportation Segment Highlights 700 Segment Fee-based Segments Adj. EBITDA Y/Y (3Q19 vs. 3Q18): Permian tariff ( millions) 600 181 173 volumes +970mb/d (+25%), partially…
  10. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 10
    Fee-Based Adj. EBITDA & Capital Program ( billions) Fee-based Adj. EBITDA Capital Program Key Funding Sources Fee-based +/- 2.5 projects primarily 3 B of asset sales (2016-2019) +/- 2.4 benefitting 2021+ 2.2 1 B of S&L over…
  11. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 11
    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) 1,066 1,123.5 1,121.0 1,118.4 1,115.9…
  12. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 12
    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…
  13. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 13
    Key Takeaways From Todays Call Solid 3Q19 results: placed Cactus II into service; grew Permian & total tariff volumes; captured excess S&L margins Updated 2019(G) & provided 2020(PG) 2019(G): 100mm (+/- 3.075 B); CAPEX 150mm (+/-…
  14. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 14
    APPENDIX
  15. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 15
    Capitalization and Liquidity ( in billions) Capitalization 12/31/2017 12/31/2018 9/30/2019 ST Debt 0.7 0.1 1.1 LT Debt 9.2 9.1 9.2 Partners' Capital 11.0 12.0 13.1 Total Book Cap 20.1 21.1 22.3 Credit Stats & Liquidity Target LT…
  16. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 16
    Condensed Consolidating Balance Sheet of Plains GP Holdings (PAGP) ( in millions) PAA PAGP 15
  17. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 17
    2019(G) as of November 5, 2019 ( in millions, except per-unit data) (1) (1) 2019(G): Guidance issued on November 5, 2019. Guidance amounts intended to be +/-. (1) 2019(G) reflects cash distribution per common unit paid in…
  18. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 18
    2019(G) as of November 5, 2019 ( in millions, except per-unit data) 2019(G): Guidance issued on November 5, 2019. Guidance amounts intended to be +/-. PAA PAGP 17 Note: Please visit IR page of www.plainsallamerican.com for…
  19. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 19
    PAA 3Q19 Fee-Based Segment Overview ( in millions, except per-unit data) Segment Adj. EBITDA Transportation Facilities 410 462 388 173 173 172 3Q18 2Q19 3Q19 3Q18 2Q19 3Q19 Volumes & Segment Adj. EBITDA / Barrel (Thousands of…
  20. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 20
    Permian Tariff Volumes Historical Summary PAA Permian Tariff Volumes (mb/d) 4,575 4,852 4,268 4,063 1,373 Long-Haul 3,880 1,185 3,734 1,080 3,240 1,175 3,219 1,019 1,014 2,963 2,761 937 863 2,466 867 Intra-Basin 2,055…
  21. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 21
    Houston, Texas November 5, 2019 3Q19 EARNINGS CALL
  22. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 22
    Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2014 - 2017 (in millions) (1) (2) Selected Items Impacting Comparability (3) 2017 2016 2015 2014 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3…
  23. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 23
    Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2010 - 2013 (in millions) (1) (2) Selected Items Impacting Comparability 2013 2012 2011 2010 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4…
  24. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 24
    Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2006 - 2009 (in millions) (1) (2) Selected Items Impacting Comparability 2009 2008 2007 2006 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4…
  25. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 25
    Reconciliation to Adjusted EBITDA and Adjusted Net Income: 2002 - 2005 (in millions) (1) (2) Selected Items Impacting Comparability 2005 2004 2003 2002 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Gains/(losses)…
  26. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 26
    Adjusted Net Income per Common Unit (in millions, except per unit data) (1) (2) Basic Adjusted Net Income per Common Unit 2019 2018 2017 Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 YTD YTD Net income attributable to PAA 970 446 449 1,865 288 100 710…
  27. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 27
    Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation (1) Basic Adjusted Net Income per Common Unit 2019 2018 2017 Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 YTD YTD Basic net income per common unit 1.26 0.54 0.55 2.35 0.33…
  28. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 28
    PAA Credit Metrics (in millions, except ratio amounts): 2013 - 2019 (1) Debt Capitalization Ratios As of March 31, As of June 30, As of September 30, As of December 31, 2019 2018 2017 2016 2015 2014 2013 Short-term debt 149 470…
  29. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 29
    PAA Credit Metrics (in millions, except ratio amounts): 2004 - 2012 (1) Debt Capitalization Ratios As of December 31, 2012 2011 2010 2009 2008 2007 2006 2005 2004 Short-term debt 1,086 679 1,326 1,074 1,027 960 1,001 378 176…
  30. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 30
    Cash Distribution Coverage (in millions, except per unit and ratio data): 2016 - 2019 (1) Cash Distribution Coverage (based on distributions paid within the period presented) Three Months Ended YTD Three Months Ended YTD Twelve Months…
  31. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 31
    Cash Distribution Coverage (in millions, except ratio data): 2006 - 2015 (1) (2) Cash Distribution Coverage (based on distributions paid within the period presented) Twelve Months Ended December 31, 2015 2014 2013 2012 2011 2010 2009…
  32. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 32
    Net Income Per Common Unit to Implied DCF Per Common Unit and Common Equivalent Unit Reconciliation (1) (2) Implied DCF per Common Unit 2019 2018 2017 Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 YTD YTD Basic net income per common unit 1.26 0.54 0.55…
  33. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 33
    Reconciliation of Fee-based Segment Adjusted EBITDA to Adjusted EBITDA (in millions)(1) Reconciliation to Adjusted EBITDA Three Months Ended, YTD Three Months Ended, YTD Twelve Months Ended December 31, Mar 31, 2019 Jun 30, 2019 Sep…
  34. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 34
    Segment Supplemental Calculations: 2018 - 2019 (in millions, except volumes and per unit data) (1) Segment Adjusted EBITDA 2019 2018 Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 YTD Transportation Segment Adjusted EBITDA 399 410 462 1,271 335 360 388…
  35. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 35
    Segment Supplemental Calculations: 2014 - 2017 (in millions, except volumes and per unit data) (1) Segment Adjusted EBITDA 2017 2016 2015 2014 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Transportation Segment…
  36. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 36
    Segment Supplemental Calculations: 2010 - 2013 (in millions, except volumes and per unit data) (1) Segment Adjusted EBITDA 2013 2012 2011 2010 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Transportation Segment…
  37. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 37
    Segment Supplemental Calculations: 2006 - 2009 (in millions, except volumes and per unit data) (1) Segment Adjusted EBITDA 2009 2008 2007 2006 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Transportation Segment…
  38. 3Q 2019 Earnings Presentation – Plains All American Pipeline, L.P. – slide 38
    Reconciliation to Segment Adjusted EBITDA Further Adjusted for the Impact of Divested Assets (in millions) (1) Segment Adjusted EBITDA Further Adjusted for the Impact of Divested Assets Three Months Ended September 30, 2019 Three…

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