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December 2019 investor presentation – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Dec 10, 2019 · 39 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. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 1
    Investor Presentation December 2019
  2. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 2
    Discussion Outline Macro Observations Business Overview Capital Allocation & Financial Positioning PAA PAGP 3
  3. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 3
    Plains All American: Essential in Energy Value Chain 6.7 mmb/d 100 mmb/mo 140 mb/d 1.1 mmb/d 200 mb/d Pipeline Tariff Liquids Storage NGL Fractionation Crude Purchase NGL Sales Volume Capacity Volume Volume Volume +/- 2.5 +/- 2.4…
  4. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 4
    The World Needs North American Energy The Permian Basin plays a critical role (1) mmb/d Top 10 Liquids Producing Nations 25.0 (plus Permian) 21.1 20.0 15.0 11.7 11.4 10.0 7.2 5.5 5.3 4.9 5.0 3.6 3.5 3.1 2.9 - United…
  5. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 5
    Energy Drives Quality of Life -- directional illustration(1)-- World Population: 7.5 billion Population Consumption (millions) (mmb/d) Nearly 50% rank low to medium on U.N.s Human Development Index (HDI); common themes: 300 20…
  6. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 6
    New York, New York December 11, 2019 Business Overview
  7. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 7
    Plains Cash Flow Driven by Fee-Based Transportation & Facilities Segments (2020(PG): 96% Fee-based) Facilities 110 mmbls Storage(1) Transportation 60 Bcf Nat Gas Storage 18K pipeline miles 30 Crude & NGL Rail Facilities 30 mmbls…
  8. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 8
    Transportation Segment: Fee-based Growth Driver 10-yr CAGRs: 13% Segment Adj. EBITDA 9% / 18% Transportation Volumes (Total / Permian) Majority of assets / Large majority of Cash Flow Highly contracted projects 85% of 2019 / 2020…
  9. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 9
    Facilities Segment Overview Strategic hubs enable regional interconnectivity & support fee-based growth opportunities Performance Drivers 734 8 711 685 Leased capacity and throughput at 667 7 crude oil, NGL and natural gas…
  10. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 10
    Capital Allocation & Financial Positioning
  11. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 11
    Capital Allocation Framework Disciplined Capital Investments Completing current capital program through 2020 / early 2021 Expect meaningful reduction to capital program in 2021+ Leverage Reduction (migrate to targeted range over…
  12. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 12
    Completing Capital Program & Growing Free Cash Flow ( billions) Capital Program Fee-based Adj. EBITDA Key Funding Sources Fee-based 3 B of asset sales (2016-2019) +/- 2.5 projects primarily +/- 2.4 benefitting 2021+ 1 B of S&L over…
  13. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 13
    2020 & 2021: Executing Multiple Key Projects Cactus II: Permian to Corpus / Ingleside Rangeland Marten Hills Completed 3Q19 (670 mb/d capacity) Connected to Taft, Ingleside & Corpus Christi Western Corridor Key Projects in Blue Wink…
  14. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 14
    2020 & 2021: Executing Multiple Key Projects Red River: Cushing to Longview Rangeland Marten Hills Expansion and formation of strategic JV Targeting 2H20 in-service Western Corridor Key Projects in Blue (recent / active / pending…
  15. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 15
    Financial Strategy Targets Other Priorities Leverage: 3.0x 3.5x Utilize retained cash flow / asset sales to (LT Debt / LTM Adj. EBITDA; S&L normalized) fund equity portion of growth capital investments Mid-BBB equivalent ratings…
  16. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 16
    Enhancing 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) 1,123.5 1,121.0 1,118.4 1,115.9 1,113.4…
  17. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 17
    ESG: Commitment to Long-term Sustainability Alignment across organization to Do the Right Thing Publishing first annual Social Responsibility (ESG) disclosure on website Safety Environmental Employment Profiles Pipeline & Asset…
  18. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 18
    Structure & Governance NYSE: PAA & PAGP Dual Securities Provide Flexibility & Optionality Financial Profile(1) PAA GP Holdings, LLC Unified Board 25bln 8% current 5% targeted (PAGP GP) Enterprise Value Distribution Yield…
  19. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 19
    Focused on Execution Strong results in 2018 & 2019 YTD (2019(G) 12% from initial guidance) Significantly reduced leverage & reiterated plan to continue reducing leverage Updated financial strategy, policy and targeted metrics Closed…
  20. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 20
    Key Takeaways Constructive fundamentals and long-term positioning Multiple capital-efficient & highly contracted (3rd party) projects driving growth in 2021+ Expect meaningful reduction in capital investment in 2021+ leading to…
  21. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 21
    APPENDIX
  22. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 22
    Pipeline Investments: Plains Key Growth Driver Combination of supply push and demand pull pipelines connected by strategic terminals Acquisitions / Projects All American Pacific BridgeTex JV Diamond JV ACC Cactus II JV W2W JV…
  23. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 23
    Market Hub Terminals: Strategic / Cornerstone Assets Enable regional connectivity & support fee-based opportunities Cushing Midland OK TX(1) St. James Patoka LA IL Inbound Pipelines PAA PAGP 24 Outbound Pipelines (direct…
  24. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 24
    2019 & 2020 Capital Programs (by Category) 85% Transportation Segment and +/- 1.35 billion per year 2019(G) 2020(PG) Selected Facilities Complementary Complementary Permian Permian Selected Other Permian Facilities Permian…
  25. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 25
    Cactus II Entered Service in 3Q19 Project Overview Midland PAA Ownership: 65% Wink Orla Capacity: 670 mb/d Crane McCamey Highly contracted, long-term MVCs Multi-grade segregation and batching Origins: Orla, Wink, Midland,…
  26. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 26
    Red River Expansion & JV Capital-efficient expansion of demand-pull system (Cushing / Permian to USGC Markets) Cushing Project Overview 85 mb/d expansion Wichita Falls Targeted In-Service: Mid-2020 Red River Sold 33% interest to…
  27. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 27
    Wink to Webster Project sanctioned and progress advancing Project Overview 1.5 mmb/d capacity (36 diameter, 650-miles) Targeted In-Service: Early 2021 Midland Highly contracted, long-term MVCs Origins: Wink & Midland Wink…
  28. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 28
    Red Oak Pipeline JV Leveraging Plains existing system capacity, connectivity & capabilities Cushing Project Overview 30 PAA Ownership: 50% Wichita Falls Scope: 30 / 20 Red Oak Origins: Cushing & Midland Destinations: Corpus,…
  29. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 29
    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%) Cushing Capline: reversing for southbound…
  30. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 30
    Plains Cushing Terminal Unmatched connectivity, flexibility & operational capabilities (mmbbls) Largest, most interconnected facility in Cushing Cushing Hub Estimated Shell Capacity 30.0 26.5 25.0 Multi-grade segregation, receipts…
  31. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 31
    Plains St. James Terminal Unmatched connectivity, flexibility & operational capabilities Leading hub terminal position at key USGC hub Large-scale multi-grade handling Multiple dock options Optionality for purity NGL products Key…
  32. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 32
    Extensive Supply-to-Market Connectivity & Capabilities Operational capabilities critical to delivering value chain solutions throughout North America Canadian crude to USGC Canadian NGL to US demand Delaware Basin crude to…
  33. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 33
    Supply Aggregation & Sale: Crude Oil Plays a key role in delivering value chain solutions for customers and partners Crude Oil Lease Gathering Activity (directional illustration) Value for Producers: Value For Refiners Creates…
  34. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 34
    Quality Segregation & Flow Assurance Directional Illustration Dedicated Gathering Dedicated Terminalling Condensate WTL WTI WTS Cond. WTL WTI WTS Batch Segregation --ability to segregate at the lease is critical-- PAA…
  35. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 35
    Quality Segregation & Flow Assurance Directional Illustration 4 grades 2 grades produced produced West of Wink East of Wink Colorado City Jal Midland El Mar Orla Wink Odessa Blacktip Crane Multi-grade hub McCamey…
  36. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 36
    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…
  37. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 37
    Supply Aggregation & Sale: NGL Plays a key role in delivering value chain solutions for customers and partners NGL Sales Activity (directional illustration) Purchase Produce / Process Store Transport Sell Storage Truck Spec Products…
  38. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 38
    Executing NGL Strategy to Reinforce, Optimize & Grow Core Canadian Asset Positioning & Market Access MONTNEY / GRANDE PRAIRIE Advancing multiple key initiatives, including: Positioning assets / contracts to increase predictability of…
  39. December 2019 investor presentation – Plains All American Pipeline, L.P. – slide 39
    Investor Presentation December 2019

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