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4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Feb 4, 2020 · 40 slides

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Slides

  1. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 1
    Houston, TX February 4, 2020 4Q & FY 2019 Earnings Package
  2. 4Q 2019 and Full Year 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. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 3
    Houston, Texas February 4, 2020 4Q & FY 2019 EARNINGS CALL
  4. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 4
    2019 Results Summary (000s, except per-unit results) 2019 2019 Adj. EBITDA (Feb-G) (Actual) Select Highlights Transportation 1,735 1,722 Facilities 665 705 Business solid financial and operating results Fee-Based 2,400 2,427 +1%…
  5. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 5
    Solid Execution of 2019 Goals Run a safe, reliable, and responsible operation - Exceeded 20% improvement goal (Total Recordable Injury Rate / Federally Recordable Releases) Meet or exceed 2019 operating & financial guidance -…
  6. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 6
    Multi-Year Fee-Based Adj. EBITDA & Capital Program ( billions) Fee-based Adj. EBITDA Capital Program +/- 2.50 Fee-based 2.43 projects primarily benefitting 2021+ 2.22 2.3 B in 2020 & 2021 combined 2.02 (potential to shift between…
  7. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 7
    Advancing Portfolio Optimization Initiatives 3 billion in asset sales from 2016 2019; targeting additional 600mm in 2020 High-grading asset portfolio via non-core asset sales, strategic joint ventures and bolt-on acquisitions…
  8. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 8
    Bolt-On Acquisition in Delaware Basin Enhances Existing Operating Footprint, Security of Lease Volumes & Downstream Synergies Completed 300mm transaction with Felix Midstream (mid-teens unlevered return) 10+ year extension &…
  9. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 9
    4Q19 Fee-Based Results Slightly ahead of expectations Transportation Segment Highlights Segment 700 Fee-based Segments Adj. EBITDA ( millions) Y/Y (4Q19 / 4Q18): +26mm, +6% 600 173 176 181 184 172 Facilities 500 Permian-driven…
  10. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 10
    Capitalization and Liquidity ( in billions) Capitalization 12/31/2017 12/31/2018 12/31/2019 ST Debt 0.7 0.1 0.5 LT Debt 9.2 9.1 9.2 Partners' Capital 11.0 12.0 13.2 Total Book Cap 20.1 21.1 22.4 Credit Stats & Liquidity Target…
  11. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 11
    Overview of 2020 Goals Run a safe, reliable, and responsible operation Meet or exceed 2020 operating & financial guidance Execute targeted asset sales and capital program Advance key optimization initiatives, positioning for…
  12. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 12
    Key Takeaways From Todays Call Strong performance in 2019, positioning for competitive 2020+ Furnished 2020(G) consistent with preliminary guidance provided Nov-2019 Executing key initiatives Completing strategic capital program…
  13. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 13
    APPENDIX
  14. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 14
    PAA 4Q19 Fee-Based Segment Overview ( in millions, except per-unit data) Segment Adj. EBITDA Transportation Facilities 425 462 451 181 173 176 4Q18 3Q19 4Q19 4Q18 3Q19 4Q19 Volumes & Segment Adj. EBITDA / Barrel (Thousands of…
  15. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 15
    Permian Tariff Volumes Historical Summary PAA Permian Tariff Volumes 5,052 (mb/d) 4,575 4,852 4,268 1,414 4,063 1,373 Long-Haul 3,880 1,185 3,734 1,080 1,175 3,219 3,240 1,019 1,014 2,963 2,761 937 863 2,466 867 2,115…
  16. 4Q 2019 and Full Year 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. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 17
    2020(G) as of February 4, 2020 ( in millions, except per-unit data) 2020(G): Guidance issued on February 4, 2020. Guidance amounts intended to be +/-. (1) 2020(G) reflects the current distribution rate of 1.44 per common unit. PAA…
  18. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 18
    2020(G) as of February 4, 2020 ( in millions, except per-unit data) 2020(G): Guidance issued on February 4, 2020. Guidance amounts intended to be +/-. PAA PAGP 17 Note: Please visit IR page of www.plainsallamerican.com for…
  19. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 19
    2019 & 2020 Capital Programs (by Category) 85% Transportation Segment per year ( millions) 2019: 1,340 2020(G): +/-1,400 Selected Facilities Complementary Complementary Permian Permian Selected Facilities Other Permian…
  20. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 20
    2020 & 2021: Executing Strategic 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 to…
  21. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 21
    2020 & 2021: Executing Strategic 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 /…
  22. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 22
    Houston, Texas February 4, 2020 4Q & FY 2019 EARNINGS CALL
  23. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 23
    Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2018 - 2019 (in millions) (1) (2) Selected Items Impacting Comparability (3) 2019 2018 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Gains/(losses) from derivative…
  24. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 24
    Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2014 - 2017 (in millions) (1) (2) (3) Selected Items Impacting Comparability 2017 2016 2015 2014 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3…
  25. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 25
    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…
  26. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 26
    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…
  27. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 27
    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)…
  28. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 28
    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 Q4 YTD Q1 Q2 Q3 Q4 YTD YTD Net income attributable to PAA 970 446 449 306 2,171 288…
  29. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 29
    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 Q4 YTD Q1 Q2 Q3 Q4 YTD YTD Basic net income per common unit 1.26 0.54 0.55 0.35…
  30. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 30
    PAA Credit Metrics (in millions, except ratio amounts): 2013 - 2019 (1) Debt Capitalization Ratios As of December 31, 2019 2018 2017 2016 2015 2014 2013 Short-term debt 504 66 737 1,715 999 1,287 1,113 Senior notes, net 8,939…
  31. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 31
    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…
  32. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 32
    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 Twelve Months Ended December 31, Dec…
  33. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 33
    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…
  34. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 34
    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 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Basic net income per common unit 1.26 0.54 0.55 0.35…
  35. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 35
    Reconciliation of Fee-based Segment Adjusted EBITDA to Adjusted EBITDA (in millions)(1) Reconciliation to Adjusted EBITDA Three Months Ended, Twelve Months Ended December 31, Mar 31, 2019 Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 2019…
  36. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 36
    Segment Supplemental Calculations: 2018 - 2019 (in millions, except volumes and per unit data) (1) Segment Adjusted EBITDA 2019 2018 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Transportation Segment Adjusted EBITDA 399 410 462 451 1,722 335…
  37. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 37
    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…
  38. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 38
    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…
  39. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 39
    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…
  40. 4Q 2019 and Full Year Earnings Presentation – Plains All American Pipeline, L.P. – slide 40
    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 December 31, 2019 Three…

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