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March 2020 Investor Presentation – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Mar 2, 2020 · 40 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. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 1
    Investor Presentation March 2020
  2. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 2
    Energy Drives Quality of Life World Population: 7.5 billion -- directional illustration(1)-- Population Consumption Nearly 50% rank low to medium on U.N.s Human (millions) (mmb/d) Development Index (HDI); common themes: 300 20…
  3. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 3
    World Needs North American Energy Supply The Permian Basin plays a critical role mmb/d 25.0 21.4 Top 10 Liquids(1) Producing Nations 20.0 (plus Permian) 15.0 11.5 11.5 10.0 7.8 5.7 5.4 4.9 5.0 3.8 3.7 3.2 2.3 - United…
  4. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 4
    Plains All American: Essential in Energy Value Chain Large integrated asset footprint; Investment Grade; Strong Current Yield / Distribution Coverage Current Financial Profile(1) 29bln 22bln 11% 17% Total Assets Enterprise Value…
  5. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 5
    Fee-Based Cash Flow Generated From Operating Critical Infrastructure Essential in Energy Value Chain that Drives Quality of Life Transportation Segment Reporting Segments Supported by long-term minimum volume commitments & acreage…
  6. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 6
    We Provide Value Chain Solutions, Including Balance of Supply Push & Demand Pull, Strong Alignment with Industry Partners Asset* Producers Peers Marketers Refiners Advantage EF JV White Cliffs BridgeTex Saddlehorn Cactus II…
  7. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 7
    Fee-Based Adj. EBITDA Benefitting from Capital Program Recap of Key Capital Projects in Appendix ( billions) Fee-based Adj. EBITDA Capital Program +/- 2.50 Fee-based 2.43 projects primarily benefitting 2021+ 2.22 2.3 B in 2020 &…
  8. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 8
    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…
  9. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 9
    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 LT…
  10. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 10
    Capital Allocation Framework Disciplined Capital Investments Returning Cash to Equity Holders Completing current capital program Distributions and/or Buy-Backs Focused on enhancing project / asset returns 11% current distribution…
  11. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 11
    Advancing Portfolio Optimization Initiatives 3 billion in asset sales from 2016 2019; targeting 600mm or more in 2020 High-grading asset portfolio via non-core asset sales, strategic joint ventures and bolt-on acquisitions Non-core…
  12. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 12
    ESG: Committed to Social Responsibility Continuous improvement of our environmental, social and governance practices is not only good business, its the right thing to do. Willie Chiang, Chairman & CEO Data-driven ESG disclosure Focus…
  13. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 13
    Health, Safety & Environmental Last 3 Years: 50% improvement in TRIR & Federally Reportable Releases Total Recordable Injury Rate (TRIR) Federally Reportable Releases 1.11 1.09 1.13 47 42 0.81 36 0.74 30 31 0.52 23 2014…
  14. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 14
    Governance & Financial Structure Strong alignment throughout structure; dual securities provide flexibility / optionality One share one vote throughout structure PAA GP Holdings, LLC Unified Board of Directors (PAGP GP)…
  15. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 15
    Key 2020 Focus Areas / Strategic Initiatives Advancing operating excellence (Safety & Environmental Performance) Completing current capital program Optimizing asset base, streamlining organizational structure, and improving…
  16. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 16
    APPENDIX
  17. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 17
    Business Overview
  18. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 18
    Plains Cash Flow Driven by Fee-Based Transportation & Facilities Segments (2020(G): 97% Fee-based) Facilities 110 mmbls Storage(1) Transportation 60 Bcf Nat Gas Storage 18.5K pipeline miles 30 Crude & NGL Rail Facilities 35 mmbls…
  19. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 19
    Transportation Segment: Fee-based Growth Driver 11-yr CAGRs: 12% Segment Adj. EBITDA 9% Transportation Volumes Majority of assets / Large majority of Cash Flow Highly contracted projects 1,820 benefitting 2021+ 85% of 2019 / 2020…
  20. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 20
    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 Sunrise II JV Scurlock Permian…
  21. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 21
    Facilities Segment Overview Strategic hubs enable regional interconnectivity & support fee-based growth opportunities 8 Performance Drivers 734 711 705 667 680 7 Leased capacity and throughput at crude oil, NGL and natural gas…
  22. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 22
    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 23 Outbound Pipelines (direct…
  23. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 23
    Plains Cushing Terminal Unmatched connectivity, flexibility & operational capabilities (mmbbls) Largest, most interconnected facility in Cushing Cushing Hub Estimated Shell Capacity 30.0 25 25.0 Multi-grade segregation, receipts…
  24. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 24
    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…
  25. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 25
    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…
  26. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 26
    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…
  27. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 27
    Crude Oil Supply Aggregation & Sales 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…
  28. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 28
    NGL Supply Aggregation & Sale 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…
  29. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 29
    Strategic Projects
  30. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 30
    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…
  31. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 31
    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…
  32. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 32
    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 /…
  33. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 33
    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 &…
  34. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 34
    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,…
  35. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 35
    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: 2H20 Red River Sold 33% interest to…
  36. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 36
    Wink to Webster Project sanctioned and progress advancing Project Overview 1.5 mmb/d capacity (36 diameter, 650-miles) Targeted In-Service: 1H21 Midland Highly contracted, long-term MVCs Origins: Wink & Midland Wink…
  37. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 37
    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,…
  38. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 38
    Diamond Expansion and Capline Reversal Leveraging Plains existing system capacity, connectivity & capabilities Project Overview Patoka Diamond: 200mb/d expansion and modest extension (PAA ownership: 50%) Cushing Capline: reversing…
  39. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 39
    Advancing Operating Excellence Safety Environmental Beyond compliance Personal & process Asset integrity Motor vehicle & trucking Partnering with regulators Reliability Optimization Underpins safety & environmental Capacity…
  40. March 2020 Investor Presentation – Plains All American Pipeline, L.P. – slide 40
    Investor Presentation March 2020

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