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1Q 2020 Earnings Results – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · May 5, 2020 · 90 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. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 1
    Houston, TX May 5, 2020 1Q 2020 Earnings Package
  2. 1Q 2020 Earnings Results – 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. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 3
    FirstQuarter 2020 Earnings Conference Call Tuesday, May 5, 2020 Roy Lamoreaux: Thank you, Keith. Good afternoon, and welcome to Plains All Americans first quarter earnings conference call. Todays slide presentation is posted on the…
  4. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 4
    payment previously expected to be recognized in the second quarter. On a GAAP basis we reported a net loss due to approximately 3.2 billion in aggregate noncash impairments reflecting the impact of the global market downturn that emerged…
  5. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 5
    and supply chain, as well as additional noncore asset sales. Regarding asset sales, transactions representing approximately 440 million of our 600 million target have either closed or are pending closing under definitive agreement. We…
  6. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 6
    extended into 2021; however, that will be dependent on the duration of the impact to demand, and willingness of producers to continue to curtail production. With this backdrop, we are now forecasting, on a yearoveryear exittoexit basis,…
  7. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 7
    million benefit of an early deficiency payment that Willie referenced. S&L results exceeded expectations due to favorable crude oil differentials, partially offset by less favorable NGL margins. Now let me shift gears to our 2020…
  8. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 8
    the reminder about the range of outcomes to the plus or minus of our guidance amounts. With respect to the S&L segment, in the near term, we expect to capture additional margin opportunities resulting primarily from the contango market…
  9. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 9
    LA Terminal asset to held for sale that we communicated last quarter as well as various noncash asset impairments totaling 505 million. With that, I will turn the call back over to Willie. Willie Chiang: Thanks, Al. As discussed…
  10. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 10
    Roy Lamoreaux: Thanks, Willie. As we enter the Q&A session, please limit yourself to one question and one follow up question and then return to the queue if you have additional followups. This will allow us to address the top questions…
  11. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 11
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 QUESTION AND ANSWER SECTION Operator: Thank you. [Operator Instructions] We will take our first question from Shneur Gershuni with UBS. Please go…
  12. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 12
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 Sure, Shneur. This is Willie, again, I'll start and I'll ask Chris Chandler to comment on this. Let me start with the easy one first. And the CapEx…
  13. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 13
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 Hi. Thank you. First just wanted to confirm Willie said, I guess guide -- the volume and EBITDA guidance for the year, you're assuming volumes trough…
  14. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 14
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 Alan P. Swanson Chief Financial Officer & Executive Vice President, Plains All American Pipeline LP A Sure. As far as, the determination, there was a…
  15. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 15
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 intra-basin it largely looks like the rest of the basin and for the outbound pipes we actually balanced the entire system based on where we take…
  16. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 16
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 MichaelLapides Q Hi, guys. Thank you for taking my question. Can you talk a little bit about what your customers are seeing in terms of storage these…
  17. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 17
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 And just to add on to Al's answer, a lot of our Mid-Continent pipelines and pipelines long haul from the DJ those are all fully contracted. We…
  18. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 18
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 than it is to us, based on their business model. We spoke to multiple buyers and I can just tell you we're very happy with the outcome.…
  19. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 19
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 I think you are comparatively right there.…
  20. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 20
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 Hey Good afternoon everyone. I just a question on CapEx and the scrutiny on growth CapEx and the reduction is the ability to lower CapEx further would…
  21. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 21
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 Good afternoon. So just a follow up on the commentary around shut-ins and particularly the expectation of production may trough in June. And I guess,…
  22. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 22
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 A Hi, Ujjwal.…
  23. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 23
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 Got it. Thank you.…
  24. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 24
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 of spending on And second -- the second question I have is, we've now seen three distribution cuts from you all at what point a unit point is going to…
  25. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 25
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 A Well, Becca, I'll give you -- give you my answer. We're balancing everything we currently see. We're very confident. The challenge as you can…
  26. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 26
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 Becca, you're aware of this but I'll repeat it anyway. On Wink to Webster that was a very, very it was a large pipeline that started off with two…
  27. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 27
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 Operator: Okay. For our final phone question, we'll take that question from Vikram Bagri with Jefferies.…
  28. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 28
    Plains All American Pipeline LP (PAA) Raw Transcript Q1 2020 Earnings Call 05-May-2020 We would see throughput increasing capitalize on some of the other projects that are coming through the same team that area will bring more volume in…
  29. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 29
    Houston, Texas May 5, 2020 1Q20 EARNINGS CALL
  30. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 30
    1Q20 Earnings Call Overview 1Q20 adjusted results exceeded expectations, all three segments (Adj. EBITDA: 795mm) Following Feb-2020 earnings call: unprecedented global energy demand shock, industry fundamentals rapidly shift /…
  31. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 31
    Positioning for More Challenging Environment of Uncertain Duration Further strengthening balance sheet, enhancing liquidity and financial flexibility April 7th Announcement Reduced capital program(1) by 750mm, or 33% (1.35 B or 47%,…
  32. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 32
    Unprecedented Industry Fundamentals Simultaneous shocks to global demand & supply mmbls U.S. Refinery Inputs of Crude / Stocks mmb/d /bbl Crude Oil Price Hz Rigs U.S. Hz Rig Count 550 20 80 800 COVID-19 COVID-19 COVID-19 global…
  33. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 33
    Expansion Capital Program Overview ( billions) Reduction announced April 7th 2020 & 2021 Expansion Capital 750mm (33%) reduction (1.35 B, or 47% (By Category & Selected Examples) +/- 2.30 when eliminating JV project financing) Selected…
  34. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 34
    1Q20 Fee-Based Results Segment Fee-based Segments Adj. EBITDA Facilities Segment ( millions) 210 173 176 184 172 Ahead of expectations Facilities Includes 20mm deficiency payment 462 451 442 on multi-year contract 399 410…
  35. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 35
    Updated 2020 Guidance (000s, except per-unit results) 2020 2020 Reflects dynamic / uncertain market conditions Adj. EBITDA (Feb-G) (May-G) Transportation 1,820 1,520 (300) Transportation: transition from production Facilities 680…
  36. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 36
    Capitalization, Liquidity & Other Updates ( in billions) Capitalization 12/31/2019 3/31/2020 Rating Agency Update: ST Debt 0.5 0.4 (April-2020) Plains IG ratings LT Debt 9.2 9.4 reaffirmed by S&P and Fitch Partners' Capital 13.2…
  37. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 37
    Key Takeaways From Todays Call 1Q20: solid results in each segment Updated 2020(G) 2020(G): 150mm (+/- 2.425 B) 2020 / 2021 Expansion Capital: 750mm (+/- 1.55 B) per April 7th announcement Executing Key Initiatives Operating safely…
  38. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 38
    APPENDIX
  39. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 39
    PAA 1Q20 Fee-Based Segment Overview ( in millions, except per-unit data) Segment Adj. EBITDA Transportation Facilities 399 451 442 210 184 176 1Q19 4Q19 1Q20 1Q19 4Q19 1Q20 Volumes & Segment Adj. EBITDA / Barrel (Thousands of…
  40. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 40
    Permian Tariff Volumes Historical Summary PAA Permian Tariff Volumes (mb/d) 5,165 Balance of 2020 volumes expected to be negatively 4,690 impacted by market dynamics. 1,357 1,265 Long-Haul 3,732 1,019 2,855 2,198 833 2,041…
  41. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 41
    2020(G) as of May 5, 2020 ( in millions, except per-unit data) 2020(G): Furnished May 5, 2020. (1) 2020(G) reflects the annualized distribution rate of 1.44 per common unit paid in February, and the decreased annualized distribution…
  42. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 42
    2020(G) as of May 5, 2020 ( in millions, except per-unit data) 2020(G): Furnished May 5, 2020. PAA PAGP 15 Note: Please visit IR page of www.plainsallamerican.com for reconciliation of Non-GAAP financial measures reflected above to…
  43. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 43
    Strategic & Highly Contracted Projects Wink to Webster: Permian to Houston area Rangeland Completed 29% UJI w/ subsidiary of EPD for Midland to Marten Hills Webster pipeline segment; 71% balance owned by JV Targeting 1H21 in-service…
  44. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 44
    2019 Annual Revenue Credit Profile Top 100 Customers Credit Quality by Rating Credit Profile of Top 100 Customers 85% Investment Grade or Secured Top 100 Customers 2% 13% 14% 90% of 2019 Consolidated Revenue Top 5 Customers:…
  45. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 45
    Condensed Consolidating Balance Sheet of Plains GP Holdings (PAGP) ( in millions) PAA PAGP 18
  46. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 46
    Houston, Texas May 5, 2020 1Q20 EARNINGS CALL
  47. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 47
    Exhibit 99.1 FOR IMMEDIATE RELEASE Plains All American Pipeline, L.P. and Plains GP Holdings Report First-Quarter 2020 Results; Update 2020 Guidance (Houston May 5, 2020) Plains All American Pipeline, L.P. (NYSE: PAA) and Plains…
  48. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 48
    Page 2 Plains All American Pipeline, L.P. Summary Financial Information (unaudited) (in millions, except per unit data) Three Months Ended March 31, % GAAP Results 2020 2019 Change Net income/(loss) attributable to PAA (1) (2,847)…
  49. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 49
    Page 3 Segment Adjusted EBITDA for the first quarter of 2020 and 2019 is presented below: Summary of Selected Financial Data by Segment (unaudited) (in millions) Segment Adjusted EBITDA Supply and Transportation Facilities…
  50. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 50
    Page 4 2020 Full-Year Guidance The table below presents our full-year 2020 financial and operating guidance: Financial and Operating Guidance (unaudited) (in millions, except volumes, per unit and per barrel data) Twelve Months Ended…
  51. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 51
    Page 5 (G) 2020 Guidance forecasts are intended to be + / - amounts. (1) See the section of this release entitled Non-GAAP Financial Measures and Selected Items Impacting Comparability and the Non-GAAP Reconciliation tables attached…
  52. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 52
    Page 6 Non-GAAP Financial Measures and Selected Items Impacting Comparability To supplement our financial information presented in accordance with GAAP, management uses additional measures known as non-GAAP financial measures in its…
  53. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 53
    Page 8 the inability to complete forecasted asset sale transactions due to governmental action, litigation, counterparty non- performance or other factors; General Factors: the effects of competition, including the effects of…
  54. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 54
    Page 9 increased costs, or lack of availability, of insurance; weather interference with business operations or project construction, including the impact of extreme weather events or conditions; the effectiveness of our risk…
  55. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 55
    Page 10 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per unit data) Three Months Ended March 31, 2020 2019 REVENUES 8,269…
  56. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 56
    Page 11 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATED BALANCE SHEET DATA (in millions) March 31, December 31, 2020 2019 ASSETS Current assets 3,071 4,612 Property and…
  57. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 57
    Page 12 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) COMPUTATION OF BASIC AND DILUTED NET INCOME/(LOSS) PER COMMON UNIT (1) (in millions, except per unit data) Three Months Ended March 31, 2020…
  58. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 58
    Page 13 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) SELECTED ITEMS IMPACTING COMPARABILITY (in millions) Three Months Ended March 31, 2020 2019 Selected Items Impacting Comparability: (1) (2)…
  59. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 59
    Page 14 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) SELECTED ITEMS IMPACTING COMPARABILITY (continued) (in millions) Twelve Months Ended December 31, 2019 2018 Selected Items Impacting…
  60. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 60
    Page 15 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) COMPUTATION OF BASIC AND DILUTED ADJUSTED NET INCOME PER COMMON UNIT (1) (in millions, except per unit data) Three Months Ended March 31, 2020…
  61. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 61
    Page 16 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) NON-GAAP RECONCILIATIONS Net Income/(Loss) Per Common Unit to Adjusted Net Income Per Common Unit Reconciliations: Three Months Ended March…
  62. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 62
    Page 17 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) NON-GAAP RECONCILIATIONS (continued) (in millions, except per unit and ratio data) Three Months Ended March 31, 2020 2019 Net Income/(Loss) to…
  63. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 63
    Page 18 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) NON-GAAP RECONCILIATIONS (continued) (in millions, except per unit and ratio data) Twelve Months Ended December 31, 2019 2018 Net Income to…
  64. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 64
    Page 19 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) NON-GAAP RECONCILIATIONS (continued) Net Income/(Loss) Per Common Unit to Implied DCF Per Common Unit and Common Equivalent Unit…
  65. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 65
    Page 20 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) SELECTED FINANCIAL DATA BY SEGMENT (in millions) Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Supply and Supply and…
  66. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 66
    Page 21 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) OPERATING DATA BY SEGMENT (1) Three Months Ended March 31, 2020 2019 Transportation segment (average daily volumes in thousands of barrels per…
  67. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 67
    Page 22 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) NON-GAAP SEGMENT RECONCILIATIONS (in millions) Fee-based Segment Adjusted EBITDA to Adjusted EBITDA Reconciliations: Three Months Ended March…
  68. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 68
    Page 23 PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in millions, except per share data) Three Months Ended Three Months Ended March 31, 2020 March 31, 2019…
  69. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 69
    Page 24 PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATING BALANCE SHEET DATA (in millions) March 31, 2020 December 31, 2019 Consolidating Consolidating PAA Adjustments (1) PAGP PAA Adjustments…
  70. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 70
    Page 25 PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) COMPUTATION OF BASIC AND DILUTED NET INCOME/(LOSS) PER CLASS A SHARE (in millions, except per share data) Three Months Ended March 31, 2020 2019 Basic and…
  71. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 71
    First-Quarter 2020 PAA & PAGP Non-GAAP & Supplemental Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 1
  72. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 72
    Non-GAAP Reconciliations and Supplemental Calculations: Table of Contents Page 1 Introduction Page 2 Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2018 - 2020 Page 3 Reconciliation to Adjusted EBITDA and…
  73. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 73
    Introduction Non-GAAP Financial Measures and Selected Items Impacting Comparability To supplement our financial information presented in accordance with GAAP, management uses additional measures known as non-GAAP financial measures in…
  74. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 74
    Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2018 - 2020 (in millions) (1) (2) Selected Items Impacting Comparability (3) 2020 2019 2018 Q1 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Gains/(losses) from…
  75. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 75
    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…
  76. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 76
    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…
  77. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 77
    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…
  78. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 78
    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)…
  79. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 79
    Adjusted Net Income per Common Unit (in millions, except per unit data) (1)(2) Basic Adjusted Net Income per Common Unit 2020 2019 2018 2017 Q1 Q1 Q2 Q3 Q4 YTD YTD YTD Net income/(loss) attributable to PAA (2,847) 970 446 449 306…
  80. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 80
    Net Income/(Loss) Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation (1) Basic Adjusted Net Income per Common Unit 2020 2019 2018 2017 Q1 Q1 Q2 Q3 Q4 YTD YTD YTD Basic net income/(loss) per common unit (3.98) 1.26…
  81. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 81
    PAA Credit Metrics (in millions, except ratio amounts): 2013 - 2020 (1) Debt Capitalization Ratios As of March 31, As of December 31, 2020 2019 2018 2017 2016 2015 2014 2013 Short-term debt 363 504 66 737 1,715 999 1,287 1,113…
  82. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 82
    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 Senior…
  83. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 83
    Cash Distribution Coverage (in millions, except per unit and ratio data): 2016 - 2020 (1) Cash Distribution Coverage (based on distributions paid within the period presented) Three Months Ended Twelve Months Ended December 31, Mar…
  84. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 84
    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…
  85. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 85
    Net Income/(Loss) Per Common Unit to Implied DCF Per Common Unit and Common Equivalent Unit Reconciliation (1) (2) Implied DCF per Common Unit Three Months Ended March 31, Twelve Months Ended December 31, 2020 2019 2019 2018 Basic net…
  86. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 86
    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, 2020 Mar 31, 2019 2019 2018 2017 2016…
  87. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 87
    Segment Supplemental Calculations: 2018 - 2020 (in millions, except volumes and per unit data) (1) Segment Adjusted EBITDA 2020 2019 2018 Q1 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Transportation Segment Adjusted EBITDA 442 399 410 462 451…
  88. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 88
    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…
  89. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 89
    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…
  90. 1Q 2020 Earnings Results – Plains All American Pipeline, L.P. – slide 90
    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…

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