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Q2 2020 Earnings Package – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Aug 4, 2020 · 95 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. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 1
    Houston, TX August 4, 2020 2Q 2020 Earnings Package
  2. Q2 2020 Earnings Package – 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. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 3
    Second-Quarter 2020 Earnings Conference Call Tuesday, August 4, 2020 Roy Lamoreaux: Thank you, Dan. Good afternoon, and welcome to Plains All Americans second- quarter earnings conference call. Todays slide presentation is posted on…
  4. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 4
    reliably, and Im very proud of our team as were having our best year-to-date safety metrics as measured as total injury rate and achieving levels that are better than half of where we were 5 years ago in both safety and key environmental…
  5. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 5
    uncertainty including the pace of demand recovery due to potential COVID resurgence, and geo-political developments. A return to longer-term sustainable production growth ultimately remains a function of the timing and the pace of demand…
  6. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 6
    Our Red River, Saddlehorn, and St. James expansions are on track to be in-service by year-end. The Wink to Webster JV continues to progress. The JVs throughput agreements are expected to become effective when the full JV system has…
  7. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 7
    As shown on slide 8, in the second-quarter we generated fee-based Adjusted EBITDA of 520 million. Transportation segment results were generally in-line with our expectations, but due to the impact of producer shut-ins, tight regional…
  8. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 8
    second half of the year from contango opportunities captured to date as well as stronger than anticipated NGL and crude oil margins. Moving to our capitalization and liquidity, a summary of key metrics is provided on slide 10. Our…
  9. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 9
    come. Ultimately, the world needs North American energy and as the largest and one of the most economic producing regions, we expect that the Permian will ultimately lead a North American recovery. Given the critical nature of our…
  10. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 10
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 With that, we look forward to sharing additional updates on our third quarter earnings call in November. I'll turn the call back over to Roy.…
  11. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 11
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 Jeremy L. Goebel Executive Vice President-Commercial, Plains All American Pipeline LP A Shneur, hi, it's Jeremy Goebel. So we basically had…
  12. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 12
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 understand if there is kind of an impact in terms of output for 2021 and 2022 and beyond, or things are just costing 100 million less than what…
  13. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 13
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 Hi, Jeremy.…
  14. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 14
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 Midland to the Gulf Coast. They left it in Midland to take care of shorts and went in other directions or went in the storage or stayed in…
  15. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 15
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 Keith Stanley Analyst, Wolfe Research LLC Q Great. That's very helpful. And then second question, I'm just trying to square, so your volume…
  16. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 16
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 Willie C. W. Chiang Chairman & Chief Executive Officer, Plains All American Pipeline LP A So, Ujjwal, I think Jeremy covered kind of our volume…
  17. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 17
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 Sure. Yeah. Ujjwal, this is Chris Chandler. The organization's really stepped up and delivered cost savings really almost across all of our…
  18. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 18
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 So, the answer is, we're always looking at our assets to see what makes sense for us and what doesn't. Right. If it is worth more to others than…
  19. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 19
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 Thank you.…
  20. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 20
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 No, that helps. Thank you for that. Much appreciate it, guys.…
  21. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 21
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 Jean Ann Salisbury Analyst, Sanford C. Bernstein & Co. LLC Q Okay. Thank you. That's all for me.…
  22. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 22
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 think about spread opportunities that might be sort of non-recurring just with all the disruption we saw, March, April, May, June…
  23. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 23
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 Yeah.…
  24. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 24
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 Colton Bean Analyst, Tudor, Pickering, Holt & Co. Securities, Inc. Q Understood. And then just as you look at capital needs expected to average…
  25. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 25
    Plains All American Pipeline LP (PAA) Corrected Transcript Q2 2020 Earnings Call 04-Aug-2020 Well, Ganesh, on lower volumes, I think, again, back to what we're focused on is how do we reduce our capital intensity, right And I think…
  26. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 26
    Houston, Texas August 4, 2020 2Q20 EARNINGS CALL
  27. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 27
    2Q20 Earnings Call Overview Adj. EBITDA 2Q20 1H20 2020(G) 2Q20 Results Transportation 346 788 1,540 Slightly favorable fee-based performance Facilities 174 384 700 Better than forecast S&L performance Fee-Based 520 1,172 2,240…
  28. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 28
    Industry Responded Swiftly to COVID Demand Destruction; Expect Continued Dynamic Market Conditions in the Near Term mmbls U.S. Refinery Inputs of Crude / Stocks mmb/d /bbl Crude Oil Price Hz Rigs U.S. Hz Oil Rig Count 550 COVID-19 1Q…
  29. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 29
    Return to Sustainable NAM Production Growth to be Driven by Timing & Pace of Global Demand Recovery Global Liquids Demand Scenarios mmb/d 3rd party demand recovery estimates 0.0 change from Q4 2019 EIA July 2020 STEO remain…
  30. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 30
    2020 & 2021 Expansion Capital Program Overview ( billions) Expansion Capital YTD Cumulative Reductions of 850mm (37%) (By Category & Selected Examples) +/- 2.30 (1.45 Bln reduction (50%) including elimination of JV project financing)…
  31. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 31
    Advancing Optimization Activities Portfolio Optimization and Streamlining the Business Advancing 600+ mm of non-core asset sales 440mm either closed or under definitive agreement (250mm closed, 190mm under contract) 160mm+ of…
  32. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 32
    2Q20 Fee-Based Results Segment Fee-based Segments Adj. EBITDA Facilities Segment ( millions) 173 176 210 Ahead of expectations 172 Y/Y: Impacted by asset sales Facilities 174 Q/Q: Impacted by asset sales and multi- 462 451…
  33. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 33
    2020 Guidance Update (000s, except per-unit results) Adj. EBITDA 2020 (May-G) 2020 (Aug-G) Transportation 1,520 1,540 +20 Transportation: continued uncertain market Facilities 680 700 +20 conditions; near-term, expect:…
  34. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 34
    Capitalization, Liquidity & Other Updates ( in billions) Capitalization 12/31/2019 3/31/2020 6/30/2020 ST Debt 0.5 0.4 0.7 Completed Sr. Notes offering in LT Debt 9.2 9.4 9.4 June (750mm, 10-yr, 3.80%) Partners' Capital 13.2 9.7…
  35. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 35
    Free Cash Flow GAAP CFFO to Non-GAAP FCF 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 2019 1Q20 2Q20 2020 YTD Net Cash Provided by Op. Activities (GAAP) 733 2,499 2,608 1,033 431 314 726 2,504 890 84 974 Net Cash Used in Investing Activities…
  36. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 36
    Key Takeaways From Todays Call 2Q20: results more favorable relative to May expectations Updated 2020(G) 2020(G) Adj. EBITDA: 75mm (+/- 2.50 B) 2020 / 2021 Expansion Capital: 100mm (+/- 1.45 B) Recent actions and ongoing initiatives…
  37. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 37
    APPENDIX
  38. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 38
    PAA 2Q20 Fee-Based Segment Overview ( in millions, except per-unit data) Segment Adj. EBITDA Transportation Facilities 410 442 210 346 172 174 2Q19 1Q20 2Q20 2Q19 1Q20 2Q20 Volumes & Segment Adj. EBITDA / Barrel (Thousands of…
  39. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 39
    Permian Tariff Volumes Historical Summary PAA Permian Tariff Volumes (mb/d) 5,165 4,690 1,357 4,161 1,265 3,732 938 Long-Haul 1,019 2,855 2,198 833 2,041 2,146 1,808 Intra-Basin 1,849 1,650 1,512 1,287 1,610 1,063…
  40. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 40
    2020(G) as of August 4, 2020 ( in millions, except per-unit data) 2020(G): Furnished August 4, 2020. (1) 2020(G) reflects the annualized distribution rate of 1.44 per common unit paid in February, and the decreased annualized…
  41. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 41
    2020(G) as of August 4, 2020 ( in millions, except per-unit data) 2020(G): Furnished August 4, 2020. PAA PAGP 17 Note: Please visit IR page of www.plainsallamerican.com for reconciliation of Non-GAAP financial measures reflected…
  42. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 42
    Strategic & Highly Contracted Projects Marten Hills Terminal Expansion: Placed into service 2Q20 Red River: Cushing to Longview Fully contracted 85 mb/d expansion Marten Hills Targeting 2H20 in-service (1) Saddlehorn Expansion :…
  43. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 43
    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 3% 14% 12% 90% of 2019 Consolidated Revenue Top 5 Customers:…
  44. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 44
    Condensed Consolidating Balance Sheet of Plains GP Holdings (PAGP) ( in millions) PAA PAGP 20
  45. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 45
    Houston, Texas August 4, 2020 2Q20 EARNINGS CALL
  46. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 46
    Exhibit 99.1 FOR IMMEDIATE RELEASE Plains All American Pipeline and Plains GP Holdings Report Second-Quarter 2020 Results; Update 2020 Guidance (Houston August 4, 2020) Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP…
  47. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 47
    Page 2 Plains All American Pipeline Summary Financial Information (unaudited) (in millions, except per unit data) Three Months Ended Six Months Ended June 30, % June 30, % GAAP Results 2020 2019 Change 2020 2019 Change Net…
  48. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 48
    Page 3 Segment Adjusted EBITDA for the second quarter and first half of 2020 and 2019 is presented below: Summary of Selected Financial Data by Segment (unaudited) (in millions) Segment Adjusted EBITDA Supply and Transportation…
  49. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 49
    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…
  50. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 50
    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…
  51. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 51
    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…
  52. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 52
    Page 8 disruptions to futures markets for crude oil, NGL and other petroleum products, which may impair our ability to execute our commercial and hedging strategies; our inability to reduce capital expenditures to the extent…
  53. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 53
    Page 9 non-utilization of our assets and facilities; increased costs, or lack of availability, of insurance; weather interference with business operations or project construction, including the impact of extreme weather events or…
  54. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 54
    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 Six Months Ended June 30, June 30, 2020…
  55. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 55
    Page 11 Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Adjusted net income attributable to PAA 233 551 688 1,116 Diluted adjusted net income per common unit 0.25 0.67 0.81 1.36 Adjusted EBITDA 524 784…
  56. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 56
    Page 12 Long-term debt 9,393 9,187 Partners capital 9,802 13,195 Total book capitalization 19,195 22,382 Total book capitalization, including short-term debt 19,924 22,886 Long-term debt-to-total book capitalization 49 % 41 % Total…
  57. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 57
    Page 13 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 Six Months Ended…
  58. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 58
    Page 14 presentation of diluted weighted average common units outstanding or diluted net income/(loss) per common unit, and for the six months ended June 30, 2020, the effect of such LTIP awards was antidilutive. - more - 333…
  59. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 59
    Page 15 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) SELECTED ITEMS IMPACTING COMPARABILITY (in millions) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Selected Items…
  60. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 60
    Page 16 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…
  61. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 61
    Page 17 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 Six Months…
  62. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 62
    Page 18 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 Six…
  63. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 63
    Page 19 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 Six Months Ended June 30, June 30, 2020…
  64. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 64
    Page 20 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…
  65. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 65
    Page 21 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…
  66. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 66
    Page 22 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) NON-GAAP RECONCILIATIONS (continued) (in millions) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Free Cash Flow…
  67. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 67
    Page 23 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) SELECTED FINANCIAL DATA BY SEGMENT (in millions) Three Months Ended Three Months Ended June 30, 2020 June 30, 2019 Supply and Supply and…
  68. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 68
    Page 24 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) SELECTED FINANCIAL DATA BY SEGMENT (in millions) Six Months Ended Six Months Ended June 30, 2020 June 30, 2019 Supply and Supply and…
  69. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 69
    Page 25 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) OPERATING DATA BY SEGMENT (1) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Transportation segment (average daily…
  70. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 70
    Page 26 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 Six Months…
  71. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 71
    Page 27 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 June 30, 2020 June 30, 2019…
  72. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 72
    Page 28 PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in millions, except per share data) Six Months Ended Six Months Ended June 30, 2020 June 30, 2019…
  73. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 73
    Page 29 PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATING BALANCE SHEET DATA (in millions) June 30, 2020 December 31, 2019 Consolidating Consolidating PAA Adjustments (1) PAGP PAA Adjustments…
  74. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 74
    Page 30 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 Six Months Ended June 30, June…
  75. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 75
    Second-Quarter 2020 PAA & PAGP Non-GAAP & Supplemental Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 1
  76. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 76
    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…
  77. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 77
    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…
  78. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 78
    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 Q2 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Gains/(losses) from…
  79. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 79
    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…
  80. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 80
    Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2010 - 2013 (in millions) (1) (2) Selected Items Impacting Comparability (3) 2013 2012 2011 2010 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3…
  81. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 81
    Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2006 - 2009 (in millions) (1) (2) Selected Items Impacting Comparability (3) 2009 2008 2007 2006 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3…
  82. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 82
    Reconciliation to Adjusted EBITDA and Adjusted Net Income: 2002 - 2005 (in millions) (1) (2) Selected Items Impacting Comparability (3) 2005 2004 2003 2002 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD…
  83. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 83
    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 Q2 YTD Q1 Q2 Q3 Q4 YTD YTD YTD Net income/(loss) attributable to PAA (2,847) 142…
  84. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 84
    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 Q2 YTD Q1 Q2 Q3 Q4 YTD YTD YTD Basic net income/(loss) per common unit…
  85. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 85
    PAA Credit Metrics (in millions, except ratio amounts): 2013 - 2020 (1) Debt Capitalization Ratios As of March 31, As of June 30, As of December 31, 2020 2019 2018 2017 2016 2015 2014 2013 Short-term debt 363 729 504 66 737 1,715 999…
  86. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 86
    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…
  87. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 87
    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 YTD Three Months Ended YTD Twelve Months…
  88. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 88
    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…
  89. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 89
    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 YTD Three Months Ended YTD Twelve Months Ended March 31, 2020 June 30,…
  90. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 90
    Free Cash Flow (in millions): 2016 - 2020 (1) Free Cash Flow and Free Cash Flow After Distributions Reconciliation 2020 2019 2018 2017 2016 Q1 Q2 YTD Q1 Q2 Q3 Q4 YTD YTD YTD YTD Net cash provided by operating activities 890 84 974…
  91. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 91
    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, 2020 Jun 30, 2020 Jun…
  92. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 92
    Segment Supplemental Calculations: 2018 - 2020 (in millions, except volumes and per unit data) (1) Segment Adjusted EBITDA 2020 2019 2018 Q1 Q2 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Transportation Segment Adjusted EBITDA 442 346 788…
  93. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 93
    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…
  94. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 94
    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…
  95. Q2 2020 Earnings Package – Plains All American Pipeline, L.P. – slide 95
    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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