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June 2022 Investor Presentation – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Jun 1, 2022 · 43 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. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 1
    Investor Presentation June 2022* *Slide presentation substantially consistent with 2022 EIC Investor Conference presentation published May 16th, 2022.
  2. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 2
    Plains: Financial & Operating Profile Large, Integrated Asset Footprint; Investment Grade; Attractive Yield / Distribution Coverage Financial Profile 19B 8.5% 250% Enterprise Distribution Distribution Value Yield Coverage…
  3. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 3
    Well Positioned Crude & NGL Businesses Full-service: supply aggregation, quality segregation, flow assurance, access to multiple markets Crude Oil Activities 2022(G) Adj. EBITDA: 2.275B +/- 20% NGL NGL Activities +/- 80% Crude…
  4. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 4
    Positioned to Maximize Unitholder Returns Crude Capturing Permian volume growth with minimal CAPEX NGL Optimizing NGL facilities with potential debottlenecking projects Emerging Evaluating capital-efficient opportunities…
  5. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 5
    Fundamentals: World Needs North American Energy Supply Global Upstream Investment(1) Top 10 Liquids(2) Producing Nations (plus Permian) ( Billions invested) (MMb/d) 800 700 20.3 600 1-3 MMb/d of Russian production estimated to be…
  6. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 6
    Permian Key to Meeting Global Energy Demand Expect Permian to Drive Vast Majority of U.S. Short-Cycle Production Growth (3) New Supply Development Breakevens(1) Permian Positioned for Multi-Year Growth Mb/d US Permian 40 8,000…
  7. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 7
    Premier Permian Crude Oil Midstream Infrastructure Operating leverage allows capture of growing production & enhances pull-through on broader system Strategically Located Cushing Critical crude oil gathering & takeaway…
  8. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 8
    Plains Permian Basin JV Flexibility, Optionality, Connectivity & Downstream Market Access Large-Scale Aggregation 4MM long-term, dedicated acres Cushing 1st purchase 1.1 MMb/d, 80% term contracted 280 Mb/d gathering system growth…
  9. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 9
    Plains Permian System Highly Integrated, Substantial Leverage to Permian Growth Gathering Intra-Basin Long-Haul Capacity(1): 3.7 MMB/d Capacity(1): 3.1 MMB/d Capacity(1): 1.7 MMB/d 2022(G) FY Tariff Volumes(2): 2.4 MMB/d 2022(G) FY…
  10. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 10
    NGL Business & Value Chain Overview Highly Integrated & Strategically Positioned Assets Field Supply Fractionation Storage Consumer Chemical Plants Straddle Transport Transport Diluent for International Heavy Crude Export…
  11. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 11
    Integrated & Strategically Positioned NGL Assets Aligned with Constructive Fundamentals WCSB Raw Gas Production Forecast Bcf/d PAA Capacities Fractionation 200 Mb/d 25 Forecast Straddle 6 Bcf/d 23 Storage 28 MMbbls Pipeline 300…
  12. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 12
    Pursuing Emerging Energy & Emission Reducing Opportunities Evaluating capital-efficient opportunities utilizing existing assets (mmt CO2e) 20 Total Scope 1 + Scope 2 GHG Emissions vs. Peers(1) Evaluating wide range of energy 15…
  13. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 13
    Financial Overview
  14. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 14
    Generating Meaningful, Multi-Year Free Cash Flow Continuing debt reduction while increasing returns to equity holders over time 2022(G) Sources & Uses Capital Allocation Priorities Distribution growth / Higher Leverage Lower…
  15. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 15
    Execution & Results Reinforces Positioning Meaningful progress towards long-term goals Asset Base Balance Sheet Capital Allocation Completed multi-year Investment grade balance sheet Self-funding routine capital buildout capital…
  16. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 16
    Well Positioned for 2023+ Streamlined asset base, stronger balance sheet, meaningful Free Cash Flow generation Constructive, Long-Term Fundamentals Permian Operating Leverage - - Minimal capex - - Generating Meaningful…
  17. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 17
    Appendix
  18. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 18
    Overview of Plains Business Integrated model across crude & NGL business platforms Crude Oil Segment (80% of 2022(G)) NGL Segment (20% of 2022(G)) Assets: Pipelines, storage, terminalling & trucks Assets: Fractionation, straddle,…
  19. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 19
    Crude Oil Segment 2022(G): +/- 80% of Adj. EBITDA Regional Detail 2022(G): 7,330 Mb/d Pipeline Volumes 2022(G): 1,845MM Adj. EBITDA(2) Includes +/-200MM from Storage Terminals(3) 15% Canada / Rockies / Western 12% Canada /…
  20. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 20
    Plains Permian System: Highly Integrated, Substantial Leverage to Permian Growth Gathering Intra-Basin Long-Haul Capacity(1): 3.7 MMB/d Capacity(1): 3.1 MMB/d Capacity(1): 1.7 MMB/d Representative Net Revenue(2):+/- 0.60 - 1.60/bbl…
  21. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 21
    Long-Haul Pipelines Substantially Backed by Long-Term 3rd Party Contractual Commitments Combination of supply-push and demand-pull pipelines Integrated with Plains hub terminals at Cushing, Midland, Patoka and St. James Key…
  22. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 22
    Crude Oil Hub Terminals: Leading Demand-Hub Positioning Enables Pipeline & Commercial Opportunities, Strong Connectivity Supports Demand Cushing Permian(1) (27MM capacity) (19MM capacity) Patoka St. James (7MM capacity) (15MM…
  23. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 23
    Crude Segment Detailed Data (2019 2022) Crude Oil Segment Considerations / Context: Pipeline Tariff Volumes(2) (Mb/d) 7,202(3) 7,159(3) COVID-19 production reset - L48 onshore 2MMB/D from Mar-20 peak, 6,201 6,522 6,807 6,911 6,974…
  24. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 24
    NGL Segment: Highly Integrated & Strategically Positioned Assets Aggregate, Process, Transport & Sell Directional Illustration Co-Ed Pipeline PAA Capacities Ownership: 100% Fort Saskatchewan Fractionation 200 Mb/d Capacity: 70 Mb/d…
  25. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 25
    NGL Segment 2022(G) Detail: +/- 20% Total Adj. EBITDA Majority of EBITDA generated by C3+ frac spread benefit 2022(G): 430MM Adj. EBITDA(3) Hedge frac spread (12+ months rolling) 15% Purchase AECO nat gas & sell spec products (C3+)…
  26. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 26
    NGL Segment Frac Spread & Hedging Profile NGL Total Sales (Mb/d) Hedging Profile (2019 2022(G)) 207(1) 200 (table data reflects full-year averages) 2019 2020 2021 2022(G) 150 144 141 140 NGL Segment 100 C3+ Spec Product Sales(2)…
  27. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 27
    NGL Segment Detailed Data (2019 2022) NGL Segment Considerations / Context: 175MM in non-core asset sales since 2019 Fractionation (Mb/d) Seasonally stronger demand / sales in winter months 157 154 137 140 142 144 129 129 127 134…
  28. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 28
    Additional NGL Detail: Fractionation Volumes by Asset (Mb/d) Fort Sask Empress 59 24 51 53 54 22 23 23 49 48 50 46 45 45 20 20 20 19 20 42 42 17 18 18 18 29 (1) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22…
  29. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 29
    2022(G): Financial Metrics (as furnished May 4th 2022) Stronger long-term outlook, generating meaningful FCF & coverage, continuing leverage reduction ( millions, except per-unit metrics) Adjusted EBITDA / DCF Cash Flow Segment…
  30. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 30
    2022(G): Operational Metrics (as furnished May 4th 2022) Additional volumes added since February Guidance 2022 Operational Guidance (table data reflects full-year averages) Feb (G) (+/-) May (G) (+/-) Permian: leveraged to production…
  31. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 31
    Permian Gathering & Intra-Basin Driving Volume Growth Underpinned by 4MM long-term, dedicated acres (tariff volumes in MB/d) 5,420 5,555 4Q22(G) vs. 4Q21: 260 Mb/d 5,297 5,214 5,280 1,035 Gathering: 280 Mb/d 1,146 1,090 Production…
  32. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 32
    Current Financial Profile S&P / Fitch: BBB-, Stable Moodys: Baa3, Stable 12/31/21 3/31/22 Cash & Equivalents 449 114 Short-Term Debt 822 900 Retired 750MM Sr. Notes 3/1/22 Long-Term Debt 8,398 7,986 Total Debt 9,220 8,886…
  33. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 33
    Disciplined Capital Investment Multi-Year Buildout Complete, Significant Operating Leverage, Focused on High-Return Projects ( millions) 2022(G) Investment Capital: 330MM Investment 50% Wellhead & CDP Connections 1,380 (paced w/…
  34. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 34
    Free Cash Flow: Historical Detail GAAP CFFO to Non-GAAP FCF 2016 2017 2018 2019 2020 1Q21 2Q21 3Q21 4Q21 2021 1Q22 Net Cash Provided by Op. Activities (GAAP) 733 2,499 2,608 2,504 1,514 791 235 336 635 1,996 340 Net Cash (Used in) /…
  35. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 35
    Sustainability For full sustainability report and disclosures, please visit https://www.plains.com/sustainability.
  36. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 36
    Plains 2020 Sustainability Report Highlights Comprehensive description of Sustainability program, strategy and performance, along with 130+ quantitative metrics (expanded from 64 in 2019), highlights include: 20% 3-yr GHG reduction;…
  37. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 37
    Scope 1 & 2 Emissions 20% improvement over last 3 years Total Scope 1 + Scope 2 GHG Emissions (mmt CO2e) 2020 Scope 1 Emissions 2% Methane 2.4 2.2 1.9 98% Other Emissions 2018 2019 2020 -- Evaluating an emissions…
  38. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 38
    Context for Emissions Estimations & Comparisons Emissions estimation methodologies vary across the industry Plains reported comprehensive emissions for the full enterprise o Includes all material activities (i.e. pipeline, trucking,…
  39. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 39
    Emissions in Perspective 2019 Total Scope 1 + Scope 2 GHG Emissions Worldwide Among Peers(1) (mmt CO2e) Emissions (mmt CO2e)(2) 18 43,100 16 Energy & Non-energy Sources 14 36,800 12 Energy Sources 10 Average U.S. Emissions (mmt…
  40. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 40
    Plains Governance Closely Aligned with C-Corps 1 for 1 Economic & Voting Rights 100% of Directors subject to public election (staggered 3-yr rolling basis) PAA GP HOLDINGS LLC (PAGP GP) (Unified Board of Directors) Mandatory…
  41. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 41
    Multiple Enhancements to Executive Compensation Aligned with Investor Feedback Have engaged independent compensation consultant and have proactively sought investor feedback Examples of recent enhancements: 2018: Converted annual…
  42. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 42
    Definitions Adjusted EBITDA: adjusted earnings before interest, taxes, depreciation and amortization (Consolidated) Attributable to PAA where noted; Segment Adjusted EBITDA by definition is attributable to PAA Implied Distributable…
  43. June 2022 Investor Presentation – Plains All American Pipeline, L.P. – slide 43
    Investor Presentation June 2022

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