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2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Dec 9, 2014 · 28 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. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 1
    2014 Wells Fargo Securities Energy Symposium New York December 9, 2014 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 2
    Plains All American Structure One Business - Two Ways to Invest (NYSE: PAA & PAGP) General Partner General Partner Owners (1) Structured as a limited partnership, Public PAGP Class A Shareholders 31% but has checked the box to…
  3. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 3
    Plains All American Profile (NYSE: PAA & PAGP) Financial Profile(1) PAA Assets(4) Total Enterprise Value 44.1 B Pipelines (active miles) 18,150 miles PAA Equity Market Cap 19.1 B Liquids Storage 120 MMBbls PAGP Equity Market Cap(2)…
  4. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 4
    PAAs Integrated Assets Are Located Throughout North America in Major Crude Oil Production & Liquids Rich Areas as well as Inland and Coastal Terminal & Interchange Locations PAA Handles 3.9 MMBbls/d of Crude Oil & NGLs…
  5. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 5
    PAAs Activities Are Conducted on Four Product Platforms Crude Oil is the Largest Areas of involvement Illustrative Adj. Net Revenue reflected in Yellow Crude Oil Contribution NGL 20% Crude oil 75% Natural Gas…
  6. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 6
    Durable, Fee-Based Cash Flow Each Segment is Underpinned by Infrastructure Assets Reporting Segments(1) Adjusted Segment Profit Supply & Logistics (Margin Based -- includes fee-based equivalent + upside) 840 Trucks, 980 Trailers…
  7. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 7
    PAA Has Delivered Solid Performance Throughout Volatile Markets and Fluctuating Petroleum Supply and Demand PAA Adjusted EBITDA : Actual Performance vs. Guidance Met or Exceeded Guidance for over 12 Years 2,500 (51 Consecutive…
  8. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 8
    North American Crude Oil Markets Current Environment is Very Attractive for PAA www.plainsallamerican.com NYSE: PAA & PAGP 9
  9. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 9
    US & Canadian Production Growth Expected to Continue Resource Base Well Defined; Drilling & Recovery Technology Proven Rate of Forecasted Volume Growth Is Dependent on Constructive Crude Oil Prices and Capital Availability US &…
  10. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 10
    PAA is a Top Provider of Flexible Midstream Assets In Substantially All Major N.A. Crude Oil Resource Plays Volume Growth Driving Increased Infrastructure Requirements Projected North American Crude Oil Production Growth Volume Growth…
  11. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 11
    Permian Basin: PAAs Largest Asset Footprint; An Area of Significant Strength & Flexibility Direct Connectivity to Cushing, Corpus Christi, Houston and Indirect Connectivity to Other Markets Crude Oil Assets/Activities(1) Crude Oil…
  12. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 12
    PAA Permian Basin Production Forecast Resource Base Well Defined; Drilling & Recovery Technology Proven Rate of Forecasted Volume Growth Is Dependent on Constructive Extended period of Crude Oil Prices and Capital Availability low oil…
  13. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 13
    Capital Investment Opportunities www.plainsallamerican.com NYSE: PAA & PAGP 14
  14. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 14
    Solid Industry Fundamentals + Asset Base + Business Model Support Continued High Levels of Organic Capital Investment Annual Levels of Organic Investment 2,400 2,150 2,000 Strong Visibility for 1,950 1,500 Growth 2,000 1,620 (In…
  15. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 15
    PAA 2014 Expansion Capital Program Based on guidance furnished via Form 8-K on November 5, 2014 Expansion Capital (in millions) St. James Permian Basin Area Projects 425 Facility Expansions Cactus Pipeline 350 Permian Basin Area…
  16. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 16
    Diamond Pipeline Diamond Pipeline Announced on August 21st, a 440-mile, 200 MBbls/d crude pipeline from PAAs Cushing, OK Terminal to Valeros Memphis Refinery Total project investment: 900 million Expected in service late 2016…
  17. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 17
    Indigo Pipeline System Provides Additional Long-term Supply for Rainbow System Cadotte Station Existing Rainbow System Wabasca P/L Acquired Rainbow PL in 2008 Capacity: 195,000 Bbls/d Calven P/L 2013 vols: 119,000 Bbls/d Rainbow…
  18. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 18
    BridgeTex LLC Acquisition (50% Interest) Transaction Summary (Closed November 14, 2014) PAA acquired Oxys entire 50% non-operating interest in BridgeTex Pipeline Company, LLC (BridgeTex) for 1.075 billion Currently a 50/50 joint…
  19. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 19
    BridgeTex LLC Acquisition (50% Interest) Expanding PAAs Market Access to the Gulf Coast 400 mile, 20 crude oil Colorado City pipeline from Colorado City, TX to East Houston Nameplate capacity: 300,000 Bbls/d 400 miles from…
  20. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 20
    Long Term, Acquisitions Expected to be Additive to Organic Growth PAA Remains Active, but Disciplined Acquisitions Total: 11 Billion (2001-2014) 2.0 2006 2012 3.1B 2.3B 1.5 2007 2012 In billions Avg: 900 MM/yr 1.0 2001…
  21. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 21
    PAA / PAGP Financial Summary www.plainsallamerican.com NYSE: PAA & PAGP 22
  22. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 22
    PAAs Financial Strategy Fund growth capital with at least 55% equity and excess cash flow Minimize capital market risk: early/pre-funding is a priority Target a credit profile of: LT Debt / Book Capitalization Ratio 45%-50% LT Debt…
  23. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 23
    PAA & PAGP Capitalization & Liquidity As of September 30, 2014 Capitalization Capitalization (in millions) PAA PAGP Long-term Debt 7,613 8,144 Partners' Capital 8,130 8,687 Total Book Capitalization 15,743 16,831 Credit Stats…
  24. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 24
    PAA Has Demonstrated Financial Discipline During a Period of Substantial Growth - Early/Pre-Funding Is A Priority ( in Billions) Over this 12-year period, PAA invested 18 Billion in acquisition and internal growth capital…
  25. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 25
    Generating Meaningful Excess Cash Flow 2.3 Billion Excess Cash Flow Reinvested Over 12 Year Period (in millions) 12-Year DCF 11.2 billion 12-Year Distribution Coverage 126%(1) Favorable Market Conditions 1,800 1,600 1,400 21%…
  26. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 26
    Consistent Execution Of PAAs Strategy Has Driven Attractive Distribution Growth & Total Returns Over Multi-Year Period Annualized Year-end Distributions(1) MP BridgeTex Targeted (Target) + Accretion = Growth at PAA Increased 40 out…
  27. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 27
    PAGP Distribution Growth Summary & Outlook Annualized PAGP Distribution 1.00 0.95 0.90 0.85 0.80 0.76300 0.75 0.73360 0.70 0.68220 0.63914 0.65 0.59616 0.60 0.55 0.50 (1) (2) IPO Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2…
  28. 2014 Wells Fargo Securities Energy Symposium – Plains All American Pipeline, L.P. – slide 28
    Closing Thoughts Strategically located, geographically diverse & operationally flexible assets Well positioned to benefit from dynamic crude markets and service high-growth liquids resource plays Proven business model, asset base &…

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