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Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Aug 21, 2014 · 31 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. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 1
    Citi One-on-One MLP/Midstream Infrastructure Conference Las Vegas, NV August 2014
  2. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 2
    Plains All American Structure One Business - Two Ways to Invest (NYSE: PAA & PAGP) (1) General Partner General Partner Owners Public PAGP Class A Shareholders 21% Structured as a limited partnership, Investors Occidental Petroleum…
  3. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 3
    Plains All American Current Profile (NYSE: PAA & PAGP) Financial Profile(1) PAA Assets(3) Total Enterprise Value 48.0 B Pipelines (active miles) 18,150 miles PAA Equity Market Cap 20.7 B Liquids Storage 120 MMBbls PAGP et. al. Eq.…
  4. Citi One on One MLP Midstream Infrastructure Conference – 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 3.5 MMBLS/day of Crude Oil & NGLs -5-
  5. Citi One on One MLP Midstream Infrastructure Conference – 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 Liquids Refined…
  6. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 6
    PAA Conducts its Activities Through Three Segments Each Underpinned by Substantial Assets Reporting Segments(1) Adjusted Segment Profit Supply & Logistics (Margin Based -- includes fee-based equivalent + upside) 840 Trucks, 980…
  7. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 7
    PAA Has Delivered Solid Performance Throughout Volatile Markets and Fluctuating Petroleum Supply and Demand NYMEX Crude Oil Prices PAA Adjusted EBITDA : U.S. Petroleum Consumption 150.00 Actual Performance vs. Guidance(1) 21,000…
  8. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 8
    North American Crude Oil Markets Current Environment is Very Attractive for PAA
  9. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 9
    US & Canadian Production Growth Expected to Continue Majority of Increase is Light / Medium Sweet & Condensate US & Canada Expected to Continue to Lead but, variations in crude the World in Crude Oil Production Growth quality &…
  10. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 10
    Projected North American PAA is a Top Provider of Flexible Midstream Assets Crude Oil Production Growth In Substantially All Major N.A. Crude Oil Resource Plays YE2013 YE2018 Volume Growth Driving Increased Infrastructure…
  11. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 11
    PAA Has a Sizable Presence in Most of the Major N.A. Crude Oil Market Hub / Demand Areas Including Rail PAA Also Has a Meaningful Presence in Key Natural Gas and Canadian NGL Market Hubs Summary of Capacity at PAA Facilities Edmonton…
  12. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 12
    EXAMPLE 1 -- Permian Basin: PAAs Largest Asset Footprint; An Area of Significant Strength & Flexibility Direct Connectivity to Cushing, Corpus Christi and Indirect Connectivity to Houston/Other Markets Crude Oil Assets/Activities(1)…
  13. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 13
    EXAMPLE 2 -- Eagle Ford: Flexible Footprint Provides Pipeline, Rail and Barge Access Crude Oil Assets/Activities(1) Crude Oil Production (MBbls/d)(2) Expected JV Pipeline Capacity: 470 MBbls/d 1,825 +60% Area Pipeline Miles: 440…
  14. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 14
    EXAMPLE 3 -- Rocky Mountains / Williston Area: Highly Flexible Asset Base Including Pipeline & Rail Crude Oil Assets/Activities(1) Barrels Transported: 385 MBbls/d Storage Capacity: 2 MMBbls 1st Purchaser Gathered Barrels: 125…
  15. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 15
    PAA 2014 Expansion Capital Program Based on guidance furnished via Form 8-K on August 6, 2014 Other Projects Expansion Capital (in millions) Permian Basin Area Projects 480 Cactus Pipeline 350 Natural Gas Permian Basin Storage…
  16. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 16
    Solid Industry Fundamentals + Asset Base + Business Model Support Continued High Levels of Organic Capital Investment Annual Levels of Organic Investment 2,400 2,050 - Strong Visibility for 1,850 Growth 2,000 1,620…
  17. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 17
    Long Term, Acquisitions Expected to be Additive to Organic Growth PAA Remains Active, but Disciplined Acquisitions Total: 10 Billion (2001-2013) 2.0 2006 2012 3.1B 2.3B 1.5 2007 2012 In billions Avg: 900 MM/yr 1.0 2001…
  18. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 18
    PAA Capitalization & Liquidity Capitalization (in millions) 06/30/14 12/31/13 Long-term Debt 7,414 6,715 Partners' capital 8,112 7,703 Total book capitalization 15,526 14,418 Credit Stats & Liquidity Target Long-term Debt / Book…
  19. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 19
    Generating Meaningful Excess Cash Flow 2.2 Billion Excess Cash Flow Reinvested Over 11 Year Period (in millions) 11-Year DCF 9.4 billion 11-Year Distribution Coverage 131%(1) Favorable Market Conditions 1,600 1,400 24% 1,200…
  20. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 20
    Consistent Execution Of PAAs Strategy Has Driven Attractive Distribution Growth & Total Returns Over Multi-Year Period Annualized Year-end Distributions(1) Target Increased in 39 of 41 quarters 10% Growth 2.75 2.50 2.40 2.25…
  21. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 21
    PAGP Distribution Growth Summary & Outlook Annualized PAGP Distribution Target 0.80000 25% Growth 0.75000 0.73360 0.70000 0.68220 0.65000 0.63914 0.59616 0.60000 0.55000 0.50000 (1) IPO Prospectus Q1 2014 Q2 2014 Q3 2014…
  22. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 22
    PAA/PAGP Investment Considerations Strategically located, geographically diverse & operationally flexible assets Well positioned to benefit from dynamic crude markets and service high-growth liquids resource plays Proven business…
  23. Citi One on One MLP Midstream Infrastructure Conference – Plains All American Pipeline, L.P. – slide 23
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