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Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Nov 12, 2014 · 49 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. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 1
    Jefferies 2014 Global Energy Conference Houston, TX November 12, 2014 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. Jeffereies 2014 Global Energy Conference – 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) Public PAGP Class A Shareholders 21% Oxy amount Structured as a limited partnership, represents but…
  3. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 3
    Plains All American Profile (NYSE: PAA & PAGP) Financial Profile(1) PAA Assets(4) Total Enterprise Value 47.3 B Pipelines (active miles) 18,150 miles PAA Equity Market Cap 21.1 B Liquids Storage 120 MMBbls PAGP et. al. Eq. Mkt…
  4. Jeffereies 2014 Global Energy 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 3.9 MMBbls/d of Crude Oil & NGLs…
  5. Jeffereies 2014 Global Energy 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…
  6. Jeffereies 2014 Global Energy Conference – 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. Jeffereies 2014 Global Energy Conference – 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. Jeffereies 2014 Global Energy Conference – 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. Jeffereies 2014 Global Energy Conference – 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. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 10
    North American Crude Oil Production Forecast by Region Dominated by the Big 6 and Western Canada Methodology Assumes Constructive Oil Prices, Constant Rig/Completion Count and Well Productivity and Continued Access To Capital Strong…
  11. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 11
    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…
  12. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 12
    North American Supply Growth Expected to Effectively Satisfy World Wide Demand Growth To achieve North American supply projections and avoid oversupply, worldwide demand will need to increase and/or OPEC/other countries will need to…
  13. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 13
    Illustration of Why a Potential Price Decline Due to U.S. / Canada Oversupply is Self-Correcting The decline of shale/resource wells are very Illustration of Eagle Ford Declines on steep new well production can often Existing Producing…
  14. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 14
    Capital Investment Opportunities, Financing & Conclusion www.plainsallamerican.com NYSE: PAA & PAGP 15
  15. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 15
    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…
  16. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 16
    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…
  17. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 17
    Recent & Current Investments in Organic Capital Projects Provide Visibility for Future Distribution Growth Organic Growth Capital Investment Directional Example of Time Lag Between 2,400 2,050 Completion of Annual 2,000 Growth…
  18. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 18
    Permian Basin: PAA Assets Provide Critical Connectivity to New Export Pipelines New long-haul pipelines have been/are being constructed to relieve volumetric bottlenecks PAA assets are providing 1.2 MMBbls/d of capacity to connecting…
  19. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 19
    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…
  20. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 20
    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…
  21. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 21
    BridgeTex LLC Acquisition (50% Interest) Transaction Summary PAA to acquire Oxys entire 50% non-operating interest in BridgeTex Pipeline Company, LLC (BridgeTex) for 1.075 billion Currently a 50/50 joint venture between Oxy and…
  22. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 22
    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…
  23. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 23
    Long Term, Acquisitions Expected to be Additive to Organic Growth PAA Remains Active, but Disciplined Acquisitions Total: 11 Billion(2) (2001-2014) 2.0 2006 2012 Subject to 3.1B 2.3B BridgeTex Closing 1.5 2007 2012 In…
  24. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 24
    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%…
  25. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 25
    Consistent Execution Of PAAs Strategy Has Driven Attractive Distribution Growth & Total Returns Over Multi-Year Period Annualized Year-end Distributions(1) Midpoint Target 10% Growth Increased 40 out of last 42 quarters 8.5%…
  26. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 26
    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…
  27. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 27
    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 & management…
  28. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 28
    Q&A www.plainsallamerican.com NYSE: PAA & PAGP 29
  29. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 29
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 30
  30. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 30
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 31
  31. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 31
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 32
  32. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 32
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 33
  33. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 33
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 34
  34. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 34
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 35
  35. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 35
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 36
  36. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 36
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 37
  37. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 37
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 38
  38. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 38
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 39
  39. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 39
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 40
  40. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 40
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 41
  41. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 41
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 42
  42. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 42
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 43
  43. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 43
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 44
  44. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 44
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 45
  45. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 45
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 46
  46. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 46
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 47
  47. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 47
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 48
  48. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 48
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 49
  49. Jeffereies 2014 Global Energy Conference – Plains All American Pipeline, L.P. – slide 49
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 50

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