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2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. · Feb 5, 2015 · 46 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 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 1
    2014 Fourth-Quarter & Full-Year Results Earnings Package Houston, TX February 5, 2015 www.plainsallamerican.com NYSE: PAA & PAGP 1
  2. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 2
    Index Conference Call Transcript Conference Call Slides PAA / PAGP Earnings Press Release PAA Guidance PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP
  3. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 3
    Fourth-Quarter 2014 Conference Call Houston, TX February 5, 2015 www.plainsallamerican.com NYSE: PAA & PAGP 1
  4. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 4
    PAA Achieved Solid Fourth-Quarter and Full-Year Results Quarterly Results Adjusted EBITDA Implied Distributable Cash Flow Adjusted Net Income and Distribution Coverage(1) / Diluted Unit Full-Year Results (G) Midpoint…
  5. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 5
    PAA has Continued to Deliver Solid Operating and Financial Results and Attractive Distribution Growth for Over a Decade 52 Consecutive Quarters of Performance In Line With or Above Guidance 800 700 Adjusted EBITDA (MM) 600…
  6. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 6
    PAA & PAGP Met or Exceeded Its 2014 Goals PAA Goals: Performance Deliver operating and financial Delivered four quarters of operating and performance in line with or above financial results above midpoint guidance. guidance. Total…
  7. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 7
    PAA Has Demonstrated Its Ability to Deliver Solid Performance In Volatile Markets and Fluctuating Supply and Demand Scenarios PAA Adjusted EBITDA : Actual Performance vs. Guidance Met or Exceeded Guidance for 13 Years 2,500 (52…
  8. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 8
    PAAs Disciplined Management of Distribution Coverage Results in Preparedness for Market Disruptions 11-Year Historical WTI Crude Oil Price 1,800 Distribution Coverage 131%(1) 160 Oil Shale Development Begins 14% YOY…
  9. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 9
    Illustrative Lower 48 Production Forecast Scenarios Assuming Recovery Periods of 12 & 24 Months Lower 48 U.S. Oil Production Price Sensitivity 12.0 11.5 Common 11.0 production point Actual reached 24 10.5 months later Oil…
  10. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 10
    Despite Current Weakness, The Long Term Outlook Remains Fundamentally Solid For The Industry & Midstream Oil MLPs Daily Production Rate Outlook Developable Resource Base Volumes Pre-Crash Post-Crash 100+ 80 to 90 -- For…
  11. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 11
    PAA 4Q14 Segment Results Overview (Commentary Specific to 4Q 2014 Performance vs. 4Q 2014 Guidance) (in millions, except per barrel amounts) Adjusted Segment Profit Transportation Facilities Supply & Logistics Revenue and volume…
  12. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 12
    PAA 2015 Segment Guidance vs. 2014 and 2013 Actual Results (Commentary Specific to 2015 Guidance vs. 2014 Performance) (in millions, except per barrel amounts) Adjusted Segment Profit Transportation Facilities Supply & Logistics…
  13. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 13
    PAA 2015 Expansion Capital Program Based on guidance furnished via Form 8-K on February 4, 2015 Expansion Capital (in millions) Permian Basin Area Projects 365 Ft. Sask Facility Projects / NGL Line 290 (1) Rail Terminal Projects…
  14. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 14
    In-Service Timing of Capital Projects Provides Visibility for Continued Growth (Projects with multiple checkmarks are being placed into service in stages) Larger Capital Projects 2H2014 1H2015 2H2015 1H2016+ Shafter Expansion In…
  15. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 15
    PAA Continuous Equity Offering Program (COP) PAA Equity Capital Raised from COP 350 300 Quarterly Avg. COP Activity Update(1) 250 = 170mm During 4Q14, PAA issued 3.6 mm units for approximately 197mm ( in millions) 200…
  16. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 16
    PAA & PAGP Capitalization & Liquidity As of December 31, 2014 Capitalization Capitalization (in millions) PAA PAGP Longterm Debt 8,762 9,298 Partners' Capital 8,191 9,381 Total Book Capitalization 16,953 18,679 Credit Stats &…
  17. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 17
    Recap of PAAs Short-Term Debt, Inventory & Linefill / Base Gas as of Dec 31, 2014 Short-Term Debt / Hedged Inventory Volume of Hedged Inventory: 25 mmboe Net Short-term Debt Supporting Hedged Inventory: 0.9 billion(1) Hedged…
  18. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 18
    PAA Guidance Snapshot (Furnished via Form 8-K on February 4, 2015) (in millions) Full-year 2015 1Q15 Midpoint Guidance Midpoint Guidance Note: Adjusted results exclude the impact of Selected Items Impacting Comparability (SIIC).…
  19. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 19
    2015 Adjusted EBITDA Guidance Projects Solid Fee-Based Growth & Baseline Supply & Logistics Performance Strong Fee-Based Cash Flow 2.35B 23% Margin- Based Market Related (Includes Over-Performance fee- 77% equivalent) Fee-…
  20. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 20
    PAA 2015 Adjusted EBITDA Profile Relative to 2014 Directional Illustration of Quarterly Adjusted EBITDA Profile Q1 2015 Q2 2015 Q3 2015 Q4 2015 Transportation & Facilities Supply & Logistics 2014 Transportation & Facilities…
  21. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 21
    PAA & PAGP 2015 Goals PAA: 1) Deliver operating and financial performance in line with or above guidance; 2) Successfully execute 2015 capital program and set the stage for continued growth in 2016 and beyond; 3) Increase November…
  22. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 22
    Fourth-Quarter Conference Call Overview Delivered fourth-quarter and full-year 2014 adjusted segment profit in each segment ahead of midpoint guidance Fourth-quarter adjusted EBITDA of 594mm exceeded midpoint guidance by 25mm, or 4%,…
  23. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 23
    Appendix www.plainsallamerican.com NYSE: PAA & PAGP 22
  24. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 24
    Condensed Consolidating Balance Sheet of Plains GP Holdings (PAGP) (in millions) December 31, 2014 Consolidating (1) PAA Adjustments PAGP ASSETS Current assets 4,179 2 4,181 Property and equipment, net 12,272 20 12,292 Goodwill…
  25. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 25
    Summary of Plains GP Holdings (PAGP) Distributions from PAAs General Partner (AAP) Q4 2014 PAGP DISTRIBUTION SUMMARY (in millions, except per unit and per share data) (1) Q4 2014 PAA Distribution/LP Unit 0.6750 GP…
  26. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 26
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 25
  27. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 27
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 26
  28. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 28
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 27
  29. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 29
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 28
  30. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 30
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 29
  31. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 31
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 30
  32. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 32
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 31
  33. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 33
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 32
  34. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 34
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 33
  35. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 35
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 34
  36. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 36
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 35
  37. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 37
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 36
  38. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 38
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 37
  39. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 39
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 38
  40. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 40
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 39
  41. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 41
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 40
  42. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 42
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 41
  43. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 43
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 42
  44. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 44
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 43
  45. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 45
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 44
  46. 2014 Fourth Quarter & Full Year Results Earnings Package – Plains All American Pipeline, L.P. – slide 46
    PAA Non-GAAP Reconciliations www.plainsallamerican.com NYSE: PAA & PAGP 45

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