Investor Presentaiton
2021 Execution & Results Reinforces Positioning for 2022+
Maximizing
✓ ~$1.65B of FCFAD (~$600MM increase from Feb(G))
FCF
Capital
Allocation
✓ Stronger asset sales ~$125MM ($875MM total), ↓ Capex ~$230MM, ↑ Adj. EBITDA ~$65MM
✓ ~$1B debt reduction & ~$450MM cash on balance sheet(1)
✓ $175MM common equity repurchases ($228MM since inception)
Optimizing
✓ W2W & Capline in-service
Portfolio
✓ Closed Plains Oryx Permian JV - integration / synergy capture on track
✓ Improved transparency w/ 2x ↑ in disclosures ✓ Formed Emerging Energy team
Sustainability
(ESG)
Feb(G): Furnished February 9, 2021.
✓ ~20% GHG emissions reduction in last 3-yrs. ✓ Safety performance improved >50% since 2017
✓ 100% of directors now subject to election
✓ 2021 safety performance flat to 2020; however, Incident
severity reduced 25%+; lost time days reduced 90%+
(1) Majority of cash to be allocated to debt reduction effective 1Q22.
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