Investor Presentaiton
2022(G): Financial Metrics (as furnished February 9th 2022)
Generating strong FCF, strong coverage & continuing leverage reduction
($ millions, except per-unit metrics)
Adjusted EBITDA/DCF
Cash Flow
2021
2022(G) (+/-)
Segment Adjusted EBITDA
Cash Flow from Ops (CFFO)(1)
$1,996
$2,100
2021
2022(G) (+/-)
Asset Sales
$875
$100(5)
Crude Oil
$1,909
$1,820
FCF(1)
$2,369
NGL
285
380
$1,400
FCFAD(¹)
$1,654
$700
Other Income
2
Capital
Adj. EBITDA attributable to PAA
$2,196
$2,200
2021
2022(G) (+/-)
Implied DCF to Common
$1,475
$1,450
Net to PAA
Net to PAA Consolidated
Implied DCF/CUE(1)
Investment
$225
$2.06
$2.08
$275 $330
Permian JV
$18
$110
$165
Distribution Coverage (Common)
285%(2)
250%(3)
Other
$208
$165
$165
Year-End Leverage Ratio (1,4)
4.5x
4.25x
Maintenance
$168
$210
$220
Total
$393
$485
$550
2022(G): Furnished February 9, 2022.
(1) See Definitions. (2) Reflects the current annualized distribution rate of $0.72 per common unit. (3) 2022(G) Distribution Coverage reflects cash distribution per common unit paid in February and the proposed increased annualized distribution rate of $0.87 per common
unit for the remainder of the year. (4) YE-21 includes pro-forma debt reduction effective 1Q22 requiring -$450MM of cash on balance sheet. (5) Includes $50MM of asset sales originally expected to close in 2021.
Note: Please visit https://ir.paalp.com for reconciliation of Non-GAAP financial measures reflected above to most directly comparable GAAP measures.
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