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Plains Exploration & Production Company
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Q4 2017 Earnings Presentation
| James C. Flores | Page 5 of 11 |
May 01, 2024
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"Q4 2017 Earnings Presentation"
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Solid Finish to 2017 & Executing Go Forward Plans ? Delivered operating & financial performance in line with / slightly ahead of 4Q17 expectations ? Reduced total debt by $1.5 billion during 4Q17; exited 2017 with $3.0 billion of liquidity ? Retired $950mm senior notes ? Reduced short-term/inventory debt by ~$200mm compared to September 30, 2017 (~$375mm relative to the June 30, 2017 balance) ? Completed $1.1B in targeted asset sales (~$700mm since Aug. ’17); advancing efforts on additional 2018 sales ? Completed construction and placed new Diamond and STACK JV Pipelines in service, and completed capacity expansions for Cactus I and BridgeTex pipelines (in total, adds >275mb/d to PAA’s net transport capacity) ? Obtained long-term MVCs to sanction construction of the Cactus II pipeline and Sunrise pipeline system extension / loop Remain on track to achieve deleveraging objectives and targeted credit metrics by early 2019, while maintaining substantial distribution coverage underpinned by fee-based sources