# EDGAR Filing Document

**Accession Number:** 0001581990
**File Stem:** 0001581990-25-000019
**Filing Date:** 2025-8
**Character Count:** 100300
**Document Hash:** 275b32409d927a6a7e1511cd23f81910
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001581990-25-000019.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001581990-25-000019

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250808

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PLAINS GP HOLDINGS LP
- **CENTRAL INDEX KEY:** 0001581990
- **STANDARD INDUSTRIAL CLASSIFICATION:** PIPE LINES (NO NATURAL GAS) [4610]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36132
- **FILM NUMBER:** 251196335

**BUSINESS ADDRESS:**
- **STREET 1:** 333 CLAY ST
- **STREET 2:** SUITE 1600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 713-646-4100

**MAIL ADDRESS:**
- **STREET 1:** 333 CLAY ST
- **STREET 2:** SUITE 1600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

?xml version='1.0' encoding='ASCII'? pagp-20250808

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) — **August 8, 2025**

**Plains GP Holdings, L.P.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **1-36132** | **90-1005472** |
| (State or other jurisdiction of<br>incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**333 Clay Street, Suite 1600, Houston, Texas 77002**

(Address of principal executive offices) (Zip Code)

**713-646-4100**

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A Shares | PAGP | Nasdaq |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 and Item 7.01. Results of Operations and Financial Condition; Regulation FD Disclosure.**

&nbsp;&nbsp;&nbsp;&nbsp;On August 8, 2025, the Registrant issued a press release reporting its second-quarter 2025 results. A copy of the press release is furnished as Exhibit 99.1 hereto. In accordance with General Instruction B.2 of Form 8-K, the information presented herein under Item 2.02 and Item 7.01 shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, each as amended.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | <u>[Press Release dated](pagp08082025exhibit991.htm)[August](pagp08082025exhibit991.htm)[8](pagp08082025exhibit991.htm)[, 2025](pagp08082025exhibit991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | PLAINS GP HOLDINGS, L.P. | PLAINS GP HOLDINGS, L.P. | PLAINS GP HOLDINGS, L.P. |
| | By: | PAA GP Holdings LLC, its general partner | PAA GP Holdings LLC, its general partner |
| Date: August 8, 2025 | By: | /s/ Al Swanson | /s/ Al Swanson |
|  |  | Name: | Al Swanson |
|  |  | Title: | *Executive Vice President and Chief Financial Officer* |

---

## Exhibit 99.1

**Exhibit 99.1**

![plainslogo-newa.jpg](plainslogo-newa.jpg)

**Plains All American Reports Second-Quarter 2025 Results**

Houston, TX – August 8, 2025 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported solid second-quarter 2025 results and provided the following highlights:

**Second-Quarter Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported net income attributable to PAA of $210 million and net cash provided by operating activities of $694 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered Adjusted EBITDA attributable to PAA of $672 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exited the quarter with 3.3x leverage ratio, toward the low-end of our target range of 3.25x - 3.75x

**Highlights and Recent Announcements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed agreements to divest substantially all of our NGL business for total cash consideration of approximately $5.15 billion CAD ($3.75 billion USD) with expected closing first quarter 2026 pending regulatory approval

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NGL sale proceeds (~$3.0 billion net USD) will be prioritized toward bolt-on M&A, preferred unit repurchases, and opportunistic common unit repurchases

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 22, 2025, Plains acquired an additional 20% interest in BridgeTex Pipeline Company, LLC, bringing PAA's total interest to 40%

"We continue to advance our strategic initiatives and delivered solid second-quarter performance in a volatile macro environment," said Willie Chiang, Chairman, CEO and President. "Our previously announced NGL divestiture is expected to close in the first quarter of 2026 and will improve our free cash durability, provide substantial financial flexibility and drive opportunities to streamline the business. Separately, we continue to execute on our bolt-on acquisition opportunity set by acquiring an incremental interest in the BridgeTex Pipeline joint venture, which further strengthens our Permian footprint. We remain well-positioned and highly focused on additional bolt-ons and optimizing our crude oil focused asset base in a capital disciplined manner while continuing to return cash to unitholders."

**Financial Reporting Considerations for Pending Sale of Canadian NGL Business**

On June 17, 2025, we entered into a definitive agreement to sell substantially all of our NGL business in Canada (the "Canadian NGL Business") to Keyera Corp. This transaction is expected to close in the first quarter of 2026 and is subject to the satisfaction or waiver of customary closing conditions, including receipt of regulatory approvals. While we will divest the Canadian NGL Business as part of the transaction, we will retain substantially all NGL assets in the United States and will also retain all crude oil assets in Canada.

We have determined that the operations of the Canadian NGL Business meet the criteria for classification as held for sale and presentation as discontinued operations and have applied these changes retrospectively to all periods presented. Results throughout this release specify if they are presented from continuing operations (which exclude the results of the Canadian NGL Business) and/or discontinued operations.

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|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 2</u>

**Plains All American Pipeline** 

**<u>Summary Financial Information</u>** (unaudited)

(in millions, except per unit data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | |
|<br>***GAAP Results*** <sup>(1)</sup> | **2025** | **2024** | **%**<br>**Change** | **2025** | **2024** | **%**<br>**Change** |
| Net income attributable to PAA <sup>(2)</sup> | $210 | $250 | (16)% | $653 | $515 | 27% |
| Diluted net income per common unit | $0.21 | $0.26 | (19)% | $0.70 | $0.55 | 27% |
| Diluted weighted average common units outstanding | 703 | 701 | —% | 704 | 701 | —% |
| Net cash provided by operating activities | $694 | $653 | 6% | $1333 | $1072 | 24% |
| Distribution per common unit declared for the period | $0.3800 | $0.3175 | 20% | $0.7600 | $0.6350 | 20% |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | |
|<br>***Non-GAAP Results*** <sup>(1)</sup> <sup>(3)</sup> | **2025** | **2024** | **%**<br>**Change** | **2025** | **2024** | **%**<br>**Change** |
| Adjusted net income attributable to PAA <sup>(2)</sup> | $312 | $288 | 8% | $687 | $642 | 7% |
| Diluted adjusted net income per common unit | $0.36 | $0.31 | 16% | $0.75 | $0.72 | 4% |
| Adjusted EBITDA | $812 | $807 | 1% | $1693 | $1654 | 2% |
| Adjusted EBITDA attributable to PAA <sup>(2)</sup> | $672 | $674 | —% | $1426 | $1391 | 3% |
| Implied DCF per common unit and common unit equivalent | $0.66 | $0.58 | 14% | $1.32 | $1.25 | 6% |
| Adjusted Free Cash Flow <sup>(4)</sup> | $348 | $411 | (15)% | $40 | $480 | (92)% |
| Adjusted Free Cash Flow after Distributions <sup>(4)</sup> | $28 | $125 | (78)% | $(612) | $(92) | \*\* |
| Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) <sup>(4)</sup> | $342 | $421 | (19)% | $174 | $681 | (74)% |
| Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) <sup>(4)</sup> | $22 | $135 | (84)% | $(478) | $109 | \*\* |

---

\*\* Indicates that variance as a percentage is not meaningful.

<sup>(1)</sup> Includes results from continuing operations and discontinued operations for all periods presented. See the tables attached hereto for additional information.

<sup>(2)</sup> Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC (the "Permian JV"), Cactus II Pipeline LLC and Red River Pipeline LLC joint ventures.

<sup>(3)</sup> See the section of this release entitled "Non-GAAP Financial Measures and Selected Items Impacting Comparability" and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.

<sup>(4)</sup> The six months ended June 30, 2025 includes the impact of a net cash outflow of $681 million for bolt-on acquisitions.

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 3</u>

**<u>Disaggregation of Adjusted EBITDA by Product</u>** <sup>(1) (2)</sup> (unaudited)

(in millions)

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| | | |
|:---|:---|:---|
| | **Adjusted EBITDA from Crude Oil** | **Adjusted EBITDA from NGL** |
| Three Months Ended June 30, 2025 | $580 | $87 |
| Three Months Ended June 30, 2024 | $576 | $94 |
| ***Percentage change versus 2024 period*** | ***1*** *%*** | ***(7)*** *%*** |
|  | **Adjusted EBITDA from Crude Oil** | **Adjusted EBITDA from NGL** |
| Six Months Ended June 30, 2025 | $1140 | $276 |
| Six Months Ended June 30, 2024 | $1130 | $253 |
| ***Percentage change versus 2024 period*** | ***1*** *%*** | ***9*** *%*** |

---

\*\* Indicates that variance as a percentage is not meaningful.

<sup>(1)</sup> Includes results from continuing operations and discontinued operations for all periods presented.

<sup>(2)</sup> See the section of this release entitled "Non-GAAP Financial Measures and Selected Items Impacting Comparability" and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.

Second-quarter 2025 Adjusted EBITDA from Crude Oil was in line with comparable 2024 results. Favorable results in the 2025 period from (i) higher tariff volumes on our pipelines, (ii) tariff escalations and (iii) contributions from recently completed bolt-on acquisitions were largely offset by (iv) fewer market opportunities and (v) lower commodity prices.

Second-quarter 2025 Adjusted EBITDA from NGL decreased 7% versus comparable 2024 results primarily due to lower iso-to-normal butane spread benefits in the second quarter of 2025.

**Plains GP Holdings**

PAGP owns an indirect non-economic controlling interest in PAA's general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA's results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables attached hereto.

***Conference Call and Webcast Instructions***

PAA and PAGP will hold a joint conference call at 9:00 a.m. CT on Friday, August 8, 2025 to discuss second-quarter performance and related items.

To access the internet webcast, please go to https://edge.media-server.com/mmc/p/tcbbtc6e/

Alternatively, the webcast can be accessed on our website at https://ir.plains.com/news-events/events-presentations. Following the live webcast, an audio replay will be available on our website and will be accessible for a period of 365 days. Slides will be posted prior to the call at the above referenced website.

***Non-GAAP Financial Measures and Selected Items Impacting Comparability***

To supplement our financial information presented in accordance with GAAP, management uses additional measures known as "non-GAAP financial measures" in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow ("DCF"), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions.

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|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 4</u>

Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income, and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Condensed Consolidated Financial Statements and accompanying notes. In addition, we encourage you to visit our website at www.plains.com (in particular the section under "Financial Information" entitled "Non-GAAP Reconciliations" within the Investor Relations tab), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.

**Non-GAAP Financial Performance Measures**

Adjusted EBITDA is defined as earnings from continuing operations and discontinued operations before (i) interest expense, (ii) income tax (expense)/benefit from continuing operations and discontinued operations, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities) from continuing operations and discontinued operations, (iv) gains and losses on asset sales, asset impairments and other, net from continuing operations and discontinued operations, (v) gains on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests. Adjusted EBITDA disaggregated by product (e.g., Adjusted EBITDA from Crude Oil and Adjusted EBITDA from NGL) exclude amounts related to Other income/(expense).

Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our operating results and/or (v) other items that we believe should be excluded in understanding our operating performance. These measures may be further adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in "Other current liabilities" in our Condensed Consolidated Financial Statements. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as "selected items impacting comparability." Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.

Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management's discussion and analysis of operating results in our Quarterly Report on Form 10-Q.

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|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 5</u>

**Non-GAAP Financial Liquidity Measures**

Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/(Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and related party notes and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests and proceeds from the issuance of related party notes. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions.

We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of "Changes in assets and liabilities, net of acquisitions" on our Condensed Consolidated Statements of Cash Flows. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities).

**Non-GAAP Financial Measures and Discontinued Operations**

Management believes that the presentation of certain Non-GAAP financial performance measures, such as Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF, Adjusted Net Income attributable to PAA, Adjusted Net Income per Common Unit, Adjusted EBITDA from Crude Oil and Adjusted EBITDA from NGL, and certain Non-GAAP financial liquidity measures, such as Adjusted Free Cash Flow and Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities), on a consolidated basis (e.g., the aggregate of continuing operations and discontinued operations) provides more relevant and useful information regarding our performance and results of operations than presenting such metrics only on a continuing operations or discontinued operations basis. In addition, as the potential sale of the Canadian NGL Business is not anticipated to close until the first quarter of 2026, management continues to view the Canadian NGL Business as a component of our overall company performance and ability to fund distributions to our unitholders in the near term.

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 6</u>

**PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</u>**

(in millions, except per unit data)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **REVENUES** | $10642 | $12757 | $22119 | $24396 |
| **COSTS AND EXPENSES** |  |  |  |  |
| Purchases and related costs | 9758 | 11838 | 20277 | 22543 |
| Field operating costs | 286 | 280 | 585 | 553 |
| General and administrative expenses | 82 | 79 | 168 | 160 |
| Depreciation and amortization | 235 | 226 | 466 | 449 |
| Losses on asset sales, net | 42 | 2 | 29 | 3 |
| &nbsp;&nbsp;&nbsp;Total costs and expenses | 10403 | 12425 | 21525 | 23708 |
| **OPERATING INCOME** | 239 | 332 | 594 | 688 |
| **OTHER INCOME/(EXPENSE)** |  |  |  |  |
| Equity earnings in unconsolidated entities | 94 | 106 | 196 | 201 |
| Gain on investments in unconsolidated entities, net |  |  | 31 |  |
| Interest expense, net <sup>(1)</sup> | (133) | (111) | (260) | (205) |
| Other income, net <sup>(1)</sup> | 31 | 23 | 57 | 18 |
| **INCOME FROM CONTINUING OPERATIONS BEFORE TAX** | 231 | 350 | 618 | 702 |
| Current income tax expense from continuing operations | (1) | (52) | (6) | (68) |
| Deferred income tax (expense)/benefit from continuing operations | (3) |  | (5) | 5 |
| **INCOME FROM CONTINUING OPERATIONS, NET OF TAX** | 227 | 298 | 607 | 639 |
| **INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX** | 70 | 32 | 206 | 42 |
| **NET INCOME** | 297 | 330 | 813 | 681 |
| Net income attributable to noncontrolling interests | (87) | (80) | (160) | (166) |
| **NET INCOME ATTRIBUTABLE TO PAA** | $210 | $250 | $653 | $515 |
| **NET INCOME PER COMMON UNIT:** |  |  |  |  |
| &nbsp;&nbsp;Net income allocated to common unitholders — Basic and Diluted: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $80 | $148 | $287 | $340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | 70 | 32 | 206 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income allocated to common unitholders — Basic and Diluted | $150 | $180 | $493 | $382 |
| &nbsp;&nbsp;&nbsp;Basic and diluted weighted average common units outstanding | 703 | 701 | 704 | 701 |
| &nbsp;&nbsp;Basic and diluted net income per common unit: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $0.11 | $0.21 | $0.41 | $0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | $0.10 | $0.05 | $0.29 | $0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted net income per common unit | $0.21 | $0.26 | $0.70 | $0.55 |

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<sup>(1)</sup> Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. "Interest expense, net" and "Other income, net" each include $23 million and $43 million for the three and six months ended June 30, 2025, respectively, and $15 million for the three and six months ended June 30, 2024 related to interest on such related party promissory notes. These amounts offset and do not impact Net Income or Non-GAAP metrics such as Adjusted EBITDA, Implied DCF and Adjusted Free Cash Flow.

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|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 7</u>

**PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>CONDENSED CONSOLIDATED BALANCE SHEET DATA</u>**

(in millions)

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| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** | | |
| Current assets (including cash and cash equivalents of $459 and $348, respectively) <sup>(1)</sup> | $4688 | $4802 |
| Property and equipment, net | 14177 | 13446 |
| Investments in unconsolidated entities | 2709 | 2811 |
| Intangible assets, net | 1636 | 1677 |
| Linefill | 940 | 904 |
| Long-term operating lease right-of-use assets, net | 182 | 189 |
| Long-term inventory | 234 | 242 |
| Long-term assets of discontinued operations | 2482 | 2349 |
| Other long-term assets, net | 107 | 142 |
| Total assets | $27155 | $26562 |
| **LIABILITIES AND PARTNERS' CAPITAL** |  |  |
| Current liabilities <sup>(2)</sup> | $4679 | $4950 |
| Senior notes, net | 8133 | 7141 |
| Other long-term debt, net | 71 | 70 |
| Long-term operating lease liabilities | 190 | 192 |
| Long-term liabilities of discontinued operations | 598 | 576 |
| Other long-term liabilities and deferred credits | 535 | 537 |
| Total liabilities | 14206 | 13466 |
| Partners' capital excluding noncontrolling interests | 9706 | 9813 |
| Noncontrolling interests | 3243 | 3283 |
| &nbsp;&nbsp;&nbsp;Total partners' capital | 12949 | 13096 |
| Total liabilities and partners' capital | $27155 | $26562 |

---

<sup>(1)</sup> Includes current assets of discontinued operations of $385 million and $415 million as of June 30, 2025 and December 31, 2024, respectively.

<sup>(2)</sup> Includes current liabilities of discontinued operations of $313 million and $350 million as of June 30, 2025 and December 31, 2024, respectively.

**<u>DEBT CAPITALIZATION RATIOS</u>** <sup>(1)</sup>

(in millions, except percentages)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30,<br>2025** | **June 30,<br>2025** | **December 31,<br>2024** | **December 31,<br>2024** |
| Short-term debt | $| 476 | $| 408 |
| Long-term debt | 8206 | 8206 | 7213 | 7213 |
| &nbsp;&nbsp;&nbsp;Total debt | $| 8682 | $| 7621 |
| Long-term debt | $| 8206 | $| 7213 |
| Partners' capital excluding noncontrolling interests | 9706 | 9706 | 9813 | 9813 |
| &nbsp;&nbsp;&nbsp;Total book capitalization excluding noncontrolling interests ("Total book capitalization") | $| 17912 | $| 17026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total book capitalization, including short-term debt | $| 18388 | $| 17434 |
| Long-term debt-to-total book capitalization | 46% | 46% | 42% | 42% |
| Total debt-to-total book capitalization, including short-term debt | 47% | 47% | 44% | 44% |

---

<sup>(1)</sup> Includes results from continuing operations and discontinued operations for all periods presented.

- more -

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 8</u>

**PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>COMPUTATION OF BASIC AND DILUTED NET INCOME PER COMMON UNIT</u>**

(in millions, except per unit data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Basic and Diluted Net Income per Common Unit** |  |  |  |  |
| Continuing Operations: |  |  |  |  |
| &nbsp;&nbsp;Income from continuing operations, net of tax | $227 | $298 | $607 | $639 |
| &nbsp;&nbsp;Net income attributable to noncontrolling interests | (87) | (80) | (160) | (166) |
| &nbsp;&nbsp;Net income from continuing operations attributable to PAA | $140 | $218 | $447 | $473 |
| &nbsp;&nbsp;&nbsp;Distributions to Series A preferred unitholders | (36) | (44) | (75) | (88) |
| &nbsp;&nbsp;&nbsp;Distributions to Series B preferred unitholders | (18) | (19) | (35) | (39) |
| &nbsp;&nbsp;&nbsp;Amounts allocated to participating securities | (7) | (8) | (9) | (9) |
| &nbsp;&nbsp;&nbsp;Impact from repurchase of Series A preferred units <sup>(1)</sup> |  |  | (43) |  |
| &nbsp;&nbsp;&nbsp;Other | 1 | 1 | 2 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income from continuing operations allocated to common unitholders - Basic and Diluted <sup>(2)</sup> | $80 | $148 | $287 | $340 |
| Discontinued Operations: |  |  |  |  |
| &nbsp;&nbsp;Net income from discontinued operations allocated to common unitholders - Basic and Diluted <sup>(3)</sup> | $70 | $32 | $206 | $42 |
| Net income allocated to common unitholders — Basic and Diluted | $150 | $180 | $493 | $382 |
| Basic and diluted weighted average common units outstanding <sup>(4) (5)</sup> | 703 | 701 | 704 | 701 |
| Basic and diluted net income per common unit: |  |  |  |  |
| &nbsp;&nbsp;Continuing operations | $0.11 | $0.21 | $0.41 | $0.49 |
| &nbsp;&nbsp;Discontinued operations | $0.10 | $0.05 | $0.29 | $0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted net income per common unit | $0.21 | $0.26 | $0.70 | $0.55 |

---

<sup>(1)</sup> We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of net income allocated to common unitholders.

<sup>(2)</sup> We calculate net income from continuing operations allocated to common unitholders based on the distributions pertaining to the current period's net income. After adjusting for the appropriate period's distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.

<sup>(3)</sup> Net income from discontinued operations allocated to common unitholders is Income from discontinued operations, net of tax as presented on our Condensed Consolidated Statements of Operations.

<sup>(4)</sup> The possible conversion of our Series A preferred units was excluded from the calculation of diluted net income per common unit for each of the three and six months ended June 30, 2025 and 2024 as the effect was antidilutive.

<sup>(5)</sup> Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

- more -

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 9</u>

**PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>CONDENSED CONSOLIDATED CASH FLOW DATA</u>**

(in millions)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| Net income | $813 | $681 |
| Reconciliation of net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;Income from discontinued operations, net of tax | (206) | (42) |
| &nbsp;&nbsp;Depreciation and amortization | 466 | 449 |
| &nbsp;&nbsp;Losses on asset sales, net | 29 | 3 |
| &nbsp;&nbsp;Deferred income tax expense/(benefit) | 5 | (5) |
| &nbsp;&nbsp;(Gain)/loss on foreign currency revaluation | 4 | (15) |
| &nbsp;&nbsp;Settlement of terminated interest rate hedging instruments |  | 57 |
| &nbsp;&nbsp;Equity earnings in unconsolidated entities | (196) | (201) |
| &nbsp;&nbsp;Distributions on earnings from unconsolidated entities | 256 | 250 |
| &nbsp;&nbsp;Gain on investments in unconsolidated entities, net | (31) |  |
| &nbsp;&nbsp;Other | 32 | 37 |
| &nbsp;&nbsp;Changes in assets and liabilities, net of acquisitions | (140) | (222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided by operating activities - continuing operations | 1032 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided by operating activities - discontinued operations | 301 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 1333 | 1072 |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;Cash used in investing activities - continuing operations | (1317) | (357) |
| &nbsp;&nbsp;Cash used in investing activities - discontinued operations | (106) | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities <sup>(1) (2)</sup> | (1423) | (418) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by/(used in) financing activities <sup>(1)</sup> | 182 | (545) |
| Effect of translation adjustment - continuing operations | 8 | (5) |
| Effect of translation adjustment - discontinued operations | 11 | (1) |
| Net increase in cash and cash equivalents and restricted cash | 111 | 103 |
| Cash and cash equivalents and restricted cash, beginning of period | 348 | 450 |
| Cash and cash equivalents and restricted cash, end of period | $459 | $553 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. For the six months ended June 30, 2025, "Net cash used in investing activities" includes a cash outflow of approximately $330 million associated with our investment in related party notes. An equal and offsetting cash inflow associated with our issuance of related party notes is included in "Net cash provided by/(used in) financing activities."

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The 2025 period includes a net cash outflow of $681 million for bolt-on acquisitions.

- more -

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 10</u>

**PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>CAPITAL EXPENDITURES</u>** <sup>(1)</sup>

(in millions)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net to PAA** <sup>(2)</sup> | **Net to PAA** <sup>(2)</sup> | **Net to PAA** <sup>(2)</sup> | **Net to PAA** <sup>(2)</sup> | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Investment capital expenditures: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Crude Oil | $126 | $42 | $215 | $107 | $160 | $58 | $280 | $148 |
| &nbsp;&nbsp;NGL <sup>(3)</sup> | 27 | 23 | 68 | 37 | 27 | 23 | 68 | 37 |
| Total Investment capital expenditures | 153 | 65 | 283 | 144 | 187 | 81 | 348 | 185 |
| Total Maintenance capital expenditures <sup>(4)</sup> | 58 | 56 | 97 | 109 | 64 | 61 | 105 | 118 |
| Total Investment and Maintenance capital expenditures | $211 | $121 | $380 | $253 | $251 | $142 | $453 | $303 |

---

<sup>(1)</sup> Includes results from continuing operations and discontinued operations for all periods presented.

<sup>(2)</sup> Excludes expenditures attributable to noncontrolling interests.

<sup>(3)</sup> See the "Discontinued Operations Detail" section for amounts attributable to discontinued operations.

<sup>(4)</sup> See the "Selected Financial Data by NGL" section for amounts attributable to discontinued operations.

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 11</u>

**PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>NON-GAAP RECONCILIATIONS</u>**

(in millions, except per unit and ratio data)

**Computation of Basic and Diluted Adjusted Net Income Per Common Unit** <sup>(1) (2)</sup> **:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Basic and Diluted Adjusted Net Income per Common Unit** |  |  |  |  |
| Net income attributable to PAA | $210 | $250 | $653 | $515 |
| &nbsp;&nbsp;&nbsp;Selected items impacting comparability - Adjusted net income attributable to PAA <sup>(3)</sup> | 102 | 38 | 34 | 127 |
| Adjusted net income attributable to PAA | $312 | $288 | $687 | $642 |
| &nbsp;&nbsp;&nbsp;Distributions to Series A preferred unitholders | (36) | (44) | (75) | (88) |
| &nbsp;&nbsp;&nbsp;Distributions to Series B preferred unitholders | (18) | (19) | (35) | (39) |
| &nbsp;&nbsp;&nbsp;Amounts allocated to participating securities | (7) | (8) | (9) | (10) |
| &nbsp;&nbsp;&nbsp;Impact from repurchase of Series A preferred units <sup>(4)</sup> |  |  | (43) |  |
| &nbsp;&nbsp;&nbsp;Other | 1 | 1 | 2 | 3 |
| Adjusted net income allocated to common unitholders | $252 | $218 | $527 | $508 |
| Basic and diluted weighted average common units outstanding <sup>(5) (6)</sup> | 703 | 701 | 704 | 701 |
| Basic and diluted adjusted net income per common unit | $0.36 | $0.31 | $0.75 | $0.72 |

---

<sup>(1)</sup> We calculate adjusted net income allocated to common unitholders based on the distributions pertaining to the current period's net income. After adjusting for the appropriate period's distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method. 

<sup>(2)</sup> Includes results from continuing operations and discontinued operations for all periods presented.

<sup>(3)</sup> See the "Selected Items Impacting Comparability" table for additional information.

<sup>(4)</sup> We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of adjusted net income allocated to common unitholders.

<sup>(5)</sup> The possible conversion of our Series A preferred units was excluded from the calculation of diluted adjusted net income per common unit for each of the three and six months ended June 30, 2025 and 2024 as the effect was antidilutive.

<sup>(6)</sup> Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

**Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation** <sup>(1)</sup>**:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Basic and diluted net income per common unit | $0.21 | $0.26 | $0.70 | $0.55 |
| Selected items impacting comparability per common unit <sup>(2)</sup> | 0.15 | 0.05 | 0.05 | 0.17 |
| Basic and diluted adjusted net income per common unit | $0.36 | $0.31 | $0.75 | $0.72 |

---

<sup>(1)</sup> Includes results from continuing operations and discontinued operations for all periods presented.

<sup>(2)</sup> See the "Selected Items Impacting Comparability" and the "Computation of Basic and Diluted Adjusted Net Income Per Common Unit" tables for additional information.

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 12</u>

**PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income <sup>(1)</sup> | $297 | $330 | $813 | $681 |
| &nbsp;&nbsp;Interest expense, net of certain items <sup>(2)</sup> | 110 | 96 | 217 | 190 |
| &nbsp;&nbsp;Income tax expense from continuing operations | 4 | 52 | 11 | 63 |
| &nbsp;&nbsp;Income tax expense from discontinued operations | 26 | 10 | 69 | 14 |
| &nbsp;&nbsp;Depreciation and amortization from continuing operations | 235 | 226 | 466 | 449 |
| &nbsp;&nbsp;Depreciation and amortization from discontinued operations | 27 | 31 | 57 | 62 |
| &nbsp;&nbsp;Losses on asset sales, net from continuing operations | 42 | 2 | 29 | 3 |
| &nbsp;&nbsp;(Gains)/losses on asset sales, net from discontinued operations | 13 | (1) | 13 | (2) |
| &nbsp;&nbsp;&nbsp;Gain on investments in unconsolidated entities, net |  |  | (31) |  |
| &nbsp;&nbsp;Depreciation and amortization of unconsolidated entities <sup>(3)</sup> | 20 | 17 | 40 | 37 |
| &nbsp;&nbsp;Selected items impacting comparability - Adjusted EBITDA <sup>(1) (4)</sup> | 38 | 44 | 9 | 157 |
| Adjusted EBITDA <sup>(1)</sup> | $812 | $807 | $1693 | $1654 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA attributable to noncontrolling interests | (140) | (133) | (267) | (263) |
| Adjusted EBITDA attributable to PAA <sup>(1)</sup> | $672 | $674 | $1426 | $1391 |
| Adjusted EBITDA <sup>(1)</sup> | $812 | $807 | $1693 | $1654 |
| &nbsp;&nbsp;Interest expense, net of certain non-cash and other items <sup>(5)</sup> | (107) | (91) | (211) | (180) |
| &nbsp;&nbsp;Maintenance capital from continuing operations | (44) | (43) | (77) | (90) |
| &nbsp;&nbsp;Maintenance capital from discontinued operations | (20) | (18) | (28) | (28) |
| &nbsp;&nbsp;Investment capital of noncontrolling interests <sup>(6)</sup> | (33) | (17) | (64) | (41) |
| &nbsp;&nbsp;Current income tax expense from continuing operations | (1) | (52) | (6) | (68) |
| &nbsp;&nbsp;Current income tax expense from discontinued operations | (14) | (17) | (54) | (55) |
| &nbsp;&nbsp;Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings <sup>(7)</sup> | 22 | (5) | 19 | 7 |
| &nbsp;&nbsp;Distributions to noncontrolling interests <sup>(8)</sup> | (97) | (97) | (229) | (198) |
| Implied DCF <sup>(1)</sup> | $518 | $467 | $1043 | $1001 |
| &nbsp;&nbsp;&nbsp;Preferred unit distributions paid <sup>(8)</sup> | (53) | (63) | (117) | (127) |
| Implied DCF Available to Common Unitholders <sup>(1)</sup> | $465 | $404 | $926 | $874 |
| Weighted Average Common Units Outstanding | 703 | 701 | 704 | 701 |
| Weighted Average Common Units and Common Unit Equivalents | 761 | 772 | 764 | 772 |
| Implied DCF per Common Unit <sup>(1) (9)</sup> | $0.66 | $0.58 | $1.32 | $1.25 |
| Implied DCF per Common Unit and Common Unit Equivalent <sup>(1) (10)</sup> | $0.66 | $0.58 | $1.32 | $1.25 |
| Cash Distribution Paid per Common Unit | $0.3800 | $0.3175 | $0.7600 | $0.6350 |
| Common Unit Cash Distributions <sup>(8)</sup> | $267 | $223 | $535 | $445 |
| Common Unit Distribution Coverage Ratio <sup>(1)</sup> | 1.74x | 1.81x | 1.73x | 1.96x |
| Implied DCF Excess <sup>(1)</sup> | $198 | $181 | $391 | $429 |

---

<sup>(1)</sup> Includes results from continuing operations and discontinued operations for all periods presented.

<sup>(2)</sup> Represents "Interest expense, net" as reported on our Condensed Consolidated Statements of Operations, net of interest income associated with promissory notes by and among certain Plains entities.

<sup>(3)</sup> Adjustment to exclude our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities.

<sup>(4)</sup> See the "Selected Items Impacting Comparability" table for additional information.

<sup>(5)</sup> Amount excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps and is net of interest income associated with promissory notes by and among certain Plains entities. 

<sup>(6)</sup> Investment capital expenditures attributable to noncontrolling interests that reduce Implied DCF available to PAA common unitholders.

<sup>(7)</sup> Comprised of cash distributions received from unconsolidated entities less equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, and selected items impacting comparability of unconsolidated entities). 

<sup>(8)</sup> Cash distributions paid during the period presented. 

<sup>(9)</sup> Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period. 

<sup>(10)</sup> Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, in whole or in part, subject to certain minimum conversion amounts.

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 13</u>

**PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**Net Income Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation** <sup>(1)</sup>**:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Basic net income per common unit | $0.21 | $0.26 | $0.70 | $0.55 |
| Reconciling items per common unit <sup>(2) (3)</sup> | 0.45 | 0.32 | 0.62 | 0.70 |
| Implied DCF per common unit | $0.66 | $0.58 | $1.32 | $1.25 |
| Basic net income per common unit | $0.21 | $0.26 | $0.70 | $0.55 |
| Reconciling items per common unit and common unit equivalent <sup>(2) (4)</sup> | 0.45 | 0.32 | 0.62 | 0.70 |
| Implied DCF per common unit and common unit equivalent | $0.66 | $0.58 | $1.32 | $1.25 |

---

<sup>(1)</sup> Includes results from continuing operations and discontinued operations for all periods presented.

<sup>(2)</sup> Represents adjustments to Net Income to calculate Implied DCF Available to Common Unitholders. See the "Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation" table for additional information.

<sup>(3)</sup> Based on weighted average common units outstanding for the periods of 703 million, 701 million, 704 million and 701 million, respectively.

<sup>(4)</sup> Based on weighted average common units outstanding for the periods, as well as weighted average Series A preferred units outstanding of 58 million, 71 million, 60 million and 71 million for the periods presented, respectively.

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 14</u>

**PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net cash provided by operating activities <sup>(1)</sup> | $694 | $653 | $1333 | $1072 |
| Adjustments to reconcile Net cash provided by operating activities to Adjusted Free Cash Flow: |  |  |  |  |
| &nbsp;&nbsp;Net cash used in investing activities <sup>(1) (2) (3)</sup> | (274) | (157) | (1423) | (418) |
| &nbsp;&nbsp;Cash contributions from noncontrolling interests | 25 | 12 | 29 | 24 |
| &nbsp;&nbsp;Cash distributions paid to noncontrolling interests <sup>(4)</sup> | (97) | (97) | (229) | (198) |
| &nbsp;&nbsp;Proceeds from the issuance of related party notes <sup>(2)</sup> |  |  | 330 |  |
| Adjusted Free Cash Flow <sup>(1)</sup> <sup>(5)</sup> | $348 | $411 | $40 | $480 |
| &nbsp;&nbsp;Cash distributions <sup>(6)</sup> | (320) | (286) | (652) | (572) |
| Adjusted Free Cash Flow after Distributions <sup>(1) (5) (7)</sup> | $28 | $125 | $(612) | $(92) |
|  | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Adjusted Free Cash Flow <sup>(1) (5)</sup> | $348 | $411 | $40 | $480 |
| &nbsp;&nbsp;Changes in assets and liabilities, net of acquisitions <sup>(1) (8)</sup> | (6) | 10 | 134 | 201 |
| Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) <sup>(1) (9)</sup> | $342 | $421 | $174 | $681 |
| &nbsp;&nbsp;Cash distributions <sup>(6)</sup> | (320) | (286) | (652) | (572) |
| Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) <sup>(1) (9)</sup> | $22 | $135 | $(478) | $109 |

---

<sup>(1)</sup> Includes results from continuing operations and discontinued operations for all periods presented.

<sup>(2)</sup> Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. "Proceeds from the issuance of related party notes" has an equal and offsetting cash outflow associated with our investment in related party notes, which is included as a component of "Net cash used in investing activities."

<sup>(3)</sup> The six months ended June 30, 2025 includes a net cash outflow of $681 million for bolt-on acquisitions.

<sup>(4)</sup> Cash distributions paid during the period presented.

<sup>(5)</sup> Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow after Distributions shortages, if any, may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.

<sup>(6)</sup> Cash distributions paid to preferred and common unitholders during the period.

<sup>(7)</sup> Excess Adjusted Free Cash Flow after Distributions is retained to establish reserves for future distributions, capital expenditures, debt reduction and other partnership purposes. Adjusted Free Cash Flow after Distributions shortages may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.

<sup>(8)</sup> See the "Condensed Consolidated Cash Flow Data" table.

<sup>(9)</sup> Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) and Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) to assess the underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period.

- more -

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 15</u>

**PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>SELECTED ITEMS IMPACTING COMPARABILITY</u>**

(in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Selected Items Impacting Comparability:** <sup>(1) (2)</sup> |  |  |  |  |
| Derivative activities and inventory valuation adjustments <sup>(3)</sup> | $(8) | $(24) | $27 | $(184) |
| Long-term inventory costing adjustments <sup>(4)</sup> | (19) | (10) | (17) | 24 |
| Deficiencies under minimum volume commitments, net <sup>(5)</sup> | 9 | (7) | 16 | 5 |
| Equity-indexed compensation expense <sup>(6)</sup> | (8) | (10) | (18) | (19) |
| Foreign currency revaluation <sup>(7)</sup> | (9) | 7 | (9) | 17 |
| Transaction-related expenses <sup>(8)</sup> | (3) |  | (8) |  |
| &nbsp;&nbsp;&nbsp;Selected items impacting comparability - Adjusted EBITDA | $(38) | $(44) | $(9) | $(157) |
| Gain on investments in unconsolidated entities, net |  |  | 31 |  |
| Losses on asset sales, net | (55) | (1) | (42) | (1) |
| Tax effect on selected items impacting comparability | (9) | 8 | (12) | 37 |
| Aggregate selected items impacting noncontrolling interests |  | (1) | (2) | (6) |
| &nbsp;&nbsp;&nbsp;Selected items impacting comparability - Adjusted net income attributable to PAA | $(102) | $(38) | $(34) | $(127) |

---

<sup>(1)</sup> Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability. See the "Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation" and "Computation of Basic and Diluted Adjusted Net Income Per Common Unit" tables for additional details on how these selected items impacting comparability affect such measures.

<sup>(2)</sup> Includes results from continuing operations and discontinued operations for all periods presented.

<sup>(3)</sup> We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results, we identify differences in the timing of earnings from the derivative instruments and the underlying transactions and exclude the related gains and losses in determining adjusted results such that the earnings from the derivative instruments and the underlying transactions impact adjusted results in the same period. In addition, we exclude gains and losses on derivatives that are related to (i) investing activities, such as the purchase of linefill, and (ii) purchases of long-term inventory. We also exclude the impact of corresponding inventory valuation adjustments, as applicable. For applicable periods, we excluded gains and losses from the mark-to-market of the embedded derivative associated with the Preferred Distribution Rate Reset Option of our Series A preferred units.

<sup>(4)</sup> We carry crude oil and NGL inventory that is comprised of minimum working inventory requirements in third-party assets and other working inventory that is needed for our commercial operations. We consider this inventory necessary to conduct our operations and we intend to carry this inventory for the foreseeable future. Therefore, we classify this inventory as long-term on our balance sheet and do not hedge the inventory with derivative instruments (similar to linefill in our own assets). We treat the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and write-downs of such inventory that result from price declines as a selected item impacting comparability.

<sup>(5)</sup> We, and certain of our equity method investees, have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty's make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty's ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue or equity earnings, as a selected item impacting comparability. We believe the inclusion of the contractually committed revenues associated with that period is meaningful to investors as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results.

<sup>(6)</sup> Our total equity-indexed compensation expense includes expense associated with awards that will be settled in units and awards that will be settled in cash. The awards that will be settled in units are included in our diluted net income per unit calculation when the applicable performance criteria have been met. We consider the compensation expense associated with these awards as a selected item impacting comparability as the dilutive impact of the outstanding awards is included in our diluted net income per unit calculation, as applicable. The portion of compensation expense associated with awards that will be settled in cash is not considered a selected item impacting comparability.

<sup>(7)</sup> During the periods presented, there were fluctuations in the value of the Canadian dollar to the U.S. dollar, resulting in the realization of foreign exchange gains and losses on the settlement of foreign currency transactions as well as the revaluation of monetary assets and liabilities denominated in a foreign currency. The associated gains and losses are not integral to our results and were thus classified as a selected item impacting comparability.

<sup>(8)</sup> Primarily related to acquisitions completed during the first half of 2025.

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 16</u>

**PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>SELECTED FINANCIAL DATA BY CRUDE OIL</u>**

(in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Six Months Ended**<br>**June 30,**  | **Six Months Ended**<br>**June 30,**  |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues <sup>(1)</sup> | $10622 | $12735 | $22061 | $24317 |
| Purchases and related costs <sup>(1)</sup> | (9742) | (11820) | (20231) | (22484) |
| Field operating costs <sup>(2)</sup> | (279) | (272) | (571) | (538) |
| Segment general and administrative expenses <sup>(2) (3)</sup> | (75) | (72) | (155) | (146) |
| Equity earnings in unconsolidated entities | 94 | 106 | 196 | 201 |
| Adjustments: <sup>(4)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of unconsolidated entities | 20 | 17 | 40 | 37 |
| &nbsp;&nbsp;&nbsp;Derivative activities and inventory valuation adjustments | 52 | (4) | 28 | 34 |
| &nbsp;&nbsp;&nbsp;Long-term inventory costing adjustments | 17 | 4 | 18 | (25) |
| &nbsp;&nbsp;&nbsp;Deficiencies under minimum volume commitments, net | (9) | 7 | (16) | (5) |
| &nbsp;&nbsp;&nbsp;Equity-indexed compensation expense | 8 | 10 | 18 | 19 |
| &nbsp;&nbsp;&nbsp;Foreign currency revaluation | 9 | (2) | 9 | (19) |
| &nbsp;&nbsp;&nbsp;Transaction-related expenses | 3 |  | 8 |  |
| &nbsp;&nbsp;&nbsp;Segment amounts attributable to noncontrolling interests <sup>(5)</sup> | (140) | (133) | (265) | (261) |
| Crude Oil Segment Adjusted EBITDA / Adjusted EBITDA from Crude Oil | $580 | $576 | $1140 | $1130 |
| Crude Oil maintenance capital expenditures | $43 | $41 | $74 | $87 |

---

<sup>(1)</sup> Includes intersegment amounts.

<sup>(2)</sup> Field operating costs and Segment general and administrative expenses include equity-indexed compensation expense. 

<sup>(3)</sup> Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period. 

<sup>(4)</sup> Represents adjustments utilized by our CODM in the evaluation of segment results. Many of these adjustments are also considered selected items impacting comparability when calculating consolidated non-GAAP financial measures such as Adjusted EBITDA. See the "Selected Items Impacting Comparability" table for additional discussion. 

<sup>(5)</sup> Reflects amounts attributable to noncontrolling interests in the Permian JV, Cactus II Pipeline LLC and Red River Pipeline LLC.

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 17</u>

**PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>SELECTED FINANCIAL DATA BY NGL</u>**

(in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Six Months Ended**<br>**June 30,**  | **Six Months Ended**<br>**June 30,**  |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues <sup>(1)</sup> | $26 | $25 | $67 | $86 |
| Purchases and related costs <sup>(1)</sup> | (22) | (21) | (55) | (66) |
| Field operating costs <sup>(2)</sup> | (7) | (8) | (14) | (15) |
| Segment general and administrative expenses <sup>(2) (3)</sup> | (7) | (7) | (13) | (14) |
| NGL Segment Adjusted EBITDA <sup>(4)</sup> | $(10) | $(11) | $(15) | $(9) |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA from NGL Discontinued Operations <sup>(5)</sup> | 97 | 105 | 291 | 262 |
| Adjusted EBITDA from NGL | $87 | $94 | $276 | $253 |
| Maintenance capital expenditures from NGL continuing operations | $1 | $2 | $3 | $3 |
| Maintenance capital expenditures from NGL discontinued operations | 20 | 18 | 28 | 28 |
| &nbsp;&nbsp;NGL maintenance capital expenditures | $21 | $20 | $31 | $31 |

---

<sup>(1)</sup> Includes intersegment amounts.

<sup>(2)</sup> Field operating costs and segment general and administrative expenses include certain costs that are part of the overhead of continuing operations, including information technology, insurance and other shared services costs. 

<sup>(3)</sup> Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period.

<sup>(4)</sup> Includes results from continuing operations and excludes amounts related to discontinued operations for all periods presented.

<sup>(5)</sup> See the "Reconciliation of Adjusted EBITDA from NGL Discontinued Operations" table for a reconciliation to the most directly comparable measure as reported in accordance with GAAP.

- more -

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 18</u>

**PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>DISCONTINUED OPERATIONS DETAIL</u>**

(in millions)

**Components of Income from Discontinued Operations, Net of Tax:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues | $211 | $176 | $745 | $532 |
| Cost and Expenses: |  |  |  |  |
| &nbsp;&nbsp;Purchases and related costs | 10 | 20 | 252 | 232 |
| &nbsp;&nbsp;Field operating costs | 53 | 70 | 122 | 155 |
| &nbsp;&nbsp;General and administrative expenses | 12 | 14 | 26 | 29 |
| &nbsp;&nbsp;Depreciation and amortization | 27 | 31 | 57 | 62 |
| &nbsp;&nbsp;(Gains)/losses on asset sales, net | 13 | (1) | 13 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 115 | 134 | 470 | 476 |
| Income from discontinued operations before tax | 96 | 42 | 275 | 56 |
| Current income tax expense | (14) | (17) | (54) | (55) |
| Deferred income tax (expense)/benefit | (12) | 7 | (15) | 41 |
| &nbsp;&nbsp;Income from discontinued operations, net of tax | $70 | $32 | $206 | $42 |

---

**Reconciliation of Adjusted EBITDA from NGL Discontinued Operations:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Income from discontinued operations, net of tax | $70 | $32 | $206 | $42 |
| Income tax expense from discontinued operations | 26 | 10 | 69 | 14 |
| Depreciation and amortization from discontinued operations | 27 | 31 | 57 | 62 |
| (Gains)/losses on asset sales, net from discontinued operations | 13 | (1) | 13 | (2) |
| Adjustments attributable to discontinued operations <sup>(1)</sup>: |  |  |  |  |
| &nbsp;&nbsp;Derivative activities and inventory valuation adjustments | (44) | 28 | (55) | 150 |
| &nbsp;&nbsp;Long-term inventory costing adjustments | 2 | 6 | (1) | 1 |
| &nbsp;&nbsp;Foreign currency revaluation | 3 | (1) | 2 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA from NGL Discontinued Operations | $97 | $105 | $291 | $262 |

---

<sup>(1)</sup> See the "Selected Items Impacting Comparability" table for additional information.

**Investment Capital from NGL Discontinued Operations:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| NGL investment capital expenditures from discontinued operations | $27 | $23 | $68 | $37 |

---

- more -

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 19</u>

**PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>OPERATING DATA</u>** <sup>(1)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Crude Oil Volumes** |  |  |  |  |
| &nbsp;&nbsp;Crude oil pipeline tariff (by region) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Permian Basin <sup>(2)</sup> | 7223 | 6701 | 7047 | 6565 |
| &nbsp;&nbsp;&nbsp;&nbsp;South Texas / Eagle Ford <sup>(2)</sup> | 542 | 395 | 517 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid-Continent <sup>(2)</sup> | 537 | 530 | 477 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gulf Coast <sup>(2)</sup> | 219 | 223 | 216 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocky Mountain <sup>(2)</sup> | 508 | 495 | 501 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western | 289 | 245 | 268 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 341 | 349 | 348 | 348 |
| &nbsp;&nbsp;Total crude oil pipeline tariff <sup>(2)</sup> | 9659 | 8938 | 9374 | 8769 |
| **NGL Volumes** <sup>(3)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NGL fractionation | 151 | 129 | 154 | 128 |
| &nbsp;&nbsp;&nbsp;NGL pipeline tariff | 225 | 221 | 230 | 217 |
| &nbsp;&nbsp;&nbsp;Propane and butane sales | 54 | 54 | 100 | 91 |

---

<sup>(1)</sup> Average volumes in thousands of barrels per day calculated as the total volumes (attributable to our interest for assets owned by unconsolidated entities or through undivided joint interests) for the period divided by the number of days in the period. Volumes associated with assets acquired during the period represent total volumes for the number of days we actually owned the assets divided by the number of days in the period. 

<sup>(2)</sup> Includes volumes (attributable to our interest) from assets owned by unconsolidated entities.

<sup>(3)</sup> Includes volumes from assets associated with continuing operations and discontinued operations.

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 20</u>

**PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>SUPPLEMENTAL NON-GAAP RECONCILIATIONS</u>**

(in millions)

**Supplemental Adjusted EBITDA attributable to PAA Reconciliation:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Crude Oil Segment Adjusted EBITDA | $580 | $576 | $1140 | $1130 |
| NGL Segment Adjusted EBITDA | (10) | (11) | (15) | (9) |
| Adjusted EBITDA from NGL Discontinued Operations <sup>(1)</sup> | 97 | 105 | 291 | 262 |
| Adjusted other income, net <sup>(2)</sup> | 5 | 4 | 10 | 8 |
| &nbsp;&nbsp;Adjusted EBITDA attributable to PAA <sup>(3)</sup> | $672 | $674 | $1426 | $1391 |

---

<sup>(1)</sup> See the "Reconciliation of Adjusted EBITDA from NGL Discontinued Operations Reconciliation" table for a reconciliation to the most directly comparable measure as reported in accordance with GAAP.

<sup>(2)</sup> Represents "Other income, net" as reported on our Condensed Consolidated Statements of Operations, excluding interest income on promissory notes by and among certain Plains entities, as well as other income, net attributable to noncontrolling interests, adjusted for selected items impacting comparability. See the "Selected Items Impacting Comparability" table for additional information.

<sup>(3)</sup> See the "Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation" table for reconciliation to Net Income.

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 21</u>

**PLAINS GP HOLDINGS AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS</u>**

(in millions, except per share data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2024** | **Three Months Ended<br>June 30, 2024** | **Three Months Ended<br>June 30, 2024** |
| |<br>**PAA** | **Consolidating**<br>**Adjustments** <sup>(1)</sup> |<br>**PAGP** |<br>**PAA** | **Consolidating**<br>**Adjustments** <sup>(1)</sup> |<br>**PAGP** |
| **REVENUES** | $10642 | $— | $10642 | $12757 | $— | $12757 |
| **COSTS AND EXPENSES** |  |  |  |  |  |  |
| Purchases and related costs | 9758 |  | 9758 | 11838 |  | 11838 |
| Field operating costs | 286 |  | 286 | 280 |  | 280 |
| General and administrative expenses | 82 | 2 | 84 | 79 | 2 | 81 |
| Depreciation and amortization | 235 |  | 235 | 226 |  | 226 |
| Losses on asset sales, net | 42 |  | 42 | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;Total costs and expenses | 10403 | 2 | 10405 | 12425 | 2 | 12427 |
| **OPERATING INCOME** | 239 | (2) | 237 | 332 | (2) | 330 |
| **OTHER INCOME/(EXPENSE)** |  |  |  |  |  |  |
| Equity earnings in unconsolidated entities | 94 |  | 94 | 106 |  | 106 |
| Interest expense, net | (133) | 23 | (110) | (111) | 15 | (96) |
| Other income, net | 31 | (23) | 8 | 23 | (15) | 8 |
| **INCOME FROM CONTINUING OPERATIONS BEFORE TAX** | 231 | (2) | 229 | 350 | (2) | 348 |
| Current income tax expense from continuing operations | (1) |  | (1) | (52) |  | (52) |
| Deferred income tax expense from continuing operations | (3) | (12) | (15) |  | (12) | (12) |
| **INCOME FROM CONTINUING OPERATIONS, NET OF TAX** | 227 | (14) | 213 | 298 | (14) | 284 |
| **INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX** | 70 |  | 70 | 32 |  | 32 |
| **NET INCOME** | 297 | (14) | 283 | 330 | (14) | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | (87) | (166) | (253) | (80) | (197) | (277) |
| **NET INCOME ATTRIBUTABLE TO PAGP** | $210 | $(180) | $30 | $250 | $(211) | $39 |
| Basic net income per Class A share <sup>(2)</sup>: | Basic net income per Class A share <sup>(2)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;Continuing operations |  |  | $0.05 |  |  | $0.15 |
| &nbsp;&nbsp;Discontinued operations |  |  | $0.10 |  |  | $0.05 |
| Basic net income per Class A share | Basic net income per Class A share | Basic net income per Class A share | $0.15 |  |  | $0.20 |
| Diluted net income per Class A share <sup>(2)</sup>: | Diluted net income per Class A share <sup>(2)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Continuing operations |  |  | $0.05 |  |  | $0.15 |
| &nbsp;&nbsp;&nbsp;Discontinued operations |  |  | $0.10 |  |  | $0.04 |
| Diluted net income per Class A share | Diluted net income per Class A share | Diluted net income per Class A share | $0.15 |  |  | $0.19 |

---

<sup>(1)</sup> Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP. 

<sup>(2)</sup> See the "Computation of Basic and Diluted Net Income Per Class A Share" table for additional information.

- more -

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| | | |
|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 22</u>

**PLAINS GP HOLDINGS AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS</u>**

(in millions, except per share data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** |
| |<br>**PAA** | **Consolidating**<br>**Adjustments** <sup>(1)</sup> |<br>**PAGP** |<br>**PAA** | **Consolidating**<br>**Adjustments** <sup>(1)</sup> |<br>**PAGP** |
| **REVENUES** | $22119 | $— | $22119 | $24396 | $— | $24396 |
| **COSTS AND EXPENSES** |  |  |  |  |  |  |
| &nbsp;&nbsp;Purchases and related costs | 20277 |  | 20277 | 22543 |  | 22543 |
| &nbsp;&nbsp;Field operating costs | 585 |  | 585 | 553 |  | 553 |
| &nbsp;&nbsp;General and administrative expenses | 168 | 3 | 171 | 160 | 3 | 163 |
| &nbsp;&nbsp;Depreciation and amortization | 466 |  | 466 | 449 |  | 449 |
| &nbsp;&nbsp;Losses on asset sales, net | 29 |  | 29 | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 21525 | 3 | 21528 | 23708 | 3 | 23711 |
| **OPERATING INCOME** | 594 | (3) | 591 | 688 | (3) | 685 |
| **OTHER INCOME/(EXPENSE)** |  |  |  |  |  |  |
| Equity earnings in unconsolidated entities | 196 |  | 196 | 201 |  | 201 |
| Gain on investments in unconsolidated entities, net | 31 |  | 31 |  |  |  |
| Interest expense, net | (260) | 43 | (217) | (205) | 15 | (190) |
| Other income, net | 57 | (43) | 14 | 18 | (15) | 3 |
| **INCOME FROM CONTINUING OPERATIONS BEFORE TAX** | 618 | (3) | 615 | 702 | (3) | 699 |
| Current income tax expense from continuing operations | (6) |  | (6) | (68) |  | (68) |
| Deferred income tax (expense)/benefit from continuing operations | (5) | (35) | (40) | 5 | (25) | (20) |
| **INCOME FROM CONTINUING OPERATIONS, NET OF TAX** | 607 | (38) | 569 | 639 | (28) | 611 |
| **INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX** | 206 |  | 206 | 42 |  | 42 |
| **NET INCOME** | 813 | (38) | 775 | 681 | (28) | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | (160) | (501) | (661) | (166) | (406) | (572) |
| **NET INCOME ATTRIBUTABLE TO PAGP** | $653 | $(539) | $114 | $515 | $(434) | $81 |
| Basic net income per Class A share <sup>(2)</sup>: | Basic net income per Class A share <sup>(2)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Continuing operations |  |  | $0.29 |  |  | $0.35 |
| &nbsp;&nbsp;&nbsp;Discontinued operations |  |  | $0.29 |  |  | $0.06 |
| Basic net income per Class A share | Basic net income per Class A share | Basic net income per Class A share | $0.58 |  |  | $0.41 |
| Diluted net income per Class A share <sup>(2)</sup>: | Diluted net income per Class A share <sup>(2)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Continuing operations |  |  | $0.29 |  |  | $0.35 |
| &nbsp;&nbsp;&nbsp;Discontinued operations |  |  | $0.28 |  |  | $0.06 |
| Diluted net income per Class A share | Diluted net income per Class A share | Diluted net income per Class A share | $0.57 |  |  | $0.41 |

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<sup>(1)</sup> Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.

<sup>(2)</sup> See the "Computation of Basic and Diluted Net Income Per Class A Share" table for additional information.

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| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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**PLAINS GP HOLDINGS AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>CONDENSED CONSOLIDATING BALANCE SHEET DATA</u>**

(in millions)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| |<br>**PAA** | **Consolidating**<br>**Adjustments** <sup>(1)</sup> |<br>**PAGP** |<br>**PAA** | **Consolidating**<br>**Adjustments** <sup>(1)</sup> |<br>**PAGP** |
| **ASSETS** | | | | | | |
| Current assets <sup>(2)</sup> | $4688 | $(30) | $4658 | $4802 | $(26) | $4776 |
| Property and equipment, net | 14177 |  | 14177 | 13446 |  | 13446 |
| Investments in unconsolidated entities | 2709 |  | 2709 | 2811 |  | 2811 |
| Intangible assets, net | 1636 |  | 1636 | 1677 |  | 1677 |
| Deferred tax asset |  | 1175 | 1175 |  | 1220 | 1220 |
| Linefill | 940 |  | 940 | 904 |  | 904 |
| Long-term operating lease right-of-use assets, net | 182 |  | 182 | 189 |  | 189 |
| Long-term inventory | 234 |  | 234 | 242 |  | 242 |
| Long-term assets of discontinued operations | 2482 |  | 2482 | 2349 |  | 2349 |
| Other long-term assets, net | 107 |  | 107 | 142 |  | 142 |
| &nbsp;&nbsp;&nbsp;Total assets | $27155 | $1145 | $28300 | $26562 | $1194 | $27756 |
| **LIABILITIES AND PARTNERS' CAPITAL** |  |  |  |  |  |  |
| Current liabilities <sup>(3)</sup> | $4679 | $(31) | $4648 | $4950 | $(26) | $4924 |
| Senior notes, net | 8133 |  | 8133 | 7141 |  | 7141 |
| Other long-term debt, net | 71 |  | 71 | 70 |  | 70 |
| Long-term operating lease liabilities | 190 |  | 190 | 192 |  | 192 |
| Long-term liabilities of discontinued operations | 598 |  | 598 | 576 |  | 576 |
| Other long-term liabilities and deferred credits | 535 |  | 535 | 537 |  | 537 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 14206 | (31) | 14175 | 13466 | (26) | 13440 |
| Partners' capital excluding noncontrolling interests | 9706 | (8352) | 1354 | 9813 | (8462) | 1351 |
| Noncontrolling interests | 3243 | 9528 | 12771 | 3283 | 9682 | 12965 |
| &nbsp;&nbsp;&nbsp;Total partners' capital | 12949 | 1176 | 14125 | 13096 | 1220 | 14316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and partners' capital | $27155 | $1145 | $28300 | $26562 | $1194 | $27756 |

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<sup>(1)</sup> Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.

<sup>(2)</sup> Includes current assets of discontinued operations of $385 million and $415 million as of June 30, 2025 and December 31, 2024, respectively.

<sup>(3)</sup> Includes current liabilities of discontinued operations of $313 million and $350 million as of June 30, 2025 and December 31, 2024, respectively.

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| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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<u>Page 24</u>

**PLAINS GP HOLDINGS AND SUBSIDIARIES**

**FINANCIAL SUMMARY** (unaudited)

    

**<u>COMPUTATION OF BASIC AND DILUTED NET INCOME PER CLASS A SHARE</u>**

(in millions, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Basic Net Income per Class A Share** |  |  |  |  |
| Net income attributable to PAGP from continuing operations | $10 | $30 | $56 | $69 |
| &nbsp;&nbsp;Net income attributable to PAGP from discontinued operations | $20 | $9 | $58 | $12 |
| Basic weighted average Class A shares outstanding | 198 | 197 | 198 | 197 |
| Basic Net Income per Class A Share:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Continuing operations | $0.05 | $0.15 | $0.29 | $0.35 |
| &nbsp;&nbsp;&nbsp;Discontinued operations | $0.10 | $0.05 | $0.29 | $0.06 |
| Basic net income per Class A share | $0.15 | $0.20 | $0.58 | $0.41 |
| **Diluted Net Income per Class A Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income attributable to PAGP from continuing operations | $10 | $30 | $56 | $69 |
| &nbsp;&nbsp;&nbsp;Net income attributable to PAGP from discontinued operations | $20 | $9 | $58 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incremental net income attributable to PAGP resulting from assumed exchange of AAP Management Units |  | 1 | 8 |  |
| &nbsp;&nbsp;Net income attributable to PAGP from discontinued operations including incremental net income from assumed exchange of AAP Management Units | $20 | $10 | $66 | $12 |
| &nbsp;&nbsp;&nbsp;Basic weighted average Class A shares outstanding | 198 | 197 | 198 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive shares resulting from assumed exchange of AAP Management Units |  | 35 | 35 |  |
| &nbsp;&nbsp;&nbsp;Diluted weighted average Class A shares outstanding | 198 | 232 | 233 | 197 |
| &nbsp;&nbsp;&nbsp;Diluted Net Income per Class A Share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $0.05 | $0.15 | $0.29 | $0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | $0.10 | $0.04 | $0.28 | $0.06 |
| &nbsp;&nbsp;&nbsp;Diluted net income per Class A share | $0.15 | $0.19 | $0.57 | $0.41 |

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***Forward-Looking Statements***

Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic, market or business conditions in the United States and elsewhere (including the potential for a recession or significant slowdown in economic activity levels, the risk of persistently high inflation and supply chain issues, the impact of global public health events, such as pandemics, on demand and growth, and the timing, pace and extent of economic recovery) that impact (i) demand for crude oil, drilling and production activities and therefore the demand for the midstream services we provide and (ii) commercial opportunities available to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declines in global crude oil demand and/or crude oil prices or other factors that correspondingly lead to a significant reduction of North American crude oil and NGL production (whether due to reduced producer cash flow to fund drilling activities or the inability of producers to access capital, or both, the unavailability of pipeline and/or storage capacity, the shutting-in of production by producers, government-mandated pro-ration orders, or other factors), which in turn could result in significant declines in the actual or expected volume of crude oil and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets and/or the reduction of the margins we can earn or the commercial opportunities that might otherwise be available to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in refinery capacity and other factors affecting demand for various grades of crude oil and NGL and resulting changes in pricing conditions or transportation throughput requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of competition and capacity overbuild in areas where we operate, including downward pressure on rates, volumes and margins, contract renewal risk and the risk of loss of business to other midstream operators who are willing or under pressure to aggressively reduce transportation rates in order to capture or preserve customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of, and our ability to consummate, acquisitions, divestitures (including the pending divestiture of our Canadian NGL Business), joint ventures or other strategic opportunities and realize benefits therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the successful operation of joint ventures and joint operating arrangements we enter into from time to time, whether relating to assets operated by us or by third parties, and the successful integration and future performance of acquired assets or businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental liabilities, litigation or other events that are not covered by an indemnity, insurance or existing reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative societal sentiment regarding the hydrocarbon energy industry and the continued development and consumption of hydrocarbons, which could influence consumer preferences and governmental or regulatory actions that adversely impact our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event that materially impacts our operations, including cyber or other attacks on our or our service providers' electronic and computer systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weather interference with business operations or project construction, including the impact of extreme weather events or conditions (including hurricanes, floods, wildfires and drought);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of current and future laws, rulings, legislation, governmental regulations, executive orders, trade policies, trade tariffs, accounting standards and statements, and related interpretations that (i) prohibit, restrict or regulate the development of oil and gas resources and the related infrastructure on lands dedicated to or served by our pipelines or (ii) negatively impact our ability to develop, operate or repair midstream assets, or (iii) otherwise negatively impact our business or increase our exposure to risk;

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<u>Page 26</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative impacts on production levels in the Permian Basin or elsewhere due to issues associated with (or laws, rules or regulations relating to) hydraulic fracturing and related activities (including wastewater injection or disposal), including earthquakes, subsidence, expansion or other issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the pace of development of natural gas or other infrastructure and its impact on expected crude oil production growth in the Permian Basin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the refusal or inability of our customers or counterparties to perform their obligations under their contracts with us (including commercial contracts, asset sale agreements and other agreements), whether justified or not and whether due to financial constraints (such as reduced creditworthiness, liquidity issues or insolvency), market constraints, legal constraints (including governmental orders or guidance), the exercise of contractual or common law rights that allegedly excuse their performance (such as force majeure or similar claims) or other factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of key personnel and inability to attract and retain new talent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions to futures markets for crude oil, NGL and other petroleum products, which may impair our ability to execute our commercial or hedging strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effectiveness of our risk management activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shortages or cost increases of supplies, materials or labor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintenance of our credit ratings and ability to receive open credit from our suppliers and trade counterparties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to perform our obligations under our contracts, whether due to non-performance by third parties, including our customers or counterparties, market constraints, third-party constraints, supply chain issues, legal constraints (including governmental orders or guidance), or other factors or events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the incurrence of costs and expenses related to unexpected or unplanned capital or maintenance expenditures, third-party claims or other factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to implement or capitalize, or delays in implementing or capitalizing, on investment capital projects, whether due to permitting delays, permitting withdrawals or other factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, investment capital projects, working capital requirements and the repayment or refinancing of indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amplification of other risks caused by volatile or closed financial markets, capital constraints, liquidity concerns and inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use or availability of third-party assets upon which our operations depend and over which we have little or no control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the currency exchange rate of the Canadian dollar to the United States dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the deferral of current revenue recognition attributable to deficiency payments received from customers who fail to ship or move their minimum contracted volumes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant under-utilization of our assets and facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased costs, or lack of availability, of insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the development and operation of our assets; and

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<u>Page 27</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, as well as in the processing, transportation, fractionation, storage and marketing of NGL as discussed in the Partnerships' filings with the Securities and Exchange Commission.

<u>About Plains:</u>

PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids ("NGL"). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles over 9 million barrels per day of crude oil and NGL.

PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

PAA and PAGP are headquartered in Houston, Texas. For more information, please visit www.plains.com.

<u>Contacts</u>:

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| |
|:---|
| Blake Fernandez |
| Vice President, Investor Relations |
| (866) 809-1291 |
| Michael Gladstein |
| Director, Investor Relations |
| (866) 809-1291 |

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|:---|:---|:---|
| **333 Clay Street, Suite 1600** | **Houston, Texas 77002** | **713-646-4100 / 866-809-1291** |

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