Plains All American Reports Second-Quarter 2025 Results

Q: How much did PAA's Q2 2025 earnings decline compared to Q2 2024?

PAA's net income declined 16% year-over-year from $250 million in Q2 2024 to $210 million in Q2 2025.

Q: What is Plains All American's current quarterly distribution?

PAA declared a quarterly distribution of $0.3800 per unit for Q2 2025, representing a 20% increase from $0.3175 in Q2 2024.

Q: What is Plains All American's current leverage ratio?

PAA reported a leverage ratio of 3.3x , which is at the lower end of their target range of 3.25x - 3.75x.

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Insights

PAA reported solid Q2 results while advancing strategic divestiture of NGL business that will strengthen balance sheet and focus on crude assets.

Plains All American (PAA) delivered $672 million in Adjusted EBITDA for Q2 2025, effectively flat compared to $674 million in Q2 2024. This performance came amid what management described as a "volatile macro environment," demonstrating the resilience of their operations. The company maintained a healthy 3.3x leverage ratio, positioning them at the favorable end of their 3.25x-3.75x target range.

The most significant strategic development is PAA's agreement to divest substantially all of its NGL business for approximately $3.75 billion USD, with expected net proceeds of $3 billion after taxes and adjustments. This transaction, expected to close in Q1 2026, represents a transformative shift toward becoming a more focused crude oil infrastructure company. Management has outlined plans to allocate these proceeds primarily toward bolt-on acquisitions, preferred unit repurchases, and opportunistic common unit repurchases – a capital allocation strategy that balances growth with shareholder returns.

PAA has already demonstrated execution on this strategy by acquiring an additional 20% interest in BridgeTex Pipeline, increasing their ownership to 40%. This acquisition strengthens their Permian Basin footprint, which continues to be a critical growth region for North American crude production.

From a segment perspective, Crude Oil Adjusted EBITDA was $580 million, up 1% year-over-year, driven by higher pipeline volumes, tariff escalations, and contribution from recent acquisitions. These positive factors were largely offset by fewer market opportunities and lower commodity prices. NGL Adjusted EBITDA decreased 7% to $87 million, primarily due to lower iso-to-normal butane spread benefits.

The company's distribution strategy remains shareholder-friendly, with quarterly distributions of $0.38 per unit, representing a substantial 20% increase year-over-year. Adjusted Free Cash Flow after Distributions was positive at $22 million for the quarter (excluding changes in assets and liabilities), though significantly lower than the $135 million in Q2 2024, reflecting a 84% decrease primarily due to increased investment activity.

08/08/2025 - 07:30 AM

HOUSTON, Aug. 08, 2025 (GLOBE NEWSWIRE) -- 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

Reported net income attributable to PAA of $210 million and net cash provided by operating activities of $694 million
Delivered Adjusted EBITDA attributable to PAA of $672 million
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

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

Plains All American Pipeline
Summary Financial Information (unaudited)
(in millions, except per unit data)

	Three Months Ended June 30,				%		Six Months Ended June 30,				%
*GAAP Results* ⁽¹⁾	2025		2024		Change		2025		2024		Change
Net income attributable to PAA ⁽²⁾	$	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	%	$	1,333	$	1,072	24	%
Distribution per common unit declared for the period	$	0.3800	$	0.3175	20	%	$	0.7600	$	0.6350	20	%

	Three Months Ended June 30,				%		Six Months Ended June 30,						%
*Non-GAAP Results* ⁽¹⁾ ⁽³⁾	2025		2024		Change			2025			2024		Change
Adjusted net income attributable to PAA ⁽²⁾	$	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	%	$	1,693		$	1,654		2	%
Adjusted EBITDA attributable to PAA ⁽²⁾	$	672	$	674	—	%	$	1,426		$	1,391		3	%
Implied DCF per common unit and common unit equivalent	$	0.66	$	0.58	14	%	$	1.32		$	1.25		6	%
Adjusted Free Cash Flow ⁽⁴⁾	$	348	$	411	(15	)%	$	40		$	480		(92	)%
Adjusted Free Cash Flow after Distributions ⁽⁴⁾	$	28	$	125	(78	)%	$	(612	)	$	(92	)	**
Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) ⁽⁴⁾	$	342	$	421	(19	)%	$	174		$	681		(74	)%
Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) ⁽⁴⁾	$	22	$	135	(84	)%	$	(478	)	$	109		**

______________________________
^**	Indicates that variance as a percentage is not meaningful.
⁽¹⁾	Includes results from continuing operations and discontinued operations for all periods presented. See the tables attached hereto for additional information.
⁽²⁾	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.
⁽³⁾	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.
⁽⁴⁾	The six months ended June 30, 2025 includes the impact of a net cash outflow of $681 million for bolt-on acquisitions.

Disaggregation of Adjusted EBITDA by Product ⁽¹⁾⁽²⁾ (unaudited)
(in millions)

	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	$	1,140		$	276
Six Months Ended June 30, 2024	$	1,130		$	253
*Percentage change versus 2024 period*		1	%		9	%

______________________________
^**	Indicates that variance as a percentage is not meaningful.
⁽¹⁾	Includes results from continuing operations and discontinued operations for all periods presented.
⁽²⁾	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.

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.

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.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per unit data)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
REVENUES	$	10,642		$	12,757		$	22,119		$	24,396

COSTS AND EXPENSES
Purchases and related costs		9,758			11,838			20,277			22,543
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
Total costs and expenses		10,403			12,425			21,525			23,708

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 ⁽¹⁾		(133	)		(111	)		(260	)		(205	)
Other income, net ⁽¹⁾		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:
Net income allocated to common unitholders — Basic and Diluted:
Continuing operations	$	80		$	148		$	287		$	340
Discontinued operations		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		703			701			704			701

Basic and diluted net income per common unit:
Continuing operations	$	0.11		$	0.21		$	0.41		$	0.49
Discontinued operations	$	0.10		$	0.05		$	0.29		$	0.06
Basic and diluted net income per common unit	$	0.21		$	0.26		$	0.70		$	0.55

___________________________________
⁽¹⁾	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.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in millions)

	June 30, 2025		December 31, 2024
ASSETS
Current assets (including cash and cash equivalents of $459 and $348, respectively) ⁽¹⁾	$	4,688	$	4,802
Property and equipment, net		14,177		13,446
Investments in unconsolidated entities		2,709		2,811
Intangible assets, net		1,636		1,677
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		2,482		2,349
Other long-term assets, net		107		142
Total assets	$	27,155	$	26,562

LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities ⁽²⁾	$	4,679	$	4,950
Senior notes, net		8,133		7,141
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		14,206		13,466

Partners’ capital excluding noncontrolling interests		9,706		9,813
Noncontrolling interests		3,243		3,283
Total partners’ capital		12,949		13,096
Total liabilities and partners’ capital	$	27,155	$	26,562

__________________________________
⁽¹⁾	Includes current assets of discontinued operations of $385 million and $415 million as of June 30, 2025 and December 31, 2024, respectively.
⁽²⁾	Includes current liabilities of discontinued operations of $313 million and $350 million as of June 30, 2025 and December 31, 2024, respectively.

DEBT CAPITALIZATION RATIOS ⁽¹⁾(in millions, except percentages)

	June 30, 2025			December 31, 2024
Short-term debt	$	476		$	408
Long-term debt		8,206			7,213
Total debt	$	8,682		$	7,621

Long-term debt	$	8,206		$	7,213
Partners’ capital excluding noncontrolling interests		9,706			9,813
Total book capitalization excluding noncontrolling interests (“Total book capitalization”)	$	17,912		$	17,026
Total book capitalization, including short-term debt	$	18,388		$	17,434

Long-term debt-to-total book capitalization		46	%		42	%
Total debt-to-total book capitalization, including short-term debt		47	%		44	%

_______________________________
⁽¹⁾	Includes results from continuing operations and discontinued operations for all periods presented.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

COMPUTATION OF BASIC AND DILUTED NET INCOME PER COMMON UNIT
(in millions, except per unit data)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Basic and Diluted Net Income per Common Unit

Continuing Operations:
Income from continuing operations, net of tax	$	227		$	298		$	607		$	639
Net income attributable to noncontrolling interests		(87	)		(80	)		(160	)		(166	)
Net income from continuing operations attributable to PAA	$	140		$	218		$	447		$	473
Distributions to Series A preferred unitholders		(36	)		(44	)		(75	)		(88	)
Distributions to Series B preferred unitholders		(18	)		(19	)		(35	)		(39	)
Amounts allocated to participating securities		(7	)		(8	)		(9	)		(9	)
Impact from repurchase of Series A preferred units ⁽¹⁾		—			—			(43	)		—
Other		1			1			2			3
Net income from continuing operations allocated to common unitholders - Basic and Diluted ⁽²⁾	$	80		$	148		$	287		$	340

Discontinued Operations:
Net income from discontinued operations allocated to common unitholders - Basic and Diluted ⁽³⁾	$	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 ⁽⁴⁾⁽⁵⁾		703			701			704			701

Basic and diluted net income per common unit:
Continuing operations	$	0.11		$	0.21		$	0.41		$	0.49
Discontinued operations	$	0.10		$	0.05		$	0.29		$	0.06
Basic and diluted net income per common unit	$	0.21		$	0.26		$	0.70		$	0.55

_______________________________
⁽¹⁾	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.
⁽²⁾	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.
⁽³⁾	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.
⁽⁴⁾	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.
⁽⁵⁾	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.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATED CASH FLOW DATA
(in millions)

	Six Months Ended June 30,
		2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	813		$	681
Reconciliation of net income to net cash provided by operating activities:
Income from discontinued operations, net of tax		(206	)		(42	)
Depreciation and amortization		466			449
Losses on asset sales, net		29			3
Deferred income tax expense/(benefit)		5			(5	)
(Gain)/loss on foreign currency revaluation		4			(15	)
Settlement of terminated interest rate hedging instruments		—			57
Equity earnings in unconsolidated entities		(196	)		(201	)
Distributions on earnings from unconsolidated entities		256			250
Gain on investments in unconsolidated entities, net		(31	)		—
Other		32			37
Changes in assets and liabilities, net of acquisitions		(140	)		(222	)
Cash provided by operating activities - continuing operations		1,032			992
Cash provided by operating activities - discontinued operations		301			80
Net cash provided by operating activities		1,333			1,072

CASH FLOWS FROM INVESTING ACTIVITIES
Cash used in investing activities - continuing operations		(1,317	)		(357	)
Cash used in investing activities - discontinued operations		(106	)		(61	)
Net cash used in investing activities ^{(1) (2)}		(1,423	)		(418	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by/(used in) financing activities ⁽¹⁾		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

_______________________________
⁽¹⁾	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.”
⁽²⁾	The 2025 period includes a net cash outflow of $681 million for bolt-on acquisitions.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CAPITAL EXPENDITURES⁽¹⁾
(in millions)

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

_________________________
⁽¹⁾	Includes results from continuing operations and discontinued operations for all periods presented.
⁽²⁾	Excludes expenditures attributable to noncontrolling interests.
⁽³⁾	See the “Discontinued Operations Detail” section for amounts attributable to discontinued operations.
⁽⁴⁾	See the “Selected Financial Data by NGL” section for amounts attributable to discontinued operations.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

NON-GAAP RECONCILIATIONS
(in millions, except per unit and ratio data)

Computation of Basic and Diluted Adjusted Net Income Per Common Unit⁽¹⁾⁽²⁾ :

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Basic and Diluted Adjusted Net Income per Common Unit
Net income attributable to PAA	$	210		$	250		$	653		$	515
Selected items impacting comparability - Adjusted net income attributable to PAA ⁽³⁾		102			38			34			127
Adjusted net income attributable to PAA	$	312		$	288		$	687		$	642
Distributions to Series A preferred unitholders		(36	)		(44	)		(75	)		(88	)
Distributions to Series B preferred unitholders		(18	)		(19	)		(35	)		(39	)
Amounts allocated to participating securities		(7	)		(8	)		(9	)		(10	)
Impact from repurchase of Series A preferred units ⁽⁴⁾		—			—			(43	)		—
Other		1			1			2			3
Adjusted net income allocated to common unitholders	$	252		$	218		$	527		$	508

Basic and diluted weighted average common units outstanding ⁽⁵^{) (}⁶⁾		703			701			704			701

Basic and diluted adjusted net income per common unit	$	0.36		$	0.31		$	0.75		$	0.72

____________________________________
⁽¹⁾	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.
⁽²⁾	Includes results from continuing operations and discontinued operations for all periods presented.
⁽³⁾	See the “Selected Items Impacting Comparability” table for additional information.
⁽⁴⁾	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.
⁽⁵⁾	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.
⁽⁶⁾	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 ⁽¹⁾:

	Three Months Ended June 30,				Six Months Ended 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 ⁽²⁾		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

____________________________________
⁽¹⁾	Includes results from continuing operations and discontinued operations for all periods presented.
⁽²⁾	See the “Selected Items Impacting Comparability” and the “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional information.

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 June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Net income ⁽¹⁾	$	297		$	330		$	813		$	681
Interest expense, net of certain items ⁽²⁾		110			96			217			190
Income tax expense from continuing operations		4			52			11			63
Income tax expense from discontinued operations		26			10			69			14
Depreciation and amortization from continuing operations		235			226			466			449
Depreciation and amortization from discontinued operations		27			31			57			62
Losses on asset sales, net from continuing operations		42			2			29			3
(Gains)/losses on asset sales, net from discontinued operations		13			(1	)		13			(2	)
Gain on investments in unconsolidated entities, net		—			—			(31	)		—
Depreciation and amortization of unconsolidated entities⁽³⁾		20			17			40			37
Selected items impacting comparability - Adjusted EBITDA ⁽^{1) (}⁴⁾		38			44			9			157
Adjusted EBITDA ⁽¹⁾	$	812		$	807		$	1,693		$	1,654
Adjusted EBITDA attributable to noncontrolling interests		(140	)		(133	)		(267	)		(263	)
Adjusted EBITDA attributable to PAA ⁽¹⁾	$	672		$	674		$	1,426		$	1,391

Adjusted EBITDA ⁽¹⁾	$	812		$	807		$	1,693		$	1,654
Interest expense, net of certain non-cash and other items ⁽⁵⁾		(107	)		(91	)		(211	)		(180	)
Maintenance capital from continuing operations		(44	)		(43	)		(77	)		(90	)
Maintenance capital from discontinued operations		(20	)		(18	)		(28	)		(28	)
Investment capital of noncontrolling interests ⁽⁶⁾		(33	)		(17	)		(64	)		(41	)
Current income tax expense from continuing operations		(1	)		(52	)		(6	)		(68	)
Current income tax expense from discontinued operations		(14	)		(17	)		(54	)		(55	)
Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings ⁽⁷⁾		22			(5	)		19			7
Distributions to noncontrolling interests ⁽⁸⁾		(97	)		(97	)		(229	)		(198	)
Implied DCF ⁽¹⁾	$	518		$	467		$	1,043		$	1,001
Preferred unit distributions paid ⁽⁸⁾		(53	)		(63	)		(117	)		(127	)
Implied DCF Available to Common Unitholders ⁽¹⁾	$	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 ⁽^{1) (}⁹⁾	$	0.66		$	0.58		$	1.32		$	1.25
Implied DCF per Common Unit and Common Unit Equivalent ⁽¹^{) (}¹⁰⁾	$	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 ⁽⁸⁾	$	267		$	223		$	535		$	445
Common Unit Distribution Coverage Ratio ⁽¹⁾		1.74x			1.81x			1.73x			1.96x
Implied DCF Excess ⁽¹⁾	$	198		$	181		$	391		$	429

_____________________________________
⁽¹⁾	Includes results from continuing operations and discontinued operations for all periods presented.
⁽²⁾	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.
⁽³⁾	Adjustment to exclude our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities.
⁽⁴⁾	See the “Selected Items Impacting Comparability” table for additional information.
⁽⁵⁾	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.
⁽⁶⁾	Investment capital expenditures attributable to noncontrolling interests that reduce Implied DCF available to PAA common unitholders.
⁽⁷⁾	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).
⁽⁸⁾	Cash distributions paid during the period presented.
⁽⁹⁾	Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period.
⁽¹⁰⁾	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.

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 ⁽¹⁾:

	Three Months Ended June 30,				Six Months Ended 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 ⁽²^{) (}³⁾		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 ⁽²^{) (}⁴⁾		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

______________________________
⁽¹⁾	Includes results from continuing operations and discontinued operations for all periods presented.
⁽²⁾	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.
⁽³⁾	Based on weighted average common units outstanding for the periods of 703 million, 701 million, 704 million and 701 million, respectively.
⁽⁴⁾	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.

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 June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Net cash provided by operating activities ⁽¹⁾	$	694		$	653		$	1,333		$	1,072
Adjustments to reconcile Net cash provided by operating activities to Adjusted Free Cash Flow:
Net cash used in investing activities ^{(1) (2)}⁽³⁾		(274	)		(157	)		(1,423	)		(418	)
Cash contributions from noncontrolling interests		25			12			29			24
Cash distributions paid to noncontrolling interests ⁽⁴⁾		(97	)		(97	)		(229	)		(198	)
Proceeds from the issuance of related party notes⁽²⁾		—			—			330			—
Adjusted Free Cash Flow ⁽¹⁾ ⁽⁵⁾	$	348		$	411		$	40		$	480
Cash distributions ⁽⁶⁾		(320	)		(286	)		(652	)		(572	)
Adjusted Free Cash Flow after Distributions ⁽¹⁾⁽⁵^{) (}⁷⁾	$	28		$	125		$	(612	)	$	(92	)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Adjusted Free Cash Flow ⁽¹⁾⁽⁵⁾	$	348		$	411		$	40		$	480
Changes in assets and liabilities, net of acquisitions ⁽¹⁾⁽⁸⁾		(6	)		10			134			201
Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) ⁽¹⁾⁽⁹⁾	$	342		$	421		$	174		$	681
Cash distributions ⁽⁶⁾		(320	)		(286	)		(652	)		(572	)
Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) ⁽¹⁾⁽⁹⁾	$	22		$	135		$	(478	)	$	109

_________________________________
⁽¹⁾	Includes results from continuing operations and discontinued operations for all periods presented.
⁽²⁾	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.”
⁽³⁾	The six months ended June 30, 2025 includes a net cash outflow of $681 million for bolt-on acquisitions.
⁽⁴⁾	Cash distributions paid during the period presented.
⁽⁵⁾	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.
⁽⁶⁾	Cash distributions paid to preferred and common unitholders during the period.
⁽⁷⁾	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.
⁽⁸⁾	See the “Condensed Consolidated Cash Flow Data” table.
⁽⁹⁾	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.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SELECTED ITEMS IMPACTING COMPARABILITY
(in millions)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Selected Items Impacting Comparability: ⁽¹⁾⁽²⁾
Derivative activities and inventory valuation adjustments ⁽³⁾	$	(8	)	$	(24	)	$	27		$	(184	)
Long-term inventory costing adjustments ⁽⁴⁾		(19	)		(10	)		(17	)		24
Deficiencies under minimum volume commitments, net ⁽⁵⁾		9			(7	)		16			5
Equity-indexed compensation expense ⁽⁶⁾		(8	)		(10	)		(18	)		(19	)
Foreign currency revaluation ⁽⁷⁾		(9	)		7			(9	)		17
Transaction-related expenses ⁽⁸⁾		(3	)		—			(8	)		—
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	)
Selected items impacting comparability - Adjusted net income attributable to PAA	$	(102	)	$	(38	)	$	(34	)	$	(127	)

___________________________________
⁽¹⁾	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.
⁽²⁾	Includes results from continuing operations and discontinued operations for all periods presented.
⁽³⁾	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.
⁽⁴⁾	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.
⁽⁵⁾	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.
⁽⁶⁾	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.
⁽⁷⁾	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.
⁽⁸⁾	Primarily related to acquisitions completed during the first half of 2025.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SELECTED FINANCIAL DATA BY CRUDE OIL
(in millions)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenues ⁽¹⁾	$	10,622		$	12,735		$	22,061		$	24,317
Purchases and related costs ⁽¹⁾		(9,742	)		(11,820	)		(20,231	)		(22,484	)
Field operating costs ⁽²⁾		(279	)		(272	)		(571	)		(538	)
Segment general and administrative expenses ⁽²^{) (}³⁾		(75	)		(72	)		(155	)		(146	)
Equity earnings in unconsolidated entities		94			106			196			201

Adjustments: ⁽⁴⁾
Depreciation and amortization of unconsolidated entities		20			17			40			37
Derivative activities and inventory valuation adjustments		52			(4	)		28			34
Long-term inventory costing adjustments		17			4			18			(25	)
Deficiencies under minimum volume commitments, net		(9	)		7			(16	)		(5	)
Equity-indexed compensation expense		8			10			18			19
Foreign currency revaluation		9			(2	)		9			(19	)
Transaction-related expenses		3			—			8			—
Segment amounts attributable to noncontrolling interests ⁽⁵⁾		(140	)		(133	)		(265	)		(261	)
Crude Oil Segment Adjusted EBITDA / Adjusted EBITDA from Crude Oil	$	580		$	576		$	1,140		$	1,130

Crude Oil maintenance capital expenditures	$	43		$	41		$	74		$	87

____________________________
⁽¹⁾	Includes intersegment amounts.
⁽²⁾	Field operating costs and Segment general and administrative expenses include equity-indexed compensation expense.
⁽³⁾	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.
⁽⁴⁾	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.
⁽⁵⁾	Reflects amounts attributable to noncontrolling interests in the Permian JV, Cactus II Pipeline LLC and Red River Pipeline LLC.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SELECTED FINANCIAL DATA BY NGL
(in millions)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenues ⁽¹⁾	$	26		$	25		$	67		$	86
Purchases and related costs ⁽¹⁾		(22	)		(21	)		(55	)		(66	)
Field operating costs ⁽²⁾		(7	)		(8	)		(14	)		(15	)
Segment general and administrative expenses ⁽²^{) (}³⁾		(7	)		(7	)		(13	)		(14	)
NGL Segment Adjusted EBITDA ⁽⁴⁾	$	(10	)	$	(11	)	$	(15	)	$	(9	)
Adjusted EBITDA from NGL Discontinued Operations ⁽⁵⁾		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
NGL maintenance capital expenditures	$	21		$	20		$	31		$	31

_______________________________
⁽¹⁾	Includes intersegment amounts.
⁽²⁾	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.
⁽³⁾	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.
⁽⁴⁾	Includes results from continuing operations and excludes amounts related to discontinued operations for all periods presented.
⁽⁵⁾	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.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

DISCONTINUED OPERATIONS DETAIL
(in millions)

Components of Income from Discontinued Operations, Net of Tax:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenues	$	211		$	176		$	745		$	532
Cost and Expenses:
Purchases and related costs		10			20			252			232
Field operating costs		53			70			122			155
General and administrative expenses		12			14			26			29
Depreciation and amortization		27			31			57			62
(Gains)/losses on asset sales, net		13			(1	)		13			(2	)
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
Income from discontinued operations, net of tax	$	70		$	32		$	206		$	42

Reconciliation of Adjusted EBITDA from NGL Discontinued Operations:

	Three Months Ended June 30,						Six Months Ended 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⁽¹⁾:
Derivative activities and inventory valuation adjustments		(44	)		28			(55	)		150
Long-term inventory costing adjustments		2			6			(1	)		1
Foreign currency revaluation		3			(1	)		2			(5	)
Adjusted EBITDA from NGL Discontinued Operations	$	97		$	105		$	291		$	262

_____________________________
⁽¹⁾	See the “Selected Items Impacting Comparability” table for additional information.

Investment Capital from NGL Discontinued Operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
NGL investment capital expenditures from discontinued operations	$	27	$	23	$	68	$	37

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

OPERATING DATA ⁽¹⁾

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Crude Oil Volumes
Crude oil pipeline tariff (by region)
Permian Basin ⁽²⁾	7,223	6,701	7,047	6,565
South Texas / Eagle Ford ⁽²⁾	542	395	517	386
Mid-Continent ⁽²⁾	537	530	477	508
Gulf Coast ⁽²⁾	219	223	216	213
Rocky Mountain ⁽²⁾	508	495	501	497
Western	289	245	268	252
Canada	341	349	348	348
Total crude oil pipeline tariff ⁽²⁾	9,659	8,938	9,374	8,769

NGL Volumes ⁽³⁾
NGL fractionation	151	129	154	128
NGL pipeline tariff	225	221	230	217
Propane and butane sales	54	54	100	91

______________________________
⁽¹⁾	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.
⁽²⁾	Includes volumes (attributable to our interest) from assets owned by unconsolidated entities.
⁽³⁾	Includes volumes from assets associated with continuing operations and discontinued operations.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SUPPLEMENTAL NON-GAAP RECONCILIATIONS
(in millions)

Supplemental Adjusted EBITDA attributable to PAA Reconciliation:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Crude Oil Segment Adjusted EBITDA	$	580		$	576		$	1,140		$	1,130
NGL Segment Adjusted EBITDA		(10	)		(11	)		(15	)		(9	)
Adjusted EBITDA from NGL Discontinued Operations ⁽¹⁾		97			105			291			262
Adjusted other income, net ⁽²⁾		5			4			10			8
Adjusted EBITDA attributable to PAA ⁽³⁾	$	672		$	674		$	1,426		$	1,391

_____________________________
⁽¹⁾	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.
⁽²⁾	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.
⁽³⁾	See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for reconciliation to Net Income.

PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(in millions, except per share data)

	Three Months Ended June 30, 2025									Three Months Ended June 30, 2024
				Consolidating									Consolidating
	PAA			Adjustments ⁽¹⁾			PAGP			PAA			Adjustments ⁽¹⁾			PAGP
REVENUES	$	10,642		$	—		$	10,642		$	12,757		$	—		$	12,757
COSTS AND EXPENSES
Purchases and related costs		9,758			—			9,758			11,838			—			11,838
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
Total costs and expenses		10,403			2			10,405			12,425			2			12,427

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
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 ⁽²⁾:
Continuing operations							$	0.05								$	0.15
Discontinued operations							$	0.10								$	0.05
Basic net income per Class A share							$	0.15								$	0.20

Diluted net income per Class A share ⁽²⁾:
Continuing operations							$	0.05								$	0.15
Discontinued operations							$	0.10								$	0.04
Diluted net income per Class A share							$	0.15								$	0.19

_________________________________
⁽¹⁾	Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.
⁽²⁾	See the “Computation of Basic and Diluted Net Income Per Class A Share” table for additional information.

PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(in millions, except per share data)

	Six Months Ended June 30, 2025									Six Months Ended June 30, 2024
				Consolidating									Consolidating
	PAA			Adjustments ⁽¹⁾			PAGP			PAA			Adjustments ⁽¹⁾			PAGP
REVENUES	$	22,119		$	—		$	22,119		$	24,396		$	—		$	24,396
COSTS AND EXPENSES
Purchases and related costs		20,277			—			20,277			22,543			—			22,543
Field operating costs		585			—			585			553			—			553
General and administrative expenses		168			3			171			160			3			163
Depreciation and amortization		466			—			466			449			—			449
Losses on asset sales, net		29			—			29			3			—			3
Total costs and expenses		21,525			3			21,528			23,708			3			23,711

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
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 ⁽²⁾:
Continuing operations							$	0.29								$	0.35
Discontinued operations							$	0.29								$	0.06
Basic net income per Class A share							$	0.58								$	0.41

Diluted net income per Class A share ⁽²⁾:
Continuing operations							$	0.29								$	0.35
Discontinued operations							$	0.28								$	0.06
Diluted net income per Class A share							$	0.57								$	0.41

_________________________________
⁽¹⁾	Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.
⁽²⁾	See the “Computation of Basic and Diluted Net Income Per Class A Share” table for additional information.

PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATING BALANCE SHEET DATA
(in millions)

	June 30, 2025							December 31, 2024
			Consolidating							Consolidating
	PAA		Adjustments ⁽¹⁾			PAGP		PAA		Adjustments ⁽¹⁾			PAGP
ASSETS
Current assets ⁽²⁾	$	4,688	$	(30	)	$	4,658	$	4,802	$	(26	)	$	4,776
Property and equipment, net		14,177		—			14,177		13,446		—			13,446
Investments in unconsolidated entities		2,709		—			2,709		2,811		—			2,811
Intangible assets, net		1,636		—			1,636		1,677		—			1,677
Deferred tax asset		—		1,175			1,175		—		1,220			1,220
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		2,482		—			2,482		2,349		—			2,349
Other long-term assets, net		107		—			107		142		—			142
Total assets	$	27,155	$	1,145		$	28,300	$	26,562	$	1,194		$	27,756

LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities ⁽³⁾	$	4,679	$	(31	)	$	4,648	$	4,950	$	(26	)	$	4,924
Senior notes, net		8,133		—			8,133		7,141		—			7,141
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
Total liabilities		14,206		(31	)		14,175		13,466		(26	)		13,440

Partners’ capital excluding noncontrolling interests		9,706		(8,352	)		1,354		9,813		(8,462	)		1,351
Noncontrolling interests		3,243		9,528			12,771		3,283		9,682			12,965
Total partners’ capital		12,949		1,176			14,125		13,096		1,220			14,316
Total liabilities and partners’ capital	$	27,155	$	1,145		$	28,300	$	26,562	$	1,194		$	27,756

_______________________________
⁽¹⁾	Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.
⁽²⁾	Includes current assets of discontinued operations of $385 million and $415 million as of June 30, 2025 and December 31, 2024, respectively.
⁽³⁾	Includes current liabilities of discontinued operations of $313 million and $350 million as of June 30, 2025 and December 31, 2024, respectively.

PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

COMPUTATION OF BASIC AND DILUTED NET INCOME PER CLASS A SHARE
(in millions, except per share data)

	Three Months Ended June 30,				Six Months Ended 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

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:
Continuing operations	$	0.05	$	0.15	$	0.29	$	0.35
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
Net income attributable to PAGP from continuing operations	$	10	$	30	$	56	$	69

Net income attributable to PAGP from discontinued operations	$	20	$	9	$	58	$	12
Incremental net income attributable to PAGP resulting from assumed exchange of AAP Management Units		—		1		8		—
Net income attributable to PAGP from discontinued operations including incremental net income from assumed exchange of AAP Management Units	$	20	$	10	$	66	$	12

Basic weighted average Class A shares outstanding		198		197		198		197
Dilutive shares resulting from assumed exchange of AAP Management Units		—		35		35		—
Diluted weighted average Class A shares outstanding		198		232		233		197

Diluted Net Income per Class A Share:
Continuing operations	$	0.05	$	0.15	$	0.29	$	0.35
Discontinued operations	$	0.10	$	0.04	$	0.28	$	0.06
Diluted net income per Class A share	$	0.15	$	0.19	$	0.57	$	0.41

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:

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;
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;
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;
unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof);
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;
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;
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;
environmental liabilities, litigation or other events that are not covered by an indemnity, insurance or existing reserves;
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;
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;
weather interference with business operations or project construction, including the impact of extreme weather events or conditions (including hurricanes, floods, wildfires and drought);
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;
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;
the pace of development of natural gas or other infrastructure and its impact on expected crude oil production growth in the Permian Basin;
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;
loss of key personnel and inability to attract and retain new talent;
disruptions to futures markets for crude oil, NGL and other petroleum products, which may impair our ability to execute our commercial or hedging strategies;
the effectiveness of our risk management activities;
shortages or cost increases of supplies, materials or labor;
maintenance of our credit ratings and ability to receive open credit from our suppliers and trade counterparties;
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;
the incurrence of costs and expenses related to unexpected or unplanned capital or maintenance expenditures, third-party claims or other factors;
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;
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;
the amplification of other risks caused by volatile or closed financial markets, capital constraints, liquidity concerns and inflation;
the use or availability of third-party assets upon which our operations depend and over which we have little or no control;
the currency exchange rate of the Canadian dollar to the United States dollar;
the deferral of current revenue recognition attributable to deficiency payments received from customers who fail to ship or move their minimum contracted volumes;
significant under-utilization of our assets and facilities;
increased costs, or lack of availability, of insurance;
fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans;
risks related to the development and operation of our assets; and
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.

About Plains:
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.

Contacts:
Blake Fernandez
Vice President, Investor Relations
(866) 809-1291

Michael Gladstein
Director, Investor Relations
(866) 809-1291

FAQ

What is the value of Plains All American's Canadian NGL business sale?

Plains All American agreed to sell its Canadian NGL business for $5.15 billion CAD ($3.75 billion USD) to Keyera Corp, with closing expected in Q1 2026.

How much did PAA's Q2 2025 earnings decline compared to Q2 2024?

PAA's net income declined 16% year-over-year from $250 million in Q2 2024 to $210 million in Q2 2025.

What is Plains All American's current quarterly distribution?

PAA declared a quarterly distribution of $0.3800 per unit for Q2 2025, representing a 20% increase from $0.3175 in Q2 2024.

What is PAA's current ownership stake in BridgeTex Pipeline?

Following the acquisition of an additional 20% interest in July 2025, PAA now owns a 40% total interest in BridgeTex Pipeline Company, LLC.

What is Plains All American's current leverage ratio?

PAA reported a leverage ratio of 3.3x, which is at the lower end of their target range of 3.25x - 3.75x.

Plains All American Reports Second-Quarter 2025 Results

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What is the value of Plains All American's Canadian NGL business sale?

How much did PAA's Q2 2025 earnings decline compared to Q2 2024?

What is Plains All American's current quarterly distribution?

What is PAA's current ownership stake in BridgeTex Pipeline?

What is Plains All American's current leverage ratio?

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Plains All American Reports Second-Quarter 2025 Results

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FAQ

What is the value of Plains All American's Canadian NGL business sale?

How much did PAA's Q2 2025 earnings decline compared to Q2 2024?

What is Plains All American's current quarterly distribution?

What is PAA's current ownership stake in BridgeTex Pipeline?

What is Plains All American's current leverage ratio?

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