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EX - 99.1 3 tm2121935d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 PLAINS ALL AMERICAN RYX MIDSTREAM SERVICES Plains All American and Oryx Midstream Announce Permian Basin Joint Venture Conference call to be hosted by Plains today at 8:30 a.m. EDT / 7 : 30 a.m. CDT HOUSTON & MIDLAND , TX - July 13 , 2021 - Plains All American ( Nasdaq : PAA & PAGP ) ( " Plains ” ) and Oryx Midstream Holdings LLC ( " Oryx ” ) , a portfolio company of Stonepeak Infrastructure Partners , today announced they have entered into a definitive agreement to merge their respective assets , operations and commercial activities within the Permian Basin into a newly formed strategic joint venture , Plains Oryx Permian Basin LLC ( " Plains Oryx Permian Basin " or the " JV " ) . The transaction will include all of Oryx's Permian assets and , with the exception of Plains ' long - haul pipeline systems and certain of its intra - basin terminal assets , the vast majority of Plains ' assets located within the Permian Basin . Joint Venture Summary Significant value for customers via increased connectivity , operational flexibility , and access to markets Highly complementary Permian Basin assets , capabilities , and long - term business models JV Ownership : 65 % Plains / 35 % Oryx ( governance consistent with ownership interests ) Plains will serve as operator of the JV A Joint Operating Committee that includes representatives from Plains and Oryx will provide oversight on material JV operating and commercial decisions JV will be consolidated into PAA's financial statements Near - term free cash flow accretive to Plains and Oryx Cashless transaction , debt - free JV entity Durable JV structure , attractive in any reasonable oil price environment