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4Q25 Earnings Call February 6, 2026
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2 Forward-Looking Statements & Non-GAAP Financial Measures Disclosure This presentation contains forward-looking statements, including, in particular, statements about the performance, plans, strategies and objectives for future operations of Plains All American Pipeline, L.P . (“PAA”) and Plains GP Holdings, L.P . (“PAGP”). These forward-looking statements are based on PAA’s current views with respect to future events, based on what we believe to be reasonable assumptions. PAA and PAGP can give no assurance that future results or outcomes will be achieved. Important factors, some of which may be beyond PAA’s and PAGP’s control, that could cause actual results or outcomes to differ materially from the results or outcomes anticipated in the forward-looking statements are disclosed in PAA’s and PAGP’s respective filings with the Securities and Exchange Commission. This presentation also contains non-GAAP financial measures relating to PAA, such as Adjusted EBITDA attributable to PAA, Implied DCF and Adjusted Free Cash Flow measures. A reconciliation of these historical measures to the most directly comparable GAAP measures is available in the Investor Relations section of Plains’ website at www.plains.com, navigate to the “Financials” tab, then click on “Quarterly Results. ” PAA does not provide a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures on a forward-looking basis as it is impractical to forecast certain items that it has defined as “Selected Items Impacting Comparability” without unreasonable effort. Definitions for certain non-GAAP financial measures and other terms used throughout this presentation are included in the appendix. Blake Fernandez Vice President, Investor Relations Blake.Fernandez@plains.com Investor Relations Contacts Ross Hovde Director, Investor Relations Ross.Hovde@plains.com Investor Relations 866-809-1291 plainsIR@plains.com
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3 $2,750 (+/- $75 MM) Adj. EBITDA attributable to PAA Crude Oil / Other $2,650 (+/- $75 MM) (1) NGL $100 MM (1) est. 1Q close Distribution / Coverage Ratio Increased $0.15/unit, or 10%, on annualized basis (payable Feb 13th) Reducing coverage threshold from 160% to 150% (supporting targeted $0.15/unit annual growth) Potential special distribution post NGL close now expected $0.15/unit or less (2) $738 MM 4Q25 Adj. EBITDA Attributable to PAA $2,833 MM 2025 Adj. EBITDA Attributable to PAA 4Q25 Performance 2026(G): Furnished February 6, 2026. Please visit our website for a reconciliation of Non-GAAP financial measures. (1) Adj. EBITDA Attributable to PAA. (2) The estimated one-time distribution is intended to offset a portion of potential individual tax liabilities associated with the NGL transaction (if any) and is subject to Board approval, ultimate tax implications and successful closing of the transaction. Investors should consult a tax advisor. Providing 2026 guidance, distribution increased & lowering coverage ratio target 2026 Guidance 4Q25 Results & Key 2026 Highlights 3 Capital Allocation
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4 Executing on Three Key Initiatives in 2026 2026(G): Furnished February 6, 2026. (1) The estimated one -time distribution is intended to offset a portion of potential individual tax liabilities associated with the NGL transaction (if any) and is subject to Board approval, ultimate tax implications and successful closing of the transaction. Investors should consu lt a tax advisor. (2) Attributable to PAA. Self-help & transition to crude oil pure play underway Close NGL Divestiture End of First Quarter 2026 Cactus III Integration Drive Synergies 2026+ Efficiency / Streamlining 2026 / 2027 Crude Oil(2) (Adj. EBITDA, $MM) Streamlining: reduced G&A, OPEX, closing regional offices ~$3.2 Bln net proceeds after tax, expenses & special distribution (1) Expect ~$50MM incremental 2026 EBITDA Higher quality / durable cash flow: reduced commodity exposure and working capital needs Optimize lower margin operations: free-up working capital & improve returns Multiple ways to win: potential expansions improve returns Enhances existing platform with additional access to Corpus market Improved cash flow conversion: lower taxes & maintenance capital Plains well positioned for improving oil market fundamentals +13% Y/Y $1,909 $1,986 $2,163 $2,276 $2,344 $2,640 2021 2022 2023 2024 2025 2026(G)
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5 Advancing Significant Efficiency Efforts 2026(G): Furnished February 6, 2026. NGL sale serves as catalyst to streamline broader organization Consolidate Operations Close regional offices where appropriate Optimize lower margin businesses Example: Mid-con Lease Marketing sale for ~$50mm (incl. linefill), simplifies operations with minimal impact to EBITDA Reduce G&A Streamline our corporate cost structure Streamlining & Efficiency Efforts ~50% realized in 2026 Combined G&A, OPEX & Margin Expansion Identified Annual Savings $100 MM through 2027
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6 2026 Guidance Highlights 2026(G): Furnished February 6, 2026. Please visit our website for a reconciliation of Non- GAAP financial measures. (1) Excluding changes in Assets & Liabilities. (2) Includes 50% debt treatment for preferred equity. Includes NGL $100 MM $2,750 MM (+/- $75 MM) Strong integrated asset base combined with contributions from bolt-ons Total Company Adj. EBITDA attributable to PAA Excludes NGL sale proceeds ~$1,800 MM Adj. Free Cash Flow(1) Expect to be toward mid-point post NGL sale closing 3.25x – 3.75x Long-term Leverage Ratio Target Range(2) Net to PAA +/- $350 MM | +/- $165 MM Investment Capital | Maintenance Capital
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7 Key Drivers: 3Q25 to 4Q25 Note: $ millions. $593 $611 Cactus III Acquisition +$45 2 months contribution and other variances Long Haul -$27 certain Permian long-haul contract rates resetting to market and other variances 3Q25 4Q25 Crude Oil Adj. EBITDA $70 $122 Seasonality +$54 higher seasonal sales and higher straddle production Other -$2 non-material variances 3Q25 4Q25 NGL Adj. EBITDA
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8 Key Drivers: 4Q24 to 4Q25 Note: $ millions. $569 $611 Bolt-on Contributions / Higher Volumes +$90 acquisitions, higher tariff volumes and benefit of annual tariff escalations Long Haul -$48 certain Permian long-haul contract rates resetting to market and other variances 4Q24 4Q25 Crude Oil Adj. EBITDA $154 $122 Lower Volumes / Frac Spreads -$31 lower weighted average frac spreads and reduced sales volumes from warmer weather Other -$1 non-material variances 4Q24 4Q25 NGL Adj. EBITDA
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9 2026 Guidance Please visit our website for a reconciliation of Non-GAAP financial measures. (1) Furnished February 6, 2026; non-rangebound metrics align with midpoint of Adj. EBITDA attributable to PAA and intended to be +/-. (2) Excludes potential one-time special distribution associated with NGL sale. (3) Reduced by ~$3.2 Bln for bolt-on acquisitions net to PAA’s Interest (excludes post closing adjustments / deposits). (4) Permian JV, Cactus II JV & Red River JV volumes on a consolidated (8/8ths) basis. Key assumptions Financial ($MM, except per-unit metrics) 2026(G)(1) Adjusted EBITDA attributable to PAA $2,750 (+/- $75) Crude Oil $2,640 (+/- $75) NGL (assumes end of 1Q26 close) $100 Other $10 Distributable Cash Flow available to Common Unitholders $1,850 Common Unit Distribution Coverage Ratio(2) +/- 155% Adj. Free Cash Flow (excluding changes in Assets & Liabilities)(3) $1,800 Key Sensitivities ($MM) Annual Adj. EBITDA Change $10/bbl change in WTI prices +/- $40 100 Mb/d change in total Permian Basin production +/- $10 – $15 Volumes (Mb/d) Permian 8,000 Other 2,350 Crude Oil Pipeline Volumes (4) 10,350 Key Assumptions WTI Permian Production 1H26: $60/bbl Relatively Flat 2H26: $65/bbl ~6.6 Mb/d Capital ($MM) Net to PAA Consolidated Crude $335 $425 Permian JV 170 260 Other 165 165 NGL $15 $15 Investment +/- $350 +/- $440 Maintenance +/- $165 +/- $185 Total +/- $515 +/- $625
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10 $2,833 Key Drivers: 2025 to 2026(G) 2026(G): Furnished February 6, 2026. Please visit our website for a reconciliation of Non- GAAP financial measures. (1) Adj. EBITDA attributable to PAA Y/Y EBITDA (3%) on NGL sale; Distributable Cash Flow +1% (lower taxes & maintenance capital) Cactus I Re-contracting ~($100) 2025 2026(G) Cactus III ~$250 Efficiency initiatives ~$50 FERC recoup / Tariff escalations / Other ~$30 Adj. EBITDA(1) ($ millions) $2,750 (+/- $75) Sale of NGL Business ~($365) Optimization / Market opportunities ~$50 DCF $2.61/unit DCF $2.62/unit
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11 Strong Free Cash Flow Generation 2026(G): Furnished February 6, 2026. Please visit our website for a reconciliation of Non-GAAP financial measures. (1) Adjusted Free Cash Flow excluding changes in Assets & Liabilities. (2) Excludes expected proceeds from the NGL divestiture. (3) Amount excludes one-time special distribution intended to offset a portion of potential individual tax liabilities associated with the NGL transaction (if any) and is subject to Board approval, ultimate tax implications and successful closing of the transaction. Investors should consult a tax advisor. (4) Includes 50% debt treatment for preferred equity. Committed to capital discipline, significant return of capital & financial flexibility 2026(G) Adj. Free Cash Flow Adj. Free Cash Flow after Distributions Cash Distributions to Common and Preferred Unit Holders ± $410 MM ± $1,390 MM ± $1,800 MM (1)(2) (3) 2026: $0.15/unit annual distribution increase to $1.67/unit 2026+: targeting ~$0.15/unit annual distribution growth (until ~150% common unit coverage reached) Targeting multi-year distribution growth Self-fund annual capital requirements with cash flow Disciplined capital investments Resilient through cycles; targeting 3.25 - 3.75x leverage ratio(4) Balance sheet stability & financial flexibility
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Appendix NASDAQ: PAA & PAGP
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13 Current Financial Profile NGL Sale proceeds will return leverage ratio within target range of 3.25x to 3.75x December 31, 2025 December 31, 2024 BALANCE SHEET Short-Term Debt $ 564 $ 408 Long-Term Debt 10,698 7,213 Total Debt $ 11,262 $ 7,621 Less: Cash & Equivalents 328 347 Net Debt $ 10,934 $ 7,274 Preferred Equity (50% Debt Treatment) $ 1,018 $ 1,151 Total Leverage $ 11,952 $ 8,425 Adj. EBITDA Attributable to PAA (LTM) $ 2,833 $ 2,779 CREDIT STATS & LIQUIDITY Leverage Ratio 3.9x (1) 3.0x Committed Liquidity ($ bln) $ 2.0 $ 2.6 Investment Grade Balance Sheet S&P / BBB Fitch / BBB Moody’s / Baa2 Please visit our website for a reconciliation of Non-GAAP financial measures. Note: $ millions. (1) LTM Adjusted EBITDA attributable to PAA pro-forma for the full-year EBITDA benefit of the Cactus III acquisition.
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14 Quarterly Crude Oil Detail Note: Permian JV, Cactus II JV & Red River JV volumes on a consolidated (8/8ths) basis. Adj. EBITDA & Volumes $563 $553 $576 $577 $569 $559 $580 $593 $611 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Quarterly (Adj. EBITDA, $MM) 2,285 2,273 2,286 2,346 2,313 2,284 2,396 2,414 2,363 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Permian Intra-Basin Volumes (Mb/d) 6,710 6,428 6,701 6,944 6,846 6,869 7,223 7,490 7,738 2,193 2,172 2,237 2,222 2,182 2,217 2,436 2,393 2,341 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Pipeline Tariff Volumes (Permian / Other) (Mb/d) 1,571 1,335 1,573 1,657 1,557 1,544 1,688 1,878 2,257 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Permian Long-Haul Volumes (Mb/d) 2,854 2,820 2,842 2,941 2,976 3,041 3,139 3,198 3,118 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Permian Gathering Volumes (Mb/d)
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15 $2,276 $2,344 ± $2,640 2024 2025 2026 Annual (Adj. EBITDA, $MM) Crude Oil Detail 2025(G): Furnished November 5, 2025. (1) Adj. EBITDA attributable to PAA. (2) Permian JV, Cactus II JV & Red River JV volumes on a consolidated (8/8ths) basis. Capturing growth via operating leverage & bolt-on acquisitions Tariff Volumes (Mb/d) 2024FY 2025FY 2026(G) Gathering 2,895 3,125 3,120 Intra-Basin 2,305 2,364 2,350 Long-Haul 1,531 1,843 2,530 Total Permian(2) 6,731 7,333 8,000 Canada 346 346 360 Rocky Mountain 474 475 450 Western 256 267 300 Total Canada/Rocky Mountain/Western 1,076 1,088 1,110 South Texas / Eagle Ford 403 521 500 Gulf Coast 218 220 220 Total South Texas/Gulf Coast 621 741 720 Total Mid-Continent(2) 506 518 520 Volumes 8,934 9,680 10,350 ~15% ~15% ~10% ~60% Regional Breakdown Canada/Rocky Mountain/Western South Texas/Gulf Coast Mid-Continent Permian 2026 (G) $2,640MM(1)
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16 $169 $159 $94 $73 $154 $189 $87 $70 $122 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Quarterly (Adj. EBITDA, $MM) Quarterly NGL Detail Adj. EBITDA & Volumes 125 128 54 59 127 147 54 48 126 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Propane & Butane Sales Volumes (Mb/d) 127 128 129 131 138 157 151 131 150 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Fractionation Volumes (Mb/d) Seasonally stronger sales / earnings in winter months (Q1 & Q4)
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17 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 Net Cash Provided by Op. Activities (GAAP) $ 2,727 $ 419 $ 653 $ 692 $ 726 $ 2,490 $ 639 $ 694 $ 817 $ $785 $ 2,936 Net Cash Used in Investing Activities(1) (702) (261) (157) (823) (264) (1,504) (1,149) (274) (409) (1,937) (3,769) Cash Contributions from Noncontrolling Interests 106 12 12 16 17 57 4 25 5 41 75 Cash Distributions Paid to Noncontrolling Interests(2) (333) (100) (97) (113) (114) (425) (132) (97) (110) (108) (447) Proceeds from the issuance of related party notes(1) — — — 629 — 629 330 — — — 330 Adjusted Free Cash Flow (non-GAAP) $ 1,798 $ 70 $ 411 $ 401 $ 365 $ 1,247 $ (308) $ 348 $ 303 $ (1,219) $ (875) Cash Distributions(3) (989) (287) (286) (287) (286) (1,145) (331) (320) (321) (322) (1,295) Adjusted FCF after Distributions (non-GAAP) $ 809 $ (217) $ 125 $ 114 $ 79 $ 102 $ (639) $ 28 $ (18) $ (1,541) $ (2,170) Adjusted Free Cash Flow $ 1,798 $ 70 $ 411 $ 401 $ 365 $ 1,247 $ (308) $ 348 $ 303 $ (1,219) $ (875) Changes in assets and liabilities, net of acquisitions (194) 192 10 (44) (231) (74) 139 (6) (77) (3) 54 Adjusted Free Cash Flow (excluding changes in Assets & Liabilities)(4) $ 1,604 $ 262 $ 421 $ 357 $ 134 $ 1,173 $ (169) $ 342 $ 226 $ (1,222) $ (821) Cash Distributions(3) (989) (287) (286) (287) (286) (1,145) (331) (320) (321) (322) (1,295) Adjusted Free Cash Cash Flow after Distributions (excluding changes in Assets & Liabilities)(4) $ 615 $ (25) $ 135 $ 70 $ (152) $ 28 $ (500) $ 22 $ (95) $ (1,544) $ (2,116) Adjusted Free Cash Flow: Historical Detail Note: $ millions. Includes results from continuing operations and discontinued operations for all periods presented. (1) PAA and 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.” (2) Cash distributions paid during the period presented. (3) Cash distributions paid to our preferred and common unitholders during the period presented.(4) Fourth-quarter and full-year 2024 Adjusted Free Cash Flow (excluding changes in Assets & Liabilities) includes the negative impact of a $225 million charge resulting from the write-off of a receivable for Line 901 insurance proceeds. GAAP CFFO to Non-GAAP Adj. FCF Measures
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18 December 31, 2025 December 31, 2024 PAA Consolidating Adjustments(1) PAGP PAA Consolidating Adjustments(1) PAGP ASSETS Current assets(2) $ 4,733 $ (29) $ $4,704 $ 4,802 $ (26) $ 4,776 Property and equipment, net 16,860 — 16,860 13,446 — 13,446 Investments in unconsolidated entities 2,846 — 2,846 2,811 — 2,811 Intangible assets, net 1,754 — 1,754 1,677 — 1,677 Deferred tax asset — 1,136 1,136 — 1,220 1,220 Linefill 900 — 900 904 — 904 Long-term operating lease right-of-use assets, net 198 — 198 189 — 189 Long-term inventory 214 — 214 242 — 242 Long-term assets of discontinued operations 2,557 — 2,557 2,349 — 2,349 Other long-term assets, net 107 — 107 142 — 142 Total assets $ 30,169 $ 1,107 $ 31,276 $ 26,562 $ 1,194 $ 27,756 LIABILITIES AND PARTNERS’ CAPITAL Current liabilities(3) $ 4,931 $ (29) $ 4,902 $ 4,950 $ (26) $ 4,924 Senior notes, new 9,118 — 9,118 7,141 — 7,141 Other long-term debt, net 1,578 — 1,578 70 — 70 Long-term operating lease liabilities 202 — 202 192 — 192 Long-term liabilities of discontinued operations 606 — 606 576 — 576 Other long-term liabilities and deferred credits 654 — 654 537 — 537 Total liabilities 17,089 (29) 17,060 13,466 (26) 13,440 Partners’ capital excluding noncontrolling interests 9,836 (8,491) 1,345 9,813 (8,462) 1,351 Noncontrolling interests 3,244 9,627 12,871 3,283 9,682 12,965 Total partners’ capital 13,080 1,136 14,216 13,096 1,220 14,316 Total liabilities and partners’ capital $ 30,169 $ 1,107 $ 31,276 $ 26,562 $ 1,194 $ 27,756 PAGP - Condensed Consolidating Balance Sheet (1) Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP. (2) Includes current assets of discontinued operations of $479 million and $415 million as of December 31, 2025 and December 31, 2024, respectively. (3) Includes current liabilities of discontinued operations of $382 million and $350 million as of December 30, 2025 and December 31, 2024, respectively.
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19 Adjusted EBITDA Adjusted earnings from continuing and discontinued operations before interest, income tax (expense)/benefit from continuing and discontinued operations, depreciation and amortization from continuing and discontinued operations (1) Attributable to PAA throughout slides Implied Distributable Cash Flow (DCF) Per Common Unit & Common Unit Equivalent (CUE) Adjusted EBITDA (Consolidated) less interest expense net of certain non-cash and other items, maintenance capital, current income tax expense, investment capital of noncontrolling interests, distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings, distributions to noncontrolling interests and preferred unit distributions paid adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period Cash Flow from Operations (CFFO) Net Cash Provided by Operating Activities (GAAP) Adjusted Free Cash Flow (Adj. FCF) CFFO, less net cash used in investing activities, further impacted by distributions to, contributions from and proceeds from the sale of noncontrolling interests Definitions (1) See the Non-GAAP Reconciliation for further description. Adjusted Free Cash Flow after Distributions (Adj. FCFaD) Adj. FCF further reduced by cash distributions paid to preferred and common unitholders Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) Adj. FCF excluding the impact of changes in Assets & Liabilities, net of acquisitions Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) Adj. FCF excluding changes in Assets & Liabilities, net of acquisitions further reduced by cash distributions paid to our preferred and common unitholders CFFO, Adj. FCF & Adj. FCFaD Estimates do not factor in material, unforeseen changes in short-term working capital (i.e., hedged inventory storage activities / volume / price / margin) Leverage Ratio Total Debt plus 50% of PAA Preferred Securities less cash divided by last twelve months Adj. EBITDA attributable to PAA Pipeline Volumes Pipeline volumes associated with the Permian JV , Cactus II JV & Red River JV are presented on a consolidated (8/8ths) basis; all other volumes are presented net to our interest
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4Q25 Earnings Call February 6, 2026