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Investor Presentation First-Quarter 2026
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2 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 Forward-Looking Statements & Non-GAAP Financial Measures Disclosure
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3 Financial & Operating Profile Large integrated asset footprint, investment grade, attractive yield 2025(G): Furnished February 6, 2026. Operating data as of 12/31/25. Enterprise value and distribution yield based on closing unit price as of 2/18/26. Please visit our website for a reconciliation of Non-GAAP financial measures. (1) Current leverage ratio as of December 31, 2025. Includes 50% debt treatment for preferred equity and the LTM Adjusted EBITDA attributable to PAA pro-forma for the full-year EBITDA benefit of the Cactus III acquisition. (2) Includes crude storage capacity and above-ground tank capacity. Financial Profile ~$28B Enterprise Value Investment Grade Credit Rating ~8% Distribution Yield 3.9x Leverage Ratio (1) Operating Profile >8 MMb/d Total Pipeline Tariff Volume >6 MMb/d Permian Pipeline Tariff Volume ~118 MMb/mo Liquids Storage Capacity (2) ~1.2 MMb/d Crude Purchase Volume >2.8 MMb/d Permian takeaway capacity >20 K Miles of active pipeline
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4 Plains’ Structure & Tax Attributes Dual securities provide flexibility & optionality Summary Ownership Structure(1) PAGP Tax Attributes (NASDAQ: PAGP) 1099 SECURITY Indirect owner of PAA GP interest (non- economic) and ~28% PAA LP interest(3) PAA Tax Attributes (NASDAQ: PAA) K-1 SECURITY Public Investors • Series A & B Preferred 100% of Plains’ assets & operations Unified Board responsible for PAGP & PAA Directors subject to Public Election(2) 73% of Directors are independent Governance Overview PAA GP HOLDINGS LLC (PAGP GP) Unified Board of Directors Subject to tax as a corporation +/- $1.1B deferred tax asset (~$6.00 / Class A Share(4)) Distributions treated as “return of capital” (5) Expect no corp. income taxes until ~2032 tax year (6) Treated as partnership for tax purposes Distributions treated as “return of capital” “Pass through” tax attributes (1) See PAGP 10-K for more detailed ownership structure overview. (2) Staggered board with elections on a 3-year rolling basis. (3) Excludes ~5% PAA LP interest indirectly owned by private owners through intermediate entity. (4) Illustrative based on 12/31/25 PAGP Class A Shares outstanding. (5) Other than the potential for 2026 to have positive earnings and profits due to the NGL sale, we don’t expect positive earnings and profits for tax purposes until 2029, at the earliest, at which point a portion of distributions will begin to be treated as dividend income. (6) Expect NOL’s to shelter ~80% of any potential taxable income from 2032 through at least 2040 resulting in an effective tax rate of less than ~5%. Note, this does not consider the yea r the NGL sale occurs.
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5 Pass Through Tax Structure Avoids double taxation (PAA pays no U.S. Federal or state income tax) enabling partnership to return more cash to unitholders Profits & losses are passed through to limited partners U.S. qualified business income currently eligible for 20% rate reduction Foreign Tax Credit Benefits PAA’s Canadian subsidiary pays provincial & federal taxes Unitholders can generally use Foreign tax credit against U.S. federal income tax (1) Tax Deferred Return of Capital Distributions generally not taxed, but treated as return of capital After-tax cash flow(2) expected to be ~95% of distributions over +/- 10-years Estate Planning Advantages The transfer of MLP units to beneficiaries upon death does not trigger a taxable event Cost basis of MLP units steps up to the market value as of the date of death 5 Note: Investors should consult a tax advisor regarding the benefits, risks and other consequences of owning PAA Common Units or PAGP Class A Shares. (1) Foreign tax credits will be less impactful following the close of the NGL sale. (2) Based on current PAA Equity prices and assumed federal income tax rate of 37% from the perspective of a new investor. PAA’s MLP Structure Provides Unique Tax Benefits Structure offers attractive tax and estate planning benefits
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6 8.1% 3.2% 2.8% 2.5% 2.4% 1.6% 1.6% 1.4% 1.2% 1.1% 1.1% 0.8% 0.5% Real Estate Energy Utes Cons. Staples Materials Health Care Financials Comm. Services Industrials S&P 500 Cons. Disc Tech. Leading Distribution Yield Across Sectors Executing on multi-year, sustainable distribution growth Distribution Yield(2) ~8.1% Distribution / Dividend Yield (1) S&P 500 (1) Source: FactSet as of 2/18/26. (2) Last quarter annualized yield based on closing unit price as of 2/18/26.
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Crude Overview NASDAQ: PAA & PAGP
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8 0% 25% 50% 75% 100% 125% 150% 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022 Long-Term Fundamentals Remain Constructive Continued demand growth coupled with industry underinvestment Global Oil Demand - Remains Robust(1) Long-term demand for crude oil and natural gas liquids 2025 (2) ~105 Mb/d ~113 Mb/d ~123 Mb/d ~126 Mb/d ~104 Mb/d Organic Reserve Replacement Ratio(3) 2050 Demand (1) ExxonMobil 2025 Global Outlook, IEA World Energy Outlook 2025, OPEC World Oil Outlook 2025, and Rapidan November 2025 Oil Outlook. (2) EIA February 2026 STEO Summary. (3) September 2025 Goldman Sachs Global Energy: Oil & Gas – E&P research; organic reserve replacement ratio (3-year average) per FAS69 data. Trending below 100% reflects industry underinvestment
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9 2026(G): Furnished February 6, 2026. (1) Adjusted Free Cash Flow Excluding changes in Assets & Liabilities. (2) Calculated as 2022 through 2026(G) and includes pro-forma adjustment for NGL Sale proceeds of $3.2 Bln being utilized for debt reduction. (3) Current leverage ratio as of 12/31/2025. Includes 50% debt treatment for preferred equity and the LTM Adjusted EBITDA attributable to PAA pro- forma for the full-year EBITDA benefit of the Cactus III acquisition. (4) Net to PAA. Delivering on Multi-year Capital Allocation Framework Adj. EBITDA Growth Crude Oil expected to grow ~13% in 2026 Executed 17 bolt-on transactions ~$4.3Bln of capital invested(4) since ’22 Enhanced cash flow durability & financial flexibility from NGL divestment Executing on Efficient Growth Opportunities OPEC+ supply additions & tariffs driving near- term uncertainty Population growth and improving living standards supportive of demand Diminishing OPEC+ spare capacity & limited long lead projects drive increased reliance on U.S. and Western Canada longer-term Oil Markets: Near-term Volatile Long-term Constructive Adj. Free Cash Flow(1) generation ~$5.5Bln since 2022(2) Strong Balance Sheet long-term leverage ratio target range of 3.25x to 3.75x Increased distributions from $0.72/unit to $1.67/unit (CAGR of 19% since 2022) Strategic Focus on Efficient Growth and Returning Cash Strategy underpinned by long-term oil market fundamentals
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10 Executing on Three Key Initiatives in 2026 2026(G): Furnished February 6, 2026. (1) The one-time special distribution related to the NGL transaction is intended to offset a portion of the potential individual tax liabilities associated with the sale and is currently expected to be $0.15 per unit or less, reflecting the mitigating impacts of the Cactus III acquisition. Any such distribution, including its timing and amount, is subject to Board approval, final tax implications, and successful closing of the transaction. Investors should consult 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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11 Regional & Contracted EBITDA Breakdown Weighted average contract term of MVCs / Dedications ~5 years Regional EBITDA Breakdown $2,640MM of 2026(G) Adj. EBITDA(2) 2026(G): Furnished February 6, 2026. (1) Commodity related includes PLA and market-based opportunities. Annual PLA volume of +/- 4 MMbbls (PLA Sensitivity: +/- $40MM annually for every $10/bbl change in WTI). (2) Adj. EBTIDA attributable to PAA. Aligns with midpoint of 2026 guidance. Crude Oil Contract Portfolio 85% of 2026(G) Adj. EBITDA(2) from fee for service ~60% ~15% ~15% ~10%
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12 3,125 3,120 2025 2026(G) Gathering Volume(1)(Mb/d) 1,843 2,530 2025 2026(G) Long-haul Volume(1)(Mb/d) Premier Permian Crude System Operating leverage to capture volume growth & higher margins >5 Mm Dedicated Acres >5 Year Weighted Average Contract Tenure Integrated wellhead to demand-center footprint with over 1.2 million bpd first purchased at the lease 6 5 7 8 4 3 2 1 9 101 2 3 4 5 6 7 8 10 9 Cushing Wichita Falls C. City Midland Wink HWY 285 North Crane McCamey Corpus Houston 2026(G): Furnished February 6, 2026. (1) Volumes on a consolidated (8/8ths) basis and Adj. EBITDA attributable to PAA. Aligns with midpoint of 2026 guidance. (2) Excludes Interest & Taxes and capital/proceeds from acquisition & divestiture activity. (3) Capacity net to ownership interest. ~$1,585 EBITDA(1) ($MM) +/- $1,250MM Excess “Cash Flow” Generated(2) $335 Maintenance + Growth 2026(G) ~60%~27% ~13% Corpus Cushing Houston Plains Permian Long-haul Capacity(3) ~75% Capacity Contracted 2029 Weighted Average Contract Tenure ~2.8 MB/d
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13 Cushing Cushing Connect Red River Diamond Caddo Memphis ShreveportLongview Casper Guernsey / Ft. Laramie Cheyenne Bakken DJ PRB Platteville Cross border connectivity Cross border connectivity Mid-Con, Rockies & Canadian Crude Asset Overview Portfolio generating steady & stable cash flow Mid-Con Connecting refining customers with supply optionality through Cushing terminal storage & connectivity Canada & Rockies Upstream supply access & cross border connectivity driving pull-through benefits to downstream systems +/- $525MM Excess “Cash Flow” Generated(2) 518 520 475 450 346 360 2025 2026(G) Volumes(1)(Mb/d) Rockies Mid-Con Maintenance + Growth(3) Canada 2026(G): Furnished February 6, 2026. (1) Volumes on a consolidated (8/8ths) basis and Adj. EBITDA attributable to PAA. Aligns with midpoint of 2026 guidance. (2) Excludes Interest & Taxes and capital/proceeds from acquisition & divestiture activity. ~$660 EBITDA(1) ($MM) $110 +/- $550MM Excess “Cash Flow” Generated (2) Maintenance + Growth 2026(G)
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14 Strong footprint with significant cash generation & optimization opportunities Providing refining customers with access to local & foreign supply via terminal connectivity at St. James & Mobile Eagle Ford & Permian (Cactus I) supply access with connectivity to Corpus & Houston export/refining demand Mobile Pascagoula St. James Capline Pascagoula Liberty Ten Mile ~$395 EBITDA(1) ($MM) $40 Maintenance + Growth 2026(G) Gulf Coast +/- $355MM Excess “Cash Flow” Generated(2) 220 220 521 500 2025 2026(G) Volumes(1)(Mb/d) Gulf Coast South TX South Texas & Gulf Coast Overview South Texas 2026(G): Furnished February 6, 2026. (1) Volumes on a consolidated (8/8ths) basis and Adj. EBITDA attributable to PAA. Aligns with midpoint of 2026 guidance. (2) Excludes Interest & Taxes and capital/proceeds from acquisition & divestiture activity. Gardendale EFJV Eagle Ford Shale Lyssy Corpus Christi Three Rivers Taft Ingleside EFJV Gardendale Gathering HobsonEF Gathering Cactus III
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Financial Overview NASDAQ: PAA & PAGP
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16 2022 2023 2024 2025 2026(G) Leverage Ratio(2) 3.9x Leverage Ratio(3) Driving Value Through Efficient Growth Portfolio strength allows for continued growth and increasing return of capital 2022 2023 2024 2025 2026(G) $2,750 (+/- $75MM) +13% Y/Y Crude Oil Growth Adjusted EBITDA(1) (billion) Cumulative Adj. FCF(2) (billion) 2022 2023 2024 2025 2026(G) $5.5B Cumulative FCF Since 2022 2022 2023 2024 2025 2026(G) Distribution Per Unit $1.67/unit 19% 4-year CAGR Distribution Per Unit Driving value to unitholders through efficient growth & increasing return of capital 2026(G): Furnished February 6, 2026. (1) Adj. EBITDA attributable to PAA. (2) Calculated as 2022 through 2026(G) and includes pro-forma reduction of NGL Sale proceeds of $3.2 Bln being utilized for debt reduction. (3) Current leverage ratio as of 12/31/2025. Includes 50% debt treatment for preferred equity and the LTM Adjusted EBITDA attributable to PAA pro-forma for the full-year EBITDA benefit of the Cactus III acquisition. ~3.5x Following NGL sale 3.25x - 3.75x Operating at or below LT Leverage Target Range
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17 Bolt-on Strategy Complements Efficient Growth Large scale integrated portfolio creates synergistic opportunities 2022 – 2026 Advantage JV Pipeline* Cactus II (+5%)(4) OMOG JV LLC* S. Delaware Gathering System* N. Delaware Touchdown* Saddlehorn Pipeline Company (+10%) (4) Mid-Con Terminal Midway Pipeline LLC (+50%)(4) Wink To Webster (+0.7%)(4) Fivestones Gathering* Medallion Delaware* Ironwood Midstream Energy Cheyenne Pipeline (+50%)(4) Black Knight Midstream* Bridgetex Pipeline (+20%) (4) Epic Crude Pipeline Wildhorse (1) Net to PAA’ s Interest. (2) 300 to 500 basis points above Plains weighted average cost of capital. (3) Acquisitions since 2022. (4) Incremental interest acquired. (*) Acquired by subsidiaries of Plains Oryx Permian Basin LLC (the “Permian JV”). Cumulative Net Investment(1) Return Threshold (2) Bolt-on Acquisitions(3)~$4.3Bln 13%-15%+ 17 Bolt-on Framework Disciplined Risk Adj. Returns – Strict Vetting Process Future Commercial Opportunities – Extensions & Expansion Highly Complementary – Synergistic & Pull-Through Benefits Accretive to Financial Metrics – Enhances Existing Financial Profile
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18 $750 $1,000 $750 $1,000 $650 $1,000 $1,250 $600 $499 $348 $687 $649 2026 2029 2030 2031 2034 2035 2036 2037 2042 2043 2044 2045 Senior Note Maturities(2) (Millions) Balance Sheet Flexibility Post NGL divestiture closing expect ~3.5x leverage ratio Investment Grade Credit Ratings Fitch BBB Moody’s Baa2 S&P BBB (1) Current leverage ratio as of 12/31/2025. Includes 50% debt treatment for preferred equity and the LTM Adjusted EBITDA attributable to PAA pro-forma for the full-year EBITDA benefit of the Cactus III acquisition. (2) 2036 includes two senior notes of $250MM and $1 Bln. (3) Includes $1.1 Bln of assumed debt in the EPIC acquisition in addition to ~$400MM of commercial paper used to fund the EPIC acquisition and classified as long-term on the balance sheet. Financial Flexibility 3.25x - 3.75x Long-term leverage ratio target range(1) 3.9x 4Q’25 Leverage Ratio(1) ~$10.7 Bln Long-term debt balance(3) ~5.0% Weighted Average Rate on Senior Notes ~$9.2 Bln
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19 Increasing Return of Capital to Equity Holders Executing on multi-year distribution growth 2022 2023 2024 2025 2026 $0.83/unit (~270%) $1.07/unit (~230%) $1.27/unit (~195%) $1.52/unit (~175%) Note: Distribution are $/unit & common unit distribution coverage ratio. (1) 2026(G): Furnished February 6, 2026. Future Considerations Framework: $0.15/unit annual increases with 150% DCF coverage ratio threshold Subject to board approval, financial positioning, business outlook & investment opportunities Upon reaching target coverage, further distribution increases driven by future DCF growth & competing allocation priorities Future potential increases expected to be payable in the first quarter of each calendar year 2027+ Targeting multi- year distribution growth $1.67/unit (~155%)(1) Annual distribution per unit / Distribution coverage ratio
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20 Preferreds (~$2.3 Bln) / Opportunistic buybacks Potential accretion to DCF Capital Optimization ~13% - 15% IRR Accretive & Synergistic Bolt-On M&A Levers to Drive Efficient Growth Returns focused value proposition Long-term Disciplined Growth in EBITDA & DCF $300-$400MM Annualized run rate net to PAA; Returns well in excess of WACC Growth CAPEX $100MM through 2027 G&A, operating expenses & margin improvements Streamline Operations
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21 Why Plains? Premier Crude Oil midstream company delivering strong return of capital to unitholders 21(1) Includes 50% debt treatment for preferred equity. (2) Until ~150% common unit DCF coverage reached. Attractive Asset Base + Growth Levers Strategically Located & Fully Integrated Substantial Operating Leverage Financial Strength Investment Grade Credit Rating BBB / BBB / Baa2 3.25x – 3.75x Leverage Target(1) Strong Return of Capital $0.15/unit Annual Distribution Growth Target(2) Durable Free Cash Flow Generation Tax Efficient Investment Dual Structure with Unique Attributes Tax Deferred Yield Opportunity
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Appendix
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23 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 1H26: $60/bbl 2H26: $65/bbl Permian Production Relatively Flat ~6.6 Mb/d Capital ($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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Investor Presentation First-Quarter 2026