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EX - 99.1 2 pagp05042021 exhibit991.htm EX - 99.1 PLAINS PLAINS GP ALL AMERICAN PIPELINE , L.P. HOLDINGS Exhibit 99.1 News Release Plains All American Pipeline and Plains GP Holdings Report First - Quarter 2021 Results Houston , May 04 , 2021 ― Plains All American Pipeline , L.P. ( Nasdaq : PAA ) and Plains GP Holdings ( Nasdaq : PAGP ) today reported first - quarter 2021 results and provided an update on other matters . Summary Highlights • Reported PAA first - quarter 2021 net cash flow from operations of $ 791 million and net income of $ 422 million • Delivered first - quarter 2021 Adjusted EBITDA of $ 546 million • • Increased 2021 forecasted Free Cash Flow after Distributions by $ 100 million to +/- $ 400 million , or $ 1.15 billion when including anticipated proceeds from asset sales targeted in 2021 Lowered total 2021 investment and maintenance capital guidance by $ 65 million , or 10 % • Maintained full - year 2021 Adjusted EBITDA guidance of +/- $ 2.15 billion • Remain on track to achieve 2021 asset sales target of +/- $ 750 million " We delivered first - quarter results that exceeded our expectations , generated strong free cash flow , maintained full - year 2021 Adjusted EBITDA guidance , increased our expected 2021 Free Cash Flow after Distributions and advanced a number of key objectives , " stated Willie Chiang , Chairman and CEO of Plains . “ We are increasingly constructive in our outlook for global energy demand recovery and for a corresponding supply response to build momentum through 2022. Our key execution focus remains maximizing multi - year free cash flow and reducing debt while simultaneously increasing cash returns to equity holders . We believe this disciplined approach will provide meaningful long - term value for our investors . " - more - 333 Clay Street , Suite 1600 Houston , Texas 77002 713-646-4100 / 866-809-1291