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EX - 99.1 2 pagp08032021 exhibit991.htm EX - 99.1 Exhibit 99.1 PLAINS ALL AMERICAN PIPELINE , L.P. PLAINS GP HOLDINGS Plains All American Reports Second - Quarter 2021 Results Houston , TX - August 3 , 2021– Plains All American Pipeline , L.P. ( Nasdaq : PAA ) and Plains GP Holdings ( Nasdaq : PAGP ) today reported second - quarter 2021 results and provided various other updates . • • • • • Completed the sale of Plains ' natural gas storage assets ( transaction announced June 8th and closed August 2nd ) resulting in net sales proceeds of approximately $ 850 million , a corresponding non - cash impairment charge of approximately $ 475 million , and a net loss for the second - quarter of $ 220 million Reported second - quarter Adjusted EBITDA of $ 579 million , increased full - year 2021 Adjusted EBITDA guidance by $ 25 million to +/- $ 2.175 billion , and reduced 2021 investment capital guidance by $ 50 million to +/- $ 325 million Increased forecasted 2021 Free Cash Flow after Distributions to +/- $ 1.35 billion , or +/- $ 450 million excluding proceeds from asset sales Announced definitive agreement to form strategic Permian Basin joint venture with Oryx Midstream – highly complementary assets , significant value for customers ( cashless transaction , debt - free entity , near - term free - cash - flow accretive ) Published 2020 Sustainability Report with enhanced data disclosure , including Scope 1 & 2 GHG emissions data , and additional context on environmental , social , and governance factors relevant to Plains ' business and stakeholders " We delivered second - quarter results that exceeded the high - end of our expectations , reflecting timing - related benefits in our Supply & Logistics segment and over performance in our Transportation segment , ” stated Willie Chiang , Chairman and CEO of Plains . “ Importantly , since our first - quarter earnings call in May , we have advanced several key initiatives that maximize free cash flow to strengthen our balance sheet and improve returns to equity holders . " - more - 333 Clay Street , Suite 1600 Houston , Texas 77002 713-646-4100 / 866-809-1291