Page 1

EX - 99.1 2 pagp11022021 exhibit991.htm EX - 99.1 Exhibit 99.1 PLAINS ALL AMERICAN PIPELINE , L.P. PLAINS GP HOLDINGS Plains All American Reports Third - Quarter 2021 Results Houston , TX - November 2 , 2021- Plains All American Pipeline , L.P. ( Nasdaq : PAA ) and Plains GP Holdings ( Nasdaq : PAGP ) today reported third - quarter 2021 results and provided the following updates : • • • • • Successfully completed formation of Plains Oryx Permian Basin strategic joint venture ( closed October 5th ) ; cashless transaction , debt - free entity , near - term free cash flow accretive to Plains and Oryx , with targeted JV synergies of $ 50- $ 100 million or more Reported a net loss for the period of $ 59 million , including the non - cash impact of an approximately $ 220 million asset impairment charge Reported third - quarter Adjusted EBITDA of $ 519 million and maintained full - year 2021 Adjusted EBITDA guidance of +/- $ 2.175 billion ( includes approximately $ 40 million impact of Fort Saskatchewan incident and other timing- related items ) Increased forecasted 2021 Free Cash Flow after Distributions by $ 50 million to +/- $ 1.4 billion , or +/- $ 500 million excluding proceeds from asset sales Reduced 2021 capital ( investment and maintenance ) guidance by an additional $ 50 million to +/- $ 455 million , approximately 30 % below February guidance Reduced total debt by approximately $ 650 million in the period and by approximately $ 1 billion since year - end 2020 Continued utilizing the November 2020 repurchase authorization during the period , bringing total cumulative repurchases to $ 167 million , or 18.1 million PAA common units " We delivered third - quarter results that exceeded our expectations , increased our full - year Free Cash Flow outlook and maintained full - year Adjusted EBITDA guidance despite the impact of non - recurring and timing - related items , " stated Willie Chiang , Chairman and CEO of Plains . “ Importantly , we continue to execute across multiple key initiatives , all of which are aimed at maximizing free cash flow to reinforce our balance sheet and generate attractive returns for our equity holders . Integration of the Plains Oryx Permian Basin joint venture is well underway , and we are increasingly confident in the synergies the JV is positioned to capture , the value of the operating leverage embedded within our system , and the magnitude of production growth the basin is positioned to deliver over the next several years . " - more - 333 Clay Street , Suite 1600 Houston , Texas 77002 713-646-4100 / 866-809-1291