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PLAINS 2Q26 Earnings Call August 7 , 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 2026(G): Furnished August 7, 2026. Please visit our website for a reconciliation of Non-GAAP financial measures. (1) Adj. EBITDA Attributable to PAA. (2) Includes contribution from NGL. Strong 2Q26 results with continued execution on key initiatives for 2026 2Q26 Results & Key Highlights 3 2Q26 Performance $738 MM Adj. EBITDA attributable to PAA Crude Oil / Other $698 MM (1) NGL $40 MM (1) 2026 Guidance $2,880 MM (+/- $75) Adj. EBITDA attributable to PAA(2) 2026 Key Initiatives Close NGL Sale: Closed May 2026 Cactus III Synergies: Realize $50 MM in 2026 Corporate Efficiencies: On-track to realize $50 MM in 2026
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4 2026 Guidance Highlights 2026(G): Furnished August 7, 2026. Please visit our website for a reconciliation of Non-GAAP financial measures. (1) Excluding changes in Assets & Liabilities and cash proceeds from the NGL divestiture. (2) Includes 50% debt treatment for preferred equity. LTM Adjusted EBITDA attributable to PAA pro forma for the full-year EBITDA benefit of the Cactus III acquisition and for the sale of our NGL business. On-track to deliver our full-year EBITDA guidance for 2026 Adj. EBITDA attributable to PAA Excludes NGL sale proceeds ~$1,750 MM Adj. Free Cash Flow(1) Pro forma 3.3x end of 2Q26 3.25x – 3.75x Long-term Leverage Ratio Target Range(2) Net to PAA $400 - $450 MM | +/- $175 MM Investment Capital | Maintenance Capital Includes contribution from NGL $2,880 MM (+/- $75)
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5 Updated Capital Spending Guidance Increased 2026 organic growth capital $50 - $100 million; Project returns exceed internal thresholds Permian Gathering (POPB JV) Canadian Gathering Permian Long-Haul Cactus III Expansion Additional 75 Mbbl/d of capacity (Nameplate increase to ~725 Mbbl/d) Strategic Projects in Clearwater & Duvernay Delaware and Midland Basin Gathering Buildout Additional 120k of dedicated acreage (Total Permian acreage: ~5.1 million) Spans multiple counties in both the Delaware and Midland basins Increasing connectivity and expanding capacity Potential for ~$100 MM of growth capital over 24 months Strong project returns (inclusive of ~$40 MM earnout)
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6 Key Drivers: 1Q26 to 2Q26 Note: $ millions. 1Q26 2Q26 Crude Oil Adj. EBITDA $145 $40 1Q26 2Q26 NGL Adj. EBITDA $582 $690 Seasonality & Sale Closing -$105 Closed sale mid-May-$20 One-off environmental remediation & higher property tax expense Environmental / Property Taxes Synergies / Efficiencies / Market +$128 Absence of 1Q headwinds, Cactus III synergies, efficiency initiatives, market-based opportunities
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7 Key Drivers: 2Q25 to 2Q26 Note: $ millions. $580 $690 Bolt-ons / Volumes / Market +$130 Cactus III acquisition, higher tariff volumes & market-based opportunities, offset by certain Permian long-haul contact rates resetting to market Environmental / Property Taxes -$20 One-off environmental remediation & higher property tax expense 2Q25 2Q26 Crude Oil Adj. EBITDA $87 $40 Sale Closing -$47 Closed sale mid-May 2Q25 2Q26 NGL Adj. EBITDA
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8 2026 Guidance Please visit our website for a reconciliation of Non-GAAP financial measures. (1) Furnished August 7, 2026; non-rangebound metrics align with midpoint of Adj. EBITDA attributable to PAA and intended to be +/-. (2) Full year impact without regard to hedge position. (3) Permian JV, Cactus II JV & Red River JV volumes on a consolidated (8/8ths) basis. Key assumptions Financial ($MM, except per-unit metrics) 2026(G)(1) Adjusted EBITDA attributable to PAA $2,880 (+/- $75) Distributable Cash Flow available to Common Unitholders $1,900 Common Unit Distribution Coverage Ratio +/- 160% Adj. Free Cash Flow (excluding changes in Assets & Liabilities) $1,750 Key Sensitivities ($MM) Annual Adj. EBITDA Change $10/bbl change in WTI prices(2) +/- $40 100 Mbbl/d change in total Permian Basin production +/- $10 – $15 Crude Oil Pipeline Volumes (Mbbl/d)(3) 2025 2026(G) Permian 7,333 8,000 Other 2,347 2,460 Total 9,680 10,460 Key Assumptions 2H26 PLA Hedge Position: 70% at ~$62/bbl 2H26 WTI Assumption: $80/bbl Permian Production Growth: 100 – 200 Mbbl/d (exit to exit) Capital ($MM) Net to PAA Consolidated Crude $415 $525 Permian JV 205 315 Other 210 210 NGL $10 $10 Investment +/- $425 +/- $535 Maintenance +/- $175 +/- $195 Total +/- $600 +/- $730
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9 Strong Free Cash Flow Generation 2026(G): Furnished August 7, 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 NGL Sale proceeds. (3) 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 ± $360 MM ± $1,390 MM ± $1,750 MM (1)(2) 2026: $0.15/unit annual distribution increase to $1.67/unit 2026+: targeting ~$0.15/unit annual distribution growth (maintain ~150% common unit distribution coverage) Return of capital Rigorous process for evaluating both organic & inorganic opportunities (~300 – 500 basis points above WACC) Disciplined capital investments Resilient through cycles; targeting 3.25 - 3.75x leverage ratio(3) Balance sheet stability & financial flexibility
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10 Plains Well Positioned for Long-Term Growth Long-term multi-year growth in EBITDA (5-yr CAGR +7%) Long-term Disciplined Growth in EBITDA & DCF 1 Crude Oil (Adj. EBITDA(1), $MM) Premier Pure-Play North American Midstream Company Premier Asset Footprint Well positioned asset base in key North American producing basins & downstream markets Long-term "Demand Pull" Environment US exports to supply global markets Multiple Levers for Efficient Growth Organic & inorganic growth (~13 – 15% IRR) efficiencies ($100 MM through 2027) 2026(G): Furnished August 7, 2026. (1) Adj. EBITDA attributable to PAA. +15% Y/Y $1,909 $1,986 $2,163 $2,276 $2,344 $2,700 2021 2022 2023 2024 2025 2026(G) 5-yr CAGR +7%
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Appendix NASDAQ: PAA & PAGP
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12 Current Financial Profile Expect leverage ratio to be at low end of range by year-end June 30, 2026 December 31, 2025 BALANCE SHEET Short-Term Debt $ 9 $ 564 Long-Term Debt 8,432 10,698 Total Debt $ 8,441 $ 11,262 Less: Cash & Equivalents 1,059 328 Net Debt $ 7,382 $ 10,934 Preferred Equity (50% Debt Treatment) $ 1,019 $ 1,018 Total Leverage $ 8,401 $ 11,952 Adj. EBITDA Attributable to PAA (LTM) $ 2,875 $ 2,833 CREDIT STATS & LIQUIDITY Leverage Ratio(1) 3.3x 3.9x Committed Liquidity ($ bln) $ 3.7 $ 2.0 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 and for the sale of our NGL business.
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13 Quarterly Crude Oil Detail Note: Permian JV, Cactus II JV & Red River JV volumes on a consolidated (8/8ths) basis. (1) Adj. EBITDA attributable to PAA. Adj. EBITDA & Volumes $576 $577 $569 $559 $580 $593 $611 $582 $690 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Quarterly (Adj. EBITDA(1), $MM) 2,286 2,346 2,313 2,284 2,396 2,414 2,363 2,317 2,374 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Permian Intra-Basin Volumes (Mbbl/d) 6,701 6,944 6,846 6,869 7,223 7,490 7,738 7,774 8,045 2,237 2,222 2,182 2,217 2,436 2,393 2,341 2,265 2,550 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Pipeline Tariff Volumes (Permian / Other) (Mbbl/d) 1,573 1,657 1,557 1,544 1,688 1,878 2,257 2,470 2,587 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Permian Long-Haul Volumes (Mbbl/d) 2,842 2,941 2,976 3,041 3,139 3,198 3,118 2,987 3,084 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Permian Gathering Volumes (Mbbl/d)
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14 $2,276 $2,344 ± $2,700 2024 2025 2026(G) Annual (Adj. EBITDA(1), $MM) Crude Oil Detail 2026(G): Furnished August 7, 2026. (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 Tariff Volumes (Mbbl/d) 2024FY 2025FY 2026(G) Gathering 2,895 3,125 3,150 Intra-Basin 2,305 2,364 2,330 Long-Haul 1,531 1,843 2,520 Total Permian(2) 6,731 7,333 8,000 Canada 346 346 350 Rocky Mountain 474 475 490 Western 256 267 350 Total Canada/Rocky Mountain/Western 1,076 1,088 1,190 South Texas / Eagle Ford 403 521 510 Gulf Coast 218 220 220 Total South Texas/Gulf Coast 621 741 730 Total Mid-Continent(2) 506 518 540 Volumes 8,934 9,680 10,460 ~15% ~15% ~10% ~60% Regional Breakdown Canada/Rocky Mountain/Western South Texas/Gulf Coast Mid-Continent Permian 2026(G) $2,700MM(1)
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15 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 1Q26 2Q26 Net Cash Provided by Op. Activities (GAAP) $ 653 $ 692 $ 726 $ 2,490 $ 639 $ 694 $ 817 $ 785 $ 2,936 $ 418 $ 967 Net Cash Used in Investing Activities(1) (157) (823) (264) (1,504) (1,149) (274) (409) (1,937) (3,769) (233) 3,324 Cash Contributions from Noncontrolling Interests 12 16 17 57 4 25 5 41 75 — — Cash Distributions Paid to Noncontrolling Interests(2) (97) (113) (114) (425) (132) (97) (110) (108) (447) (103) (102) Proceeds from the issuance of related party notes(1) — 629 — 629 330 — — — 330 — — Adjusted Free Cash Flow (non-GAAP) $ 411 $ 401 $ 365 $ 1,247 $ (308) $ 348 $ 303 $ (1,219) $ (875) $ 82 $ 4,189 Cash Distributions(3) (286) (287) (286) (1,145) (331) (320) (321) (322) (1,295) (348) (347) Adjusted FCF after Distributions (non-GAAP) $ 125 $ 114 $ 79 $ 102 $ (639) $ 28 $ (18) $ (1,541) $ (2,170) $ (266) $ 3,842 Adjusted Free Cash Flow $ 411 $ 401 $ 365 $ 1,247 $ (308) $ 348 $ 303 $ (1,219) $ (875) $ 82 $ 4,189 Changes in assets and liabilities, net of acquisitions(5) 10 (44) (231) (74) 139 (6) (77) (3) 54 103 (178) Adjusted Free Cash Flow (excluding changes in Assets & Liabilities)(4) $ 421 $ 357 $ 134 $ 1,173 $ (169) $ 342 $ 226 $ (1,222) $ (821) $ 185 $ 4,011 Cash Distributions(3) (286) (287) (286) (1,145) (331) (320) (321) (322) (1,295) (348) (347) Adjusted Free Cash Cash Flow after Distributions (excluding changes in Assets & Liabilities)(4) $ 135 $ 70 $ (152) $ 28 $ (500) $ 22 $ (95) $ (1,544) $ (2,116) $ (163) $ 3,664 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. (5) Excludes the income tax impacts related to the Canadian NGL Business divestiture. GAAP CFFO to Non-GAAP Adj. FCF Measures
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16 June 30, 2026 December 31, 2025 PAA Consolidating Adjustments(1) PAGP PAA Consolidating Adjustments(1) PAGP ASSETS Current assets(2) $ 6,537 $ (7) $ $6,530 $ 4,733 $ (29) $ 4,704 Property and equipment, net 16,781 — 16,781 16,860 — 16,860 Investments in unconsolidated entities 2,817 — 2,817 2,846 — 2,846 Intangible assets, net 1,610 — 1,610 1,754 — 1,754 Deferred tax asset — 1,083 1,083 — 1,136 1,136 Linefill 892 — 892 900 — 900 Long-term operating lease right-of-use assets, net 172 — 172 198 — 198 Long-term inventory 257 — 257 214 — 214 Long-term assets of discontinued operations — — — 2,557 — 2,557 Other long-term assets, net 152 (61) 91 107 — 107 Total assets $ 29,218 $ 1,015 $ 30,233 $ 30,169 $ 1,107 $ 31,276 LIABILITIES AND PARTNERS’ CAPITAL Current liabilities(3) $ 5,859 $ (8) $ 5,851 $ 4,931 $ (29) $ 4,902 Senior notes, new 8,373 — 8,373 9,118 — 9,118 Other long-term debt, net 59 — 59 1,578 — 1,578 Long-term operating lease liabilities 194 — 194 202 — 202 Long-term liabilities of discontinued operations — — — 606 — 606 Other long-term liabilities and deferred credits 442 — 442 654 — 654 Total liabilities 14,927 (8) 14,919 17,089 (29) 17,060 Partners’ capital excluding noncontrolling interests 11,079 (9,499) 1,580 9,836 (8,491) 1,345 Noncontrolling interests 3,212 10,522 13,734 3,244 9,627 12,871 Total partners’ capital 14,291 1,023 15,314 13,080 1,136 14,216 Total liabilities and partners’ capital $ 29,218 $ 1,015 $ 30,233 $ 30,169 $ 1,107 $ 31,276 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 as of December 31, 2025. (3) Includes current liabilities of discontinued operations of $154 million and $382 million as of June 30, 2026 and December 31, 2025, respectively.
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17 ▪ 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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2Q26 Earnings Call August 7, 2026