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…
Financial & Operating Profile Large integrated asset footprint, investment grade, attractive yield Financial Profile 23B 9% 3.3x Enterprise Distribution Leverage Value Yield Ratio(1) Investment Grade Credit Rating Operating…
Plains Structure & Tax Attributes Dual securities provide flexibility & optionality Summary Ownership Structure(1) Governance Overview Unified Board Directors 73% of PAA GP HOLDINGS LLC (PAGP GP) (Unified Board of Directors)…
PAAs MLP Structure Provides Unique Tax Benefits Structure offers tax and estate planning benefits Pass Through Foreign Tax Tax Deferred Estate Planning Tax Structure Credit Benefits Return of Capital Advantages Avoids double…
Leading Distribution Yield Across Sectors Executing on multi-year, sustainable distribution growth Distribution / Dividend Yield (1) 8.9% Distribution Yield (2) 9% 3.4% 3.4% 2.9% 2.5% 2.0% 1.7% 1.4% 1.4% 1.2%…
Crude & NGL Segment Overview NASDAQ: PAA & PAGP
Long-Term Fundamentals Remain Constructive Permian Basin a key contributor to meeting long-term global demand Global Oil Demand - Remains Robust(1) Global Oil Supply Permian a Significant Contributor(3) 120 MMb/d (MMb/d) 20.7 106…
Strategic Operating Regions Within Crude & NGL Segments Integrated asset base from wellhead to demand centers Crude Segment (85% EBITDA(1)) Key 2025 Considerations 15% Permian volume growth of 200- 300 Mb/d(2) Contributions from…
Premier Permian Crude System Operating leverage to capture volume growth & higher margins GATHERING VOLUME(1) (MM) Cushing (Mb/d) 1,320 EBITDA(2) +/- 1.1B 3,075 4.7 MM EXCESS CASH FLOW 2,895 DEDICATED ACRES GENERATED(3)…
South Texas & Gulf Coast Overview Strong footprint with significant cash generation & optimization opportunities South Texas Gulf Coast (MM) 380 Eagle Ford Shale EBITDA(1) +/- 330MM EXCESS CASH FLOW GENERATED(2) Lyssy…
NGL Segment Shifting to More Durable Earnings Stream Leveraging existing footprint for brownfield expansion opportunities 10% +30 Mb/d Debottleneck Project 2025(G): +/- 450MM(1) 45% 2Q25 Placed into Service 45% Ft. Sask…
NGL Segment Frac Spread & Hedging Profile C3+ Spec Product Sales(1) (Mb/d) Hedging Profile: 2023 2025(G) 70 (table data reflects full-year averages) 2023 2024 2025(G) 60 59 Associated NGL Segment with the 52 transition to Fee…
High-Quality Contracted Asset Base Stable cash flows driven by strong counterparties Contracted Creditworthy Cash Flows Customer Base 20% 80% 35% 90% of 2025(G) of revenue exposure is to Adj. EBITDA(2) investment-grade from…
Financial Overview NASDAQ: PAA & PAGP
Driving Value Through Efficient Growth Portfolio strength allows for continued growth and increasing return of capital (3) Adjusted EBITDA(1) Cumulative Adj. FCF(2) Leverage Ratio Leverage Ratio (2) Distribution Per Unit Adjusted…
Strong Cash Flow Generation Committed to capital discipline, significant return of capital & financial flexibility 2025(G) Capital Allocation +/- 1,730 MM Targeting multi-year, sustainable distribution growth 2025: 0.25/unit…
Delivering on Increasing Returns of Capital to Equity Holders Executing on multi-year distribution growth 1.52/unit (175%) 1.27/unit (195%) Future Considerations 1.07/unit (230%) Subject to board approval, financial…
Levers to Drive Efficient Growth Returns focused value proposition Growth CAPEX 300-400MM Annualized run rate net to PAA; Returns well in excess of WACC Streamline Operations Higher margins Long-term Discipline Tariff…
Why Plains Key North American infrastructure to help meet global energy demand Attractive Asset Tax Efficient Base + Growth Financial Strong Return Investment Levers Strength of Capital Strategically Located Investment Grade…
Appendix
2025 Guidance Lower half of guidance range in a 60 - 65/bbl WTI environment Financial (MM, except per-unit metrics) 2025(G)(1) Adjusted EBITDA attributable to PAA 2,800 - 2,950 Crude Oil Segment 2,410 NGL Segment 450 Other 15…
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