Financial & Operating Profile Large integrated asset footprint, investment grade, attractive yield Financial Profile 22B 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 (1) Distribution / Dividend Yield 9.1% Distribution Yield (2) 9.1% 3.4% 3.3% 2.8% 2.6% 2.0% 1.7% 1.4% 1.4% 1.1% 1.1%…
Crude & NGL 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) (MMb/d) 123 MMb/d 20.7 106…
Key 2025 Crude & NGL Considerations Integrated asset base from wellhead to demand centers Crude (83% EBITDA(1)) C / USG Key 2025 Considerations . Tx S 15% Permian volume growth of 200- 300 Mb/d(3) Per Mid-Con mian…
EPIC / Cactus III Acquisition Overview Multiple ways to win with improved flexibility for our customers 100% EPIC Acquisition Overview Plains acquired remaining 45% operated interest in EPIC Crude Holdings, LP. for 1.33 billion from…
Premier Permian Crude System Operating leverage to capture volume growth & higher margins GATHERING VOLUME(1) (MM) (Mb/d) Cushing 1,370 EBITDA(2)(3) +/- 1.1B 3,130 5 MM EXCESS CASH FLOW 2,895 DEDICATED ACRES GENERATED(4)…
South Texas & Gulf Coast Overview Strong footprint with significant cash generation & optimization opportunities South Texas Gulf Coast (MM) 335 Eagle Ford Shale EBITDA(1) +/- 275MM EXCESS CASH FLOW GENERATED(2) Lyssy…
Transition to Crude Oil Pure Play 4Q25 serves as baseline level for Crude Oil Cactus III NGL Business Future Crude Oil(2) Acquisition Divestiture Drivers (Adj. EBITDA, MM) November 2025 First Quarter 2026 2026+ 2,365 (3) 2,276…
NGL Transaction Highlights Establishes premier North American crude oil midstream entity Transaction Highlights Strategic Benefits Capital Allocation 5.15 Billion CAD Improves Cash Flow Durability 0.35/Unit Total cash consideration…
NGL Shifting to More Durable Earnings Stream Leveraging existing footprint for brownfield expansion opportunities d C3+ edge nh U 10% +30 Mb/d Debottleneck Project 2025(G): 45% 2Q25 r Service +/- 485MM(1) H ed g…
NGL 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 with the transition to C3+ Spec Product Sales(1)…
High-Quality Contracted Asset Base Reducing commodity related earnings post NGL divestiture Status Quo Pro Forma (Post NGL Divestiture) (1 ) (1 ) elated ted y R Rela Min dit Min ity im mo im od om um um C m m…
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…
Balance Sheet Flexibility Expect to be toward mid-point of leverage ratio target range (3.5x) post closing of NGL divestiture INVESTMENT GRADE CREDIT RATINGS SENIOR NOTE MATURITIES (2)(3) (Millions) Fitch S&P Moodys BBB BBB Baa2…
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 Tariff increases, Market…
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 Updated for lower WTI, YTD performance and EPIC contributions Financial (MM, except per-unit metrics) 2025(G)(1) Adjusted EBITDA attributable to PAA 2,840 - 2,890 Crude Oil (incl. 40MM benefit from EPIC) 2,365 NGL 485…
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