Plains All American Pipeline L P : 4Q24 Investor Presentation

PAA

Investor Presentation

Fourth-Quarter 2024

Forward-Looking Statements & Non-GAAP Financial Measures Disclosure

Investor Contacts

Blake Fernandez

Vice President, Investor Relations

Blake.Fernandez@plains.com

Michael Gladstein

Director, Investor Relations

Michael.Gladstein@plains.com

Investor Relations

866-809-1291 plainsIR@plains.com

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Financial & Operating Profile

Large, integrated asset footprint; investment grade; attractive yield

Financial Profile

~$22B

>7%

>10%

Enterprise

Distribution

Adj. FCF(1)

Value

Yield

Yield

Investment Grade Credit Rating

Operating Profile

>8 MMb/d

>6 MMb/d

>1 MMb/d

Total Pipeline

Permian Pipeline

Crude Purchase

Tariff Volume

Tariff Volume

Volume

~135 MMb/mo

~170 Mb/d

~6 Bcf/d

Liquids Storage

NGL Fractionation

Straddle

Capacity (2)

Capacity

Capacity

2024(G): Furnished November 8, 2024. Operating data as of 12/31/23. EV and last quarter annualized yield based on closing unit price as of 11/8/24. Please visit our websitefor a reconciliation of Non-GAAP financial measures.

(1) Adj. FCF Yield based on 2024(G); calculated as Adj. FCF excluding changes in Assets & Liabilities less preferred distributions compared to common unit market cap as of 11/8/24;

3

includes ~$140 million of bolt-on acquisitions; impacted by $120 million earnings charge for legal settlements. (2) Includes crude storage capacity, above-ground tank capacity & NGL storage.

Critical Crude & NGL Infrastructure

Full-service supply aggregation, quality segregation, flow assurance, access to multiple markets

Crude Oil Activities

NGL Activities

2024(G) Adj. EBITDA: $2.725B - $2.775B

Expect to be Toward the High-End of Full-Year Guidance

+/- 15%

NGL

+/- 85% Crude Oil

2024(G): Furnished November 8, 2024. Non-rangebound metrics align with midpoint of Adj. EBITDA attributable to PAA; amounts intended to be +/-.

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Plains' Structure & Tax Attributes

Dual securities provide flexibility & optionality

Summary Ownership Structure(1)

PAA GP HOLDINGS LLC (PAGP GP)

(Unified Board of Directors)

(Nasdaq: PAGP) 1099 SECURITY

GOVERNANCE OVERVIEW

Unified Board

Directors

73% of

responsible

subject to

Directors are

for PAGP & PAA

Public Election(3)

independent

PAGP TAX ATTRIBUTES

1099

+/- $1.2B

Distributions

Expect no corp.

Security

deferred tax asset

treated as

income taxes

(Subject to tax as a Corp.)

(>$6.00 / Class A Share(4))

"return of capital"(5)

for ~9 years

(Nasdaq: PAA) K-1 SECURITY

Public Investors • Series A & B Preferred

• 100% of Plains' assets & operations

PAA TAX ATTRIBUTES

Treated as

Distributions

"Pass through"

partnership for tax

treated as

tax attributes(6)

purposes; K-1 security

"return of capital"

(1)

See PAGP 10-K for more detailed ownership structure overview. (2)

Excludes ~5% PAA LP interest indirectly owned by private owners through intermediate entity. (3) Staggered board with elections on a 3-year rolling basis.

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(4)

Illustrative based on 9/30/24 PAGP Class A Shares outstanding. (5)

Until there are positive earnings & profits for tax purposes (estimated timing ~5 years); thereafter distributions treated as dividends or capital gain. (6) K-1 allocates income / (loss) to owners.

PAA's MLP Structure Provides Unique Tax Benefits

Structure offers tax and estate planning benefits

Pass Through

Tax Structure

Foreign Tax

Credit Benefits

Tax Deferred

Return of Capital

Estate Planning

Advantages

Note: Investors should consult a tax advisor regarding the benefits, risks and other consequences of owning PAA Common Units or PAGP Class A Shares. (1) Based on current PAA Equity prices and assumed federal income tax rate of 39.6%

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Plains' Investment Opportunity

Generating multi-year Free Cash Flow & increasing returns of capital to equity holders

Attractive Yield(1) of >7%

Meaningful coverage, targeting multi-year distribution growth

Significant Free Cash Flow(2)

2024(G): +/- $1.45B Adj. FCF(2) / $300MM FCFaD

Balance Sheet Strength

Long-Term Leverage Target 3.25x - 3.75x

Strategically Located in Growth Basins

Premier North American Crude & Canadian NGL Assets

2024(G): Furnished November 8, 2024. (1) Distribution yield based on closing unit price as of 11/8/24.

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(2) Excluding changes in Assets & Liabilities; includes ~$140 million of bolt-on acquisitions net to PAA's interest and impacted by $120 million earnings charge for legal settlements.

Leading Distribution Yield Across Sectors

Targeting multi-year, sustainable distribution growth

Distribution / Dividend Yield (1)

Distribution Growth

Estimates (2)

Distribution

Yield (3)

>7%

3.3%

3.2%

2.8%

2.6%

1.9%

1.5%

1.4%

1.4%

1.2%

1.0%

0.8%

0.7%

Wells Fargo Research

+10.4%

+4.9%

Energy

Real

Utes

Cons.

Materials Health FinancialsIndustrials

S&P

Comm.

Cons.

Tech.

Estate

Staples

Care

500

Services

Disc

S&P 500 Sectors

(1) Source: FactSet as of 11/8/24. (2) Source: Wells Fargo Securities, LLC estimates as of 11/4/24. (3) Last quarter annualized yield based on closing unit price as of 11/8/24.

MLPs

3-Yr Forward CAGR

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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)

~120 MMb/d

~106 MMb/d

~99 MMb/d

~100 MMb/d

~93 MMb/d

Long-term demand for

crude oil and

natural gas liquids

2023(2)

2050 Demand

Global Oil Supply- Permian a Significant Contributor(3)

20.9

Sanctioned

Country

11.1 10.8

8.9

Sanctioned

6.1

Country

4.8

4.5

4.4

3.9

3.8

2.8

U.S.

Russia

Saudi Permian Canada

Iran

China

Iraq

Brazil

U.A.E.

Kuwait

Arabia

(1) IEA World Energy Outlook 2024, OPEC World Oil Outlook 2024, ExxonMobil Global Outlook. (2) IEA World Energy Outlook 2024.

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(3) Raw data provided by EIA, S&P Global & PAA Estimates; Liquids includes production of crude oil (including lease condensates), natural gas plant liquids, biofuels, other liquids, and refinery processing gains.

Disclaimer

Plains All American Pipeline LP published this content on November 12, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 12, 2024 at 12:46:05.519.