Plains GP L P : 2Q25 Investor Presentation

Published: 2025-05-14 08:15:05 ET PAGP

Published on 05/14/2025 at 08:15

Second-Ǫuarter 2025

Large integrated asset footprint, investment grade, attractive yield

~$23B

Enterprise Value

~G%

Distribution Yield

3.3x

Leverage Ratio(1)

Investment Grade Credit Rating

3

2025(G): Furnished May 9, 2025. Operating data as of 12/31/24. Enterprise value and distribution yield based on closing unit price as of 5/12/25. Please visit our website for a reconciliation of Non-GAAP financial measures. (1) Includes 50% debt treatment for preferred equity and partial year contributions from recent bolt-on acquisitions . (2) Includes crude storage capacity, above-ground tank capacity C NGL storage.

Dual securities provide flexibility C optionality

Summary Ownership Structure(1)

PAA GP HOLDINGS LLC (PAGP GP)

(Unified Board of Directors)

Unified Board responsible

for PAGP C PAA

Directors subject to Public Election(3)

73% of Directors are independent

(Nasdaq: PAGP) 10GG SECURITY

Indirect owner of PAA GP interest (non-economic) and ~25% PAA LP interest(2)

1099

Security

+/- $1.2B

deferred tax asset

Distributions treated as

(5)

Expect no corp. income taxes

(Subject to tax as a Corp.)

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

"return of capital"

for ~9 years

(Nasdaq: PAA) K-1 SECURITY

Public Investors • Series A C B Preferred

Treated as partnership for tax

Distributions treated as

"Pass through"

(6)

100% of Plains' assets C operations

purposes; K-1 security

"return of capital"

tax attributes

4

(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. (4) Illustrative based on 3/31/25 PAGP Class A Shares outstanding. (5) Until there are positive earnings C profits for tax purposes (estimated timing ~5 years); thereafter distributions treated as dividends or capital gain. (6) K-1 allocates income / (loss) to owners.

Structure offers tax and estate planning benefits

Pass Through Tax Structure

Foreign Tax Credit Benefits

Tax Deferred Return of Capital

Estate Planning Advantages

Avoids double taxation (PAA pays no U.S. Federal or state income tax) enabling partnership to return more cash to unitholders

Profits C losses are passed through to limited partners

U.S. qualified business income currently eligible for 20% rate reduction

PAA's Canadian subsidiary pays provincial C federal taxes

Unitholders can generally use Foreign tax credit against U.S. federal income tax

Distributions generally not taxed, but treated as return of capital

After-tax cash flow(1) expected to be ~90% of distributions over +/-10-years

The transfer of MLP units to beneficiaries upon death does not trigger a taxable event

Cost basis of MLP units steps up to the market value as of the date of death

5

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%.

Disclaimer

Plains GP Holdings LP published this content on May 14, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2025 at 12:14 UTC.