Plains All American Pipeline L P : 4Q24 Investor Presentation

Investor Presentation

Fourth-Quarter 2024

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 PAA's and PAGP's website at www.plains.com, select "PAA" or "PAGP," navigate to the "Financial Information" tab, then click on "Non-GAAP Reconciliations." 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.

Investor Contacts

Blake Fernandez

Vice President, Investor Relations

[e-mail]

Michael Gladstein

Director, Investor Relations

[e-mail]

Investor Relations

866-809-1291 [e-mail]

2

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 +/-.

4

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

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

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.	5
(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

• Avoids double taxation (PAA pays no U.S. Federal or state income tax) enabling partnership to return more cash to unitholders
• Profits & losses are passed through to limited partners
• US qualified business income currently eligible for 20% rate reduction

Foreign Tax

Credit Benefits

• PAA's Canadian subsidiary pays provincial & federal taxes
• Unitholders can generally use Foreign tax credit against US federal income tax

Tax Deferred

Return of Capital

• Distributions generally not taxed, but treated as return of capital
• After-taxcash flow(1) expected to be ~90% of distributions over +/- 10-years

Estate Planning

Advantages

• 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

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.	7
(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

8

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.	10
(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.