This presentation contains forward-looking statements, including, in particular, statements about the plans, performance, 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, Implied DCF and Free Cash Flow. 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.plainsallamerican.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.
PAA
PAGP 2
Table of Contents
Value Proposition & Business Overview
Industry Observations & Plains' Focus Areas
1Q21 Results & FY 2021 Outlook
Sustainability
Summary
Appendix
PAA
PAGP 3
Midstream Sector: Attractive Relative Value Proposition
Leading Permian franchise, positioned to play key role in satisfying multi-decade growth in global energy demand
Maximizing Free Cash Flow after Distributions (FCFaD)
Targeting FCFaD of ~$1.15B in 2021(1) and expect to generate sizeable FCFaD in 2022+
2021: allocating 75%+ to debt reduction, and up to 25% to buybacks
2022+: shift to higher equity return as leverage decreases
Focused on continuous improvement and engagement with all stakeholders
Reduce leverage while returning capital to equity holders
Plan to publish detailed Sustainability Report in Summer 2021
Summary of current Sustainability metrics, progress and ongoing initiatives included within the "Sustainability" section of the deck (see slides 24-31)
PAA
PAGP 5
(1) 2021 FCFaD assumes current annualized distribution rate of $0.72 per common unit.
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Plains All American Pipeline LP published this content on 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2021 13:03:06 UTC.
Plains All American Pipeline, L.P. is a midstream service provider in North America. The Company owns a network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and natural gas liquids (NGL) producing basins (including the Permian Basin) and transportation corridors and at major market hubs in the United States and Canada. It has two segments: Crude Oil and Natural Gas Liquids (NGL). Its Crude Oil segment operations generally consist of gathering and transporting crude oil using pipelines, gathering systems, trucks and at times on barges or railcars, in addition to providing terminalling, storage and other facilities-related services utilizing its integrated assets across the United States and Canada. Its NGL segment operations involve natural gas processing and NGL fractionation, storage, transportation and terminalling. NGL segment is involved in gathering, fractionation, storage, and/or terminalling services to third-party customers.
PLAINS ALL AMERICAN PIPELINE, L.P. 
