2021 3Q PAA & PAGP Earnings Conference Call Script - Q&A - Slides - Non-GAAP Reconciliation

Houston, TX | November 2, 2021

3Q 2021

Earnings Package

Index

• Conference Call Prepared Remarks
• Conference Call Slides
• PAA / PAGP Earnings Release and Guidance
• PAA Non-GAAP Reconciliations

PAA	PAGP 2

Third-Quarter 2021 Earnings Conference Call

Tuesday, November 2, 2021

Roy Lamoreaux:

Thank you, Chino. Good afternoon, and welcome to Plains All American's third-quarter 2021 earnings call. Today's slide presentation is posted on the Investor Relations website under the "News & Events" section at plainsallamerican.com, where an audio replay will also be available following today's call. Important disclosures regarding forward-looking statements and non-GAAP financial measures are provided on slide 2. A condensed consolidating balance sheet for PAGP and other reference materials are located in the appendix.

Today's call will be hosted by Willie Chiang, Chairman and CEO, and Al Swanson, Executive Vice President and CFO. Other members of our team will be available for the Q&A session, including: Harry Pefanis, President; Chris Chandler, Executive Vice President and COO; Jeremy Goebel, Executive Vice President and CCO; and Chris Herbold, Senior Vice President, Finance and CAO.

With that, I will now turn the call over to Willie.

Willie Chiang:

Thank you, Roy and thanks everyone for joining our call. What a difference a quarter makes. Since our last earnings call, oil and gas prices are materially higher as global demand returns to pre-pandemic levels, and the markets are increasingly concerned about a supply demand imbalance. Once again, the Permian appears to be the obvious choice for increasing domestic oil production, reinforcing our confidence in the long-term outlook for our business.

In terms of the third quarter, we delivered better than expected Adjusted EBITDA of $519 million despite some operational challenges at our Fork Saskatchewan fractionation facility, and we continued to execute on a number of our initiatives.

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We have maintained our 2021 Adjusted EBITDA guidance of plus or minus $2.175 billion, despite an approximately $40 million negative impact of non-recurring and timing-related items, which includes a fire that we experienced at our Fort Sask facility in late September. Al will discuss the 2021 EBITDA impact related to these items in his prepared comments.

With respect to Fort Sask, while it's unfortunate this incident occurred, I want to acknowledge our Canadian team's execution of our emergency response plan, and that fortunately, no injuries occurred. Our team has been assessing the damaged area and making the appropriate repairs to return capacity to service in the near future.

Now, let me shift to our 2021 outlook and positioning for 2022, which is summarized on slides 3 and 4. Notably, we further reduced 2021 investment capital by $50 million and have increased forecasted 2021 Free Cash Flow after Distributions by the corresponding amount to plus or minus $1.4 billion. This reflects our continued execution of the goals and initiatives we outlined at the beginning of the year, which have centered on maximizing free cash flow. Consistent with our plan, we have allocated this free cash flow to reduce debt and execute our repurchase program, and we have improved visibility to increase cash returned to our equity holders, including prudent distribution growth, as leverage approaches our target metrics.

Additionally, in October we closed the Plains Oryx Permian Basin joint-venture and are confident in our ability to achieve the JV synergies that we previously identified; in fact, we expect some of the synergies will be recognized earlier in 2022 than anticipated. An overview of the JV is included in the appendix.

With respect to our remaining key projects, the fully-contractedWink-to-Webster JV pipeline running from the Permian to Houston area markets is scheduled to enter full-service around year end, with committed volumes scheduled to begin ramping in 1Q22 and continuing into 2023. Additionally, the MVC-backed Capline JV reversal for southbound service from Patoka to St. James is on track. Line fill from Patoka has commenced, which is expected to be completed in December and is on schedule for January 2022 in-service date. Capline's initial

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throughput is expected to be approximately 100,000 barrels per day, and the system has adequate capacity to serve growth in Canadian production.

Regarding Sustainability, we have continued to advance on multiple fronts. Since publishing our Sustainability Report in July, we have received positive feedback from investors and have seen notable improvements in our ESG scores from a key third-party ESG rating agency. In August, we announced further improvements to our governance, resulting in 100% of Plains' Directors now being subject to public election. And just last week, we announced the appointment of Dan Noack to the role of Vice President, Emerging Energy and Process Optimization and the formation of a cross-functional Emerging Energy team. Dan has been with Plains for 13 years, most recently as Vice President, Operations for our natural gas storage business. We are taking a thoughtful and disciplined approach to evaluating a number of opportunities in and around our existing asset base and operations. We look forward to sharing more information, as appropriate, in the future.

Let me make some comments on global supply and demand and industry fundamentals that are shown on slide 5, and further detailed in the appendix. Hydrocarbons are absolutely critical to the global economy. Global demand is recovering to pre-Covid levels, resulting in sustained inventory draws against a multi-year backdrop of reduced upstream investment and a continuation of OPEC discipline. Global energy markets are tight, with shortages in traditional energy sources - including natural gas, coal, and crude oil - as evidenced by the increase in most all commodity prices as seasonal heating demand approaches. Global supply chain disruptions are exacerbating product shortages in certain regions and incentivizing increasing coal-fired power generation in others.

We believe North American energy supply will play a very key role in satisfying global demand, and the Permian is positioned to drive the vast majority of U.S. short-cycle production growth. Permian completion activity has increased since our prior earnings call, reinforcing our confidence in the magnitude of production growth, which could be approximately 2 million barrels per day in 4-5 years, assuming no material change in present-day producer discipline

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