Plains GP L P : PAA & PAGP First Quarter 2024 Earnings Call Slides

1Q24 Earnings Call

May 3, 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

[e-mail]

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1Q24 Results & Highlights

Strong execution & focus on Free Cash Flow generation

		Executing on Plan		Segment Performance		Bolt-On Acquisitions
	$718		$553 / $159		~$110
		1Q24 Adj. EBITDA		1Q24 Crude / NGL		Acquired a 10% interest in
				Saddlehorn(1) and a Mid-Con
		attributable to PAA ($MM)		Segment Adj. EBITDA ($MM)
				Terminal Asset(2) ($MM)
		Reaffirming		Generating Meaningful		Extending Permian
		Full-Year Guidance		Adj. Free Cash Flow(3)		Long-Haul Contracts
		$2.625 - $2.725		~$1.55B		~5 yrs.
		2024(G) Adj. EBITDA		Excluding changes in		Weighted Average
			Assets & Liabilities; includes $110MM
		attributable to PAA ($Bln)			Long-Haul Contract Tenor
			of bolt-on acquisitions
2024(G): Furnished May 3, 2024. Please visit our websitefor a reconciliation of Non-GAAP financial measures.		3
(1) Acquisition closed on March 28, 2024. Plains now owns a 40% interest in Saddlehorn Pipeline Company, LLC. (2) Acquisition closed on April 26, 2024. (3) 2024(G).

Key Financial Metrics Consistent with February Guidance

Continued focus on executing against our plan

Adj. EBITDA attributable to PAA

$2.625 - $2.725B

Long-term Leverage Ratio Target Range(2)

3.25x - 3.75x

Adj. Free Cash Flow

excluding changes in Assets & Liabilities; includes $110MM of bolt-on acquisitions

~$1.55B

~11% Yield(1)

Investment Capital

(Net to PAA)

+/- $375MM

2024 Guidance: Furnished May 3, 2024. Non-rangebound metrics align with midpoint of Adj. EBITDA attributable to PAA; amounts intended to be +/-. Please visit our websitefor a reconciliation of Non-GAAP financial measures.	4
(1) Yield calculated as Adj. FCF excluding changes in Assets & Liabilities less preferred distributions compared to common unit market cap as of 5/2/24. (2) Includes 50% debt treatment for preferred equity.

Permian Long-Haul Contracting Update

Extended contracts and increased volume of Plains' Permian long-haul portfolio

• Increased contracted volumes and extended the weighted average
  contract duration of our Permian long-haul portfolio to ~5-years (through 2028)
• • Includes new contracts or extensions on Cactus I, Cactus II & Sunrise/Basin
• Effective September 2025, transactions related to 200 Mb/d of Cactus I capacity have been finalized on terms consistent with rates in the range of $1.25 - $1.50/bbl(1)
• Expect underlying growth in the business and contributions from efficient growth investments to offset lower contracted rates resulting in broadly flat Adj. EBITDA in 2026(2) as compared to 2024 guidance for the Crude Oil segment
• Strikes balance between commitments, tenor and uncontracted capacity across portfolio

Wink

C. City

Midland

Crane

Cushing

Permian Long-haul Contract Overview

CONTRACTED VOLUME	WEIGHTED AVG. CONTRACT DURATION
	(Mb/d)		(year)
			2028
1,395	1,485	2026
PREVIOUS	TODAY	PREVIOUS	TODAY

McCamey

PERMIAN JV PERMIAN LONG HAUL OTHER PLAINS ASSETS

Houston

Corpus

(1) Joint rate across Cactus I & Eagle Ford Pipeline. (2) Does not reflect formal guidance. Predicated on current investment profile and commodity environment.

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Bolt-On Acquisitions

Enhancing Rockies & Mid-Con position through efficient growth

PLAINS' ROCKIES FOOTPRINT

Flows from Plains	Powder River
Canadian Assets	Basin

Casper

WY	NE
	Guernsey
Cheyenne	DJ Basin
Jct.
	Carr
Platteville

Overview of Transactions

• Plains acquired an additional 10% interest in Saddlehorn Pipeline(1) and a Mid-Con terminal asset(2) for aggregate cash consideration of approximately $110 million
• Funded with excess Free Cash Flow
• Disciplined approach to efficient growth
• • Expect to generate unlevered return consistent with Plains' return threshold of ~300 to ~500 bps above WACC
• Enhances Plains' position in the Rockies & Mid-Con

CO

SADDLEHORN PIPELINE PLAINS ASSETS

3rd PARTY INFRASTRUCTURE

Plains Cushing

Terminal

(1) Acquisition closed on March 28, 2024. Plains now owns a 40% interest in Saddlehorn Pipeline Company, LLC. (2) Acquisition closed on April 26, 2024.

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Free Cash Flow Priorities

Committed to capital discipline, significant return of capital & financial flexibility

2024(G) Capital Allocation

+/- $1.55B of Adj. Free Cash Flow

(excluding changes in Assets & Liabilities)

+/- $110

Bolt-on Acquisitions

+/- $390	Adj. FCFaD
Available for accretive opportunities
	or net debt reduction

Targeting multi-year, sustainable distribution growth

2024: $0.20/unit annual distribution increase to $1.27/unit

2024+: targeting ~$0.15/unit annual distribution growth

(until ~160% common unit coverage reached)

	+/- $1,150		Distributions
		Common & Preferred

Disciplined

capital investments

Self-fund annual routine

capital with cash flow

Balance sheet stability &

financial flexibility

Resilient through cycles;

create dry powder

Uses 7

2024(G): Furnished May 3, 2024. Please visit our websitefor a reconciliation of Non-GAAP financial measures.

Plains' Investment Opportunity

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

Attractive Yield(1) of ~7.5%

Meaningful coverage, targeting multi-year distribution growth

Significant Free Cash Flow

2024(G): +/- $1.55B Adj. FCF(2) / $390MM 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 May 3, 2024. (1) Distribution yield based on closing unit price as of 5/2/24. (2) Excluding changes in Assets & Liabilities; includes $110 million of bolt-on acquisitions.

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Appendix

Incremental Updates:

• Segment Adj. EBITDA Walks
• Financial & Operational Updates

Key Drivers: 4Q23 to 1Q24

($ millions)

Crude Oil Segment Adjusted EBITDA

$563	+$17	($27)	$553
Operating Cost /
	Lower Volumes /
	Other
	Winter Weather
4Q23			1Q24

• Crude Oil Segment
• • Operating Cost / Other: primarily lower operating expenses and timing of PLA recognition offset by fewer market-based opportunities
  • Lower Volumes: lower long-haul and Permian gathering volumes due to market dynamics and winter weather

NGL Segment Adjusted EBITDA

$169	+$6	($16)	$159
	Higher Volumes /
	Lower Frac Spread
	Other
4Q23			1Q24

• NGL Segment
• • Higher Volumes / Other: higher NGL pipeline tariff volumes
  • Lower Frac Spread: lower frac spread and straddle production

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