Plains All American Pipeline, L.p. · NASDAQ:PAA
Plains All American Pipeline, L.p — Investor Presentation (August 2026)
24 slides from Plains All American Pipeline, L.p's investor presentation, Aug 7, 2026
Slide 1: Investor Presentation Third-Quarter 2026
Investor Presentation Third-Quarter 2026
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures Disclosure
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
Slide 3: Financial & Operating Profile
Financial & Operating Profile Large integrated asset footprint, investment grade, attractive yield Financial Profile Investment Grade Credit Rating ~$27B ~7% 3.3x Enterprise Distribution Leverage Value Yield Ratio(1) Operating Profile >9 MMbbl/d >7 MMbbl/d >2.9 MMbbl/d Total Pipeline Permian Pipelin
Slide 4: Plains' Structure & Tax Attributes
Plains’ Structure & Tax Attributes Dual securities provide flexibility & optionality Summary Ownership Structure(1) PAA GP HOLDINGS LLC (NASDAQ: PAGP) (NASDAQ: PAA) (PAGP GP) 1099 SECURITY K-1 SECURITY Unified Board of Directors Indirect owner of PAA GP interest (non- Public Investors • Series A & B
Slide 5: PAA's MLP Structure Provides Unique Tax Benefits
PAA’s MLP Structure Provides Unique Tax Benefits Structure offers attractive tax and estate planning benefits Pass Through Foreign Tax Tax Deferred Estate Planning Tax Structure Credit Benefits Return of Capital Advantages Avoids double taxation PAA’s Canadian Distributions generally The tra
Slide 6: Leading Distribution Yield Across Sectors
Leading Distribution Yield Across Sectors Executing on multi-year, sustainable distribution growth (1) 7.0% Distribution / Dividend Yield Distribution Yield(2) ~7% 3.4% 2.7% 2.6% 2.6% 1.6% 1.5% 1.3% 1.0% 1.0% 1.0% 0.8% 0.5% Real Cons. Energy Utes Health Materials Financials Comm. S&P Industrials Con
Slide 7: Crude Overview
Crude Overview NASDAQ: PAA & PAGP
Slide 8: Iran Conflict Implications to Global Energy Markets
Iran Conflict Implications to Global Energy Markets Reiterates importance of reliable, secure, and responsibly produced energy Historic Supply Shock Prompting Post-Conflict: Restocking / OPEC North America Critical to Supply Inventory Draw Downs Production Capacity Global Demand Strait of Hormuz C
Slide 9: Long-Term Fundamentals Remain Constructive
Long-Term Fundamentals Remain Constructive Continued demand growth coupled with industry underinvestment Global Oil Demand - Remains Robust Organic Reserve Replacement Ratio(3) 150% ~126 ~125 MMbbl/d ~113 MMbbl/d 125% ~104 ~105 MMbbl/d MMbbl/d MMbbl/d 100% 75% Long-term demand for crude oil and Tren
Slide 10: Plains Well Positioned for Long-Term Growth
Plains Well Positioned for Long-Term Growth Long-term multi-year growth in EBITDA (5-yr CAGR +7%) Crude Oil Premier Pure-Play North American (Adj. EBITDA(1), $MM) +15% Y/Y Midstream Company $2,700 $2,344 Improving Crude Oil Fundamentals $2,276 $2,163 Tighter supply / demand balances $1,986 $1,909 1
Slide 11: Regional & Contracted EBITDA Breakdown
Regional & Contracted EBITDA Breakdown Weighted average contract term of MVCs / Dedications ~5 years Crude Oil Regional EBITDA Contract Breakdown Portfolio ~15% ~60% $2,700MM ~15% 85% of 2026(G) of 2026(G) Adj. EBITDA(2) Adj. EBITDA(2) from fee for service ~10% 2026(G): Furnished August 7, 2026. (1)
Slide 12: Premier Permian Crude System
Premier Permian Crude System Operating leverage to capture volume growth & higher margins Gathering Volume(1)(Mbbl/d) Integrated wellhead to demand-center footprint with over 1.2 million bpd first purchased at the lease ~$1,620 EBITDA (1) 3,125 3,150 ~5.1 Mm MM 1 Dedicated Acres CAPEX ~$385 >5 Year
Slide 13: Mid-Con, Rockies & Canadian Crude Asset Overview
Mid-Con, Rockies & Canadian Crude Asset Overview Portfolio generating steady & stable cash flow Mid-Con Canada & Rockies ~$675 EBITDA(1) MM Cross border connectivity CAPEX ~$145 Cross border Maintenance + connectivity Growth MM Bakken Cushing Cushing Connect Diamond Memphis PRB Red River Volumes(1)(
Slide 14: South Texas & Gulf Coast Overview
South Texas & Gulf Coast Overview Strong footprint with significant cash generation & optimization opportunities South Texas Gulf Coast ~$405 EBITDA (1) MM CAPEX ~$40 Eagle Ford Shale Maintenance + Lyssy Capline Growth MM EF Hobson Gathering Gardendale EFJV Gardendale Gathering Three Rivers Cactus I
Slide 15: Financial Overview
Financial Overview NASDAQ: PAA & PAGP
Slide 16: Driving Value Through Efficient Growth
Driving Value Through Efficient Growth Portfolio strength allows for continued growth and increasing return of capital Adjusted EBITDA(1) Cumulative Adj. FCF(2) Leverage Ratio (2) (3) Distribution Per Unit (million) (billion) Leverage Ratio Distribution Per Unit $1.67/unit $2,880 (+/- $75MM) 19% 4-y
Slide 17: Bolt-on Strategy Complements Efficient Growth
Bolt-on Strategy Complements Efficient Growth Large scale integrated portfolio creates synergistic opportunities ~$4.3Bln Cumulative Net Investment(1) 13%-15%+ Return Threshold(2) 17 Bolt-on Acquisitions(3) Bolt-on Framework 2022 – 2026 Disciplined Risk Adj. Returns – Strict Vetting Process Advantag
Slide 18: Balance Sheet Flexibility
Balance Sheet Flexibility Post NGL divestiture leverage ratio within range Investment Grade Credit Ratings Senior Note Maturities(2) (Millions) $1,250 Fitch S&P Moody’s BBB BBB Baa2 $1,000 $1,000 $1,000 Financial Flexibility $750 Long-term leverage 3.25x - 3.75x ratio target range(1) $650 $687 $649
Slide 19: Increasing Return of Capital to Equity Holders
Increasing Return of Capital to Equity Holders Executing on multi-year distribution growth Annual distribution per unit / Distribution coverage ratio Future Considerations Framework: $0.15/unit annual $1.67/unit increases with 150% DCF (~160%) $1.52/unit coverage ratio threshold (~175%) Subject
Slide 20: Levers to Drive Efficient Growth
Levers to Drive Efficient Growth Returns focused value proposition Growth CAPEX $400-$450MM 2026 net to PAA; Returns well in excess of WACC Streamline Operations $100MM through 2027 G&A, operating expenses & margin improvements Bolt-On M&A ~13% - 15% IRR Accretive & Synergistic Long-term Disciplined
Slide 21: Why Plains?
Why Plains? Premier Crude Oil midstream company delivering strong return of capital to unitholders Attractive Asset Base Financial Strong Return Tax Efficient + Growth Levers Strength of Capital Investment Strategically Located & Investment Grade $0.15/unit Annual Dual Structure with Fully Integrate
Slide 22: Appendix
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Slide 23: 2026 Guidance
2026 Guidance Key assumptions Financial ($MM, except per-unit metrics) 2026(G)(1) Adjusted EBITDA attributable to PAA $2,880 (+/- $75) Distributable Cash Flow available to Common Unitholders $1,900 Common Unit Distribution Coverage Ratio +/- 160% Adj. Free Cash Flow (excluding changes in Assets & Li
Slide 24: Investor Presentation Third-Quarter 2026
Investor Presentation Third-Quarter 2026
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