Plains All American Pipeline, L.p. · NASDAQ:PAA
Plains All American Pipeline, L.p — Q1 2026 Earnings Presentation
19 slides from Plains All American Pipeline, L.p's earnings presentation, May 8, 2026
Slide 1: 1Q26 Earnings Call
1Q26 Earnings Call May 8, 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: 1Q26 Results & Key Highlights
1Q26 Results & Key Highlights Raising midpoint of 2026 EBITDA guidance by $130 million 1Q26 Performance Raising 2026 Guidance 2026 Key Initiatives $730 MM $2,880 (+/- $75 MM) Close NGL Sale: Expected May 2026 Adj. EBITDA attributable to PAA Adj. EBITDA attributable to PAA Cactus III Synergies: Crude
Slide 4: 2026 Guidance Highlights
2026 Guidance Highlights Attractive asset base well positioned to capture improving oil macro environment Total Company Adj. EBITDA attributable to PAA Adj. Free Cash Flow(1) $2,880 MM (+/- $75 MM) ~$1,850 MM Includes NGL $170 MM Excludes NGL sale proceeds Long-term Leverage Ratio Target Range(2) In
Slide 5: Key Drivers: 4Q25 to 1Q26
Key Drivers: 4Q25 to 1Q26 Crude Oil Adj. EBITDA NGL Adj. EBITDA +$20 +$24 Cactus III Higher Volumes / Frac Spreads Acquisition Higher weighted average frac 1-month incremental spreads and sales volumes contribution and other variances $611 $582 -$49 -$1 Permian $122 $145 Other Impacts of winter weat
Slide 6: Key Drivers: 1Q25 to 1Q26
Key Drivers: 1Q25 to 1Q26 Crude Oil Adj. EBITDA NGL Adj. EBITDA +$72 -$43 Bolt-on Contributions / Higher Lower Volumes / Frac Spreads Volumes Lower weighted average frac Acquisitions and higher tariff spreads and reduced sales volumes volumes from warm weather $559 $582 -$49 $189 -$1 Long-Haul $145
Slide 7: 2026 Guidance
2026 Guidance Key assumptions Financial ($MM, except per-unit metrics) 2026(G)(1) Adjusted EBITDA attributable to PAA $2,880 (+/- $75) Crude Oil $2,700 (+/- $75) NGL (assumes May 2026 close) $170 Other $10 Distributable Cash Flow available to Common Unitholders $1,900 Common Unit Distribution Covera
Slide 8: Key Drivers to Increased EBITDA Guidance
Key Drivers to Increased EBITDA Guidance 2026 EBITDA midpoint increased by $130 million NGL $2,880 (+/- $75) NGL Crude Oil $2,750 (+/- $75) April & May 1Q26 Outperformance Contribution Optimization ~$45 ~$25 Opportunities, Tariff Escalations, Increased Spot & West Coast Volumes ~$60 Adj. EBITDA(1) (
Slide 9: Strong Free Cash Flow Generation
Strong Free Cash Flow Generation Committed to capital discipline, significant return of capital & financial flexibility (1)(2) Return of Capital 2026(G) Adj. Free Cash Flow 2026: $0.15/unit annual distribution increase to $1.67/unit ± $1,850 MM 2026+: targeting ~$0.15/unit annual distribution growth
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: Appendix
Appendix NASDAQ: PAA & PAGP
Slide 12: Current Financial Profile
Current Financial Profile Expect ~3.5x leverage ratio post NGL sale; migrating to low end of target range by year-end March 31, 2026 December 31, 2025 BALANCE SHEET Short-Term Debt $ 421 $ 564 Long-Term Debt 10,957 10,698 Total Debt $ 11,378 $ 11,262 Less: Cash & Equivalents 171 328 Net Debt $ 11,20
Slide 13: Quarterly Crude Oil Detail
Quarterly Crude Oil Detail Adj. EBITDA & Volumes Pipeline Tariff Volumes (Permian / Other) Permian Gathering Volumes Quarterly (Mb/d) (Mb/d) (Adj. EBITDA(1), $MM) 2,436 2,393 2,341 2,265 2,237 2,222 2,182 2,217 2,172 2,976 3,041 3,139 3,198 3,118 2,987 7,490 7,738 7,774 2,820 2,842 2,941 6,428 6,701
Slide 14: Crude Oil Detail
Crude Oil Detail Capturing growth via operating leverage Tariff Volumes (Mb/d) 2024FY 2025FY 2026(G) Regional Breakdown Annual Gathering 2,895 3,125 3,120 (Adj. EBITDA(1), $MM) Intra-Basin 2,305 2,364 2,300 Long-Haul 1,531 1,843 2,545 ~15% Total Permian(2) 6,731 7,333 7,965 Canada 346 346 360 2026(G
Slide 15: Quarterly NGL Detail
Quarterly NGL Detail Adj. EBITDA & Volumes Propane & Butane Sales Volumes Quarterly (Mb/d) (Adj. EBITDA(1), $MM) Seasonally stronger sales / earnings 147 in winter months (Q1 & Q4) 128 127 126 135 54 59 54 48 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Fractionation Volumes $189 (Mb/d) $159 $154 $1
Slide 16: Adjusted Free Cash Flow: Historical Detail
Adjusted Free Cash Flow: Historical Detail GAAP CFFO to Non-GAAP Adj. FCF Measures 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 1Q26 Net Cash Provided by Op. Activities (GAAP) $ 419 $ 653 $ 692 $ 726 $ 2,490 $ 639 $ 694 $ 817 $ 785 $ 2,936 $ $418 Net Cash Used in Investing Activities(1) (261) (
Slide 17: PAGP - Condensed Consolidating Balance Sheet
PAGP - Condensed Consolidating Balance Sheet March 31, 2026 December 31, 2025 PAA Consolidating PAGP PAA Consolidating PAGP Adjustments(1) Adjustments(1) ASSETS Current assets(2) $ 6,164 $ (6) $ $6,158 $ 4,733 $ (29) $ 4,704 Property and equipment, net 16,873 — 16,873 16,860 — 16,860 Investments in
Slide 18: Definitions
Definitions Adjusted EBITDA Adjusted Free Cash Flow after Distributions (Adj. FCFaD) Adjusted earnings from continuing and discontinued operations before Adj. FCF further reduced by cash distributions paid to preferred and common interest, income tax (expense)/benefit from continuing and discont
Slide 19: 1Q26 Earnings Call
1Q26 Earnings Call May 8, 2026
Plains All American Pipeline — Q1 2026 Earnings Presentation on 6ix