Plains All American Pipeline, L.p. · NASDAQ:PAA
Plains All American Pipeline, L.p — Investor Presentation (August 2025)
26 slides from Plains All American Pipeline, L.p's investor presentation, August 2025
Slide 1: Investor Presentation Second-Quarter 2025
Investor Presentation Second-Quarter 2025
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 Investor Contacts American Pipeline, L.P. (“PA
Slide 3: Financial & Operating Profile
Financial & Operating Profile Large integrated asset footprint, investment grade, attractive yield Financial Profile ~$23B ~9% 3.3x Enterprise Distribution Leverage Value Yield Ratio(1) Investment Grade Credit Rating Operating Profile >8 MMb/d >6 MMb/d >1 MMb/d Total Pipeline Permian Pipeline Crude
Slide 4: Plains' Structure & Tax Attributes
Plains’ Structure & Tax Attributes Dual securities provide flexibility & optionality Summary Ownership Structure(1) Governance Overview Unified Board Directors 73% of PAA GP HOLDINGS LLC (PAGP GP) (Unified Board of Directors) responsible subject to Directors are for PAGP & PAA Public Election(3) ind
Slide 5: PAA's MLP Structure Provides Unique Tax Benefits
PAA’s MLP Structure Provides Unique Tax Benefits Structure offers 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 transfer of ML
Slide 6: Leading Distribution Yield Across Sectors
Leading Distribution Yield Across Sectors Executing on multi-year, sustainable distribution growth Distribution / Dividend Yield (1) 8.9% Distribution Yield (2) ~9% 3.4% 3.4% 2.9% 2.5% 2.0% 1.7% 1.4% 1.4% 1.2% 1.0% 0.8% 0.7% Energy Real Utes Cons. Materials Health Financials Industrials S&P Comm. Co
Slide 7: Crude & NGL Segment Overview
Crude & NGL Segment Overview NASDAQ: PAA & PAGP
Slide 8: Long-Term Fundamentals Remain Constructive
Long-Term Fundamentals Remain Constructive Permian Basin a key contributor to meeting long-term global demand Global Oil Demand - Remains Robust(1) Global Oil Supply – Permian a Significant Contributor(3) ~120 MMb/d (MMb/d) 20.7 ~106 MMb/d ~103 MMb/d ~100 MMb/d ~93 MMb/d Sanctioned Country 11.0 10.7
Slide 9: Strategic Operating Regions Within Crude & NGL Segments
Strategic Operating Regions Within Crude & NGL Segments Integrated asset base from wellhead to demand centers Crude Segment (~85% EBITDA(1)) Key 2025 Considerations 15% Permian volume growth of 200- 300 Mb/d(2) Contributions from bolt-on M&A 15% 55% 2025(G): Permian long-haul re-contracting (2
Slide 10: Premier Permian Crude System
Premier Permian Crude System Operating leverage to capture volume growth & higher margins GATHERING VOLUME(1) ($MM) Cushing (Mb/d) ~$1,320 EBITDA(2) +/- $1.1B 3,075 >4.7 MM EXCESS “CASH FLOW” 2,895 DEDICATED ACRES GENERATED(3) Wichita Falls ~6 YEAR C. City WEIGHTED AVERAGE $245 CONTRACT TENURE Maint
Slide 11: Mid-Con, Rockies & Canadian Crude Asset Overview
Mid-Con, Rockies & Canadian Crude Asset Overview Portfolio generating steady & stable cash flow Mid-Con Canada & Rockies ($MM) ~$710 +/- $610MM EBITDA(1) EXCESS “CASH FLOW” GENERATED(2) Cross border connectivity Cross border connectivity $100 Maintenance + Bakken Growth(3) Cushing Cushing Connect Di
Slide 12: South Texas & Gulf Coast Overview
South Texas & Gulf Coast Overview Strong footprint with significant cash generation & optimization opportunities South Texas Gulf Coast ($MM) ~$380 Eagle Ford Shale EBITDA(1) +/- $330MM EXCESS “CASH FLOW” GENERATED(2) Lyssy Maintenance + Capline Gardendale $50 Growth(3) EFJV 2025(G) 2025(G) Three Ga
Slide 13: NGL Segment Shifting to More Durable Earnings Stream
NGL Segment Shifting to More Durable Earnings Stream Leveraging existing footprint for brownfield expansion opportunities 10% +30 Mb/d Debottleneck Project 2025(G): +/- $450MM(1) 45% 2Q’25 Placed into Service 45% Ft. Sask Co-Ed Pipeline Kerrobert ($MM) Empress Regina Ft. Whyte ~$450 2025 HEDGE PROFI
Slide 14: NGL Segment Frac Spread & Hedging Profile
NGL Segment Frac Spread & Hedging Profile C3+ Spec Product Sales(1) (Mb/d) Hedging Profile: 2023 – 2025(G) 70 (table data reflects full-year averages) 2023 2024 2025(G) 60 59 Associated NGL Segment with the 52 transition to “Fee Based” Unhedged 50 C3+ Spec Product Sales(1) (Mb/d) 52 59 +/- 45 Volume
Slide 15: High-Quality Contracted Asset Base
High-Quality Contracted Asset Base Stable cash flows driven by strong counterparties Contracted Creditworthy Cash Flows Customer Base ~20% 80% ~35% 90% of 2025(G) of revenue exposure is to Adj. EBITDA(2) investment-grade from fee for service counterparties ~20% ~25% WEIGHTED AVERAGE CONTRACT TERM OF
Slide 16: Financial Overview
Financial Overview NASDAQ: PAA & PAGP
Slide 17: Driving Value Through Efficient Growth
Driving Value Through Efficient Growth Portfolio strength allows for continued growth and increasing return of capital (3) Adjusted EBITDA(1) Cumulative Adj. FCF(2) Leverage Ratio Leverage Ratio (2) Distribution Per Unit Adjusted EBITDA (billion) (billion) Distribution Per Unit (billion) $1.52/unit
Slide 18: Strong Cash Flow Generation
Strong Cash Flow Generation Committed to capital discipline, significant return of capital & financial flexibility 2025(G) Capital Allocation +/- $1,730 MM Targeting multi-year, sustainable distribution growth 2025: $0.25/unit annual distribution increase to $1.52/unit Bolt-on +/- $635 +/-MM $300 ac
Slide 19: Plains' Bolt-On Strategy
Plains’ Bolt-On Strategy Well positioned to capture incremental opportunities CUMULATIVE NET INVESTMENT (1) RETURN THRESHOLD (2) BOLT-ON ACQUISITIONS (3) ~$1.3 Bln ~15% 14 BOLT-ON FRAMEWORK 2022 - 2025 Advantage JV Pipeline* Wink to Webster (4) (+0.7%) DISCIPLINED RISK ADJ. RETURNS – strict vetting
Slide 20: Balance Sheet Flexibility
Balance Sheet Flexibility Maintaining flexibility for returns to equity holders & disciplined investment opportunities INVESTMENT GRADE CREDIT RATINGS SENIOR NOTE MATURITIES (Millions) Fitch S&P Moody’s BBB BBB Baa2 FINANCIAL FLEXIBILITY 3.25x - 3.75x Long-term leverage ratio target range(1) 3.3x 1Q
Slide 21: Delivering on Increasing Returns of Capital to Equity Holders
Delivering on Increasing Returns of Capital to Equity Holders Executing on multi-year distribution growth $1.52/unit (~175%) $1.27/unit (~195%) Future Considerations $1.07/unit (~230%) Subject to board approval, financial positioning, $0.83/unit business outlook & investment opportunities (~270%)
Slide 22: Levers to Drive Efficient Growth
Levers to Drive Efficient Growth Returns focused value proposition Growth CAPEX $300-$400MM Annualized run rate net to PAA; Returns well in excess of WACC Streamline Operations Higher margins Long-term Discipline Tariff increases, Market opportunities, Higher utilization, Lower Cost Growth in EBITDA
Slide 23: Why Plains?
Why Plains? Key North American infrastructure to help meet global energy demand Attractive Asset Tax Efficient Base + Growth Financial Strong Return Investment Levers Strength of Capital Strategically Located Investment Grade $0.15/unit Annual Dual Structure with & Fully Integrated Credit Rating Dis
Slide 24: Appendix
-=31- PLAINS Appendix
Slide 25: 2025 Guidance
2025 Guidance Lower half of guidance range in a $60 - $65/bbl WTI environment Financial ($MM, except per-unit metrics) 2025(G)(1) Adjusted EBITDA attributable to PAA $2,800 - $2,950 Crude Oil Segment 2,410 NGL Segment 450 Other 15 Distributable Cash Flow available to Common Unitholders $1,875 Common
Slide 26: Investor Presentation Second-Quarter 2025
Investor Presentation Second-Quarter 2025
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