Plains Gp Holdings, L.p. · NASDAQ:PAGP
Plains Gp Holdings, L.p — Plains All American Pipeline — Q1 2026 Earnings Presentation
24 slides from Plains Gp Holdings, L.p's earnings presentation, May 8, 2026
Slide 1: Investor Presentation First-Quarter 2026
Investor Presentation First-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 ~$28B ~8% 3.9x Enterprise Distribution Leverage Value Yield Ratio(1) Operating Profile >9 MMb/d >7 MMb/d >2.8 MMb/d Total Pipeline Permian Pipeline Perm
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 8.1% (1) Distribution / Dividend Yield Distribution Yield(2) ~8.1% 3.2% 2.8% 2.5% 2.4% 1.6% 1.6% 1.4% 1.2% 1.1% 1.1% 0.8% 0.5% Real Energy Utes Cons. Materials Health Financials Comm. Industrials S&P C
Slide 7: Crude Overview
Crude Overview NASDAQ: PAA & PAGP
Slide 8: Long-Term Fundamentals Remain Constructive
Long-Term Fundamentals Remain Constructive Continued demand growth coupled with industry underinvestment Global Oil Demand - Remains Robust(1) Organic Reserve Replacement Ratio(3) 150% ~126 ~123 Mb/d ~113 Mb/d 125% ~104 ~105 Mb/d Mb/d Mb/d 100% 75% Long-term demand for crude oil and Trending below 1
Slide 9: Strategic Focus on Efficient Growth and Returning Cash
Strategic Focus on Efficient Growth and Returning Cash Strategy underpinned by long-term oil market fundamentals Delivering on Multi-year Executing on Efficient Growth Oil Markets: Near-term Volatile Capital Allocation Framework Opportunities Long-term Constructive Adj. Free Cash Flow(1) generatio
Slide 10: Executing on Three Key Initiatives in 2026
Executing on Three Key Initiatives in 2026 Self-help & transition to crude oil pure play underway Crude Oil(2) +13% Y/Y (Adj. EBITDA, $MM) Close NGL Cactus III Efficiency / $2,640 Divestiture Integration Streamlining Drive Synergies 2026+ $2,344 End of First Quarter 2026 2026 / 2027 $2,276 $2,163 ~$
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% $2,640MM ~15% 85% of 2026(G) of 2026(G) Adj. EBITDA(2) Adj. EBITDA(2) from fee for service ~10% 2026(G): Furnished February 6, 2026. (
Slide 12: Premier Permian Crude System
Premier Permian Crude System Operating leverage to capture volume growth & higher margins Gathering Volume(1)(Mb/d) Integrated wellhead to demand-center footprint with over 1.2 million bpd first purchased at the lease ~$1,585 EBITDA(1) ($MM) 3,125 3,120 >5 Mm +/- $1,250MM 1 Dedicated Acres Excess “C
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 ~$660 EBITDA(1) ($MM) +/- $550MM +/- $525MM Excess “Cash Excess Flow” “Cash Flow” Generated (2) Generated(2) Cross border connectivity Cross border connectivity $110 Maintenance G
Slide 14: South Texas & Gulf Coast Overview
South Texas & Gulf Coast Overview Strong footprint with significant cash generation & optimization opportunities South Texas Gulf Coast ~$395 EBITDA(1) ($MM) +/- $355MM Excess “Cash Flow” Generated(2) Eagle Ford Shale Capline Maintenance + Lyssy $40 Growth EF Hobson Gardendale Gathering 2026(G) EFJV
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 (billion) (billion) Leverage Ratio Distribution Per Unit $2,750 $1.67/unit (+/- $75MM) 3.9x 19
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 closing expect ~3.5x leverage ratio 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 $750 Long-term leverage 3.25x - 3.75x ratio target range(1) $6
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 (~155%)(1) $1.52/unit coverage ratio threshold (~175%) Subje
Slide 20: 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 $100MM through 2027 G&A, operating expenses & margin improvements Bolt-On M&A ~13% - 15% IRR Accretive & Synergistic Long-t
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 $2,750 (+/- $75) Crude Oil $2,640 (+/- $75) NGL (assumes end of 1Q26 close) $100 Other $10 Distributable Cash Flow available to Common Unitholders $1,850 Common Unit Distribution Cov
Slide 24: Investor Presentation First-Quarter 2026
Investor Presentation First-Quarter 2026
Plains All American Pipeline — Q1 2026 Earnings Presentation on 6ix