Plains All American Pipeline, L.p. · NASDAQ:PAA
Plains All American Pipeline, L.p — Q1 2025 Earnings Presentation
21 slides from Plains All American Pipeline, L.p's earnings presentation, May 9, 2025
Slide 1: 1Q25 Earnings Call
1Q25 Earnings Call May 9, 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 American Pipeline, L.P. (“PAA”) and Plains GP
Slide 3: 1Q25 Results & Key Highlights
1Q25 Results & Key Highlights Continued solid execution & focus on efficient growth Solid $754 $559 / $189 Execution 1Q25 Adj. EBITDA 1Q25 Crude / NGL Attributable to PAA ($MM) Segment Adj. EBITDA ($MM) Full-Year $2.80 - $2.95 3.3x Guidance Adj. EBITDA 1Q25 Leverage Ratio(1) Attributable to PAA ($Bl
Slide 4: Efficient Growth Strategy Resilient Through Cycles
Efficient Growth Strategy Resilient Through Cycles Macro MacroObservations Backdrop Plains’ Positioning Short-term Uncertainty / Volatility Strong Underlying Results Lower price environment sets up constructive medium / long-term outlook Higher quality earnings profile & stronger producer base Near-
Slide 5: 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 6: Key Drivers: 4Q24 to 1Q25
Key Drivers: 4Q24 to 1Q25 Crude Oil Segment Adj. EBITDA NGL Segment Adj. EBITDA $569 +$13 ($23) $559 Bolt-on Lower Volumes / Contributions Higher Opex +$20 $189 +$15 $154 Lower Opex / Higher Frac Spread / Other Sales Volume 4Q24 4Q24(A) Acquisitions, Other 1Q25 CAN, L-H, US Outside Permian, POPB, Te
Slide 7: Key Drivers: 1Q24 to 1Q25
Key Drivers: 1Q24 to 1Q25 Crude Oil Segment Adj. EBITDA NGL Segment Adj. EBITDA +$24 ($18) $553 $559 Higher Volumes / Higher Pipeline Tariff Escalation / Opex Bolt-on Contributions +$29 +$1 $189 $159 Other Higher Frac Spread / Sales Volume 1Q24 1Q24(A) L-H, Acq, POP, Outside, PLA, Terminals Other 1Q
Slide 8: 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 9: 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 10: 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 11: Appendix
-31- PLAINS Appendix NASDAQ: PAA & PAGP
Slide 12: Current Financial Profile
Current Financial Profile 12/31/24 3/31/25 Balance Sheet Short-Term Debt $408 $478 Long-Term Debt 7,213 8,204 Total Debt $7,621 $8,682 Less: Cash & Equivalents(1) 347 426 Net Debt $7,274 $8,256 Preferred Equity (50% Debt Treatment) $1,151 $1,016 Total Leverage $8,425 $9,272 Adj. EBITDA Attributable
Slide 13: Quarterly Crude Oil Segment Detail
Quarterly Crude Oil Segment Detail Segment Adj. EBITDA & Volumes Quarterly Pipeline Tariff Volumes (Permian / Other) (Mb/d) Permian Gathering Volumes (Mb/d) (Segment Adj. EBITDA, $MM) 2,193 2,237 2,222 2,182 2,217 $577 1,985 2,088 2,145 2,172 $576 $569 $553 $563 $553 $559 $529 $517 2,854 2,941 2,976
Slide 14: Crude Oil Segment Detail (consistent with Feb'25)
Crude Oil Segment Detail (consistent with Feb’25) Capturing growth via operating leverage & bolt-on acquisitions Regional Breakdown Canada / Tariff Volumes (Mb/d) 2023FY 2024FY 2025(G) Rocky Mountain / Western Gathering 2,643 2,895 3,075 15% Intra-Basin 2,210 2,305 2,450 Long-Haul 1,503 1,531 1,700
Slide 15: NGL Segment Detail
NGL Segment Detail C3+ Frac Spread largely hedged for 2025 Unhedged C3+ fractionation 10% ▪ Fee Based Overview & marketing o Third-party throughput(1): fractionate, store, and transport Fee Based (~55 Mb/d not included in reported NGL sales) 2025(G): 45% 45% +/- $450MM(4) o Net purchased volume (pur
Slide 16: 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 17: Quarterly NGL Segment Detail
Quarterly NGL Segment Detail Segment Adj. EBITDA & Volumes Propane & Butane Sales Volumes Quarterly (Mb/d) (Segment Adj. EBITDA, $MM) Seasonally stronger sales / earnings in winter months (Q1 & Q4) 147 138 125 128 127 $192 $189 54 59 $169 $159 39 44 $154 $99 $94 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q
Slide 18: Adjusted Free Cash Flow: Historical Detail
Adjusted Free Cash Flow: Historical Detail GAAP CFFO to Non-GAAP Adj. FCF Measures 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 Net Cash Provided by Op. Activities (GAAP) $ 2,727 $ 419 $ 653 $ 692 $ 726 $ 2,490 $ 639 Net Cash Used in Investing Activities(1) (702) (261) (157) (823) (264) (1,504) (1,149) Cash C
Slide 19: PAGP - Condensed Consolidating Balance Sheet
PAGP - Condensed Consolidating Balance Sheet 19 Note: $ millions
Slide 20: Definitions
Definitions ▪ Adjusted EBITDA: adjusted earnings before interest, income tax (expense)/benefit, depreciation and amortization (Consolidated)(1) o Attributable to PAA throughout slides; Segment Adjusted EBITDA by definition is attributable to PAA ▪ Implied Distributable Cash Flow (DCF) Per Common Uni
Slide 21: 1Q25 Earnings Call
1Q25 Earnings Call May 9, 2025
Plains All American Pipeline — Q1 2025 Earnings Presentation on 6ix