Plains All American Pipeline, L.p. · NASDAQ:PAA
Plains All American Pipeline, L.p — Q2 2026 Earnings Presentation
18 slides from Plains All American Pipeline, L.p's earnings presentation, Aug 7, 2026
Slide 1: 2Q26 Earnings Call
2Q26 Earnings Call August 7, 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: 2Q26 Results & Key Highlights
2Q26 Results & Key Highlights Strong 2Q26 results with continued execution on key initiatives for 2026 2Q26 Performance 2026 Guidance 2026 Key Initiatives $738 MM Close NGL Sale: Closed May 2026 Adj. EBITDA attributable to PAA $2,880 MM (+/- $75) Cactus III Synergies: Crude Oil / Other Adj. EBITDA a
Slide 4: 2026 Guidance Highlights
2026 Guidance Highlights On-track to deliver our full-year EBITDA guidance for 2026 Adj. EBITDA attributable to PAA Adj. Free Cash Flow(1) $2,880 MM (+/- $75) ~$1,750 MM Includes contribution from NGL Excludes NGL sale proceeds Long-term Leverage Ratio Target Range(2) Investment Capital | Maintenanc
Slide 5: Updated Capital Spending Guidance
Updated Capital Spending Guidance Increased 2026 organic growth capital $50 - $100 million; Project returns exceed internal thresholds Permian Gathering (POPB JV) Canadian Gathering Permian Long-Haul Delaware and Midland Strategic Projects in Cactus III Expansion Basin Gathering Buildout Clearwater
Slide 6: Key Drivers: 1Q26 to 2Q26
Key Drivers: 1Q26 to 2Q26 Crude Oil Adj. EBITDA NGL Adj. EBITDA +$128 Synergies / Efficiencies / Market Absence of 1Q headwinds, Cactus III synergies, efficiency initiatives, market-based opportunities -$105 Seasonality & Sale Closing $582 $690 -$20 Closed sale mid-May Environmental / Property Taxes
Slide 7: Key Drivers: 2Q25 to 2Q26
Key Drivers: 2Q25 to 2Q26 Crude Oil Adj. EBITDA NGL Adj. EBITDA +$130 Bolt-ons / Volumes / Market Cactus III acquisition, higher tariff volumes & market-based opportunities, offset by certain Permian long-haul contact rates resetting to market -$47 $580 $690 Sale Closing -$20 Closed sale mid-May Env
Slide 8: 2026 Guidance
2026 Guidance Key assumptions Financial ($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 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 ± $1,750 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 Long-term "Demand Pull" Environment $2,276 $2,163 US exports to supply global markets $1,986 $1,
Slide 11: Appendix
Appendix NASDAQ: PAA & PAGP
Slide 12: Current Financial Profile
Current Financial Profile Expect leverage ratio to be at low end of range by year-end June 30, 2026 December 31, 2025 BALANCE SHEET Short-Term Debt $ 9 $ 564 Long-Term Debt 8,432 10,698 Total Debt $ 8,441 $ 11,262 Less: Cash & Equivalents 1,059 328 Net Debt $ 7,382 $ 10,934 Preferred Equity (50% Deb
Slide 13: Quarterly Crude Oil Detail
Quarterly Crude Oil Detail Adj. EBITDA & Volumes Pipeline Tariff Volumes (Permian / Other) Permian Gathering Volumes Quarterly (Mbbl/d) (Mbbl/d) (Adj. EBITDA(1), $MM) 2,341 2,265 2,550 2,436 2,393 2,237 2,222 2,182 2,217 2,976 3,041 3,139 3,198 3,118 2,987 3,084 7,490 7,738 7,774 8,045 2,842 2,941 6
Slide 14: Crude Oil Detail
Crude Oil Detail Capturing growth via operating leverage Tariff Volumes (Mbbl/d) 2024FY 2025FY 2026(G) Regional Breakdown Annual Gathering 2,895 3,125 3,150 (Adj. EBITDA(1), $MM) Intra-Basin 2,305 2,364 2,330 Long-Haul 1,531 1,843 2,520 ~15% Total Permian(2) 6,731 7,333 8,000 Canada 346 346 350 2026
Slide 15: Adjusted Free Cash Flow: Historical Detail
Adjusted Free Cash Flow: Historical Detail GAAP CFFO to Non-GAAP Adj. FCF Measures 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 1Q26 2Q26 Net Cash Provided by Op. Activities (GAAP) $ 653 $ 692 $ 726 $ 2,490 $ 639 $ 694 $ 817 $ 785 $ 2,936 $ 418 $ 967 Net Cash Used in Investing Activities(1) (157) (8
Slide 16: PAGP - Condensed Consolidating Balance Sheet
PAGP - Condensed Consolidating Balance Sheet June 30, 2026 December 31, 2025 PAA Consolidating PAGP PAA Consolidating PAGP Adjustments(1) Adjustments(1) ASSETS Current assets(2) $ 6,537 $ (7) $ $6,530 $ 4,733 $ (29) $ 4,704 Property and equipment, net 16,781 — 16,781 16,860 — 16,860 Investments in u
Slide 17: 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 18: 2Q26 Earnings Call
2Q26 Earnings Call August 7, 2026
Plains All American Pipeline — Q2 2026 Earnings Presentation on 6ix