Plains All American Pipeline, L.p. · NASDAQ:PAA
Plains All American Pipeline, L.p — Q4 2025 Earnings Presentation
20 slides from Plains All American Pipeline, L.p's earnings presentation, Feb 6, 2026
Slide 1: 4Q25 Earnings Call
4Q25 Earnings Call February 6, 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: 4Q25 Results & Key 2026 Highlights
4Q25 Results & Key 2026 Highlights Providing 2026 guidance, distribution increased & lowering coverage ratio target 4Q25 Performance 2026 Guidance Capital Allocation Distribution $738 MM $2,750 (+/- $75 MM) / Coverage Ratio Adj. EBITDA attributable to PAA Increased $0.15/unit, or 10%, on 4Q25 Adj. E
Slide 4: 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 5: Advancing Significant Efficiency Efforts
Advancing Significant Efficiency Efforts NGL sale serves as catalyst to streamline broader organization Identified Annual Savings Streamlining & Efficiency Efforts Reduce G&A $100 MM through 2027 Streamline our corporate cost structure Consolidate Operations Close regional offices where appropriate
Slide 6: 2026 Guidance Highlights
2026 Guidance Highlights Strong integrated asset base combined with contributions from bolt-ons Total Company Adj. EBITDA attributable to PAA Adj. Free Cash Flow(1) $2,750 MM (+/- $75 MM) ~$1,800 MM Includes NGL $100 MM Excludes NGL sale proceeds Long-term Leverage Ratio Target Range(2) Investment C
Slide 7: Key Drivers: 3Q25 to 4Q25
Key Drivers: 3Q25 to 4Q25 Crude Oil Adj. EBITDA NGL Adj. EBITDA +$45 +$54 Cactus III Seasonality Acquisition higher seasonal sales and higher 2 months contribution and straddle production other variances $593 $611 -$27 -$2 Long Haul $122 Other certain Permian long-haul contract rates resetting $70 n
Slide 8: Key Drivers: 4Q24 to 4Q25
Key Drivers: 4Q24 to 4Q25 Crude Oil Adj. EBITDA NGL Adj. EBITDA +$90 -$31 Bolt-on Contributions / Higher Lower Volumes / Frac Spreads Volumes lower weighted average frac acquisitions, higher tariff spreads and reduced sales volumes and benefit volumes from warmer weather of annual tariff escalations
Slide 9: 2026 Guidance
2026 Guidance Key assumptions Financial ($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 10: Key Drivers: 2025 to 2026(G)
Key Drivers: 2025 to 2026(G) Y/Y EBITDA (3%) on NGL sale; Distributable Cash Flow +1% (lower taxes & maintenance capital) DCF DCF $2.61/unit $2.62/unit $2,833 $2,750 (+/- $75) Optimization / FERC recoup / Tariff Efficiency initiatives escalations / Other Sale of NGL Market ~$50 ~$30 Business Cactus
Slide 11: Strong Free Cash Flow Generation
Strong Free Cash Flow Generation Committed to capital discipline, significant return of capital & financial flexibility (1)(2) Targeting multi-year distribution growth 2026(G) Adj. Free Cash Flow 2026: $0.15/unit annual distribution increase to $1.67/unit ± $1,800 MM 2026+: targeting ~$0.15/unit ann
Slide 12: Appendix
Appendix NASDAQ: PAA & PAGP
Slide 13: Current Financial Profile
Current Financial Profile NGL Sale proceeds will return leverage ratio within target range of 3.25x to 3.75x December 31, 2025 December 31, 2024 BALANCE SHEET Short-Term Debt $ 564 $ 408 Long-Term Debt 10,698 7,213 Total Debt $ 11,262 $ 7,621 Less: Cash & Equivalents 328 347 Net Debt $ 10,934 $ 7,27
Slide 14: 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, $MM) 2,436 2,393 2,341 2,193 2,237 2,222 2,182 2,217 2,172 2,976 3,041 3,139 3,198 3,118 7,490 7,738 2,854 2,820 2,842 2,941 6,710 6,428 6,701 6,
Slide 15: Crude Oil Detail
Crude Oil Detail Capturing growth via operating leverage & bolt-on acquisitions Tariff Volumes (Mb/d) 2024FY 2025FY 2026(G) Regional Breakdown Annual Gathering 2,895 3,125 3,120 (Adj. EBITDA, $MM) Intra-Basin 2,305 2,364 2,350 Long-Haul 1,531 1,843 2,530 ~15% Total Permian(2) 6,731 7,333 8,000 Canad
Slide 16: Quarterly NGL Detail
Quarterly NGL Detail Adj. EBITDA & Volumes Propane & Butane Sales Volumes Quarterly (Mb/d) (Adj. EBITDA, $MM) Seasonally stronger sales / earnings in winter months (Q1 & Q4) 147 125 128 127 126 54 59 54 48 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Fractionation Volumes $189 (Mb/d) $169 $159 $154
Slide 17: 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 2Q25 3Q25 4Q25 2025 Net Cash Provided by Op. Activities (GAAP) $ 2,727 $ 419 $ 653 $ 692 $ 726 $ 2,490 $ 639 $ 694 $ 817 $ $785 $ 2,936 Net Cash Used in Investing Activities(1) (702)
Slide 18: PAGP - Condensed Consolidating Balance Sheet
PAGP - Condensed Consolidating Balance Sheet December 31, 2025 December 31, 2024 PAA Consolidating PAGP PAA Consolidating PAGP Adjustments(1) Adjustments(1) ASSETS Current assets(2) $ 4,733 $ (29) $ $4,704 $ 4,802 $ (26) $ 4,776 Property and equipment, net 16,860 — 16,860 13,446 — 13,446 Investments
Slide 19: 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 20: 4Q25 Earnings Call
4Q25 Earnings Call February 6, 2026
Plains All American Pipeline — Q4 2025 Earnings Presentation on 6ix