Plains All American Pipeline, L.p. · NASDAQ:PAA
Plains All American Pipeline, L.p — Q2 2025 Earnings Presentation
21 slides from Plains All American Pipeline, L.p's earnings presentation, Aug 8, 2025
Slide 1: 2Q25 Earnings Call
2Q25 Earnings Call August 8, 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: 2Q25 Results & Key Highlights
2Q25 Results & Key Highlights Solid execution & continued progress on strategic initiatives Solid $672 $580 / $87 Execution 2Q25 Adj. EBITDA 2Q25 Crude(1) / NGL Attributable to PAA ($MM) Adj. EBITDA ($MM) Full-Year $2.80 - $2.95 3.3x Guidance Adj. EBITDA 2Q25 Leverage Ratio(2) Attributable to PAA ($
Slide 4: NGL Transaction Highlights
NGL Transaction Highlights Establishes premier North American crude oil midstream entity Transaction Highlights Strategic Benefits Capital Allocation $5.15 Billion CAD Improves Cash Flow Durability ~$0.35/Unit Total cash consideration Reduces commodity exposure, Potential Special Distribution (~$3.7
Slide 5: Bolt-on Strategy Progressing
Bolt-on Strategy Progressing Acquired incremental 20% interest in BridgeTex Pipeline CUMULATIVE NET INVESTMENT (1) RETURN THRESHOLD (2) BOLT-ON ACQUISITIONS (3) ~$1.4 Bln 13% - 15%+ 15 BOLT-ON FRAMEWORK 2022 – 2025 2025 YTD Transactions: ~$795MM (1) DISCIPLINED RISK ADJ. RETURNS – strict vetting pro
Slide 6: Key Drivers: 1Q25 to 2Q25
Key Drivers: 1Q25 to 2Q25 Crude Oil Adj. EBITDA NGL Adj. EBITDA +$23 $(2) $580 $559 Other Higher Volumes / Bolt-on Contributions $189 ($96) ($6) $87 NGL Seasonality Other 1Q25 1Q25(A) POPBJV, Acquisitions, US Outside Permian Environmental Remediation, CanCrude 2Q25 2Q25(A) 1Q25 1Q25(A) NGL Commercia
Slide 7: Key Drivers: 2Q24 to 2Q25
Key Drivers: 2Q24 to 2Q25 Crude Oil Adj. EBITDA NGL Adj. EBITDA +$29 ($25) $576 $580 Higher Volumes / Lower Pipeline Tariff Escalation / Commodity Bolt-on Contributions Prices $94 ($7) $0 $87 Commercial Other Margin 2Q24 2Q24(A) Acq, POP, Outside, Terminals, L-H Other, CAN, PLA 2Q25 2Q25(A) 2Q24 2Q2
Slide 8: 2025 Guidance
2025 Guidance Lower half of guidance range in the prevailing environment Financial ($MM, except per-unit metrics) 2025(G)(1) Adjusted EBITDA attributable to PAA $2,800 - $2,950 Crude Oil 2,410 NGL 450 Other 15 Distributable Cash Flow available to Common Unitholders $1,875 Common Unit Distribution Co
Slide 9: Strong Cash Flow Generation
Strong Cash Flow Generation Committed to capital discipline, significant return of capital & financial flexibility 2025(G) Capital Allocation +/- $1,665 MM Targeting sustainable distribution growth 2025: $0.25/unit annual distribution increase to $1.52/unit +/- $300 2026+: targeting ~$0.15/unit annu
Slide 10: Strategy Underpinned by Long-term Constructive Fundamentals
Strategy Underpinned by Long-term Constructive Fundamentals Delivering on capital allocation framework and efficient growth strategy Delivering on Multi-year Executing on Oil Markets: Capital Allocation Efficient Growth Near-term Volatile Framework Opportunities Long-term Constructive Generated cumu
Slide 11: Appendix
3 PLAINS Appendix NASDAQ: PAA & PAGP
Slide 12: Current Financial Profile
Current Financial Profile 12/31/24 6/30/25 Balance Sheet Short-Term Debt $408 $476 Long-Term Debt 7,213 8,206 Total Debt $7,621 $8,682 Less: Cash & Equivalents(1) 347 459 Net Debt $7,274 $8,223 Preferred Equity (50% Debt Treatment) $1,151 $1,017 Total Leverage $8,425 $9,240 Adj. EBITDA Attributable
Slide 13: Quarterly Crude Oil Detail
Quarterly Crude Oil Detail Adj. EBITDA & Volumes Quarterly Pipeline Tariff Volumes (Permian / Other) (Mb/d) Permian Gathering Volumes (Mb/d) (Adj. EBITDA, $MM) 2,436 $576 $577 $580 2,193 2,237 2,222 2,182 2,217 $553 $563 $553 $569 $559 2,088 2,145 2,172 $529 2,976 3,041 3,139 2,854 2,820 2,842 2,941
Slide 14: Crude Oil Detail
Crude Oil Detail 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 South Texas / Total Permian (2) 6
Slide 15: NGL Detail
NGL 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 (~50 Mb/d not included in reported NGL sales) 2025(G): 45% 45% +/- $450MM(4) o Net purchased volume (purity and
Slide 16: NGL Frac Spread & Hedging Profile
NGL 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 with the C3+ Spec Product Sales(1) (Mb/d) 52 59 +/- 45 52 transition to “Fee Based” Unhedged 50 % of C3+ Sales Hedged(2) 8
Slide 17: 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 $189 54 59 54 $169 $159 39 44 $154 $99 $94 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 $87 $73 $62 Fractionat
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 2Q25 YTD Net Cash Provided by Op. Activities (GAAP) $ 2,727 $ 419 $ 653 $ 692 $ 726 $ 2,490 $ 639 $ 694 $ 1,333 Net Cash Used in Investing Activities(1) (702) (261) (157) (823) (264)
Slide 19: PAGP - Condensed Consolidating Balance Sheet
PAGP - Condensed Consolidating Balance Sheet June 30, 2025 December 31, 2024 Consolidating Consolidating PAA Adjustments (1) PAGP PAA Adjustments (1) PAGP ASSETS Current assets (2) $ 4,688 $ (30) $ 4,658 $ 4,802 $ (26) $ 4,776 Property and equipment, net 14,177 — 14,177 13,446 — 13,446 Investments i
Slide 20: Definitions
Definitions ▪ Adjusted EBITDA: adjusted earnings from continuing and discontinued operations before interest, income tax (expense)/benefit from continuing and discontinued operations, depreciation and amortization from continuing and discontinued operations(1) o Attributable to PAA throughout slides
Slide 21: 2Q25 Earnings Call
2Q25 Earnings Call August 8, 2025
Plains All American Pipeline — Q2 2025 Earnings Presentation on 6ix