Plains All American Pipeline, L.p.NASDAQ: PAA

Q2 2026 Non-GAAP Recs (Final)

· Issued by Plains All American Pipeline, L.p.
Watch Plains All American Pipeline, L.p explain itPlains All American Pipeline, L.P. (PAA) Q2 2026 Earnings Call · Replay · Aug 7

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Second-Quarter 2026

PAA & PAGP

Non-GAAP & Supplemental Reconciliations



Non-GAAP Reconciliations & Supplemental Calculations: Table of Contents

Introduction 1

Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA 2

Selected Items Impacting Comparability 3

Adjusted Net Income Per Common Unit 4

Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation 5

PAA Credit Metrics 6

Implied Distributable Cash Flow 7

Net Income Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation 8

Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation 9

Supplemental Non-GAAP Reconciliations and Operational Data 10

Discontinued Operations Detail 11

Selected Financial Data by NGL 12

Introduction

Non-GAAP Financial Measures and Selected Items Impacting Comparability

To supplement our financial information presented in accordance with GAAP, management uses additional measures known as "non-GAAP financial measures" in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow ("DCF"), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions.

Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income/(Loss), and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the following pages, and should be viewed in addition to, and not in lieu of, our Consolidated Financial Statements in our Annual Reports on Form 10-K, our Condensed Consolidated Financial Statements in our Quarterly Reports on Form 10-Q and notes thereto. We do not provide a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.

Non-GAAP Financial Performance Measures

Adjusted EBITDA is defined as earnings from continuing operations and discontinued operations before (i) interest expense, (ii) income tax (expense)/benefit from continuing operations and discontinued operations, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities) from continuing operations and discontinued operations, (iv) gains and losses on asset sales, asset impairments and other, net from continuing operations and discontinued operations, (v) gains and losses on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests. Adjusted EBITDA disaggregated by product (e.g. Adjusted EBITDA from Crude Oil and Adjusted EBITDA from NGL) excludes amounts related to Other income/(expense).

Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions.We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our operating results and/or (v) other items that we believe should be excluded in understanding our operating performance. These measures may be further adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in "Other current liabilities" in our Consolidated Financial Statements. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as "Selected Items Impacting Comparability." Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.

Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented.

Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors. These types of variations may not be separately identified in the following pages, but will be discussed, as applicable, in management's discussion and analysis of operating results in our Quarterly Report on Form 10-Q and in our Annual Report on form 10-K for the period(s) applicable.

Non-GAAP Financial Liquidity Measures

Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/(Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and related party notes and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests and proceeds from the issuance of related party notes. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions.

We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of "Changes in assets and liabilities, net of acquisitions" on our Consolidated Statements of Cash Flows in our Annual Reports on Form 10-K and our Condensed Consolidated Statements of Cash Flows in our Quarterly Reports on Form 10-Q. In addition, we exclude impacts related to the Canadian NGL Business divestiture. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities).

Non-GAAP Financial Measures and Discontinued Operations

From June 17, 2025, the date we entered into the SPA with Keyera to sell the Canadian NGL Business, through the closing of the divestiture on May 12, 2026, management reviewed such business as a component of our overall company performance and ability to fund distributions to our unitholders in the near term. As such, certain Non-GAAP financial performance measures, such as Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF, and certain Non-GAAP financial liquidity measures, such as Adjusted Free Cash Flow and Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities), are presented on a consolidated basis (e.g., the aggregate of continuing operations and discontinued operations) to provide relevant and useful information regarding our historical performance and results of operations and to assist in reconciling results presented in historical periods.

Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA (in millions) (1) (2)

Net Income to Adjusted EBITDA Attributable to PAA Reconciliation

Net Income (3)

Interest expense, net of certain items (4)

Income tax expense/(benefit) from continuing operations Income tax expense from discontinued operations Depreciation and amortization from continuing operations Depreciation and amortization from discontinued operations

(Gains)/losses on asset sales, asset impairments and other, net from continuing operations

(Gains)/losses on asset sales, asset impairments and other, net from discontinued operations

Gain on investments in unconsolidated entities, net Depreciation and amortization of unconsolidated entities (5) Selected items impacting comparability - Adjusted EBITDA (3) (6)

Adjusted EBITDA (3)

Less: Adjusted EBITDA attributable to noncontrolling interests Adjusted EBITDA attributable to PAA (3)

2026

2025

2024

Q1

Q2

YTD

Q1 Q2

Q3

Q4

YTD

Q1

Q2

Q3

Q4

YTD

$ 231 $ 1,925

$ 2,156

$ 516 $ 297

$ 529

$ 427

$ 1,769

$ 351

$ 330

$ 312

$ 119

$ 1,113

144 135

279

107 110

112

137

467

95

96

97

95

382

1 100

100

9 4

6

(2)

15

10

52

8

16

87

75 2

77

41 26

27

43

139

4

10

37

29

80

243 242

486

232 235

230

257

953

223

226

226

227

901

- -

-

30 27

-

-

57

31

31

31

31

125

(53) 59

6

(13) 42

(92)

9

(54)

1

2

-

157

159

32 (1,637)

(1,605)

- 13

2

6

21

(1)

(1)

1

2

1

- -

-

(31) -

-

-

(31)

-

-

-

(15)

(15)

20 21

42

20 20

21

22

84

19

17

22

26

84

159 32

190

(30) 38

(29)

(24)

(46)

114

44

71

180

409

$ 852 $ 879

$ 1,731

$ 881 $ 812

$ 806

$ 875

$ 3,374

$ 847

$ 807

$ 805

$ 867

$ 3,326

(122) (141)

(263)

(127) (140)

(137)

(137)

(541)

(129)

(133)

(146)

(138)

(547)

$ 730

$ 738

$ 1,468

$ 754 $ 672

$ 669

$ 738

$ 2,833

$ 718

$ 674

$ 659

$ 729

$ 2,779

Net Income to Adjusted Net Income Attributable to PAA Reconciliation

Net Income (3)

Less: Net income attributable to noncontrolling interests Net income attributable to PAA (3)

Selected items impacting comparability - Adjusted net income attributable to PAA (3) (6)

Adjusted net income attributable to PAA (3)

2026

2025

2024

Q1

Q2

YTD

Q1

Q2

Q3

Q4

YTD

Q1

Q2

Q3

Q4

YTD

$ 231 $ 1,925

$ 2,156

$ 516 $

297

$ 529 $

427

$ 1,769

$ 351

$ 330

$ 312

$ 119

$ 1,113

(79) (95)

(173)

(73)

(87)

(88)

(85)

(334)

(85)

(80)

(92)

(83)

(341)

$ 152 $ 1,830

$ 1,983

$ 443 $

210

$ 441 $

342

$ 1,435

$ 266

$ 250

$ 220

$ 36

$ 772

173 (1,482)

(1,309)

(68)

102

(109)

(8)

(83)

88

38

100

321

546

$ 325

$ 348

$ 674

$ 375 $

312

$ 332 $

334

$ 1,352

$ 354

$ 288

$ 320

$ 357

$ 1,318

  1. Amounts may not recalculate due to rounding.

  2. Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability.

  3. Includes results from continuing operations and discontinued operations for all periods presented.

  4. Represents "Interest expense, net" as reported on our Condensed Consolidated Statements of Operations, net of interest income associated with promissory notes by and among certain Plains entities.

  5. Adjustment to exclude our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities.

  6. For more information regarding our "Selected Items Impacting Comparability," please refer to our most recently issued PAA & PAGP Earnings Release.

Selected Items Impacting Comparability

Selected Items Impacting Comparability (in millions) (1) (2) (3) (4)

Derivative activities and inventory valuation adjustments Long-term inventory costing adjustments

Deficiencies under minimum volume commitments, net

Rail fleet amortization expense related to discontinued operations (5)

Equity-indexed compensation expense Foreign currency revaluation

Line 901 incident

Contingent consideration fair value adjustment (6)

Impact from exit of Canadian NGL Business (7)

Transaction-related expenses (8)

Selected items impacting comparability - Adjusted EBITDA

Gain on investments in unconsolidated entities, net Gains/(losses) on asset sales, asset impairments and other, net (9)

Current income tax expense related to Canadian NGL Business divestiture (10)

Deferred income tax benefit related to Canadian NGL Business divestiture (10)

Tax effect on selected items impacting comparability Other

Selected items impacting comparability - Adjusted net income attributable to PAA

2026

2025

2024

Q1

Q2

YTD

Q1

Q2

Q3

Q4

YTD

Q1

Q2

Q3

Q4

YTD

$ (289) $ 47

$ (242)

$ 34

$ (8)

$ 48

$ 33

$ 108

$ (159) $

(24) $

105

$ (6)

$ (85)

114 (64)

49

3

(19)

(14)

(18)

(48)

33

(10)

(31)

17

9

32 4

36

7

9

6

17

38

12

(7)

(15)

41

31

7 3

11

-

-

10

8

18

-

-

-

-

-

(10) (10)

(20)

(9)

(8)

(10)

(9)

(37)

(9)

(10)

(9)

(8)

(36)

(7) 22

16

-

(9)

(11)

3

(16)

9

7

(1)

1

17

- -

-

-

-

-

-

-

-

-

(120)

(225)

(345)

(6) -

(6)

-

-

-

-

-

-

-

-

-

-

- (34)

(34)

-

-

-

-

-

-

-

-

-

-

- -

-

(5)

(3)

-

(10)

(17)

-

-

-

-

-

$ (159) $ (32)

$ (190)

$ 30

$ (38)

$ 29

$ 24

$ 46

$ (114) $

(44) $

(71)

$ (180)

$ (409)

- -

-

31

-

-

-

31

-

-

-

15

15

21 1,578

1,599

13

(55)

90

(15)

33

-

(1)

(1)

(159)

(160)

(216) (152)

(368)

-

-

-

-

-

-

-

-

-

-

140 78

217

-

-

-

-

-

-

-

-

-

-

44 10

54

(3)

(9)

(7)

(1)

(21)

30

8

(28)

3

13

(3) -

(3)

(3)

-

(3)

-

(6)

(4)

(1)

-

-

(5)

$ (173) $

1,482

$ 1,309

$ 68

$ (102)

$ 109

$ 8

$ 83

$ (88) $

(38) $

(100)

$ (321)

$ (546)

  1. Amounts may not recalculate due to rounding.

  2. Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability.

  3. Includes results from continuing operations and discontinued operations for all periods presented.

  4. For more information regarding our "Selected Items Impacting Comparability", please refer to our most recently issued PAA & PAGP Earnings Release.

  5. Depreciation and amortization on the long-lived assets of the Canadian NGL Business disposal group ceased upon meeting the criteria to be classified as assets held for sale. Management believes that the presentation of Adjusted EBITDA and Implied DCF on a consolidated basis (e.g., the aggregate of continuing operations and discontinued operations) provides more relevant and useful information regarding our performance and results of operations than presenting such metrics only on a continuing operations or discontinued operations basis. We therefore include an adjustment for the impact of amortization of the rail fleet associated with the Canadian NGL Business.

  6. We agreed to potential earnout payments associated with recently completed acquisitions, primarily our Cactus III acquisition. We consider the non-cash change in the estimated fair value of such earnout payments as a selected item impacting comparability.

  7. Represents the acceleration of certain general and administrative expenses associated with exit activities related to the Canadian NGL Business divestiture in May 2026. We do not consider such costs as integral to our core operating performance and are therefore excluded in determining Segment Adjusted EBITDA.

  8. Primarily related to deal-specific costs incurred during the period.

  9. For the three and six months ended June 30, 2026, primarily relates to the Canadian NGL Business divestiture in May 2026. For the 2024 period, primarily includes non-cash charges related to the write-down of two U.S. NGL terminals.

  10. In connection with the Canadian NGL Business divestiture, we completed certain planning and restructuring activities within our organizational structure that had income tax consequences that required recognition during the first and second quarters of 2026. We consider the impacts from the Canadian NGL Business divestiture as a selected item impacting comparability.

Basic and Diluted Adjusted Net Income Per Common Unit

Adjusted Net Income Per Common Unit (in millions, except per unit data) (1) (2) (3)

Net income attributable to PAA

Selected items impacting comparability - Adjusted net income attributable to PAA (4)

Adjusted net income attributable to PAA Distributions to Series A preferred unitholders (5)

Distributions to Series B preferred unitholders (5)

Amounts allocated to participating securities

Impact from repurchase of Series A preferred units (6)

Other

Adjusted net income allocated to common unitholders

2026

2025

2024

Q1 Q2

YTD

Q1 Q2

Q3

Q4

YTD

Q1

Q2

Q3

Q4

YTD

$ 152 $ 1,830

$ 1,983

$ 443 $ 210

$ 441

$ 342

$ 1,435

$ 266

$ 250

$ 220

$ 36

$ 772

173 (1,482)

(1,309)

(68) 102

(109)

(8)

(83)

88

38

100

321

546

$ 325 $ 348

$ 674

$ 375 $ 312

$ 332

$ 334

$ 1,352

$ 354

$ 288

$ 320

$ 357

$ 1,318

(36) (36)

(72)

(39) (36)

(36)

(36)

(146)

(44)

(44)

(44)

(44)

(175)

(16) (16)

(32)

(18) (18)

(18)

(17)

(70)

(19)

(19)

(19)

(19)

(78)

(1) (9)

(11)

(1) (7)

(1)

(1)

(11)

(2)

(8)

(1)

(1)

(11)

- -

-

(43) -

-

-

(43)

-

-

-

-

-

1 1

2

1 1

1

1

4

1

1

1

1

5

$ 273 $ 288

$ 561

$ 275 $ 252

$ 278

$ 281

$ 1,086

$ 290

$ 218

$ 257

$ 294

$ 1,059

Basic and diluted weighted average common units outstanding (7) (8)

706 706

706

704 703

704

706

704

701

701

702

704

702

Basic and diluted adjusted net income per common unit

$ 0.39 $ 0.41

$ 0.80

$ 0.39 $ 0.36

$ 0.39

$ 0.40

$ 1.54

$ 0.41

$ 0.31

$ 0.37

$ 0.42

$ 1.51

  1. Amounts may not recalculate due to rounding.

  2. We calculate adjusted net income allocated to common unitholders based on the distributions pertaining to the current period's net income. After adjusting for the appropriate period's distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.

  3. Includes results from continuing operations and discontinued operations for all periods presented.

  4. Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability.

  5. Distributions pertaining to the period presented.

  6. We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of adjusted net income allocated to common unitholders.

  7. The possible conversion of our Series A preferred units was excluded from the calculation of diluted adjusted net income per common unit as the effect was either antidilutive or did not change the presentation of diluted adjusted net income per common unit.

  8. Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB. For certain periods presented, such equity-indexed compensation plan awards did not change the presentation of diluted weighted average common units outstanding or diluted adjusted net income per common unit.

Basic and Diluted Adjusted Net Income Per Common Unit

Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation (1) (2)

2026

2025

2024

Q1

Q2

YTD

Q1

Q2

Q3

Q4

YTD

Q1

Q2

Q3

Q4

YTD

Basic and diluted net income/(loss) per common unit

$ 0.14 $ 2.51

$ 2.65

$ 0.49 $

0.21 $

0.55 $

0.41

$ 1.66

$ 0.29 $

0.26 $

0.22 $

(0.04)

$ 0.73

Selected items impacting comparability per common unit (3)

0.25 (2.10)

(1.85)

(0.10)

0.15

(0.16)

(0.01)

(0.12)

0.12

0.05

0.15

0.46

0.78

Basic and diluted adjusted net income per common unit

$ 0.39 $

0.41

$ 0.80

$ 0.39 $

0.36 $

0.39 $

0.40

$ 1.54

$ 0.41 $

0.31 $

0.37 $

0.42

$ 1.51

  1. Amounts may not recalculate due to rounding.

  2. Includes results from continuing operations and discontinued operations for all periods presented.

  3. For more information regarding our "Selected Items Impacting Comparability", please refer to the "Selected Items Impacting Comparability" table, as well as our most recently issued PAA & PAGP Earnings Release.

PAA Credit Metrics (in millions, except ratio amounts) (1)

Debt Capitalization Ratios (2)

2026 2025

As of Jun 30, As of Dec 31,

Short-term debt $ 9 $ 564

Senior notes, net 8,373 9,118

Other long-term debt, net 59 1,580

Total debt $ 8,441 $ 11,262

Long-term debt 8,432 10,698

Long-term debt

$

8,432

$

10,698

Partners' capital excluding noncontrolling interests

11,079

9,836

Total book capitalization excluding noncontrolling interests

("Total book capitalization")

$ 19,511

$

20,534

Total book capitalization, including short-term debt

$ 19,520

$

21,098

Long-term debt-to-total book capitalization

43 %

52 %

Total debt-to-total book capitalization, including short-term debt

43 %

53 %

  1. Amounts may not recalculate due to rounding.

  2. Includes results from continuing operations and discontinued operations for all periods presented.

Implied Distributable Cash Flow Reconciliation

2026

2025

2024

Q1

Q2

YTD

Q1

Q2

Q3

Q4

YTD

YTD

Adjusted EBITDA (2) (3)

$ 852 $

879

$ 1,731

$ 881 $

812 $

806 $

875

$ 3,374

$ 3,326

Interest expense, net of certain non-cash and other items (4)

(140)

(128)

(269)

(104)

(107)

(109)

(132)

(452)

(365)

Maintenance capital from continuing operations

(35)

(38)

(73)

(33)

(44)

(36)

(45)

(156)

(187)

Maintenance capital from discontinued operations

(11)

(9)

(20)

(8)

(20)

(20)

(20)

(70)

(74)

Investment capital of noncontrolling interests (5)

(24)

(25)

(49)

(30)

(33)

(25)

(19)

(108)

(86)

Current income tax expense, net of certain tax effects related to the Canadian NGL Business

(44)

(26)

(69)

(46)

(15)

(12)

(28)

(100)

(195)

Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings (7)

(11)

(1)

(12)

(2)

22

(9)

12

22

11

Distributions to noncontrolling interests (8)

(103)

(102)

(205)

(132)

(97)

(110)

(108)

(447)

(425)

Implied DCF (2)

$ 484 $

550

$ 1,034

$ 526 $

518 $

485 $

535

$ 2,063

$ 2,005

Preferred unit distributions paid (8)

(53)

(52)

(105)

(64)

(53)

(54)

(54)

(225)

(254)

Implied DCF available to common unitholders (2)

$ 431 $

498

$ 929

$ 462 $

465 $

431 $

481

$ 1,838

$ 1,751

Implied Distributable Cash Flow (in millions, except per unit and ratio data) (1)

divestiture (2) (6)

Weighted average common units outstanding

706

706

706

704

703

704

706

704

702

Weighted average common units and common unit equivalents

764

764

764

767

761

762

764

763

773

Implied DCF per common unit (2) (9)

$ 0.61

$ 0.71

$ 1.32

$ 0.66

$ 0.66

$ 0.61

$ 0.68

$ 2.61

$ 2.49

Implied DCF per common unit and common unit equivalent (2) (10)

$ 0.61

$ 0.70

$ 1.31

$ 0.66

$ 0.66

$ 0.61

$ 0.68

$ 2.61

$ 2.49

Cash distribution paid per common unit

$ 0.4175

$ 0.4175

$ 0.8350

$ 0.3800

$ 0.3800

$ 0.3800

$ 0.3800

$ 1.5200

$ 1.2700

Common unit cash distributions (8)

$ 295

$ 295

$ 589

$ 267

$ 267

$ 267

$ 268

$ 1,070

$ 891

Common unit distribution coverage ratio (2)

1.46x

1.69x

1.58x

1.73x

1.74x

1.61x

1.79x

1.72x

1.97x

Implied DCF excess (2)

$ 136

$ 203

$ 340

$ 195

$ 198

$ 164

$ 213

$ 768

$ 860

  1. Amounts may not recalculate due to rounding.

  2. Includes results from continuing operations and discontinued operations for all periods presented.

  3. Please refer to the "Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA" table, where we reconcile Net Income to Adjusted EBITDA and Adjusted EBITDA attributable to PAA.

  4. Amount excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps, and is net of interest income associated with promissory notes by and among certain Plains entities.

  5. Investment capital expenditures attributable to noncontrolling interests that reduce Implied DCF available to PAA common unitholders.

  6. Includes current income tax expense from continuing operations and discontinued operations, adjusted for current income tax expense associated with the tax impact of certain planning and restructuring activities within our organizational structure in connection with the Canadian NGL Business divestiture that had income tax consequences that required recognition during the first and second quarters of 2026.

  7. Comprised of cash distributions received from unconsolidated entities less equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, gains and losses on significant asset sales by such entities and selected items impacting comparability of unconsolidated entities).

  8. Cash distributions paid during the period presented.

  9. Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period.

  10. Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, in whole or in part, subject to certain minimum conversion amounts.

Implied DCF Per Common Unit

Net Income Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation (1) (2) (3)

2026

2025

2024

Q1

Q2

YTD

Q1

Q2

Q3

Q4

YTD

Q1

Q2

Q3

Q4

YTD

Basic net income/(loss) per common unit

$ 0.14 $ 2.51

$ 2.65

$ 0.49 $

0.21 $

0.55 $

0.41

$ 1.66

$ 0.29 $

0.26 $

0.22 $

(0.04)

$ 0.73

Reconciling items per common unit

0.47 (1.80)

(1.33)

0.17

0.45

0.06

0.27

0.95

0.38

0.32

0.39

0.68

1.76

Implied DCF per common unit

$ 0.61 $

0.71

$ 1.32

$ 0.66 $

0.66 $

0.61 $

0.68

$ 2.61

$ 0.67 $

0.58 $

0.61 $

0.64

$ 2.49

Implied DCF Per Common Unit and Common Unit Equivalent

2026

2025

2024

Q1

Q2

YTD

Q1

Q2

Q3

Q4

YTD

Q1

Q2

Q3

Q4

YTD

Basic net income/(loss) per common unit

$ 0.14 $ 2.51

$ 2.65

$ 0.49 $

0.21 $

0.55 $

0.41

$ 1.66

$ 0.29 $

0.26 $

0.22 $

(0.04)

$ 0.73

Reconciling items per common unit and common unit equivalent

0.47 (1.81)

(1.34)

0.17

0.45

0.06

0.27

0.95

0.38

0.32

0.39

0.68

1.76

Implied DCF per common unit and common unit equivalent

$ 0.61 $

0.70

$ 1.31

$ 0.66 $

0.66 $

0.61 $

0.68

$ 2.61

$ 0.67 $

0.58 $

0.61 $

0.64

$ 2.49

  1. Amounts may not recalculate due to rounding.

  2. For information regarding our reconciliation of net income per common unit to Implied DCF per common unit and common unit equivalent, please refer to our latest issued PAA & PAGP Earnings Release.

  3. Includes results from continuing operations and discontinued operations for all periods presented.

(1)

Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation

Net Cash Provided by Operating Activities to Adjusted Free Cash Flow after Distributions Reconciliation

(in millions)

2026

2025

2024

Q1

Q2

YTD

Q1

Q2

Q3 Q4

YTD

YTD

Net cash provided by operating activities (2)

$ 418 $ 956

$ 1,373

$ 639

$ 694

$ 817 $ 785

$ 2,936

$ 2,490

Adjustments to reconcile Net cash provided by operating activities to Adjusted Free Cash Flow:

Net cash provided by/(used in) investing activities (2) (3) (4)

(233) 3,335

3,102

(1,149)

(274)

(409) (1,937)

(3,769)

(1,504)

Cash contributions from noncontrolling interests

- -

-

4

25

5 41

75

57

Cash distributions paid to noncontrolling interests (5)

(103) (102)

(205)

(132)

(97)

(110) (108)

(447)

(425)

Proceeds from the issuance of related party notes (3)

- -

-

330

-

- -

330

629

Adjusted Free Cash Flow (2) (6)

$ 82 $ 4,189

$ 4,270

$ (308)

$ 348

$ 303 $ (1,219)

$ (875)

$ 1,247

Cash distributions (7)

(348) (347)

(694)

(331)

(320)

(321) (322)

(1,295)

(1,145)

Adjusted Free Cash Flow after Distributions (2) (5) (8)

$ (266) $

3,842

$ 3,576

$ (639)

$ 28

$ (18) $ (1,541)

$ (2,170)

$ 102

Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities)

2026

2025

2024

Q1

Q2

YTD

Q1

Q2

Q3

Q4

YTD

YTD

Adjusted Free Cash Flow (2) (6)

$ 82 $ 4,189

$ 4,270

$ (308)

$ 348 $

303 $

(1,219)

$ (875)

$ 1,247

Changes in assets and liabilities, net of acquisitions (2) (9)

103 (178)

(75)

139

(6)

(77)

(3)

54

(74)

Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (2) (10)

$ 185 $ 4,011

$ 4,195

$ (169)

$ 342 $

226 $

(1,222)

$ (821)

$ 1,173

Cash distributions (7)

(348) (347)

(694)

(331)

(320)

(321)

(322)

(1,295)

(1,145)

Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets and Liabilities) (2) (10)

$ (163) $

3,664

$ 3,501

$ (500)

$ 22 $

(95) $

(1,544)

$ (2,116)

$ 28

  1. Amounts may not recalculate due to rounding.

  2. Includes results from continuing operations and discontinued operations for all periods presented.

  3. Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. "Proceeds from the issuance of related party notes" has an equal and offsetting cash outflow associated with our investment in related party notes, which is included as a component of "Net cash provided by/(used in) investing activities."

  4. For the three and six months ended June 30, 2026, includes net proceeds from the Canadian NGL Business divestiture.

  5. Cash distributions paid during the period presented.

  6. Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow after Distributions shortages, if any, may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.

  7. Cash distributions paid to our preferred and common unitholders during the period.

  8. Excess Adjusted Free Cash Flow after Distributions is retained to establish reserves for future distributions, capital expenditures, debt reduction and other partnership purposes. Adjusted Free Cash Flow after Distributions shortages may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.

  9. Excludes income tax impacts related to the Canadian NGL Business divestiture. See the "Condensed Consolidated Cash Flow Data" table in the Q2 2026 PAA & PAGP Earnings Release for information regarding cash flows.

  10. Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) and Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) to assess the underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period.

Supplemental Non-GAAP Reconciliations

Supplemental Non-GAAP Reconciliations and Operational Data (dollars in millions) (1)

2026

2025

2024

Q1

Q2

YTD

Q1

Q2

Q3

Q4

YTD

Q1

Q2

Q3

Q4

YTD

Crude Oil Segment Adjusted EBITDA

$ 582 $ 690

$ 1,272

$ 559

$ 580

$ 593

$ 611

$ 2,344

$ 553

$ 576

$ 577

$ 569

$ 2,276

NGL Segment Adjusted EBITDA

(7) 4

(5)

(5)

(10)

(10)

(9)

(34)

2

(11)

(15)

5

(21)

Adjusted EBITDA from NGL Discontinued Operations (2)

152 36

191

194

97

80

131

503

157

105

88

149

501

Adjusted other income, net (3)

3 8

10

6

5

6

5

20

6

4

9

6

23

Adjusted EBITDA attributable to PAA (4)

$ 730

$ 738

$ 1,468

$ 754

$ 672

$ 669

$ 738

$ 2,833

$ 718

$ 674

$ 659

$ 729

$ 2,779

Operational Information

2026

2025

2024

Q1

Q2

YTD

Q1

Q2

Q3

Q4

YTD

Q1

Q2

Q3

Q4

YTD

Crude Oil Volumes (5) (6):

Crude Oil pipeline tariff

10,039

10,595

10,318

9,086

9,659

9,883

10,079

9,680

8,600

8,938

9,166

9,028

8,934

NGL Volumes (5) (7):

NGL fractionation

166

97

131

157

151

131

150

147

128

129

131

138

132

NGL pipeline tariff

250

69

159

234

225

211

241

228

214

221

195

224

213

Propane and butane sales

135

17

76

147

54

48

126

94

128

54

59

127

92

  1. Amounts may not recalculate due to rounding.

  2. For information regarding our Adjusted EBITDA from NGL Discontinued Operations Reconciliation, please see the "Selected Financial Data by NGL" table or refer to our latest issued PAA & PAGP Earnings Release.

  3. Represents "Other income, net" as reported on our Condensed Consolidated Statements of Operations, excluding interest income on promissory notes by and among certain Plains entities, as well as other income, net attributable to noncontrolling interests, adjusted for selected items impacting comparability. See the "Selected Items Impacting Comparability" table for additional information.

  4. See the "Net Income to Adjusted EBITDA attributable to PAA Reconciliation" table for reconciliation to Net Income.

  5. Average volumes in thousands of barrels per day calculated as the total volumes (attributable to our interest for assets owned by unconsolidated entities or through undivided joint interests) for the period divided by the number of days in the period. Volumes associated with assets acquired during the period represent total volumes for the number of days we actually owned the assets divided by the number of days in the period.

  6. Includes volumes (attributable to our interest) from assets owned by unconsolidated entities.

  7. Includes volumes from assets associated with continuing operations and discontinued operations.

    Discontinued Operations Detail (in millions) (1) (2)

    Components of Income/(Loss) from Discontinued Operations, Net of Tax

    Cost and Expenses:

    Field operating costs Depreciation and amortization

    Total costs and expenses Current income tax expense

    Income/(loss) from discontinued operations, net of tax

    Reconciliation of Adjusted EBITDA from NGL Discontinued Operations

    Income tax expense from discontinued operations

    (Gains)/losses on asset sales and other, net from discontinued operations Derivative activities and inventory valuation adjustments

    Rail fleet amortization expense related to discontinued operations

    Adjusted EBITDA from NGL Discontinued Operations

    1. Amounts may not recalculate due to rounding.

    2. For information regarding our NGL Discontinued Operations Reconciliation, please refer to our latest issued PAA & PAGP Earnings Release.

2026 2025

Q1 Q2

YTD

Q1

Q2

YTD

$ 294 $ 54

$ 350

$ 534

$ 211

$ 745

205 -

205

244

10

252

71 37

108

68

53

122

14 3

17

15

12

26

- -

-

30

27

57

32 (1,637)

(1,605)

-

13

13

322 (1,597)

(1,275)

357

115

470

(28) 1,651

1,625

177 96

275

(44) (71)

(115)

(39) (14)

(54)

(31) 69

38

(2) (12)

(15)

$ (103) $ 1,649

$ 1,548

$ 136

$ 70

$ 206

Revenues

Purchases and related costs

General and administrative expenses

(Gains)/losses on asset sales and other, net

Income/(loss) from discontinued operations before tax

Deferred income tax (expense)/benefit

Income/(loss) from discontinued operations, net of tax

Depreciation and amortization from discontinued operations

Adjustments attributable to discontinued operations:

2026 2025

Q1 Q2

YTD

Q1 Q2

YTD

$ (103) $ 1,649

$ 1,548

$ 136 $ 70

$ 206

75 2

77

41 26

69

- -

-

30 27

57

32 (1,637)

(1,605)

- 13

13

159 27

186

(10) (44)

(55)

(2) (3)

(4)

(3) 2

(1)

(7) (3)

(11)

- -

-

(2) 1

-

- 3

2

$ 152 $ 36

$ 191

$ 194 $ 97

$ 291

Long-term inventory costing adjustments

Foreign currency revaluation

11 Selected Financial Data by NGL (in millions)

Q1 Q2

YTD

Q1 Q2

YTD

$ 41 $ 22

$ 61

$ 41 $ 26

$ 67

(33) (13)

(46)

(32) (22)

(55)

(10) (3)

(12)

(8) (7)

(14)

(5) (2)

(8)

(6) (7)

(13)

$ (7) $ 4

$ (5)

$ (5) $ (10)

$ (15)

152 36

191

194 97

291

$ 145 $ 40

$ 186

$ 189 $ 87

$ 276

2026 2025

Revenues

Purchases and related costs

Field operating costs

NGL Segment Adjusted EBITDA

Adjusted EBITDA from NGL

Segment general and administrative expenses Adjusted EBITDA from NGL Discontinued Operations (1)

  1. See the "Reconciliation of Adjusted EBITDA from NGL Discontinued Operations" table for a reconciliation to the most directly comparable measure as reported in accordance with GAAP.

12

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