Plains All American Pipeline L P : 2Q24 Investor Presentation

Investor Presentation

Second-Quarter 2024

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 Holdings, L.P. ("PAGP"). These forward-looking statements are based on PAA's current views with respect to future events, based on what we believe to be reasonable assumptions. PAA and PAGP can give no assurance that future results or outcomes will be achieved. Important factors, some of which may be beyond PAA's and PAGP's control, that could cause actual results or outcomes to differ materially from the results or outcomes anticipated in the forward-looking statements are disclosed in PAA's and PAGP's respective filings with the Securities and Exchange Commission.
• This presentation also contains non-GAAP financial measures relating to PAA, such as Adjusted EBITDA attributable to PAA, Implied DCF and Adjusted Free Cash Flow measures. A reconciliation of these historical measures to the most directly comparable GAAP measures is available in the Investor Relations section of PAA's and PAGP's website at www.plains.com, select "PAA" or "PAGP," navigate to the "Financial Information" tab, then click on "Non-GAAP Reconciliations." PAA does not provide a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures on a forward-looking basis as it is impractical to forecast certain items that it has defined as "Selected Items Impacting Comparability" without unreasonable effort. Definitions for certain non-GAAP financial measures and other terms used throughout this presentation are included in the appendix.

Investor Contacts

Blake Fernandez

Vice President, Investor Relations

[e-mail]

Michael Gladstein

Director, Investor Relations

[e-mail]

Investor Relations

[e-mail]

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Financial & Operating Profile

Large, integrated asset footprint; investment grade; attractive yield

	Financial Profile
~$23B	~7.5%	$1.55B
Enterprise	Distribution	Adj. Free Cash
Flow(2)
Value	Yield	(1)
	(ex. changes in Assets & Liabilities)

Investment Grade Credit Rating

Operating Profile

>8 MMb/d	>6 MMb/d	>1 MMb/d
Total Pipeline	Permian Pipeline	Crude Purchase
Tariff Volume	Tariff Volume	Volume
~135 MMb/mo	~170 Mb/d	~6 Bcf/d
Liquids Storage	NGL Fractionation	Straddle
Capacity (3)	Capacity	Capacity
2024(G): Furnished May 3, 2024. Financial & operating data as of 3/31/2024. EV based on closing unit price as of 5/3/2024. Please visit our websitefor a reconciliation of Non-GAAP financial measures.	3
(1) Distribution yield based on closing unit price as of 5/3/2024 & annualized distribution amount of $1.27/unit. (2) 2024(G); Includes $110MM of bolt-on acquisitions. (3) Includes crude storage capacity, above-ground tank capacity & NGL storage.

Critical Crude & NGL Infrastructure

Full-service supply aggregation, quality segregation, flow assurance, access to multiple markets

Crude Oil Activities

+/- 15%

NGL

NGL Activities

2024(G) Adj. EBITDA +/- 85% $2.625 - $2.725B Crude Oil

2024(G): Furnished May 3, 2024. Non-rangebound metrics align with midpoint of Adj. EBITDA attributable to PAA; amounts intended to be +/-.

4

Plains' Structure & Tax Attributes

Dual securities provide flexibility & optionality

Summary Ownership Structure(1)

PAA GP HOLDINGS LLC (PAGP GP)

(Unified Board of Directors)

(Nasdaq: PAGP) 1099 SECURITY

• Indirect owner of PAA GP interest (non-economic)
  and ~25% PAA LP interest(2)

GOVERNANCE OVERVIEW

Unified Board	Directors	75% of
responsible	subject to	Directors are
for PAGP & PAA	Public Election(3)	independent

PAGP TAX ATTRIBUTES

1099	+/- $1.3B	Distributions	Expect no corp.
Security	deferred tax asset	treated as	income taxes
(Subject to tax as a Corp.)	(~$6.30 / Class A Share(4))	"return of capital"(5)	for >10 years

(Nasdaq: PAA) K-1 SECURITY

Public Investors • Series A & B Preferred

• 100% of Plains' assets & operations

PAA TAX ATTRIBUTES

Treated as	Distributions	"Pass through"
partnership for tax	treated as
tax attributes(6)
purposes; K-1 security	"Return of Capital"

(1)	See PAGP 10-K for more detailed ownership structure overview. (2)	Excludes ~5% PAA LP interest indirectly owned by private owners through intermediate entity. (3) Staggered board with elections on a 3-year rolling basis.	5
(4)	Illustrative based on 3/31/24 PAGP Class A Shares outstanding. (5)	Until there are positive earnings & profits for tax purposes (estimated timing 6+ years); thereafter distributions treated as dividends or capital gain. (6) K-1 allocates income / (loss) to owners.

Plains' Investment Opportunity

Generating multi-year Free Cash Flow & increasing returns of capital to equity holders

Attractive Distribution Yield(1) of ~7.5%

Meaningful coverage, targeting multi-year distribution growth

Significant Adj. Free Cash Flow(2)

2024(G): +/- $1.55B Adj. FCF / $390MM Adj. FCFaD

Balance Sheet Strength

Long-Term Leverage Ratio Target Range 3.25x-3.75x

Strategically Located in Growth Basins

Premier North American Crude & Canadian NGL Assets

2024(G): Furnished May 3, 2024. (1) Distribution yield based on closing unit price as of 5/3/24. (2) Excluding changes in Assets & Liabilities; includes $110 million of bolt-on acquisitions.

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Leading Distribution Yield Across Sectors

Targeting multi-year, sustainable distribution growth

Distribution

Yield (3)

~7.5%

3.6%

Distribution / Dividend Yield (1)

Distribution Growth

Estimates (2)

Wells Fargo Research

+10.4%

3.2%

3.1%

2.5%

1.9%

1.6%

1.5%

1.5%

1.3%

0.8%

0.8%

0.7%

+5.1%

Real	Energy	Utes	Cons.	Materials Financials Health Industrials	S&P	Cons.	Comm.	Tech.
Estate			Staples	Care	500	Disc	Services

S&P 500 Sectors

(1) Source: FactSet as of 5/3/2024. (2) Source: Wells Fargo Securities, LLC estimates.

(3) Pro forma distribution yield based on closing unit price as of 5/3/2024 & annualized distribution amount of $1.27/unit.

MLPs

3-Yr Forward CAGR

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Macro Fundamentals & Asset Overview

NASDAQ: PAA & PAGP

World Needs "All of the Above" Sources of Energy

Traditional energy sources account for >80% of primary global energy consumption

>10 Billion

In 2100

9.7 Billion

In 2050

180,000

160,000

140,000

120,000

Historical Energy Transition Considerations

• Most shifts lasted over a century or longer
• Requires significant investment of capital & talent (people)

Other

Nuclear

Hydro

Nat Gas

7.9 Billion

In 2022

5.0 Billion

100,000

80,000

60,000

40,000

20,000

Crude Oil

Coal

In 1987

2.5 Billion

In 1950

Forecast

-				Solid Fuels
			1900	1950	2000	2050	2100
1900	1950	2000
		Global Primary Energy Consumption by Source (TWh)						Global Population (Blns)

Source: Energy Institute Statistical Review of World Energy (2023)

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Balancing Act Continues

OPEC+ cuts leading to observable draws in OECD Inventories

OPEC+ Production Cuts Balancing Global Markets(1)

Spare capacity has increased but who holds spare capacity may be more important

(Mb/d)

47,000

45,000

43,000

41,000

39,000

37,000

35,000

2017

2018

2019

2020

2021

2022

2023

2024

(1) Third party estimates of OPEC+ production (2) Kpler (includes SPR's).

OECD Inventories at Multi-Year Lows(2)

Despite significant SPR release

(MMbbls)

4,000

3,750

OECD Inventories ~225 MMbbls below 5 - year avg.

3,500

3,250

3,000

2017

2018

2019

2020

2021

2022

2023

2024

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