Total Crude Oil 2023(G): $2,080MM Adj. EBITDA(2) Includes +/-$200MM from Storage Terminals(3) 14 2023(G): Furnished August 4, 2023. (1) Permian JV, Cactus II & Red River volumes on a consolidated (8/8ths) basis. (2) Attributable to PAA. (3) Terminals include Cushing, Patoka, St. James & others. $553 $459 $423 $453 $494 $536 $504 $517 $529 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 1,020 1,110 1,147 1,090 1,094 1,172 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 1,473 1,554 1,538 NGL Segment 2023(G) Detail ...

PART I. FINANCIAL INFORMATION [Item 1. Unaudited Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) PAA reported significantly increased Q1 2023 profitability, with net income attributable to PAA rising to **$422 million**, driven by higher operating income [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets slightly decreased to **$27.46 billion**, with total liabilities also falling Condensed Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $5,122 | $5,355 | | **Total Assets** | $27,456 | $27,892 | | **Total Current Liabilities** | $5,366 | $5,891 | | **Total Liabilities** | $13,973 | $14,567 | | **Total Partners' Capital** | $13,483 | $13,325 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2023 revenues decreased to **$12.34 billion**, but operating income increased to **$473 million**, doubling net income Q1 2023 vs Q1 2022 Statement of Operations (in millions, except per unit data) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Total Revenues | $12,341 | $13,694 | | Operating Income | $473 | $293 | | Net Income | $475 | $225 | | Net Income Attributable to PAA | $422 | $187 | | Basic and Diluted Net Income per Common Unit | $0.52 | $0.19 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2023 operating cash flow substantially increased to **$743 million**, investing activities provided **$158 million** Q1 2023 vs Q1 2022 Cash Flows (in millions) | Cash Flow Category | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $743 | $340 | | Net cash provided by/(used in) investing activities | $158 | $(81) | | Net cash used in financing activities | $(776) | $(597) | | Net increase/(decrease) in cash | $125 | $(335) | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, revenue disaggregation, debt, derivatives, segment performance, and contingencies [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management attributes improved Q1 2023 results to favorable NGL margins and crude oil market opportunities, with Adjusted EBITDA attributable to PAA increasing to **$715 million** - The increase in operating results for Q1 2023 was primarily driven by more favorable margins in the NGL segment, increased earnings from crude oil pipelines, and better crude oil market-based opportunities[115](index=115&type=chunk) Adjusted EBITDA Reconciliation (in millions) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net income | $475 | $225 | | Adjusted EBITDA | $813 | $690 | | Adjusted EBITDA attributable to PAA | $715 | $614 | - The company projects total investment capital for 2023 to be approximately **$420 million** (**$325 million** net to PAA's interest) and maintenance capital to be **$205 million** (**$195 million** net)[168](index=168&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Q1 2023 consolidated net income attributable to PAA surged 126% to **$422 million**, boosted by asset sales and mark-to-market gains - Net gains on asset sales in Q1 2023 included a gain of approximately **$140 million** related to the sale of the Keyera Fort Saskatchewan facility[124](index=124&type=chunk) - Other income of **$64 million** in Q1 2023 was primarily driven by a **$58 million** gain on the mark-to-market adjustment of the Preferred Distribution Rate Reset Option embedded derivative[128](index=128&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2023, the company maintained **$3.1 billion** in total liquidity, redeemed **$400 million** in senior notes, and generated **$823 million** in Free Cash Flow - As of March 31, 2023, the company had approximately **$3.1 billion** of available liquidity[162](index=162&type=chunk) - On January 31, 2023, the company redeemed its 2.85%, **$400 million** senior notes[175](index=175&type=chunk) Free Cash Flow (in millions) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $743 | $340 | | Free Cash Flow | $823 | $200 | | Free Cash Flow after Distributions | $581 | $36 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages commodity price and interest rate risks with derivatives; as of March 31, 2023, commodity derivatives were a **$44 million** net asset Commodity Derivative Fair Value Sensitivity (in millions) | Commodity | Fair Value (Mar 31, 2023) | Effect of 10% Price Increase | Effect of 10% Price Decrease | | :--- | :--- | :--- | :--- | | Crude oil | $5 | $(47) | $48 | | Natural gas | $(48) | $11 | $(11) | | NGL and other | $87 | $(32) | $32 | | **Total** | **$44** | | | - The fair value of interest rate derivatives was a net asset of **$115 million** as of March 31, 2023, with a 10% change in the forward LIBOR curve impacting this fair value by approximately **$18 million**[197](index=197&type=chunk) [Item 4. Controls and Procedures](index=53&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control - The Chief Executive Officer and Chief Financial Officer have concluded that the company's disclosure controls and procedures are **effective** as of March 31, 2023[199](index=199&type=chunk) - No material changes to internal control over financial reporting occurred during the first quarter of 2023[200](index=200&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) Legal proceedings, detailed in Note 9, include the Line 901 incident with estimated total costs of **$740 million** and a remaining **$100 million** gross liability - The company refers to Note 9 of its financial statements for details on legal proceedings[204](index=204&type=chunk) - As of March 31, 2023, the estimated aggregate total cost for the Line 901 incident is approximately **$740 million**, with a remaining undiscounted gross liability of about **$100 million**[99](index=99&type=chunk)[100](index=100&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20RISK%20FACTORS) No material changes to risk factors previously disclosed in the 2022 Annual Report on Form 10-K are reported - The company's risk factors are discussed in Item 1A of its 2022 Annual Report on Form 10-K, and no material changes are reported for the current period[205](index=205&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No unregistered sales of equity securities or issuer purchases of equity securities occurred in Q1 2023 - There were no unregistered sales of equity securities or issuer purchases of equity securities in the reported period[206](index=206&type=chunk)[207](index=207&type=chunk) [Item 6. Exhibits](index=55&type=section&id=Item%206.%20EXHIBITS) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, senior note indentures, and officer certifications - The report includes various exhibits, such as amendments to partnership agreements, supplemental indentures for senior notes, and required CEO/CFO certifications[212](index=212&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA attributable to PAA of $715 million for Q1 2023 and reaffirmed the adjusted EBITDA guidance range for 2023 of $2.45 billion to $2.55 billion [22][56] - Free cash flow generation is expected to be approximately $1.6 billion, with common distribution coverage at 215% [22][34] - The company anticipates generating $2.3 billion in cash flow from operations and aims for year-end leverage of approximately 3.5x [34] Business Line Data and Key Metrics Changes - The Crude Oil segment is expected to see year-over-year growth driven by continued Permian production and tariff growth volumes [23][33] - The NGL segment is projected to have an adjusted EBITDA midpoint of $420 million, reflecting a more pronounced winter to summer saddle compared to 2022 [57] Market Data and Key Metrics Changes - The company expects production growth in the Permian of approximately 500,000 barrels a day exit-to-exit in 2023, with current horizontal rig count tracking in line with the expected full-year average of 340 rigs [31][38] - The demand for the Capline has been strong, outperforming expectations year-to-date, with a mix of light and heavy barrels anticipated [8] Company Strategy and Development Direction - The company remains committed to significant returns of capital to equity holders, capital discipline, and reducing debt [25][35] - The focus is on execution and optimizing the system to capture increasing volumes, particularly in the Permian [22][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term positioning of the company despite macroeconomic volatility, including recessionary concerns and OPEC production cuts [30] - The company believes that North American energy supply will continue to be critical in meeting growing global demand [30][35] Other Important Information - The company is evaluating various projects, including a battery energy storage project in Ontario, and is exploring opportunities in renewable power generation and hydrogen storage [6] - The company has a capital allocation framework targeting multi-year annualized distribution increases and further debt reduction [54] Q&A Session Summary Question: Update on Permian growth and producer activity - Management noted that the rig count remains stable at around 340 rigs, with expected growth of 40,000 to 50,000 barrels a day per month necessary to achieve the target [60] Question: Capital expenditure outlook for 2024 - The company expects expansion CapEx to remain between $300 million to $400 million, with no jeopardy to free cash flow [40] Question: Pipeline utilization and potential expansions - Management confirmed that long-haul lines are running very full, and while optimization is ongoing, no major expansions are anticipated at this time [43][88] Question: Impact of upstream M&A on recontracting - The company views recent M&A activity positively, as it supports growth numbers by increasing production from previously undeveloped inventory [123] Question: Expectations for NGL segment and maintenance - The NGL segment is expected to see a downturn year-over-year, but management did not change guidance for the segment [47][80]

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 th ...

Part I [Items 1 and 2. Business and Properties](index=5&type=section&id=Items%201%20and%202.%20Business%20and%20Properties) PAA is a major North American midstream energy infrastructure provider for crude oil and NGLs, operating through two core segments - PAA's business model integrates large-scale supply aggregation with the ownership and operation of critical midstream infrastructure for crude oil and NGLs in the U.S. and Canada[16](index=16&type=chunk) - The company's financial strategy targets a leverage multiple of **3.75x to 4.25x** (total debt plus 50% of preferred units, divided by Adjusted EBITDA attributable to PAA) to maintain an investment grade credit profile[29](index=29&type=chunk) - Operations are divided into two primary segments: Crude Oil and Natural Gas Liquids (NGL)[30](index=30&type=chunk) [Crude Oil Segment](index=11&type=section&id=Crude%20Oil%20Segment) The Crude Oil segment manages extensive crude oil gathering, transportation, and storage assets across the U.S. and Canada, with the Permian Basin as a key operational hub Crude Oil Segment Assets (as of Dec 31, 2022) | Asset Type | Metric | | :--- | :--- | | Active Pipelines & Gathering Systems | 18,075 miles | | Commercial Storage Capacity | 72 million barrels | | Active Above-Ground Tank Capacity | 39 million barrels | | Marine Facilities (U.S.) | 4 | | Condensate Processing Capacity | 120,000 barrels/day | 2022 Average Daily Pipeline Volumes by Region (in thousands of barrels) | Region | 2022 Avg. Barrels per Day | | :--- | :--- | | Permian Basin | 5,638 | | South Texas/Eagle Ford | 357 | | Mid-Continent | 512 | | Gulf Coast | 219 | | Rocky Mountain | 332 | | Canada | 328 | | Western | 179 | | **Total** | **7,565** | - The company owns interests in multiple long-haul pipelines providing approximately **2.1 million barrels per day** of takeaway capacity from the Permian Basin to major market hubs like Corpus Christi, Houston, and Cushing[44](index=44&type=chunk) [Natural Gas Liquids (NGL) Segment](index=17&type=section&id=Natural%20Gas%20Liquids%20(NGL)%20Segment) The NGL segment handles natural gas processing, NGL fractionation, storage, and transportation, primarily serving the Western Canadian Sedimentary Basin NGL Segment Assets (as of Dec 31, 2022) | Asset Type | Metric | | :--- | :--- | | Natural Gas Processing Plants | 4 | | Fractionation Plants | 8 (185,600 barrels/day capacity) | | NGL Storage Facilities | 28 million barrels capacity | | Active NGL Pipelines | 1,620 miles | - The Empress facility in Alberta can process up to **6.2 Bcf of natural gas per day** and is a key source of NGL mix for the segment's fractionation and sales activities[76](index=76&type=chunk)[77](index=77&type=chunk) - In February 2023, the company closed the sale of its **21% interest** in the Keyera Fort Saskatchewan facility, a transaction agreed upon in December 2022[80](index=80&type=chunk) [Regulation](index=24&type=section&id=Regulation) The company's operations are subject to extensive and stringent federal, state, and local regulations in the U.S. and Canada, covering HSE, pipeline safety, and climate change - Pipeline safety and integrity management programs are mandated by the DOT's PHMSA in the U.S. and the CER in Canada, requiring frequent inspections and maintenance[104](index=104&type=chunk)[110](index=110&type=chunk) - In 2022, the company incurred approximately **$20 million** in the U.S. and **$85 million** in Canada for mandated pipeline integrity management activities[105](index=105&type=chunk)[110](index=110&type=chunk) - Interstate liquids pipeline operations in the U.S. are subject to rate regulation by FERC under the Interstate Commerce Act, requiring rates to be just and reasonable[130](index=130&type=chunk) - The company is subject to climate change initiatives, including GHG reporting requirements and cap-and-trade programs like California's, which could increase operating costs and impact demand[119](index=119&type=chunk)[121](index=121&type=chunk)[123](index=123&type=chunk) [Human Capital](index=33&type=section&id=Human%20Capital) As of December 31, 2022, PAA employed approximately 4,100 people in North America, prioritizing health, safety, diversity, and professional development Workforce Statistics (as of Dec 31, 2022) | Category | Number/Percentage | | :--- | :--- | | Total Employees | ~4,100 | | U.S. Employees | ~2,900 | | Canadian Employees | ~1,200 | | Field Employees | ~2,800 (69% of total) | | Female Workforce | 21% of total | | Under-represented Groups (U.S.) | 34% of U.S. workforce | - Annual bonus compensation for employees is tied to safety and environmental performance targets. In 2022, the company achieved or exceeded its targets, reducing its recordable injury rate by **~18%** and federally reportable releases by **~35%** compared to 2020[149](index=149&type=chunk) [Item 1A. Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant business, regulatory, and partnership structure risks, including commodity price volatility, intense competition, stringent environmental laws, and MLP tax complexities - Profitability is highly dependent on the volume of crude oil and NGLs transported, which can be negatively impacted by factors outside of company control, such as commodity price declines and reduced drilling activity[180](index=180&type=chunk) - The company faces heightened competition due to a general overbuild of midstream infrastructure in key operating areas like the Permian Basin, putting downward pressure on tariffs and margins[183](index=183&type=chunk)[184](index=184&type=chunk) - Operations are subject to extensive environmental and safety regulations, and any new or stricter laws, particularly those related to climate change and hydraulic fracturing, could significantly increase costs and adversely impact business[245](index=245&type=chunk)[262](index=262&type=chunk) - As a publicly traded partnership, there is a risk the company could be treated as a corporation for U.S. federal income tax purposes, which would substantially reduce cash available for distributions to unitholders[293](index=293&type=chunk) [Item 1B. Unresolved Staff Comments](index=64&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - None[321](index=321&type=chunk) [Item 3. Legal Proceedings](index=64&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings, primarily related to the **2015 Line 901 crude oil release** with an estimated aggregate cost of **$740 million**, and is pursuing insurance recovery - The estimated aggregate total cost for the Line 901 incident is approximately **$740 million**, covering response, clean-up, damages, fines, and legal fees[460](index=460&type=chunk)[797](index=797&type=chunk) - In 2022, a class action lawsuit related to the Line 901 incident was settled for **$230 million**[795](index=795&type=chunk) - As of December 31, 2022, the company has a long-term insurance receivable of approximately **$225 million** related to the incident, but insurers responsible for **$185 million** of this have formally denied coverage[460](index=460&type=chunk)[795](index=795&type=chunk)[798](index=798&type=chunk) [Item 4. Mine Safety Disclosures](index=64&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[323](index=323&type=chunk) Part II [Item 5. Market for Registrant's Common Units, Related Unitholder Matters and Issuer Purchases of Equity Securities](index=65&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Units%2C%20Related%20Unitholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) PAA's common units trade on Nasdaq under 'PAA', with **698.4 million** units outstanding as of February 2023, and increasing cash distributions in 2022 Quarterly Cash Distributions per Common Unit | Year | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | 2022 | $0.2175 | $0.2175 | $0.2175 | $0.2675 | | 2021 | $0.1800 | $0.1800 | $0.1800 | $0.1800 | - The company's policy is to distribute available cash quarterly after setting aside reserves for business conduct, legal/contractual compliance, and funding future distributions[333](index=333&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=66&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) For 2022, PAA reported **$1.037 billion** net income and **$2.51 billion** Adjusted EBITDA, driven by favorable NGL margins and higher crude oil volumes, maintaining **$3.0 billion** liquidity Consolidated Financial Results (Year Ended Dec 31) | Metric (in millions, except per unit) | 2022 | 2021 | | :--- | :--- | :--- | | Total Revenues | $57,342 | $42,078 | | Net Income Attributable to PAA | $1,037 | $593 | | Basic and Diluted Net Income per Common Unit | $1.19 | $0.55 | Key Non-GAAP Financial Measures (Year Ended Dec 31) | Metric (in millions) | 2022 | 2021 | | :--- | :--- | :--- | | Adjusted EBITDA | $2,875 | $2,290 | | Adjusted EBITDA attributable to PAA | $2,510 | $2,196 | | Implied DCF | $1,794 | $1,664 | - The increase in 2022 net income was primarily driven by more favorable margins in the NGL segment and increased earnings from crude oil pipelines due to higher volumes and commodity prices[346](index=346&type=chunk) - As of December 31, 2022, the company had approximately **$3.0 billion** of available liquidity, consisting of cash and available borrowing capacity under its credit facilities[404](index=404&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=90&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to commodity price risk and interest rate risk, managed using derivative instruments. A hypothetical **10%** crude oil price change would impact derivatives by **$54-55 million**, and Series A preferred units' reset option is a **$189 million** liability - The company uses derivative instruments such as futures, forwards, swaps, and options to hedge commodity price risk for crude oil, natural gas, and NGLs[462](index=462&type=chunk)[463](index=463&type=chunk)[464](index=464&type=chunk) Commodity Derivative Fair Value Sensitivity (as of Dec 31, 2022) | Commodity | Fair Value (in millions) | Effect of 10% Price Increase (in millions) | Effect of 10% Price Decrease (in millions) | | :--- | :--- | :--- | :--- | | Crude oil | $(2) | $(54) | $55 | | Natural gas | $(1) | $13 | $(13) | | NGL and other | $225 | $(47) | $47 | - The Preferred Distribution Rate Reset Option for Series A preferred units is an embedded derivative with a fair value liability of **$189 million** as of December 31, 2022. The option was exercised by unitholders in January 2023[468](index=468&type=chunk) [Item 9A. Controls and Procedures](index=92&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2022 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[472](index=472&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2022[473](index=473&type=chunk) Part III [Item 10. Directors and Executive Officers of Our General Partner and Corporate Governance](index=94&type=section&id=Item%2010.%20Directors%20and%20Executive%20Officers%20of%20Our%20General%20Partner%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the **2023 Annual Meeting Proxy Statement**, including key executives - Information regarding directors, executive officers, and corporate governance is incorporated by reference from the **2023 Annual Meeting Proxy Statement**[481](index=481&type=chunk) - Key executive officers include Willie Chiang (Chairman & CEO), Harry N. Pefanis (President), Al Swanson (EVP & CFO), and Chris R. Chandler (EVP & COO)[482](index=482&type=chunk) [Item 11. Executive Compensation](index=94&type=section&id=Item%2011.%20Executive%20Compensation) Details on executive compensation are incorporated by reference from the **2023 Proxy Statement** - Details on executive compensation are incorporated by reference from the **2023 Proxy Statement**[483](index=483&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters](index=94&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Unitholder%20Matters) Information on security ownership by beneficial owners and management is incorporated by reference from the **2023 Proxy Statement** - Details on security ownership are incorporated by reference from the **2023 Proxy Statement**[484](index=484&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=95&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Details on certain relationships, related party transactions, and director independence are incorporated by reference from the **2023 Proxy Statement** - Details on related transactions and director independence are incorporated by reference from the **2023 Proxy Statement**[485](index=485&type=chunk) [Item 14. Principal Accountant Fees and Services](index=95&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Details on principal accountant fees and services are incorporated by reference from the **2023 Proxy Statement** - Details on accountant fees and services are incorporated by reference from the **2023 Proxy Statement**[486](index=486&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=96&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits filed as part of the Form 10-K report, referencing the Index to Consolidated Financial Statements - This item provides a reference to the Index to the Consolidated Financial Statements on page F-1[489](index=489&type=chunk) - A comprehensive list of exhibits filed with the report is provided, including organizational documents, material contracts, and certifications[490](index=490&type=chunk) Financial Statements and Notes [Consolidated Financial Statements](index=119&type=section&id=Consolidated%20Financial%20Statements) For 2022, consolidated financial statements show total assets of **$27.9 billion**, liabilities of **$14.6 billion**, and net income attributable to PAA of **$1.037 billion** Consolidated Balance Sheet Highlights (as of Dec 31, 2022) | Account (in millions) | Amount | | :--- | :--- | | Total Current Assets | $5,355 | | Property and Equipment, Net | $15,250 | | **Total Assets** | **$27,892** | | Total Current Liabilities | $5,891 | | Total Long-Term Liabilities | $8,676 | | **Total Liabilities** | **$14,567** | | **Total Partners' Capital** | **$13,325** | Consolidated Statement of Operations Highlights (Year Ended Dec 31, 2022) | Account (in millions) | Amount | | :--- | :--- | | Total Revenues | $57,342 | | Operating Income | $1,292 | | Net Income Attributable to PAA | $1,037 | Consolidated Statement of Cash Flows Highlights (Year Ended Dec 31, 2022) | Account (in millions) | Amount | | :--- | :--- | | Net Cash Provided by Operating Activities | $2,408 | | Net Cash Used in Investing Activities | $(526) | | Net Cash Used in Financing Activities | $(1,931) | [Note 7—Acquisitions, Divestitures and Other Transactions](index=138&type=section&id=Note%207%E2%80%94Acquisitions%2C%20Divestitures%20and%20Other%20Transactions) In 2022, PAA acquired an additional **5%** interest in Cactus II for **$88 million**, leading to consolidation and a **$370 million** remeasurement gain, following the **2021** formation of the Permian JV - In November 2022, PAA and Enbridge acquired WES's **15% interest** in Cactus II. PAA's share was **5%** for **$88 million**, increasing its total ownership to **70%** and resulting in consolidation of the asset[618](index=618&type=chunk) - The Cactus II step acquisition resulted in a remeasurement gain of **$370 million**, recognized in "Gains (losses) on/(impairment of) investments in unconsolidated entities, net"[620](index=620&type=chunk) - In October 2021, PAA formed the Permian JV with Oryx Midstream, with PAA owning **65%** and operating the combined assets. The transaction was accounted for as a business combination[627](index=627&type=chunk) [Note 11—Debt](index=148&type=section&id=Note%2011%E2%80%94Debt) As of December 31, 2022, total debt was approximately **$8.4 billion**, comprising **$1.2 billion** short-term and **$7.3 billion** long-term, with a weighted average maturity of approximately **9 years** for senior notes Debt Summary (as of Dec 31, 2022) | Debt Category (in millions) | Amount | | :--- | :--- | | Short-Term Debt | $1,159 | | Long-Term Debt (Senior notes, net) | $7,237 | | Other Long-Term Debt, net | $50 | | **Total Debt** | **$8,446** | - The company has a **$1.35 billion** senior unsecured revolving credit facility maturing in **2027** and a **$1.35 billion** senior secured hedged inventory facility maturing in **2025**[671](index=671&type=chunk)[672](index=672&type=chunk) - During 2022, the company repaid its **$750 million 3.65%** senior notes due June 2022[677](index=677&type=chunk) [Note 19—Commitments and Contingencies](index=169&type=section&id=Note%2019%E2%80%94Commitments%20and%20Contingencies) The company has **$2.6 billion** in commitments and faces a **$740 million** estimated aggregate cost for the **2015 Line 901** incident, with **$225 million** in insurance receivables, though some claims are denied - Total future noncancelable commitments for leases and other agreements were **$2.576 billion** as of December 31, 2022[771](index=771&type=chunk) - The estimated aggregate cost for the Line 901 incident is approximately **$740 million**. As of Dec 31, 2022, a remaining gross liability of **$105 million** was recorded[797](index=797&type=chunk)[798](index=798&type=chunk) - The company has a long-term insurance receivable of **$225 million** for the Line 901 incident. Insurers responsible for **$185 million** of this amount have denied coverage, and the company intends to vigorously pursue recovery[795](index=795&type=chunk)[798](index=798&type=chunk)

Plains All American Pipeline, L.P. (NASDAQ:PAA) Q4 2022 Results Conference Call February 8, 2023 5:30 PM ET Company Participants Blake Fernandez - Vice President of Investor Relations Willie Chiang - Chief Executive Officer Al Swanson - Executive Vice President and Chief Financial Officer Harry Pefanis - President Chris Chandler - Executive Vice President and Chief Operating Officer Jeremy Goebel - Executive Vice President and CCO Chris Herbold - Senior Vice President, Finance and CAO Conference Call Partic ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________ FORM 10-Q ________________________________________________________________________________________________________________________________ ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHA ...

Plains All American Pipeline LP (NASDAQ:PAA) Q3 2022 Earnings Conference Call November 2, 2022 5:30 PM ET Company Participants Roy Lamoreaux - Vice President of Investor Relations Al Swanson - Executive Vice President & Chief Financial Officer Jeremy Goebel - Executive Vice President & Chief Commercial Officer Wilfred Chiang - Chairman & Chief Executive Officer Conference Call Participants Michael Blum - Wells Fargo Keith Stanley - Wolfe Research Brian Reynolds - UBS Jeremy Tonet - JPMorgan Securities Jean ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________ FORM 10-Q ________________________________________________________________________________________________________________________________ ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE A ...

Plains All American Pipeline LP (NASDAQ:PAA) Q2 2022 Earnings Conference Call August 3, 2022 5:30 PM ET Company Participants Roy Lamoreaux - VP of IR, Communications & Government Relations Wilfred Chiang - Chairman & CEO Al Swanson - EVP & CFO Christopher Chandler - EVP & COO Jeremy Goebel - EVP & Chief Commercial Officer Conference Call Participants Jean Salisbury - Sanford C. Bernstein & Co. Keith Stanley - Wolfe Research Colton Bean - Tudor, Pickering, Holt & Co. Sunil Sibal - Seaport Global Securities J ...