Core Viewpoint - Plains All American Pipeline, L.P. (PAA) and Plains GP Holdings (PAGP) announced their quarterly distributions for Q2 2025 and the timing for their earnings release [1][4] Distribution Declaration - PAA announced a quarterly cash distribution of $0.38 per Common Unit ($1.52 annualized), unchanged from May 2025 [7] - PAGP announced a cash distribution of $0.38 per Class A Share ($1.52 annualized), also unchanged from May 2025 [7] - PAA's Series B Preferred Units will have a distribution of $22.23 per Series B Unit, payable on August 15, 2025 [2] Earnings Timing - PAA and PAGP will release their Q2 2025 earnings before market open on August 8, 2025 [4] - A conference call will be held at 9:00 a.m. CT (10 a.m. ET) to discuss earnings, accessible via the company's website [4] Company Overview - PAA operates midstream energy infrastructure and logistics services for crude oil and natural gas liquids, handling approximately eight million barrels per day [5] - PAGP holds a non-economic controlling general partner interest in PAA and is one of the largest energy infrastructure companies in North America [6]

Company Overview - Plains All American Pipeline, L.P. (PAA) is a publicly traded master limited partnership that operates midstream energy infrastructure and logistics services for crude oil and natural gas liquids (NGL) [4] - The company owns an extensive network of pipeline gathering and transportation systems, along with terminalling, storage, processing, and fractionation assets serving key producing basins and major market hubs in the U.S. and Canada [4] - On average, PAA handles approximately 8 million barrels per day of crude oil and NGL [4] Schedule K-3 Announcement - PAA announced that its 2024 Schedule K-3, which reflects items of international tax relevance, is now available online for unitholders [1] - A limited number of unitholders, primarily foreign unitholders and those computing a foreign tax credit, may require the detailed information disclosed on Schedule K-3 for their specific reporting needs [2] - Unitholders can receive an electronic copy of their Schedule K-3 via email by contacting Tax Package Support [3] Related Entities - PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA [5] - Both PAA and PAGP are headquartered in Houston, Texas [5]

Core Viewpoint - Plains All American Pipeline's stock increased nearly 4% following the announcement of a significant divestment, outperforming the S&P 500 index which remained flat [1] Group 1: Divestment Details - Plains and its majority owner, Plains GP Holdings, finalized agreements to sell "substantially all" of their natural gas liquids (NGL) business [2] - The buyer is Canadian company Keyera, with the transaction valued at approximately 5.15 billion Canadian dollars ($3.79 billion) [4] - The sale is expected to close in the first quarter of 2026, pending regulatory approvals and closing conditions [4] Group 2: Financial Implications - Plains anticipates total proceeds of around $3 billion from the divestment, which includes a potential one-time "special distribution" estimated at $0.35 per unit to common unit holders and shareholders [5] - The special distribution payment is subject to approval by Plains's board of directors [5] Group 3: Strategic Impact - Plains CEO Willie Chiang described the transaction as a "win-win," allowing Plains to exit the Canadian NGL business at an attractive valuation while Keyera gains critical infrastructure [6] - The divestment will provide Plains with significant capital, streamline its operational structure, and enable a greater focus on the crude oil segment [6]

Core Insights - Plains All American Pipeline, L.P. (PAA) and Plains GP Holdings (PAGP) have agreed to sell the majority of their Canadian Natural Gas Liquids (NGL) business to Keyera Corp. for approximately $3.75 billion (CAD $5.15 billion), with the transaction expected to close in the first half of 2026, pending necessary approvals [1][2]. Group 1: Transaction Details - The divestiture allows Plains to retain nearly all NGL assets in the United States and all crude oil assets in Canada, thereby increasing its focus on crude oil transportation [2]. - After tax payments and a one-time special distribution of 35 cents to unitholders, Plains anticipates net proceeds of nearly $3 billion from the transaction, which will be used for strategic acquisitions, preferred unit repurchases, and potential common unit buybacks [3][10]. Group 2: Strategic Implications - This transaction positions Plains as a focused, growth-oriented crude oil midstream company, reducing exposure to commodity volatility and seasonal fluctuations, which is expected to lead to more stable cash flow [4]. - The deal is valued at roughly 13 times the expected 2025 Distributable Cash Flow, indicating strong financial merit and the potential for increased excess cash flow, enhancing financial flexibility for efficient capital deployment [5]. Group 3: Industry Context - The global oil and gas pipeline market is projected to grow from $26.5 billion in 2023 to $44.01 billion in 2032, driven by rising energy consumption due to population growth, urbanization, and expanding industrial activity, presenting long-term growth opportunities for Plains [6]. - Midstream operations are capital-intensive and complex, often leading companies to divest non-core midstream assets to concentrate on higher-margin upstream or downstream segments [7].

June 17, 2025 Forward-Looking Statements & Non-GAAP Financial Measures Disclosure Investor Contacts Blake Fernandez NGL Business Divestment Establishing Midstream Crude Oil "Pure Play" Vice President, Investor Relations Blake.Fernandez@plains.com Michael Gladstein Director, Investor Relations Michael.Gladstein@plains.com Investor Relations 866-809-1291 plainsIR@plains.com 2 ▪ Except for the historical information contained herein, the matters discussed in this presentation consist of forward-looking stateme ...

Keyera Corp. Conference Call Summary Company and Industry - **Company**: Keyera Corp. - **Industry**: Natural Gas Liquids (NGL) Infrastructure Core Points and Arguments - **Acquisition Announcement**: Keyera announced the acquisition of Plains Canadian NGL business for CAD 5.15 billion, enhancing domestic energy capabilities and economic resilience in Canada [7][23] - **Valuation Metrics**: The acquisition is valued at 7.8 times expected 2025 adjusted EBITDA, or 6.8 times including near-term run rate synergies, with mid-teens accretion in DCF per share in the first full year [8] - **Financing Structure**: The acquisition is fully financed through a CAD 1.8 billion equity offering, a bridge facility, and subsequent debt financing, preserving Keyera's financial strength and investment-grade rating [8][20] - **Strategic Rationale**: The transaction enhances Keyera's scale, connectivity, and service offerings, unlocking approximately CAD 100 million in near-term synergies and 70% of realized margin from contracted fee-for-service sources [9][21] - **Macroeconomic Context**: Western Canada has low-cost, long-life natural gas supplies, with growing demand from LNG, petrochemicals, and emerging sectors expected to drive sustained gas production growth [10] - **Asset Quality**: The acquired assets form a fully integrated cross-Canada NGL system, enhancing geographic reach and service continuity, with 60% of expected margin from stable fee-for-service segments [11][12] - **Customer Contracts**: The fee-for-service margin is supported by long-term contracts with an average remaining life of over ten years, with 75% of total revenue from investment-grade counterparties [13][19] Additional Important Content - **Growth Outlook**: The acquisition is expected to increase fee-based EBITDA by about 50% in the first full year, driven by contributions from acquired assets and synergies [17] - **Long-term Projects**: Keyera is advancing several major initiatives, including the Frac 2 debottleneck project and Frac 3 expansion, which will contribute to a durable cash flow profile [18] - **Risk Management**: Keyera will leverage its existing risk management program to stabilize operating costs and manage commodity and foreign exchange exposure [20] - **Synergy Realization**: The transaction is expected to unlock approximately CAD 100 million in annual run-rate synergies in the first year, with additional long-term value from optimizing interconnected assets [21] This summary encapsulates the key points from the Keyera Corp. conference call regarding the acquisition of Plains Canadian NGL business, highlighting the strategic, financial, and operational implications of the transaction.

Core Viewpoint - Plains All American Pipeline, L.P. and Plains GP Holdings have agreed to sell their Canadian NGL business to Keyera Corp for approximately $5.15 billion CAD ($3.75 billion USD), with the transaction expected to close in the first quarter of 2026, subject to regulatory approvals [1][2]. Transaction Details - The transaction will result in Plains divesting its Canadian NGL business while retaining its NGL assets in the United States and all crude oil assets in Canada [2]. - Plains expects to net approximately $3.0 billion USD from the transaction after taxes, transaction expenses, and a potential one-time special distribution [4]. Transaction Benefits - The sale is viewed as a win-win, allowing Plains to exit the Canadian NGL business at an attractive valuation while Keyera gains critical infrastructure [5]. - The transaction is anticipated to enhance Plains' free cash flow profile, reduce commodity exposure, and lower working capital requirements [5][7]. - The purchase price represents approximately 13 times the expected 2025 Distributable Cash Flow (DCF) [7]. Capital Allocation Strategy - Proceeds from the transaction will be prioritized towards disciplined capital allocation, including potential repurchases of preferred units and opportunistic common unit repurchases [8]. - The transaction is expected to create significant financial flexibility, allowing Plains to optimize its crude oil-focused asset base [7][8]. Tax Considerations - The transaction is a taxable event, expected to generate approximately $360 million USD in entity-level taxes payable in Canada [6][7]. - A one-time special distribution of approximately $0.35 per unit is intended to offset potential tax liabilities for unitholders, subject to Board approval [4][12]. Company Overview - Plains All American Pipeline operates midstream energy infrastructure and logistics services for crude oil and natural gas liquids, handling approximately eight million barrels per day [16]. - Plains GP Holdings holds a controlling general partner interest in Plains All American Pipeline, making it one of the largest energy infrastructure companies in North America [17].

Group 1 - The Cash Flow Kingdom Income Portfolio aims to achieve an overall yield in the range of 7% - 10% by combining various income streams to create a steady portfolio payout [1] - Plains All American Pipeline, L.P. (PAA) is an energy midstream company that has recently experienced pressure on its shares, leading to an increase in its dividend yield [1] - The Cash Flow Club focuses on company cash flows and access to capital, offering features such as a personal income portfolio targeting a yield of over 6%, community chat, and coverage of various sectors including energy midstream and commercial mREITs [1] Group 2 - Jonathan Weber, an analyst with an engineering background, has been active in the stock market and has been sharing research on Seeking Alpha since 2014, focusing primarily on value and income stocks [2]

Group 1 - Plains All American is focused on the midstream oil and gas transportation business, operating pipelines in both Canada and the United States [1] - The company aims to identify value opportunities in sectors like oil and gas, metals, and mining, particularly in emerging markets [1] - Plains All American emphasizes the importance of sustained free cash flows, low leverage, and a pro-shareholder attitude through buyback programs and dividend distributions [1] Group 2 - The article highlights the significance of analyzing companies that are not widely considered by the market, which may present good investment opportunities [1] - The focus is on companies with high margins and recovery potential, especially those undergoing distress [1] - The author expresses a commitment to sharing valuable information with the investment community to aid individual decision-making [1]

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The service offers a free two-week trial for potential investors to explore exclusive income-focused portfolios [1] Group 2 - The author has over 14 years of investment experience and an MBA in Finance, focusing on defensive stocks with a medium- to long-term investment horizon [2]