HOUSTON, June 17, 2024 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (NYSE:PAA) today announced that it and PAA Finance Corp., a wholly-owned subsidiary of PAA, as co-issuer, have priced an underwritten public offering (the "Offering") of $650 million aggregate principal amount of 5.700% senior unsecured notes (the "Notes") due 2034 at a price to the public of 99.953% of their face value. The Offering is expected to close on June 27, 2024, subject to the satisfaction of customary closing conditions ...

Blake Fernandez Michael Gladstein (866) 809-1291 HOUSTON, June 17, 2024 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (NYSE:PAA) today announced that it and PAA Finance Corp., a wholly-owned subsidiary of PAA, as co-issuer, have priced an underwritten public offering (the "Offering") of $650 million aggregate principal amount of 5.700% senior unsecured notes (the "Notes") due 2034 at a price to the public of 99.953% of their face value. The Offering is expected to close on June 27, 2024, subject to ...

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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 March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ...

Financial Data and Key Metrics Changes - The company reported first quarter adjusted EBITDA attributable to PAA of $718 million and reaffirmed the 2024 adjusted EBITDA guidance range of $2.625 billion to $2.725 billion [18][30] - Expected adjusted free cash flow for 2024 is $1.55 billion, with approximately $1.15 billion allocated to common and preferred distributions [20][21] Business Line Data and Key Metrics Changes - The Permian segment is projected to grow by 200,000 to 300,000 barrels a day, with a ramp-up expected in the second half of 2024 [18][29] - The NGL segment remains highly hedged with frac spreads at approximately $0.65 per gallon for 2024 [19] Market Data and Key Metrics Changes - The weighted average contract duration of the Permian long-haul portfolio is approximately five years, extending through 2028 [30] - New contracts or extensions on Cactus I, Cactus II, Basin, and Sunrise have been finalized, with rates in the range of $1.25 to $1.50 per barrel effective in September 2025 [31][48] Company Strategy and Development Direction - The company’s strategy focuses on capital discipline, generating free cash flow, and returning capital to investors while maintaining financial flexibility [29][55] - The company has acquired an additional 10% in the Saddlehorn Pipeline Company and the Mid-Con terminal asset for approximately $110 million, expected to generate returns above the weighted average cost of capital [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver on the 2024 plan, despite not providing formal guidance for 2026, indicating a broadly flat adjusted EBITDA outlook for that year [12][29] - Management noted that the recontracting efforts provide better visibility and clarity around the performance of the Permian long-haul portfolio [4][13] Other Important Information - The company plans to self-fund targeted growth and maintenance capital of $375 million and $230 million, respectively, net to PAA [21] - The company is actively monitoring its hedging strategy and is being opportunistic regarding future hedging opportunities [39][42] Q&A Session All Questions and Answers Question: Why not increase the 2024 guidance despite a strong Q1 and bolt-on acquisition? - Management stated that it is early in the year and they remain confident about being within the guidance range without getting ahead of themselves [47] Question: Can you comment on the rates for the contract extensions for Cactus II and Sunrise/Basin? - Management indicated that the extensions were associated with options to extend existing contracts, maintaining rates consistent with prior agreements [48] Question: How does the recontracting impact your longer-term capital allocation strategy? - Management confirmed that the capital allocation strategy remains unchanged, focusing on maximizing free cash flow and looking for high-return bolt-on opportunities [55] Question: Have you seen enough recovery from weather-related events impacting volumes? - Management noted that volumes have recovered from weather impacts, and the outlook remains in line with expectations [75] Question: How should we think about Permian production cadence for the remainder of the year? - Management expects 200,000 to 300,000 barrels a day of growth from the end of 2023 to the end of 2024, with increases anticipated in the back half of the year [84] Question: What is the impact of gas prices on your operations? - Management explained that low gas prices do not impact all shippers equally and can lead to capital allocation towards oilier areas, which can be beneficial [59] Question: Are there any assets with contract rates meaningfully above market? - Management confirmed that BridgeTex is the only asset with outstanding rates, but demand is increasing, which is positive for future performance [61]

Disciplined approach to efficient growth Free Cash Flow Priorities Committed to capital discipline, significant return of capital & financial flexibility Plains' Investment Opportunity Generating multi-year Free Cash Flow & increasing returns of capital to equity holders 8 Segment Adj. EBITDA Walks $563 Lower Volumes / Winter Weather $553 ($27) +$17 Operating Cost / Other NGL Segment Key Drivers: 1Q23 to 1Q24 1Q23(A) Outside Permian / POPB / LH / Lease Gathering Canadian Mkt Opps / Merchant / Other 1Q24(A) ...

Exhibit 99.1 Plains All American Reports First-Quarter 2024 Results Provides Update on Permian Long-Haul Contracting & Announces Bolt-on Acquisitions Houston, TX – May 3, 2024 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2024 results and reaffirmed full-year 2024 Adjusted EBITDA guidance. Plains also provided updates on Permian long-haul contracting and announced two bolt-on acquisitions. First-Quarter Results Permian Long-Haul Contrac ...

imaginima Plains All American (NASDAQ:PAA) is a relatively large-scale MLP with a market cap of just over $12.5 billion. It owns and operates midstream energy infrastructure based in the United States and to a lesser degree in Canada. The main segments are pipeline transportation and storage of crude oil and NGL, where the crude oil accounts for the lion's share of PAA's EBITDA generation. For example, the operations that are associated with crude oil explain roughly 89% of the guided EBITDA for 2024. A ...

The latest trading session saw Plains All American Pipeline (PAA) ending at $18.56, denoting a +1.48% adjustment from its last day's close. This move outpaced the S&P 500's daily gain of 1.11%. Meanwhile, the Dow experienced a rise of 0.8%, and the technology-dominated Nasdaq saw an increase of 1.24%.Heading into today, shares of the oil and gas transportation and storage company had gained 8.68% over the past month, lagging the Oils-Energy sector's gain of 10.33% and outpacing the S&P 500's gain of 0.48% i ...

HOUSTON, April 04, 2024 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (NASDAQ:PAA) and Plains GP Holdings (NASDAQ:PAGP) today announced their quarterly distributions with respect to the first quarter of 2024 and also announced timing of first quarter 2024 earnings. First Quarter Distribution Declaration  PAA and PAGP announced the following quarterly cash distributions, each of which will be payable on May 15, 2024 to holders of the respective securities at the close of business on May 1, 2024: PAA ...