Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-36132 ____________________________________________ ...

Exhibit 99.1 Plains All American Reports First-Quarter 2025 Results Houston, TX – May 9, 2025 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2025 results and provided the following highlights: First-Quarter Results Business Highlights "Plains delivered another quarter of solid operational and financial performance," said Willie Chiang, Chairman and CEO. "Substantial cash flow generation from our integrated Crude Oil and NGL footprints co ...

Financial Position and Debt Management - As of December 31, 2024, PAA's long-term debt comprised approximately 99% of its publicly-traded senior notes[38] - PAA targets a leverage multiple averaging between 3.25x to 3.75x, with a long-term debt-to-Adjusted EBITDA multiple of between 2.5x and 3.0x[38] - Total investment capital for the year ending December 31, 2025 is projected to be approximately $500 million, with over half associated with the Permian JV[115] - Maintenance capital for 2025 is projected to be approximately $260 million[115] - The company may face limitations on cash distributions due to restrictions in PAA's credit facilities and other financial obligations[208] Crude Oil Segment Operations - The Crude Oil segment includes 18,800 miles of active crude oil transportation pipelines and gathering systems, with an average daily volume transported of 8,934 thousand barrels per day for the year ended December 31, 2024[51] - PAA has a commercial crude oil storage capacity of 72 million barrels at its terminalling and storage locations[51] - The Crude Oil segment's gathering pipelines in the Permian Basin represent approximately 3.8 million barrels per day of pipeline capacity[56] - PAA's intra-basin pipeline system in the Permian Basin has a capacity of approximately 3.1 million barrels per day[57] - The long-haul pipelines from the Permian Basin have a combined operational takeaway capacity of approximately 2.1 million barrels per day[58] - The Eagle Ford Pipeline has a total capacity of approximately 660,000 barrels per day, connecting production from the Permian Basin and Eagle Ford area to Corpus Christi, Texas refiners and terminals[65] - The Eagle Ford Corpus Christi terminal has a dock capacity to export crude oil and approximately one million barrels of commercial storage capacity[66] - The Cushing terminal has a commercial storage capacity of 27 million barrels and is connected to long-haul pipelines from the Permian Basin and Rocky Mountain regions[73] - The Diamond Pipeline has a total capacity of approximately 200,000 barrels per day, extending from the Cushing Terminal to Valero's refinery in Memphis, Tennessee[78] NGL Segment Operations - The NGL segment includes four natural gas processing plants and seven fractionation plants with an aggregate usable capacity of approximately 172,000 barrels per day[88] - The company operates approximately 1,775 miles of active NGL transportation pipelines and has NGL storage facilities with approximately 23 million barrels of capacity[88] - The White Cliffs Pipeline system includes a crude oil pipeline with approximately 100,000 barrels per day capacity and an NGL pipeline with approximately 90,000 barrels per day capacity[86] - The Empress facility processes natural gas to extract ethane and NGL mix, with the capacity to fractionate or transport the NGL mix for further processing[92] - Empress plants have a processing capacity of up to 5.7 Bcf of natural gas per day, typically operating in the 3.5 to 4.5 Bcf range, producing 65,000 to 100,000 barrels per day of ethane and 40,000 to 60,000 barrels per day of NGL mix[93] - The Fort Saskatchewan facility has an inlet design capacity of 88,400 barrels per day, producing approximately 44,500 barrels per day of propane, butane, and condensate[95] - The Sarnia fractionator processes an average of approximately 100,000 barrels per day of NGL products, with ownership stakes ranging from 61% to 85%[96] Market and Revenue Concentration - In 2024, WTI prices fluctuated between approximately $66 and $87 per barrel, indicating significant price volatility in crude oil and NGL markets[97] - ExxonMobil accounted for 30%, 26%, and 20% of revenues for the years ended December 31, 2024, 2023, and 2022, respectively, highlighting customer concentration risk[105] Strategic Transactions and Investments - Since 1998, the company has completed acquisitions totaling approximately $3.0 billion and asset sales exceeding $4.9 billion, indicating a strong focus on strategic transactions[113] - The 2025 capital plan includes capital-efficient projects aimed at addressing industry needs and expanding the existing asset base[114] Regulatory and Compliance Risks - The company is subject to extensive legal requirements and regulations that could increase operational costs and affect profitability[116] - Future air compliance obligations may have a material adverse effect on the company's financial condition or results of operations[134] - The company faces potential increased operating costs due to climate change initiatives and regulations aimed at limiting greenhouse gas emissions[135] - The U.S. Clean Water Act imposes strict controls on pollutant discharge, with penalties for non-compliance[140] - The U.S. Oil Pollution Act subjects facility owners to significant liability for oil spill containment and removal costs[141] - The Endangered Species Act may restrict exploration and production activities affecting endangered species, impacting project viability[146] Employee and Operational Management - As of December 31, 2024, GP LLC and PMC ULC employed approximately 4,200 people in North America, with about 69% (approximately 2,900 employees) being field employees[165] - The company prioritizes employee health and safety, investing in training and resources, and has performance-based bonuses tied to safety and environmental targets[166] - The company offers comprehensive benefits, including health insurance, retirement savings plans, and mental health resources, to attract and retain employees[168] - The company operates training programs to develop leadership skills and prepare employees for critical roles[167] Tax and Financial Reporting - The company had a gross deferred tax asset of approximately $1.3 billion as of December 31, 2024[225] - Distributions on Class A shares may not qualify as dividends for U.S. federal income tax purposes, potentially affecting tax treatment for U.S. holders[174] - Non-U.S. holders may be subject to a U.S. withholding tax at a rate of 30% on distributions unless an applicable income tax treaty provides for a lower rate[182] Risks Related to Shareholder Structure - PAA's partnership structure carries inherent risks, including tax risks and credit risks from customers and counterparties[201] - The market price of Class A shares may be volatile, influenced by factors unrelated to operating performance[220] - The issuance of additional Class A shares could dilute existing shareholders' ownership and decrease cash available for distribution[213] - Conflicts of interest may arise due to the organizational structure and relationships among the company, PAA, and the Legacy Owners[228]

Core Viewpoint - Plains GP Holdings, L.P. Class A Shares (NASDAQ: PAGP) is identified as an attractive income stock with a current yield exceeding 7%, significantly higher than its peers, and is projected to grow at approximately 10% annually [1] Summary by Relevant Categories Financial Performance - The current yield of PAGP is above 7%, which is considerably higher than that of its competitors [1] - The company is expected to continue its growth trajectory at around 10% per year [1] Investment Strategy - The investment strategy focuses on cyclical industries, which are believed to offer substantial returns during economic recovery and growth phases [1] - The portfolio is diversified, including bonds, commodities, and forex, to balance risk [1]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $729 million for Q4 2024 and $2.78 billion for the full year, exceeding initial guidance by approximately $105 million or 4% [6][12] - For 2025, adjusted EBITDA guidance is set between $2.8 billion to $2.95 billion, indicating approximately 3% growth year-over-year at the midpoint [7][15] Business Line Data and Key Metrics Changes - The crude oil segment is expected to see year-over-year growth driven by bolt-on acquisitions, volume growth, and pipeline tariff escalation, while the NGL segment is anticipated to contribute slightly less due to a shift to approximately 45% fee-based revenue [15][16] - The NGL segment benefited from higher-than-expected order flows leading to increased C3+ back product sales [13] Market Data and Key Metrics Changes - Permian crude production is projected to grow by 200,000 to 300,000 barrels per day from year-end 2024 to year-end 2025, with overall basin volumes expected to reach approximately 6.7 million barrels per day by the end of 2025 [8] - The company expects continued high utilization of its Corpus Christi-bound assets and increased volumes on basin pipelines [8] Company Strategy and Development Direction - The company is focused on expanding its integrated asset base through bolt-on acquisitions while maintaining capital discipline [11][22] - Recent acquisitions, including Ironwood Midstream Energy and the remaining interest in Midway Pipeline, are part of the strategy to enhance operational efficiency and generate attractive returns for unitholders [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the new administration's focus on energy security and independence, believing that North American energy will remain essential for maintaining living standards [23] - The company is well-positioned to support domestic energy growth with critical infrastructure connecting supply to demand centers across North America [23] Other Important Information - The company announced a 20% increase in quarterly distributions, raising the annual distribution to $1.52 per unit, representing a yield of approximately 7.5% based on current equity prices [12] - A $140 million noncash impairment related to two US NGL terminal assets was recorded, which is excluded from adjusted results [19] Q&A Session Summary Question: Background on recent acquisitions and future opportunities - Management indicated that the recent acquisitions were the result of ongoing efforts to identify opportunities and that more bolt-on acquisitions are expected in the future, focusing on capital discipline and strategic needs [29][32] Question: Impact of potential tariffs on business - Management stated that they have been scenario planning for potential tariffs and believe their guidance range accounts for probable outcomes, indicating readiness for any impacts [34][36] Question: Factors driving 2025 guidance - Management highlighted volume growth and oil prices as key drivers for 2025, with expectations of increased activity and productivity from producers [42][43] Question: Update on operational efficiency initiatives - Management noted that cost and efficiency improvements are ongoing and integrated into their daily operations, with expectations for continuous progress [58][59] Question: M&A strategy and growth opportunities - Management discussed the importance of synergies from bolt-on acquisitions and the flexibility of their system to adapt to various growth opportunities across different regions [66][72] Question: Long-haul contract positions and distribution growth - Management confirmed that long-haul contracts are largely contracted, with incremental demand factored into guidance, and indicated that bolt-on acquisitions could enhance distribution growth potential [100][102] Question: Volume guidance in the Permian - Management stated that production growth in the Permian is expected to be consistent with previous years, with no significant variations anticipated based on the guidance range [112][114] Question: NGL business positioning - Management expressed confidence in their unique assets in the NGL market, indicating that competitive changes in Canada would not significantly impact their positioning [116] Question: Timing of Eastern Eagle Ford opportunities - Management indicated that integration of the Ironwood acquisition would take time, with potential opportunities expected to materialize more in the next year [136] Question: Capital allocation and buyback strategy - Management reiterated that any buybacks would be opportunistic and dependent on market conditions, with a preference for returning cash to shareholders through distributions [138][139]

4Q24 Earnings Call February 7, 2025 Forward-Looking Statements & Non-GAAP Financial Measures Disclosure Investor Relations Contacts Blake Fernandez 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 ▪ This presentation contains forward-looking statements, including, in particular, statements about the performance, plans, strategies and objectives for future operations ...

Financial Performance - Fourth-quarter 2024 net income attributable to Plains All American was $36 million, a decrease of 88% compared to $312 million in Q4 2023[4] - Full-year 2024 net income attributable to Plains All American was $772 million, down 37% from $1.23 billion in 2023[4] - Fourth-quarter 2024 adjusted EBITDA attributable to Plains All American was $729 million, slightly below the $737 million in Q4 2023, representing a 1% decrease[5] - Full-year 2024 adjusted EBITDA attributable to Plains All American was $2.78 billion, a 3% increase from $2.71 billion in 2023[5] - The company generated approximately $1.17 billion in adjusted free cash flow for the full year 2024, a decrease of 31% compared to $1.8 billion in 2023[5] - Revenues for Q4 2024 were $12,402 million, a decrease of 2.3% from $12,698 million in Q4 2023; total revenues for the year increased by 2.8% to $50,073 million from $48,712 million[23] - Operating income for Q4 2024 was $87 million, down 79.6% from $426 million in Q4 2023; total operating income for the year decreased by 22.0% to $1,178 million from $1,510 million[23] - Net income attributable to Plains All American Pipeline (PAA) for Q4 2024 was $36 million, a significant drop of 88.5% compared to $312 million in Q4 2023; total net income for the year decreased by 37.1% to $772 million from $1,230 million[23] Cash Flow and Distributions - Adjusted Free Cash Flow after Distributions for the year was impacted by cash distributions paid to preferred and common unitholders, which totaled $175 million for Series A and $78 million for Series B preferred unitholders[28] - Cash and cash equivalents at the end of 2024 were $348 million, down from $450 million at the end of 2023, reflecting a net decrease in cash flow[30] - The company reported net cash provided by operating activities of $2,490 million for the year, a decrease from $2,727 million in 2023[30] - The company experienced a net cash outflow of $1,504 million from investing activities, significantly higher than the $702 million outflow in 2023, indicating increased capital expenditures or investments[30] - Cash distribution paid per common unit increased to $0.3175 in Q4 2024 from $0.2675 in Q4 2023, marking a rise of 18.7%[36] - Total cash distributions for the year were $1,145 million, an increase from $989 million in 2023[40] Assets and Liabilities - Total assets decreased to $26,562 million in 2024 from $27,355 million in 2023, primarily due to reductions in property and equipment and intangible assets[24] - Total liabilities decreased slightly to $13,466 million in 2024 from $13,623 million in 2023, with total debt also decreasing to $7,621 million from $7,751 million[25] - Long-term debt-to-total book capitalization increased to 42% in 2024 from 41% in 2023, indicating a slight increase in leverage[25] - Total adjusted net income for the twelve months ended December 31, 2024, was $1.318 billion, compared to $1.250 billion in 2023, reflecting a growth of 5.4%[33] Segment Performance - Revenues from crude oil segment for Q4 2024 were $11,959 million, while NGL segment revenues were $535 million, compared to $12,187 million and $623 million respectively in Q4 2023[44] - Segment Adjusted EBITDA for crude oil was $569 million in Q4 2024, slightly up from $563 million in Q4 2023, while NGL segment Adjusted EBITDA decreased to $154 million from $169 million[44] - Crude Oil segment revenues for the twelve months ended December 31, 2024, were $48,720 million, an increase from $47,174 million in 2023, representing a growth of 3.3%[46] - NGL segment revenues decreased to $1,724 million in 2024 from $1,935 million in 2023, a decline of 10.9%[46] - Segment Adjusted EBITDA for the Crude Oil segment was $2,276 million in 2024, up from $2,163 million in 2023, reflecting a growth of 5.2%[46] Strategic Initiatives and Future Outlook - Plains All American expects full-year 2025 adjusted EBITDA attributable to be in the range of $2.80 billion to $2.95 billion[4] - The company announced a distribution increase of $0.25 per unit, representing a 20% increase in annualized distribution compared to 2024 levels[4] - The company plans to retain excess Adjusted Free Cash Flow after distributions for future capital expenditures and debt reduction[40] - The company is focused on strategic opportunities including acquisitions and joint ventures to enhance operational capabilities and market presence[57] Risks and Challenges - The company highlighted potential risks including fluctuations in crude oil prices and competition in the midstream services market, which could impact future performance[57] - PAA is impacted by various risks including weather interference, regulatory changes, and production level fluctuations in the Permian Basin[59] - The company faces challenges related to customer performance under contracts, which may affect revenue recognition[59] - The effectiveness of risk management activities is crucial for PAA's operational stability[59] - The company is exposed to fluctuations in debt and equity markets, which can affect its long-term incentive plans[59] - PAA's ability to attract and retain key personnel is essential for maintaining operational efficiency[59] Company Overview - The company is headquartered in Houston, Texas, and is publicly traded as a master limited partnership[61] - Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) are significant players in the North American energy infrastructure and logistics sector[61]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investing can be risky as stocks may lose momentum if their valuations exceed future growth potential [1] - Identifying the right entry point for momentum stocks is challenging, leading to potential losses if the stock price does not continue to rise [1] Group 2: Bargain Momentum Stocks - Investing in bargain stocks that have recently shown price momentum may be a safer strategy [2] - The Zacks Momentum Style Score is useful for identifying strong momentum stocks, while the 'Fast-Paced Momentum at a Bargain' screen helps find attractively priced fast-moving stocks [2] Group 3: Plains GP Holdings (PAGP) Analysis - Plains GP Holdings (PAGP) has shown significant price momentum with a four-week price change of 19.1% [3] - Over the past 12 weeks, PAGP's stock gained 19.3%, indicating strong long-term momentum [4] - PAGP has a beta of 1.58, suggesting it moves 58% more than the market in either direction [4] - The stock has a Momentum Score of B, indicating a favorable time to invest [5] - PAGP has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which attract more investors [6] - The stock is trading at a low Price-to-Sales ratio of 0.09, meaning investors pay only 9 cents for each dollar of sales, indicating a reasonable valuation [6] Group 4: Additional Investment Opportunities - Besides PAGP, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [7] - Zacks offers over 45 Premium Screens tailored to different investing styles, which can help identify winning stock picks [8]

Company Overview - Plains Group (PAGP) is currently rated with a Zacks Rank of 2 (Buy) and has an A grade for Value [4][6] - The stock is trading at a P/E ratio of 12.85, significantly lower than the industry average P/E of 18.46 [4] - Over the past year, PAGP's Forward P/E has fluctuated between a high of 18.70 and a low of 10.11, with a median of 12.25 [4] Financial Metrics - PAGP has a P/CF ratio of 3.50, indicating strong operating cash flow and suggesting the stock may be undervalued compared to its industry's average P/CF of 11.09 [5] - The P/CF ratio for PAGP has ranged from a high of 3.58 to a low of 2.50 over the past year, with a median of 3.01 [5] Investment Potential - The combination of PAGP's strong earnings outlook and attractive valuation metrics suggests that it is likely undervalued at the moment, making it an impressive value stock [6]

Core Viewpoint - The article emphasizes the importance of value investing and highlights Plains Group (PAGP) as a strong value stock based on its financial metrics and Zacks Rank [1][5]. Financial Metrics - Plains Group (PAGP) holds a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential for value investors [3]. - The stock has a Forward P/E ratio of 12.05, significantly lower than the industry's average Forward P/E of 18.42, suggesting it may be undervalued [3]. - Over the past year, PAGP's Forward P/E has fluctuated between a high of 18.70 and a low of 10, with a median of 12.13 [3]. - PAGP's P/CF ratio stands at 3.25, which is attractive compared to the industry's average P/CF of 11.08, indicating strong operating cash flow [4]. - The P/CF ratio for PAGP has ranged from a high of 3.26 to a low of 2.50 over the past 52 weeks, with a median of 2.99 [4]. Investment Outlook - The combination of PAGP's favorable financial metrics and strong earnings outlook positions it as one of the market's strongest value stocks [5].