Financial Performance - The company reported a net income of $392 million for the first three months of 2021, a significant recovery from a net loss of $2.692 billion in the same period of 2020, representing a 115% increase [123][127]. - The net loss in 2020 was primarily due to goodwill impairment losses of $2.515 billion and non-cash impairment charges of approximately $655 million [124]. - Basic and diluted net income per Class A share improved to $0.36 from a loss of $3.18 in the same quarter of 2020, marking a 111% increase [127]. - The company’s Adjusted EBITDA for Q1 2021 was $545 million, a decrease of 31% from $794 million in Q1 2020 [134]. Segment Performance - The Transportation segment reported an Adjusted EBITDA of $388 million, down 12% from $442 million in Q1 2020 [127]. - The Facilities segment's Adjusted EBITDA decreased by 19% to $171 million compared to $210 million in the prior year [127]. - The Supply and Logistics segment experienced a significant decline, reporting an Adjusted EBITDA of -$13 million, down from $141 million in Q1 2020, a 109% decrease [127]. - Transportation segment revenues decreased by 16% to $487 million for the three months ended March 31, 2021, compared to $579 million in the same period of 2020 [139]. - Facilities segment revenues decreased by 13% to $271 million for the three months ended March 31, 2021, compared to $313 million in the same period of 2020 [150]. - Revenues from the Supply and Logistics segment increased by $175 million, reaching $8,083 million for the three months ended March 31, 2021, compared to $7,908 million in the same period of 2020, representing a 2% increase [156]. Capital Expenditures and Investments - Total capital expenditures for the three months ended March 31, 2021, were $120 million, a decrease of 83.1% compared to $711 million in the same period of 2020 [172]. - Projected total investment capital for the year ended December 31, 2021, is $375 million, primarily focused on fee-based Transportation and Facilities segments [173]. - The company is targeting $750 million in asset sales for the full year of 2021, with proceeds from divestitures in Q1 2021 amounting to $21 million compared to $104 million in Q1 2020 [174]. Liquidity and Debt - The company had a working capital deficit of $253 million as of March 31, 2021, but maintained approximately $2.8 billion in liquidity available for ongoing needs [166]. - Net cash provided by operating activities decreased to $789 million for the first three months of 2021, down from $889 million in the same period of 2020 [169]. - Long-term debt and related interest payments total approximately $13.8 billion, with significant payments due in the coming years [188]. - Net repayments on credit facilities and commercial paper program for the three months ended March 31, 2021, were $576 million, significantly higher than $4 million in the same period of 2020 [178]. Risk Management - The company is exposed to various market risks, including commodity price risk, interest rate risk, and currency exchange rate risk [201]. - The company’s risk management policies are designed to ensure that hedging activities effectively address risks associated with market volatility [201]. - The company utilized crude oil derivatives to hedge price risk in its Supply and Logistics and Transportation segments, managing exposures with futures, forwards, swaps, and options [202]. - The company has a risk management function responsible for monitoring exchange-cleared and over-the-counter positions, as well as physical volumes and delivery schedules [201]. Operational Metrics - Average daily volumes for crude oil pipelines decreased by 22% to 5,430 thousand barrels per day, down from 6,974 thousand barrels per day in the prior year [140]. - The Permian Basin region experienced a 27% decline in tariff activities volumes, dropping from 5,165 thousand barrels per day to 3,753 thousand barrels per day [140]. - Average monthly liquids storage capacity in the Facilities segment decreased by 10% to 100 million barrels [150]. - Average daily volumes for crude oil lease gathering purchases decreased by 144 thousand barrels per day, or 11%, to 1,174 thousand barrels per day for the three months ended March 31, 2021 [157]. - Total volumes for the Supply and Logistics segment decreased by 144 thousand barrels per day, or 9%, to 1,394 thousand barrels per day for the three months ended March 31, 2021 [157].

Financial Performance & Outlook - Q1 2021 Adjusted EBITDA reached $546 million, exceeding Q1 implied guidance by $50 million[5] - Free Cash Flow after Distributions (FCFaD) for Q1 2021 was approximately $511 million[5] - The company increased its 2021 forecasted FCFaD by $100 million to +/-$400 million, or $1.15 billion including targeted asset sales[5] - The company maintained Adjusted EBITDA guidance of +/-$2.15 billion for 2021, with Fee-Based increasing by $25 million and S&L decreasing by $25 million[5] - Further reduced 2021 Investment & Maintenance Capital by $65 million (-10%)[5] Capital Allocation & Debt Reduction - Short-term debt was reduced by approximately $575 million in Q1 2021[5, 20] - The company plans to allocate Free Cash Flow after Distributions in a balanced manner, with more emphasis on debt reduction in the near term and a shift towards equity holders in the longer term[7] - Up to 25% of 2021 FCFaD may be allocated to equity repurchases, with at least 75% allocated to debt reduction[28] Capital Investment & Asset Sales - The company further reduced 2021 Investment & Maintenance Capital by $65 million (10%) compared to February guidance[5, 13] - Targeted 2021 asset sales remain at +/-$750 million[23] - 2022+ Investment Capital is projected to be approximately $200-$300 million[13] - 2022+ Maintenance Capital is expected to be less than $200 million[13] Segment Performance - Transportation segment Adj EBITDA was $388 million in 1Q21[17] - Facilities segment Adj EBITDA was $171 million in 1Q21[17]

Financial Performance and Strategy - PAA's long-term debt-to-Adjusted EBITDA multiple averages between 3.0x and 3.5x, with an average total debt-to-total capitalization ratio of approximately 60% or less[36] - Over the last five years, PAA completed acquisitions totaling approximately $2.0 billion, primarily focused on midstream assets[42] - PAA has completed asset sales exceeding $3 billion since initiating its divestiture program in 2016, aimed at optimizing its asset portfolio[43] - The company focuses on evaluating potential transactions to optimize its asset portfolio and strengthen its balance sheet, including selling non-core assets[37] - The company expects its fee-based Transportation and Facilities segments to comprise more than 90% of its aggregate segment results[115] Capital Investments - The 2021 capital plan includes projected investments of $425 million in capital-efficient projects, primarily in the Transportation and Facilities segments[45] - PAA's investment in the Permian Basin Takeaway Pipeline is projected at $140 million, with an in-service date expected between 2021 and 2022[45] Market Demand and Operations - Global crude oil demand is expected to recover to pre-COVID-19 levels by the end of 2021, with a potential need for incremental supply[52] - In 2019, global demand for crude oil averaged approximately 101 million barrels per day, growing at an annual rate of 1.0 to 1.5 million barrels per day since 2000[49] - In April 2020, global crude oil demand fell to approximately 81 million barrels per day due to the COVID-19 pandemic[50] - North American natural gas demand is growing due to increased LNG exports, natural gas exports to Mexico, new natural gas-fired power plants, and sustained fuel switching from coal to natural gas[61] Pipeline and Transportation Assets - The company operates approximately 18,370 miles of active crude oil and NGL pipelines, with an average daily throughput of 6,266 thousand barrels per day[66] - The Permian Basin gathering pipelines have a capacity of over 2.5 million barrels per day, with approximately 75% of this capacity located in the Delaware Basin[68] - The Eagle Ford Pipeline has a total capacity of approximately 660,000 barrels per day, connecting production from the Permian and Eagle Ford areas to Corpus Christi, Texas[79] - The Diamond Pipeline, which extends from Cushing to Memphis, has a current capacity of 200,000 barrels per day, with plans to expand to approximately 420,000 barrels per day[82] - The Red River Pipeline has a capacity of approximately 235,000 barrels per day and supports long-term shipper commitments, with recent expansions to increase throughput[82] - The company has significant investments in transportation assets, generating revenue through tariffs and pipeline capacity agreements[65] - The W2W Pipeline is expected to provide approximately 1.5 million barrels per day of crude oil capacity, with phase two expected to be in service in Q4 2021[78] - Saddlehorn Pipeline has a capacity of 290,000 barrels per day, including a recent expansion of 100,000 barrels per day, supported by minimum volume commitments[83] - White Cliffs Pipeline system has a crude oil capacity of approximately 100,000 barrels per day and an NGL capacity of approximately 90,000 barrels per day, with long-term throughput agreements[83] - Co-Ed NGL pipeline system has a transportation capacity of approximately 70,000 barrels per day, gathering NGL from Alberta for delivery to fractionation facilities[84] Storage Capacity - The Facilities segment includes approximately 75 million barrels of crude oil storage capacity, 28 million barrels of NGL storage capacity, and 68 billion cubic feet of natural gas storage capacity[89] - The Sarnia Fractionator is the largest in Eastern Canada, capable of producing approximately 120,000 barrels per day of spec NGL products[99] - The Gardendale condensate processing facility has a processing capacity of 120,000 barrels per day and usable storage capacity of 160,000 barrels[103] - Crude oil rail facilities have a loading capacity of 264,000 barrels per day and an unloading capacity of 350,000 barrels per day[104] - The company owns 18 operational NGL rail facilities with 284 rack spots and 1,589 storage spots[105] - The Empress Area facilities can process up to 6.0 billion cubic feet of natural gas per day, producing approximately 30,000 to 40,000 barrels per day of NGL[100] Regulatory and Compliance Issues - The company’s operations are subject to extensive regulations, which can increase costs and impact profitability[123] - In 2020, the costs associated with the inspection, testing, and correction of identified anomalies in the United States were approximately $41 million, with a preliminary estimate of $32 million for 2021[127] - Costs incurred for voluntary integrity management initiatives were approximately $24 million in 2020, with a preliminary estimate of $18 million for 2021[127] - Compliance with the Oil Spill Response Bill in California will add to the operational costs, with milestone dates for compliance including a retrofit completion due by April 1, 2023[129] - The budget for API 653 compliance activities in 2021 is approximately $30 million, up from $27 million in 2020[131] - Costs for integrity management activities were approximately $69 million in 2020, with a preliminary estimate of $81 million for 2021[133] - Regulatory changes from PHMSA have increased operational costs, with new rules published in October 2019 expanding reporting and inspection obligations[128] - The California GHG cap-and-trade program requires compliance instruments for GHG emissions, with one facility currently subject to the program[147] - The company is subject to the EPA's Risk Management Plan regulations, which require a risk management program to minimize offsite consequences of catastrophic releases[139] - Future regulatory changes regarding GHG emissions could lead to increased compliance costs and operational restrictions[150] - The company operates under comprehensive regulations from various federal, state, and local agencies, which can impose substantial penalties for non-compliance[188] Workforce and Diversity - The company employed approximately 4,400 people in North America as of December 31, 2020, with about 3,200 in the U.S. and 1,200 in Canada[199] - Approximately 68% of the workforce, or about 3,000 employees, are field employees, including around 880 in the trucking division[199] - As of December 31, 2020, approximately 21% of the overall workforce was female, and minorities represented about 31% of the U.S. workforce[201] - The company offers comprehensive benefits, including life and health insurance, flexible spending accounts, and a retirement savings plan[204] - The company has established an employee resource group called Cultivating Connections to promote diversity and inclusion within the workforce[202] - The company has a commitment to developing future leaders through training programs and internal leadership development initiatives[203] Tax and Financial Reporting - The company has elected to be treated as a corporation for U.S. federal income tax purposes, affecting the tax treatment of distributions on Class A shares[207] - Distributions on Class A shares will be treated as dividends for U.S. federal income tax purposes to the extent paid from current or accumulated earnings and profits[217] - Non-U.S. holders may be subject to a 30% U.S. withholding tax on distributions unless an applicable income tax treaty provides for a lower rate[217] - Non-U.S. holders must provide IRS Form W-8BEN or W-8BEN-E to claim reduced withholding rates under tax treaties[217] - Gain on the sale of Class A shares by non-U.S. holders may be subject to U.S. federal income tax at a rate of 30% if certain conditions are met[220] - The company is expected to remain a United States real property holding corporation (USRPHC) for U.S. federal income tax purposes[222] - Backup withholding will not apply to distributions if non-U.S. holders certify their non-U.S. status using IRS Form W-8BEN or W-8BEN-E[224] - Payments from the sale of Class A shares through a U.S. broker will generally be subject to information reporting and backup withholding unless exemptions are established[225] - FATCA imposes a 30% withholding tax on dividends paid to foreign financial institutions or non-financial foreign entities unless certain conditions are met[228] - The company provides annual reports and other financial information on its website, which is not incorporated by reference into SEC filings[229] Risk Management - The company employs various derivative instruments to hedge against commodity price volatility and manage interest rate and currency exchange rate risks[117] - The company anticipates increased competition for uncommitted barrels and contract renewals due to multiple pipeline expansions in the Permian Basin[120] - The company has credit risk exposure related to its sales of NGL, primarily propane, but does not believe these transactions pose a material concentration of credit risk[112] - The company maintains various insurance policies to cover operations, but certain liabilities may not be fully covered, potentially impacting financial results[141] - The partnership structure carries inherent risks, including potential conflicts of interest and dependence on cash distributions from PAA[233]

Houston, TX | February 9, 2021 4Q & FY 2020 Earnings Package Index PAA PAGP 2 Conference Call Transcript Conference Call Slides PAA / PAGP Earnings Release and Guidance PAA Non-GAAP Reconciliations Fourth-Quarter 2020 Earnings Conference Call Tuesday, February 9, 2021 Roy Lamoreaux: Thank you, Tulare. Good afternoon, and welcome to Plains All American's fourth- quarter and full-year 2020 earnings conference call. Today's slide presentation, which contains a good deal of supplementary information is posted o ...

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, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHA ...

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, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE A ...

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, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-36132 PLAINS GP HOLDINGS, L.P. (Exact name of registrant as specified in its charter) Delaware 90-1005472 (State or other jurisdiction of incorporation ...

Houston, Texas | February 4, 2020 4Q & FY 2019 EARNINGS CALL Forward-Looking Statements & Non-GAAP Financial Measures Disclosure This presentation contains forward-looking statements, including, in particular, statements about the 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 as ...

Investor Presentation December 2019 Forward-Looking Statements & Non-GAAP Financial Measures Disclosure This presentation contains forward-looking statements, including, in particular, statements about the 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 c ...