4Q25 Earnings Call Investor Relations Contacts Blake Fernandez Vice President, Investor Relations Blake.Fernandez@plains.com Ross Hovde Director, Investor Relations Ross.Hovde@plains.com Investor Relations 866-809-1291 plainsIR@plains.com 2 February 6, 2026 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 Am ...

Financial Performance - Fourth-quarter 2025 net income attributable to Plains All American was $342 million, with full-year net income reaching $1.435 billion, an 86% increase compared to 2024[4] - Fourth-quarter 2025 adjusted EBITDA attributable to Plains All American was $738 million, while full-year adjusted EBITDA totaled $2.833 billion, reflecting a 2% increase from 2024[4] - Operating income for the twelve months ended December 31, 2025, was $1,434 million, compared to $868 million in 2024, reflecting a significant increase[26] - Total net income for the twelve months ended December 31, 2025, reached $1.169 billion, a significant increase from $514 million in 2024[29] - Net income attributable to PAA for the three months ended December 31, 2025, was $342 million, up from $36 million in the same period of 2024[26] - Basic net income per Class A share for continuing operations was $0.77 for the twelve months ended December 31, 2025, compared to $0.19 in 2024[64] - Basic net income per common unit for the three months ended December 31, 2025, was $0.41, compared to a loss of $0.04 in the same period of 2024[36] Cash Flow and Distributions - Plains All American anticipates strong adjusted free cash flow generation of approximately $1.80 billion for 2026, excluding changes in assets and liabilities[4] - Adjusted Free Cash Flow after Distributions for the year was impacted by cash distributions paid to preferred and common unitholders, which are critical for assessing available cash for distributions and debt repayments[22] - Cash provided by operating activities for continuing operations was $2.452 billion for the twelve months ended December 31, 2025, compared to $2.236 billion in 2024, reflecting a 9.7% increase[31] - Cash distributions paid to common unitholders in Q4 2025 totaled $268 million, up from $223 million in Q4 2024, a 20.2% increase[40] - Adjusted Free Cash Flow for Q4 2025 was $(1,219) million, compared to $365 million in Q4 2024, showing a significant decline[43] Assets and Liabilities - Total assets increased to $30,169 million as of December 31, 2025, compared to $26,562 million in 2024, indicating growth in the company's asset base[27] - Total debt rose to $11,262 million as of December 31, 2025, from $7,621 million in 2024, leading to a long-term debt-to-total book capitalization ratio of 52%[28] - Current liabilities decreased slightly to $4,902 million as of December 31, 2025, from $4,924 million in 2024[61] - Senior notes increased to $9,118 million as of December 31, 2025, compared to $7,141 million in 2024, indicating a rise of 28%[61] Acquisitions and Divestitures - Plains All American successfully raised $750 million in senior unsecured notes in November 2025, aimed at reducing commercial paper and funding the Cactus III acquisition[4] - The company completed the acquisition of Cactus III in the fourth quarter of 2025, contributing to the growth strategy despite a flat Permian production profile expected for 2026[3] - The pending sale of the Canadian NGL business is expected to close by the end of Q1 2026, with the company retaining all NGL assets in the U.S. and crude oil assets in Canada[5] - The company is undergoing a divestiture of its Canadian NGL Business, which may impact business relationships and operating results[66] Operational Metrics - Revenues for the three months ended December 31, 2025, were $10,565 million, a decrease of 12.2% from $12,035 million in the same period of 2024[26] - Total revenues for the twelve months ended December 31, 2025, were $44,262 million, a decrease of 9% from $48,889 million in 2024[59] - Crude oil pipeline tariff volumes for Q4 2025 totaled 10,079 thousand barrels per day, an increase of 11.7% from 9,028 thousand barrels per day in Q4 2024[53] - NGL fractionation volumes for Q4 2025 were 150 thousand barrels per day, up 8.7% from 138 thousand barrels per day in Q4 2024[53] Cost Management - The company is focused on achieving approximately $100 million in cost savings through efficiency initiatives by 2027, with about half expected to be realized in 2026[4] - Total capital expenditures for the twelve months ended December 31, 2025, amounted to $719 million, up from $571 million in 2024, indicating a 25.9% increase[33] - The company’s total maintenance capital expenditures for the twelve months ended December 31, 2025, were $211 million, down from $242 million in 2024, indicating a decrease of 12.8%[33] Market and Economic Conditions - Economic conditions, including potential recession and high inflation, could affect demand for crude oil and midstream services[66] - There is a risk of significant declines in North American crude oil and NGL production due to reduced producer cash flow and other factors[66] - The company faces competition that may exert downward pressure on rates, volumes, and margins[66] - Future performance may be impacted by the successful operation of joint ventures and the integration of acquired assets[66] - The company is exposed to environmental liabilities and litigation that may not be covered by insurance[66] - The impact of societal sentiment regarding the hydrocarbon energy industry could influence consumer preferences and regulatory actions[66] - The company is monitoring the pace of natural gas infrastructure development and its effect on crude oil production growth in the Permian Basin[69] - The company is subject to risks related to capital markets, including increased costs of capital and liquidity concerns[69]

Core Insights - Plains All American Pipeline, L.P. reported strong financial results for Q4 and full-year 2025, with a net income attributable to PAA of $342 million for Q4 and $1.435 billion for the full year, reflecting an 86% increase year-over-year [5][30] - The company is transitioning to focus on becoming a premier North American pure play crude oil midstream provider, highlighted by the sale of its Canadian NGL business and the acquisition of Cactus III [3][4] Financial Performance - Q4 2025 Adjusted EBITDA attributable to PAA was $738 million, a 1% increase from Q4 2024, while full-year Adjusted EBITDA was $2.833 billion, a 2% increase from 2024 [5][7] - The company achieved a pro forma leverage ratio of 3.9x at year-end 2025, with expectations to return to a target range of 3.25 to 3.75x post-NGL divestiture [5][30] - The annualized distribution rate was increased by $0.15 per unit, resulting in a new rate of $1.67 per unit, representing a 10% increase compared to 2025 levels [5][30] Strategic Initiatives - The company is focused on closing the pending sale of its Canadian NGL business, realizing synergies from the Cactus III acquisition, and implementing efficiency initiatives to drive growth in a volatile oil market [3][4] - Expected Adjusted EBITDA for full-year 2026 is projected at a midpoint of $2.75 billion, assuming a contribution of $100 million from NGL operations for one quarter [5][30] Capital Expenditures and Cash Flow - The company anticipates full-year 2026 growth capital expenditures of approximately $350 million and maintenance capital expenditures of around $165 million [5][30] - Expected strong Adjusted Free Cash Flow generation of approximately $1.80 billion, excluding changes in assets and liabilities [5][30] Market Position and Outlook - The company aims to enhance its market position by focusing on crude oil midstream operations while divesting non-core assets [3][4] - The transition is expected to position the company favorably for improving oil market fundamentals in the future [3][4]

Core Viewpoint - Plains All American Pipeline, L.P. (PAA) is anticipated to report a decline in both earnings and revenues for the fourth quarter of 2025, with earnings estimated at 42 cents per unit and revenues at $11.55 billion, reflecting a year-over-year revenue decline of 6.85% [1][2][6]. Earnings Estimates - Fourth-quarter earnings estimates have decreased by 17.65% over the past 60 days, with the bottom-line projection aligning with the previous year's quarter [2]. - The average earnings surprise for PAA over the last four quarters is 4.21%, with two earnings beats and two misses [3][4]. Earnings Prediction Model - The Zacks model does not predict an earnings beat for PAA this quarter, as the Earnings ESP is -6.11% and the Zacks Rank is 3 (Hold) [5][7]. Revenue and Cash Flow - PAA's expected Q4 revenues of $11.55 billion represent a 6.85% decline year-over-year, with the company relying heavily on fee-based, long-term contracts that provide stable cash flow [6][10]. - The acquisition of EPIC Crude Holdings is expected to positively impact fourth-quarter earnings due to long-term volume commitments from customers [11]. Financial Performance Metrics - PAA's trailing 12-month return on equity is 11.04%, which is below the industry average of 13.28%, indicating less effective utilization of shareholders' funds [12]. - PAA's current trailing 12-month EV/EBITDA is 10.78X, slightly undervalued compared to the industry average of 10.88X [14][15].

Core Insights - The article emphasizes the importance of utilizing Zacks Premium for investors to enhance their stock market confidence and investment strategies [1] Zacks Style Scores - Zacks Style Scores are indicators designed to help investors select stocks with the highest potential to outperform the market within a 30-day timeframe, rated from A to F based on value, growth, and momentum [3] - The Value Score focuses on identifying undervalued stocks using financial ratios such as P/E, PEG, and Price/Sales [4] - The Growth Score assesses a company's financial health and future outlook through projected earnings, sales, and cash flow [5] - The Momentum Score identifies stocks benefiting from upward or downward trends in price or earnings estimates [6] - The VGM Score combines the three Style Scores to highlight stocks with attractive value, strong growth forecasts, and promising momentum [7] Zacks Rank - The Zacks Rank is a proprietary model that leverages earnings estimate revisions to guide investors in building successful portfolios, with 1 (Strong Buy) stocks achieving an average annual return of +23.9% since 1988, significantly outperforming the S&P 500 [8] - There are typically over 800 top-rated stocks available, making it essential for investors to utilize Style Scores to narrow down their choices [9] - To maximize returns, investors should target stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B [10] Company Spotlight: Plains All American Pipeline (PAA) - Plains All American Pipeline, L.P. is a master limited partnership involved in the transportation and marketing of crude oil and natural gas across the U.S. and Canada [12] - PAA holds a Zacks Rank of 2 (Buy) and a VGM Score of A, with a Momentum Style Score of B, reflecting a 7.1% increase in shares over the past four weeks [13] - Recent analyst revisions have positively impacted PAA's earnings estimates for fiscal 2025, with the Zacks Consensus Estimate rising by $0.07 to $1.53 per share, and an average earnings surprise of +4.2% [13][14]

Core Viewpoint - Plains All American Pipeline, L.P. (PAA) is showing potential for a bullish breakout due to a recent "golden cross" in its moving averages, indicating a positive trend reversal [1][2]. Technical Analysis - PAA's 50-day simple moving average has crossed above its 200-day simple moving average, forming a "golden cross," which is a bullish signal in trading [1][2]. - A golden cross typically suggests that a stock may experience a bullish breakout, as it indicates a shift from a downtrend to an upward momentum [2][3]. Price Movement - Over the past four weeks, PAA has experienced a rally of 5.1%, suggesting positive momentum in its stock price [4]. - The combination of the recent price rally and the technical indicators suggests that PAA could be poised for further gains [4]. Earnings Outlook - PAA's earnings outlook is positive, with no earnings estimates being cut and one revision higher in the past 60 days, indicating confidence among analysts [4]. - The Zacks Consensus Estimate for PAA has also increased, further solidifying the bullish case for the company [4][5].

Core Viewpoint - Plains All American Pipeline, L.P. (PAA) and Plains GP Holdings (PAGP) announced their quarterly distributions for the fourth quarter of 2025 and the timing for their earnings release [1][4]. Distribution Declaration - PAA and PAGP declared a quarterly cash distribution of $0.4175 per Common Unit and Class A Share, which is an increase of $0.0375 from the previous distribution in November 2025, representing a 10% annualized increase [7]. - PAA also announced a quarterly distribution of $21.02 per Series B Preferred Unit, payable on February 17, 2026 [2]. Earnings Timing - The companies will release their fourth quarter 2025 earnings before market open on February 6, 2026, followed by a conference call at 9:00 a.m. CT to discuss the earnings [4]. Company Overview - PAA operates midstream energy infrastructure and logistics services for crude oil and natural gas liquids, handling approximately nine million barrels per day [5]. - PAGP holds a non-economic controlling general partner interest in PAA and is one of the largest energy infrastructure and logistics companies in North America [6].

Core Insights - Plains All American (PAA) performed well in 2025, with a unit price increase of 5.2%, outperforming the Alerian MLP Index ETF (AMLP) [1] Company Performance - The unit price increase of 5.2% is considered modest but still represents a positive performance relative to the AMLP [1]

Economic Environment - Economic uncertainty, easing interest rates, and increasing geopolitical tensions are key concerns for investors heading into the new year, prompting a focus on investment strategies that deliver steady income rather than cyclical upside [1] - Dividend-paying stocks, especially those yielding over 5%, are essential for building strong portfolios that balance income generation with long-term wealth creation, acting as a hedge against economic uncertainty [2] Investment Opportunities - Dependable income opportunities are found in core infrastructure businesses such as utilities, telecom, and pipelines, which are essential services with predictable demand, largely shielded from economic fluctuations [3] - These companies have resilient business models that allow them to generate steady operating cash flows and sustain dividend payouts across economic cycles [4] Company Highlights - Plains GP Holdings, L.P. (PAGP) is a holding company for Plains All American Pipeline, involved in the transportation, storage, and marketing of crude oil and natural gas liquids in the U.S. and Canada, with a disciplined investment strategy [6][7] - PAGP pays a quarterly dividend of 38 cents ($1.52 annualized) per share, yielding 8.09% at the current stock price, with a five-year dividend growth rate of 20.2% [8] - The AES Corporation (AES) is a global energy company investing in renewable energy solutions, with a 2025 adjusted EBITDA guidance of $2.65-$2.85 billion and plans to pay over $500 million in dividends [9][10] - AES pays a quarterly dividend of 17.59 cents (70 cents annualized) per share, yielding 5% at the current stock price, with a payout ratio of 34% and a five-year dividend growth rate of 4.3% [12] - Telefónica, S.A. (TEF) has launched a five-year strategy, Transform & Grow, targeting sustainable growth and operational evolution, with financial goals including €2.3 billion in savings by 2028 [13][14] - TEF has a dividend of €0.30 per share for 2025 and plans to allocate 40-60% of free cash flow to dividends for 2027-2028, with a current yield of 6.2% and a payout ratio of 76% [15]

Core Viewpoint - Plains All American Pipeline is enhancing its financial stability and dividend safety through strategic asset sales and acquisitions, positioning itself as a high-yield dividend stock with a current yield exceeding 8% [1][3][7] Group 1: Financial Performance and Dividend - The company currently offers a dividend yield of 8.66%, significantly higher than the S&P 500's average of about 1% [1][6] - Plains expects its dividend coverage ratio to be around 1.8 times this year, allowing for cash retention for expansion projects [6] - The company aims to increase its dividend rate by approximately 10% annually until it reaches a targeted coverage level of 1.6 times [6] Group 2: Business Operations and Stability - Plains All American Pipeline is a master limited partnership (MLP) focused on oil pipelines and related infrastructure, with 80% of earnings derived from stable sources [3] - Following the $3.8 billion sale of its Canadian natural gas liquids assets, the company anticipates that 85% of its earnings will come from stable sources, enhancing cash flow stability [3][4] - The company has recently acquired a 55% interest in the Epic Crude Oil Pipeline for $1.6 billion and the remaining 45% for $1.3 billion, maintaining a leverage ratio around the mid-point of its 3.5 times target range [4] Group 3: Market Position and Valuation - Plains All American Pipeline has a market capitalization of $12 billion, with a current stock price of $17.55 [5][6] - The stock has a 52-week range of $15.57 to $21.00, indicating some volatility but also potential for growth [6] - The company maintains a gross margin of 4.07%, reflecting its operational efficiency [6]