Table of Contents Index to Financial Statements 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, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-14569 PLAINS ALL AMERICAN PIPELINE, L.P. (Exact name of registrant as specified in its charter) (State or other jurisdict ...

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Forward-Looking Statements & Non-GAAP Financial Measures Disclosure Investor Presentation First-Quarter 2026 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 This presentation contains forward-looking statements, including, in particular, statements about the performance, plans, strategies and objectives for future operations of Plains A ...

Core Insights - The focus is on businesses with strong cash generation, ideally possessing a wide moat and significant durability, which can lead to high rewards when acquired at the right time [1] Group 1: Company Focus - The company emphasizes value and income stocks, while occasionally covering growth stocks [1] - The investment group, Cash Flow Club, provides access to a leader's personal income portfolio targeting yields of 6% or more [1] - The coverage includes sectors such as energy midstream, commercial mREITs, BDCs, and shipping [1] Group 2: Community and Resources - The community offers features like chat, a "Best Opportunities" List, and transparency on performance [1] - The analyst, Jonathan Weber, has been active in the stock market and sharing research since 2014 [1]

Core Viewpoint - Plains All American Pipeline, L.P. is a significant player in the midstream energy sector, focusing on the transportation, storage, and marketing of crude oil and natural gas liquids, primarily in North America [1] Financial Performance - Plains All American reported fourth-quarter earnings per share of 40 cents, slightly below the analyst consensus of 41 cents, and quarterly sales of $10.56 billion, missing the expected $12.73 billion [2] - Following the earnings report, PAA shares declined by 1.6%, trading at $19.09, with a current stock price of $19.20, reflecting a decrease of 1.03% [4] Market Position and Strategy - Analysts have increased their forecasts for Plains All American despite the earnings misses, indicating confidence in the company's strategic initiatives [3] - The company is focusing on the sale of its Canadian NGL business and the acquisition of Cactus III to enhance efficiency and growth potential in the volatile oil market [3][6] - Today's trading volume for PAA is 1,496,703 shares on the NASDAQ exchange, as the company aims to become a leading North American crude oil midstream provider [5] Price Target and Analyst Outlook - Scotiabank set a price target of $23 for PAA, suggesting a potential upside of 19.57% from its then trading price of $19.24 [2][6]

Core Viewpoint - Plains All American Pipeline, L.P. reported disappointing earnings for the fourth quarter, missing both earnings and sales estimates, which led to a decline in share price [1]. Financial Performance - The company reported quarterly earnings of 40 cents per share, missing the analyst consensus estimate of 41 cents per share [1]. - Quarterly sales were reported at $10.565 billion, falling short of the analyst consensus estimate of $12.731 billion [1]. Stock Performance - Following the earnings announcement, Plains All American shares fell by 1.6%, trading at $19.09 [1]. Analyst Ratings and Price Targets - Wells Fargo analyst Michael Blum maintained an Equal-Weight rating and raised the price target from $20 to $21 [3]. - Barclays analyst Theresa Chen maintained an Underweight rating and raised the price target from $17 to $18 [3]. - Scotiabank analyst Brandon Bingham maintained a Sector Outperform rating and raised the price target from $22 to $23 [3].

Core Viewpoint - Plains All American Pipeline, L.P. reported disappointing earnings for the fourth quarter, missing both earnings and sales estimates [1] Financial Performance - The company posted quarterly earnings of 40 cents per share, below the analyst consensus estimate of 41 cents per share [1] - Quarterly sales amounted to $10.565 billion, which also fell short of the analyst consensus estimate of $12.731 billion [1] - Following the earnings announcement, Plains All American shares declined by 1.6%, trading at $19.09 [1] Analyst Ratings and Price Targets - Wells Fargo analyst Michael Blum maintained an Equal-Weight rating and raised the price target from $20 to $21 [3] - Barclays analyst Theresa Chen maintained an Underweight rating and increased the price target from $17 to $18 [3] - Scotiabank analyst Brandon Bingham maintained a Sector Outperform rating and raised the price target from $22 to $23 [3]

Financial Data and Key Metrics Changes - For Q4 2025, Plains reported Adjusted EBITDA of $738 million and full-year Adjusted EBITDA of $2.833 billion, indicating a pivotal year despite market challenges [3][4] - The crude oil segment Adjusted EBITDA was $611 million, while the NGL segment reported $122 million, reflecting seasonal impacts and market conditions [11][12] - The company expects 2026 Adjusted EBITDA guidance of $2.75 billion at the midpoint, with a 13% year-over-year growth in the crude segment [7][8] Business Line Data and Key Metrics Changes - The crude oil segment's performance was bolstered by the Cactus 3 acquisition, contributing to overall EBITDA despite challenges from recontracting [11] - The NGL segment's performance was impacted by warm weather and weak frac spreads, leading to a moderated seasonal uptick [11] - The company anticipates $100 million of EBITDA from the NGL segment post-divestiture, along with $10 million of other income [8] Market Data and Key Metrics Changes - Permian crude production is expected to remain flat year-over-year in 2026, with overall basin volumes projected to be about 6.6 million barrels by year-end [8] - The company noted a cautious optimism among larger producers in the Permian Basin, with a focus on efficiency and inventory preservation [29][30] Company Strategy and Development Direction - Plains is transitioning to a peer-play crude company, focusing on streamlining operations and enhancing cash flow durability through strategic acquisitions and divestitures [3][4] - The company is targeting $100 million in annual savings through efficiency initiatives by 2027, with half expected to be realized in 2026 [4][24] - The acquisition of the Wild Horse Terminal is expected to enhance storage capacity and generate returns above internal thresholds [7] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of executing on efficiency initiatives and closing the NGL divestiture to position the company competitively for the future [15] - The geopolitical environment and OPEC actions were noted as challenges, but management remains focused on long-term growth and stability [3][15] - The company expressed confidence in the ability to grow beyond 2026, supported by self-help initiatives and market fundamentals [58] Other Important Information - A 10% increase in quarterly distribution was announced, bringing the annual distribution to $1.67 per unit, representing an 8.5% yield [8][9] - The company plans to reduce its distribution coverage ratio threshold from 160% to 150%, reflecting improved visibility and alignment with peers [9][10] Q&A Session Summary Question: Synergies from Cactus Pipeline - Management confirmed achieving $50 million in synergies, with half from G&A and OPEX reductions and the rest from optimizing pipeline capacity [20][21] Question: Cost Savings Initiatives - The NGL business sale allows for a comprehensive review of company structure, targeting $100 million in savings by 2027 [24][25] Question: Permian Basin Outlook - Management noted cautious optimism among producers, with a focus on efficiency and inventory preservation, expecting growth to resume in 2027 [29][30] Question: Distribution Coverage Ratio - The reduction to 150% is seen as conservative, allowing for routine investments and distribution growth [37][73] Question: Growth Capital Expenditures - The 2026 growth CAPEX is guided at $350 million, aligning with typical investment levels, focusing on ongoing projects and potential expansions [41][42]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported Adjusted EBITDA attributable to Plains of $738 million and $2.833 billion for the full year, indicating a pivotal year despite market challenges [4][5] - The crude oil segment adjusted EBITDA was $611 million, which included contributions from the Cactus III acquisition, while the NGL segment reported adjusted EBITDA of $122 million [11][12] - The company expects adjusted EBITDA guidance for 2026 at $2.75 billion, with a midpoint for the oil segment EBITDA of $2.64 billion, reflecting a 13% year-over-year growth in the crude segment [7][8] Business Line Data and Key Metrics Changes - The crude oil segment is expected to drive significant growth, while the NGL segment is projected to contribute $100 million of EBITDA, assuming the divestiture closes as planned [8][12] - The company is focusing on streamlining operations and has targeted $100 million in annual savings through 2027, with approximately 50% expected to be realized in 2026 [5][6] Market Data and Key Metrics Changes - Permian crude production is expected to remain flat year-over-year in 2026, with overall basin volumes projected to be about 6.6 million barrels at the end of the year [8] - The company anticipates growth to resume in 2027, driven by global energy demand growth and diminishing OPEC spare capacity [8] Company Strategy and Development Direction - The company is transitioning to a pure-play crude company, which is expected to streamline operations and enhance cash flow durability [4][5] - Key initiatives for 2026 include closing the NGL divestiture, integrating the Cactus III Pipeline, and improving cost structures [5][6] - The company remains committed to generating significant free cash flow, optimizing its asset base, and maintaining a flexible balance sheet [10][17] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges faced in 2025, including geopolitical unrest and OPEC actions, but emphasized a focus on operational efficiency and strategic transactions [4][16] - The outlook for 2026 is characterized as a year of execution and self-help, with confidence in the ability to grow beyond 2026 due to expected synergies and market improvements [16][61] Other Important Information - The company announced a 10% increase in quarterly distributions, bringing the annual distribution to $1.67 per unit, representing an 8.5% yield based on recent equity prices [8][9] - The company is also focused on maintaining a distribution coverage ratio of 150%, which reflects improved visibility and aligns with peers [9][42] Q&A Session Summary Question: Synergies from Cactus Pipeline - Management confirmed that they are on track to achieve $50 million in synergies from the Cactus III acquisition, with half already realized through G&A and OPEX reductions [21][22] Question: Cost Savings Initiatives - The company is rethinking its structure post-NGL sale, aiming for $100 million in cost savings by the end of 2027, with $50 million expected in 2026 [26][27] Question: Permian Basin Outlook - Management expressed cautious optimism regarding producer sentiment in the Permian Basin, noting that efficiencies are improving despite a flat production outlook for 2026 [31][33] Question: Capital Allocation Priorities - The company reiterated its focus on distribution growth and maintaining a conservative coverage ratio, with plans for opportunistic investments in bolt-ons and repurchases [36][42] Question: Long-Haul Permian Volume Guidance - Management explained that the guidance includes contributions from Cactus III and increased contracted capacity, with expectations for stable margins [66][68] Question: Impact of Geopolitical Developments - Management discussed the potential impacts of developments in Venezuela, noting that while immediate effects may create opportunities, substantial long-term changes would require significant investment [52][54]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported Adjusted EBITDA of $738 million and $2.833 billion for the full year, indicating a pivotal year despite market challenges [3][4] - The crude oil segment Adjusted EBITDA was $611 million, which included contributions from the Cactus 3 acquisition [10] - The NGL segment reported Adjusted EBITDA of $122 million, reflecting seasonal impacts and warm weather [10] Business Line Data and Key Metrics Changes - The company is transitioning to a peer-play crude company, enhancing cash flow quality through the sale of the NGL business and acquisition of the Cactus 3 Pipeline [3][4] - The NGL segment is expected to contribute $100 million of EBITDA post-divestiture, while the oil segment is projected to grow by 13% year-over-year [6][7] Market Data and Key Metrics Changes - Permian crude production is expected to remain flat year-over-year in 2026, with overall basin volumes around 6.6 million barrels by year-end [7] - The company anticipates a more constructive oil market environment in 2027, driven by global energy demand growth [7][30] Company Strategy and Development Direction - The company is focused on three key initiatives for 2026: closing the NGL divestiture, integrating the Cactus 3 Pipeline, and streamlining operations for efficiency [4][5] - A targeted $100 million in annual savings is expected through 2027, with half of that realized in 2026 [5][24] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding producer sentiment in the Permian Basin, noting improved efficiencies and a focus on preserving inventory [29][30] - The company remains committed to generating significant free cash flow and maintaining a flexible balance sheet while returning capital to unit holders [9][16] Other Important Information - A 10% increase in quarterly distribution was announced, raising the annual distribution to $1.67 per unit, representing an 8.5% yield [7][8] - The company plans to reduce its distribution coverage ratio threshold from 160% to 150%, reflecting improved cash flow visibility [8][39] Q&A Session Summary Question: Synergies from Cactus Pipeline - Management confirmed that $50 million in synergies are already on track, with half achieved through G&A and OPEX reductions [20] Question: Cost savings initiatives - The NGL business sale allows for a comprehensive review of company structure, targeting $100 million in savings by 2027 [24][25] Question: Permian Basin outlook - Producer sentiment is cautiously optimistic, with a focus on efficiency and improved recoveries [29][30] Question: Distribution coverage rationale - The 150% coverage level is seen as conservative, allowing for multi-year distribution growth [38][39] Question: Growth CAPEX details - The 2026 growth CAPEX is guided at $350 million, reflecting a return to typical investment levels [41][42] Question: Impact of geopolitical developments - Management discussed potential impacts from Venezuela, emphasizing the need for stability and investment for long-term changes [49][51] Question: Trends in other business segments - The company sees stable performance in Canadian operations, with growth expected in the Uinta Basin [83]