Group 1: Offering Details - Plains All American Pipeline, L.P. has priced an underwritten public offering of $1.25 billion in debt securities, which includes $700 million of 4.70% senior unsecured notes due 2031 and $550 million of 5.60% senior unsecured notes due 2036 [1] - The offering is expected to close on September 8, 2025, subject to customary closing conditions [1] Group 2: Use of Proceeds - The proceeds from the offering, approximately $1,236.5 million after discounts and expenses, will be used to redeem the 4.65% Senior Notes due October 2025 and to fund part of the acquisition of a 55% non-operated interest in EPIC Crude Holdings, LP [2] - If the EPIC Acquisition is not completed, the remaining net proceeds will be used for general partnership purposes, including intra-group lending, repayment of indebtedness, acquisitions, capital expenditures, and working capital [2] Group 3: Transaction Conditions - The closing of the offering is not contingent upon the completion of the Redemption or the EPIC Acquisition, and vice versa [3] Group 4: Company Overview - Plains All American Pipeline is a publicly traded master limited partnership that operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids [7] - The company owns a vast network of pipeline gathering and transportation systems, along with terminalling, storage, processing, and fractionation assets, serving key producing basins and major market hubs in the U.S. and Canada [7] - On average, the company handles over 8 million barrels per day of crude oil and natural gas liquids [7]

Core Message - Servant leadership is presented as a superior alternative to top-down authority and manipulation, advocating for inspiring others to act through love and service [2][4] - The text emphasizes the importance of using one's talents to positively impact others and communities, rather than solely pursuing financial gain [26][27] Key Attributes of Servant Leadership - Resiliency: The ability to recover from failures and persist in pursuing goals [7][8] - Maturity: Developing a clear understanding of one's values and purpose [8][10] - Visionary: The capacity to look beyond the present and work towards a future goal [11] - Inclusivity: Embracing diversity and including marginalized individuals [12][14] - Public Ministry: Openly sharing one's work and vision to benefit others [15] - Boldness: Willingness to challenge the status quo and face opposition [16] - Evaluation and Adjustment: Adapting tactics and strategies based on circumstances [18] - Redemption: Offering opportunities for those who have made mistakes to redeem themselves [20][21] - Directness: Providing clear guidance and expectations [22] - Honesty: Communicating truthfully and avoiding manipulation [23] - Hope: Maintaining a positive outlook and belief in the possibility of change [23][24]

Regulatory Approval - SEC approved in-kind creation/redemption for all spot Bitcoin and Ether ETFs [1] Market Impact - Expectation of price increase following the approval [1]