Financial Performance - 2Q25 Adjusted EBITDA attributable to PAA was $672 million[5] - Crude Oil Adjusted EBITDA was $580 million in 2Q25[5] - NGL Adjusted EBITDA was $87 million in 2Q25[5] - The company reaffirmed its full-year Adjusted EBITDA guidance of $2.80 - $2.95 billion[5] - The leverage ratio was 3.3x in 2Q25[5] Strategic Initiatives - The company is divesting its NGL business for approximately $3.75 billion[5] - Net proceeds from the NGL divestiture are expected to be around $3.0 billion after taxes, transaction expenses, and potential special distribution[5,8] - The company acquired an additional 20% interest in the BridgeTex Pipeline, bringing its total ownership to 40%[5] Capital Allocation - The company is targeting approximately $0.15/unit annual distribution growth from 2026 onwards until approximately 160% common unit coverage is reached[26] - The company increased its annual distribution by $0.25/unit to $1.52/unit in 2025[26] - The company has invested approximately $1.4 billion in bolt-on acquisitions since the second half of 2022[11,30]

Financial Performance - Plains All American Pipeline (PAA) reported $754 million in Adjusted EBITDA attributable to PAA for 1Q25[5] - The company reaffirmed its full-year Adjusted EBITDA guidance of $2.80 - $2.95 billion[5] - PAA's leverage ratio stood at 3.3x in 1Q25[5] - Distributable Cash Flow available to Common Unitholders is $1.875 billion, with a Common Unit Distribution Ratio Coverage of 175%[22] - Adjusted Free Cash Flow (excluding changes in Assets & Liabilities) is +/- $1.095 billion[22, 26] Segment Performance - The Crude Oil segment contributed $559 million to Adjusted EBITDA in 1Q25[5] - The NGL segment contributed $189 million to Adjusted EBITDA in 1Q25[5] - The company anticipates $2.41 billion in Adjusted EBITDA from the Crude Oil segment and $450 million from the NGL segment for the full year 2025[22] Growth Strategy - Plains has invested approximately $1.3 billion in bolt-on acquisitions since the second half of 2022, targeting a return threshold of 15%+[11] - The company expects $300 - $400 million of annual growth capex[10] - The company is targeting ~$0.15/unit annual distribution growth from 2026 until ~160% common unit coverage is reached[26]