Plains All American Pipeline (PAA) Investor presentation summary

Financial and operating profile

• Enterprise value stands at approximately $28 billion with an 8% distribution yield and a 3.9x leverage ratio as of year-end 2025.

• Pipeline network exceeds 20,000 miles, with over 8 million barrels per day in total tariff volume and 2.8 million barrels per day Permian takeaway capacity.

• Liquids storage capacity is about 118 million barrels per month, and crude purchase volume is around 1.2 million barrels per day.

Structure, tax attributes, and benefits

• Dual security structure (PAA and PAGP) provides flexibility, with PAGP offering a deferred tax asset and no expected corporate income taxes until 2032.

• PAA’s MLP structure allows for pass-through taxation, tax-deferred return of capital, and estate planning advantages.

• Distributions are generally treated as return of capital, with significant after-tax cash flow benefits for unitholders.

Distribution yield and capital return

• Distribution yield is approximately 8.1%, leading the sector and outpacing S&P 500 and other industries.

• Annual distribution per unit increased from $0.72 to $1.67 since 2022, a 19% CAGR, with a multi-year growth framework targeting $0.15/unit annual increases.

• Cumulative adjusted free cash flow since 2022 totals $5.5 billion, supporting increased distributions and capital returns.