Plains GP Holdings (PAGP) Investor Reception Presentation summary

Strategic vision and values

• Focus on moving energy and providing infrastructure solutions as a partner, employer, and investment of choice.

• Emphasis on safety, reliability, and long-term relationships.

• Commitment to capital discipline, financial flexibility, and strong return of capital.

2024 performance and financial highlights

• Raised 2024 Adjusted EBITDA guidance by $75 million, reaching $1.45 billion in adjusted free cash flow.

• Maintained a 3.0x leverage ratio and generated $300 million in free cash flow after distributions.

• Invested approximately $545 million in bolt-on acquisitions since 2H22.

Growth strategy and capital returns

• Achieved an 8% three-year CAGR in adjusted EBITDA and a 21% CAGR in distributions per unit.

• Generated $7.5 billion in cumulative free cash flow since 2021.

• Improved leverage ratio by 22% since 2021, targeting 3.25x–3.75x.