PAA

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL

INFORMATION

On November 6, 2025, Plains All American Pipeline, L.P. (“PAA”, “we”, “us”, “our”, or the “Company”) filed a Current Report on Form 8-K, as amended on a Form 8-K/A filed on January 16, 2026, to report that on October 31, 2025, pursuant to a Purchase and Sale Agreement (the “PSA”) entered into on August 30, 2025 by and among a wholly-owned subsidiary (the “Buyer”) of PAA, and subsidiaries of Diamondback Energy, Inc. and Kinetik Holdings Inc. (collectively, the “Sellers”), the Buyer completed the purchase from Sellers of an aggregate 55% non-operated equity interest in EPIC Crude Holdings, LP (“EPIC Crude Holdings”), the entity that owned and operated the Cactus III Pipeline, formerly known as the EPIC Crude Oil Pipeline (the “Cactus III Pipeline”), and an aggregate 55% of the membership interests in EPIC Crude Holdings GP, LLC (“EPIC GP”), the general partner of EPIC Crude Holdings (the “EPIC 55% Transaction”).

Effective November 1, 2025, in a separate transaction from the EPIC 55% Transaction, the Buyer also completed the purchase of the remaining 45% equity interest in EPIC Crude Holdings and the remaining 45% of the membership interests in EPIC GP from a subsidiary of Ares Management LLC (the “Ares Seller”) pursuant to that certain definitive Equity Purchase Agreement (the “EPA”) between the Buyer and the Ares Seller (the “EPIC 45% Transaction,” and, together with the EPIC 55% Transaction, the “EPIC Transactions”).

As a result of the EPIC Transactions, PAA now indirectly owns 100% of the equity interests in EPIC Crude Holdings and 100% of the membership interests in EPIC GP and serves as operator of record of the Cactus III Pipeline. The EPIC Transactions are being reported in aggregate as a singular transaction (the “Transaction”) for purposes of the unaudited pro forma condensed combined financial information below due to EPIC Crude Holdings being managed by a common management team despite varying equity ownership.

The Transaction is accounted for as a business combination and thus the Transaction Accounting Adjustments presented in the unaudited pro forma condensed combined financial information have been prepared using the acquisition method of accounting in accordance with Financial Accounting Standards Board Accounting Standards Codification 805, Business Combinations (“ASC 805”). The unaudited pro forma condensed combined financial information is based on assumptions that we believe are reasonable under the circumstances and are intended for informational purposes only.

The following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of SEC Regulation S-X and includes pro forma adjustments that are directly attributable to the Transaction and factually supportable. Certain reclassifications have been made to the historical presentation of EPIC Crude Holdings’ financial statements to conform to our presentation and to the presentation of the unaudited pro forma condensed combined financial information contained herein. See Note 4 for additional information.

The unaudited pro forma condensed combined financial information has been derived from and should be read in conjunction with the following historical financial statements and accompanying notes of PAA and EPIC Crude Holdings:

·audited consolidated financial statements and related notes of PAA included in PAA’s Annual Report on Form 10-K for the year ended December 31, 2025;

·unaudited consolidated financial statements of EPIC Crude Holdings, LP and Subsidiaries as of and for the nine months ended September 30, 2025, filed as Exhibit 99.2 to PAA’s Form 8-K/A dated January 16, 2026.

The unaudited pro forma condensed combined financial information should also be read together with the accompanying notes to the unaudited pro forma condensed combined financial information. The pro forma adjustments are based upon available information and certain assumptions, as described in the accompanying notes to the unaudited pro forma condensed combined financial information, which PAA believes are reasonable under the circumstances.

The following unaudited pro forma condensed statement of combined continuing operations for the year ended December 31, 2025 has been prepared as if the Transaction described above had taken place on January 1, 2025. Because the results of the Transaction are fully reflected in the audited consolidated balance sheet as of December 31, 2025 included in PAA’s Annual Report on Form 10-K for the year ended December 31, 2025, no pro forma balance sheet is included herein.

The unaudited pro forma condensed combined financial information was prepared to reflect transaction accounting adjustments that PAA believes are necessary to present a fair statement of the combined company’s results of operati

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Exhibit 99.1

Plains All American Reports First-Quarter 2026 Results & Raises 2026 Guidance

Houston, TX – May 8, 2026 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2026 results and raised full-year 2026 Adjusted EBITDA Guidance.

First-Quarter 2026 Results

•First-quarter Net income attributable to PAA of $152 million and Net cash provided by operating activities of $418 million

•Delivered first-quarter Adjusted EBITDA attributable to PAA of $730 million

•Pro forma leverage ratio of 4.1x at quarter-end; expect to return toward the midpoint of the target range of 3.25 to 3.75x following closing of the NGL divestiture and migrating toward lower-end of the range by year-end

•Paid a quarterly cash distribution of $0.4175 per unit ($1.67 per unit annualized), representing a current distribution yield of ~7.5%

2026 Updated Outlook

•Increasing midpoint of full-year 2026 Adjusted EBITDA guidance attributable to PAA by $130 million to $2.880 billion +/- $75 million (reflecting a strong oil macro environment and NGL contribution into May 2026)

•Growth capital remains $350 million with maintenance capital increasing to $185 million, reflecting ownership of NGL assets into May 2026

•Full-year 2026 Adjusted Free Cash Flow guidance increased to approximately $1.850 billion (excluding changes in Assets & Liabilities and anticipated cash proceeds from the NGL divestiture)

“Global events this year illustrate the importance of reliable, secure and responsibly produced energy and have accelerated the timing of our view for a more constructive crude oil market. Our integrated business model and asset base connecting U.S. crude production to the global markets are critical to meeting global energy demand. As a result, we are increasing the midpoint of our 2026 Adjusted EBITDA guidance by $130 million to reflect a constructive oil macro environment and extended ownership of our Canadian NGL business into May. The closing of the NGL divestiture will mark a transition to a premier pure play crude oil midstream provider. We remain focused on executing key initiatives in 2026, including closing the pending NGL sale and realizing $100 million of contribution between Cactus III synergies and capturing efficiencies across our system. The combination of these internal initiatives coupled with a healthy oil macro backdrop positions Plains with momentum into 2027 and beyond. Finally, we remain committed to financial discipline and maintaining a strong balance sheet, while continuing to return capital to unit holders,” said Willie Chiang, Chairman, CEO and President.

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

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Financial Reporting Considerations for Pending Sale of Canadian NGL Business

On June 17, 2025, we entered into a definitive agreement to sell substantially all of our NGL business in Canada (the “Canadian NGL Business”) to Keyera Corp. This transaction is expected to close in May 2026. As part of the sale, we will divest the Canadian NGL Business, which includes substantially all of our NGL assets; the NGL assets that we will retain are located in the United States.

We have determined that the operations of the Canadian NGL Business meet the criteria for classification as held for sale and for discontinued operations reporting and have applied these changes retrospectively to all periods presented. Results throughout this release specify if they are presented from continuing operations (which exclude the results of the Canadian NGL Business) and/or discontinued operations.

Plains All American Pipeline

Summary Financial Information (unaudited)

(in millions, except per unit data)

Three Months Ended March 31, 2026%

GAAP Results (1) 20262025Change

Net income attributable to PAA (2) $152 $443 (66)%

Diluted net income per common unit $0.14 $0.49 (71)%

Diluted weighted average common units outstanding706 704 — %

Net cash provided by operating activities$418 $639 (35)%

Distribution per common unit declared for the period$0.4175 $0.3800 10 %

Three Months Ended March 31, 2026%

Non-GAAP Results (1) (3)

20262025Change

Adjusted net income attributable to PAA (2) $325 $375 (13)%

Diluted adjusted net income per common unit$0.39 $0.39 — %

Adjusted EBITDA $852 $881 (3)%

Adjusted EBITDA attributable to PAA (2) $730 $754 (3)%

Implied DCF per common unit and common unit equivalent$0.61 $0.66 (8)%

Adjusted Free Cash Flow (4) $82 $(308)**

Adjusted Free Cash Flow after Distributions (4) $(266)$(639)**

Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (4) (5) $185 $(169)**

Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) (4) (5) $(163)$(500)**

** Indicates that variance as a percentage is not meaningful.

(1)Includes results from continuing operations and discontinued operations for al

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Exhibit 99.1

Plains All American Reports Fourth-Quarter and Full-Year 2025 Results

Houston, TX – February 6, 2026 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported fourth-quarter and full-year 2025 results, announced 2026 guidance and provided the following highlights:

Fourth Quarter and Full-Year 2025 Results

•Fourth-quarter and full-year 2025 Net income attributable to PAA of $342 million and $1.435 billion, respectively, and 2025 Net cash provided by operating activities of $785 million and $2.94 billion, respectively

•Delivered fourth-quarter and full-year 2025 Adjusted EBITDA attributable to PAA of $738 million and $2.833 billion, respectively

•Pro forma leverage ratio of 3.9x at year-end 2025; expect to return toward the midpoint of the target range of 3.25 to 3.75x following anticipated closing of the NGL divestiture toward the end of the first quarter 2026

•In November, Plains successfully raised $750 million in aggregate senior unsecured notes with proceeds allocated toward the reduction of commercial paper and funding the EPIC acquisition (now Cactus III)

•In November, Plains also paid off a $1.1 billion EPIC term loan assumed as part of the EPIC acquisition by issuing a $1.1 billion senior unsecured term loan at PAA

2026 Outlook and Key Highlights

•Expect full-year 2026 Adjusted EBITDA attributable to PAA midpoint of $2.75 billion +/- $75 million (assumes one quarter of NGL contribution of $100 million)

•Capture efficiency initiatives of approximately $100 million of cost savings through 2027 (with approximately half realized in 2026); coupled with $50 million of synergies expected on Cactus III, these initiatives create self-help growth opportunities despite expectation of a relatively flat Permian production profile for 2026

•Announced annualized distribution increase of $0.15 per unit payable February 13, 2026, representing a 10% aggregate increase in the annualized distribution rate versus 2025 levels (new annualized distribution rate of $1.67 per unit)

•Distribution Coverage ratio threshold lowered from 160% to 150% reflecting more predictable cash flow and providing multi-year runway for targeted annual distribution growth of $0.15 per unit

•Expect strong Adjusted Free Cash flow generation of approximately $1.80 billion (excluding changes in Assets & Liabilities and anticipated cash proceeds from the NGL divestiture)

•Remain focused on disciplined capital investments, anticipating full-year 2026 Growth Capital of +/- $350 million and Maintenance Capital of +/- $165 million net to Plains

“Last year we took significant steps to transition the company toward becoming the premier North American pure play crude oil midstream provider, including the announced sale of our Canadian NGL business and the acquisition of Cactus III. For 2026, the team is focused on closing the pending NGL sale, realizing synergies on the Cactus III acquisition and driving efficiency initiatives throughout the organization. These self-help actions provide levers for efficient growth in an otherwise volatile near-term oil macro environment. We also remain committed to our multi-year capital allocation framework and returning cash to unitholders as evidenced by the recent $0.15 per unit increase in our annualized distribution rate, bringing the distribution yield to ~8.5%. In addition, we have elected to lower our Distribution Coverage ratio threshold from 160% to 150%, thereby paving the way for additional return of capital to unitholders. I’m pleased with the progress being made as we transition into a more focused, streamlined organization that should be well positioned for improving oil market fundamentals into the future,” said Willie Chiang, Chairman, CEO and President.

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

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Financial Reporting Considerations for Pending Sale of Canadian NGL Business

On June 17, 2025, we entered into a definitive agreement to sell substantially all of our NGL business in Canada (the “Canadian NGL Business”) to Keyera Corp. This transaction is expected to close toward the end of the first quarter of 2026 and is subject to the satisfaction or waiver of customary closing conditions, including receipt of regulatory approvals. While we will divest the Canadian NGL Business as part of the transaction, we will retain substantially all NGL assets in the United States and will also retain all crude oil assets in Canada.

We have determined that the operations of the Canadian NGL Business meet the criteria for classification as held for sale and for discontinued operations reporting and have applied these changes retrospectively to all periods presented. Results throughout this release specify if they are presented from continuing operations (which exclude the results of the Canadian NGL Business) and/or discontinued operatio