PAA

EX-99.1

2 paa05082026exhibit991.htm

EX-99.1

Document

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.

- more -

333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 2

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

EX-99.1

2 paa02062026exhibit991.htm

EX-99.1

Document

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.

- more -

333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 2

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

EX-99.1

2 paa11052025exhibit991.htm

EX-99.1

Document

Exhibit 99.1

Plains All American Reports Third-Quarter 2025 Results and

Announces Closing of Acquisitions Totaling 100% Equity Interest in EPIC

Houston, TX – November 5, 2025 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported third-quarter 2025 results and provided the following highlights and recent developments:

Third-Quarter Results and Highlights

•Reported net income attributable to PAA of $441 million and net cash provided by operating activities of $817 million.

•Delivered solid Adjusted EBITDA attributable to PAA of $669 million.

•Exited the quarter with 3.3x leverage ratio, toward the low-end of our target range of 3.25x - 3.75x.

•In September, Plains successfully raised $1.25 billion in aggregate senior unsecured notes with proceeds allocated toward redeeming senior notes maturing in October 2025 and to partially fund recently announced acquisitions.

Recent Developments

•On October 31st, Plains completed the previously announced acquisition of a 55% equity interest in EPIC Crude Holdings, LP (“EPIC”), the entity that owns and operates the EPIC Crude Oil Pipeline (the “EPIC Pipeline”), from subsidiaries of Diamondback Energy, Inc. and Kinetik Holdings Inc.

•Effective November 1st, Plains completed the acquisition of the remaining 45% operated equity interest in EPIC, from a portfolio company of Ares Private Equity funds for a purchase price of approximately $1.33 billion, inclusive of approximately $500 million of debt. Additionally, Plains has agreed to a potential earnout payment of up to $157 million tied to certain expansions of the pipeline system by 2028. This transaction, along with the transaction described above, results in PAA owning a 100% equity interest in EPIC.

•The acquisition of the remaining 45% interest in EPIC allows us to accelerate and increase synergy capture on the full system, including meaningful 2026 cost savings. We expect solid mid-teens returns with a 2026 EBITDA multiple of ~10x, improving significantly over the next few years. Going forward we intend to rename the system Cactus III, reflecting integration with our existing Cactus long-haul systems that we have operated for years.

•Expect leverage ratio toward the midpoint of the target range (~3.5x) post announced acquisitions and upon closing our previously announced NGL divestiture (expected by the end of the first quarter 2026).

•Forecasting full-year 2025 Adjusted EBITDA attributable to Plains to be in the range of $2.84 to $2.89 billion, which includes approximately $40 million of contribution from our acquisition of EPIC.

“We have made significant progress in our journey of becoming the premier crude oil midstream provider. The pending divestiture of our NGL business, acquisition of EPIC, and streamlining efforts across the broader organization will provide tailwinds for the business despite near term macro volatility. We remain committed to our capital allocation framework and returning cash to unitholders. Our approximately 9.5% distribution yield is well supported with distribution coverage and offers an attractive opportunity to participate in energy markets where we expect improving oil market fundamentals” said Willie Chiang, Chairman, CEO, and President.

- more -

333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 2

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 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 operations.

Plains All American Pipeline

Summary Financial Information (unaudited)

(in millions, except per unit data)

Three Months Ended September 30,% Nine Months Ended September 30,%

GAAP Results (1) 20252024Change20252024Change

Net income attributable to PAA (2) $441 $220 100 %$1,093 $736 49 %

Diluted net income per common unit$0.55 $0.22 150 %$1.25 $0.77 62 %

Diluted weighted average common units outstanding704 702 — %704 702 — %

Net cash provided by operating activities$817 $692 18 %$2,150 $1,763 22 %

Distribution per c