AI Earnings Predictions for Plains All American Pipeline L.P. (PAA)

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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

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

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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.

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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

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Exhibit 99.1

Plains All American Reports Second-Quarter 2025 Results

Houston, TX – August 8, 2025 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported solid second-quarter 2025 results and provided the following highlights:

Second-Quarter Results

•Reported net income attributable to PAA of $210 million and net cash provided by operating activities of $694 million

•Delivered Adjusted EBITDA attributable to PAA of $672 million

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

Highlights and Recent Announcements

•Executed agreements to divest substantially all of our NGL business for total cash consideration of approximately $5.15 billion CAD ($3.75 billion USD) with expected closing first quarter 2026 pending regulatory approval

•NGL sale proceeds (~$3.0 billion net USD) will be prioritized toward bolt-on M&A, preferred unit repurchases, and opportunistic common unit repurchases

•On July 22, 2025, Plains acquired an additional 20% interest in BridgeTex Pipeline Company, LLC, bringing PAA’s total interest to 40%

“We continue to advance our strategic initiatives and delivered solid second-quarter performance in a volatile macro environment,” said Willie Chiang, Chairman, CEO and President. “Our previously announced NGL divestiture is expected to close in the first quarter of 2026 and will improve our free cash durability, provide substantial financial flexibility and drive opportunities to streamline the business. Separately, we continue to execute on our bolt-on acquisition opportunity set by acquiring an incremental interest in the BridgeTex Pipeline joint venture, which further strengthens our Permian footprint. We remain well-positioned and highly focused on additional bolt-ons and optimizing our crude oil focused asset base in a capital disciplined manner while continuing to return cash to unitholders.”

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 presentation as discontinued operations 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.

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 2

Plains All American Pipeline

Summary Financial Information (unaudited)

(in millions, except per unit data)

Three Months Ended June 30,% Six Months Ended June 30,%

GAAP Results (1) 20252024Change20252024Change

Net income attributable to PAA (2) $210 $250 (16)%$653 $515 27 %

Diluted net income per common unit$0.21 $0.26 (19)%$0.70 $0.55 27 %

Diluted weighted average common units outstanding703 701 — %704 701 — %

Net cash provided by operating activities$694 $653 6 %$1,333 $1,072 24 %

Distribution per common unit declared for the period$0.3800 $0.3175 20 %$0.7600 $0.6350 20 %

Three Months Ended June 30,% Six Months Ended June 30,%

Non-GAAP Results (1) (3)

20252024Change20252024Change

Adjusted net income attributable to PAA (2) $312 $288 8 %$687 $642 7 %

Diluted adjusted net income per common unit$0.36 $0.31 16 %$0.75 $0.72 4 %

Adjusted EBITDA $812 $807 1 %$1,693 $1,654 2 %

Adjusted EBITDA attributable to PAA (2) $672 $674 — %$1,426 $1,391 3 %

Implied DCF per common unit and common unit equivalent$0.66 $0.58 14 %$1.32 $1.25 6 %

Adjusted Free Cash Flow (4) $348 $411 (15)%$40 $480 (92)%

Adjusted Free Cash Flow after Distributions (4) $28 $125 (78)%$(612)$(92)**

Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (4) $342 $421 (19)%$174 $681 (74)%

Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) (4) $22 $135 (84)%$(478)$109 **

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

(1)Includes results from continuing operations and discontinued operations for all periods presented. See the tables attached hereto for additional information.

(2)Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC (the “Permian JV”), Cactus II Pipeline LLC and Red River Pipeline LLC joint ventures.

(3)See the section of this

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Exhibit 99.1

Plains All American Reports First-Quarter 2025 Results

Houston, TX – May 9, 2025 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2025 results and provided the following highlights:

First-Quarter Results

•Reported net income attributable to PAA of $443 million and net cash provided by operating activities of $639 million

•Delivered Adjusted EBITDA attributable to PAA of $754 million

•Exited the quarter with 3.3x leverage ratio, toward the low end of our target range of 3.25x - 3.75x (includes previously announced and closed transactions)

•Paid a quarterly cash distribution of $0.38 per unit ($1.52 per unit annualized), representing a current distribution yield of ~9.0%

Business Highlights

•Plains acquired the remaining 50% interest in Cheyenne Pipeline, enhancing our integration from the Guernsey market to pipelines supplying Cushing, Oklahoma, which closed on February 28, 2025

•Plains acquired Black Knight Midstream’s Permian Basin crude oil gathering business, for approximately $55 million, which closed effective May 1, 2025

•Placed into service the 30 Mb/d Fort Saskatchewan fractionation complex debottleneck project enhancing our fee-based cash flow in Canada

•Increased our 2025 C3+ spec product sales hedge profile to approximately 80% at approximately $0.70 per gallon level

“Plains delivered another quarter of solid operational and financial performance,” said Willie Chiang, Chairman and CEO. “Substantial cash flow generation from our integrated Crude Oil and NGL footprints coupled with a strong balance sheet positions us well through a time of market volatility and uncertainty. Our focus on efficient growth remains consistent with the addition of two new bolt-on acquisitions and our Fort Saskatchewan fractionation complex debottleneck project now in service. Finally, our commitment to financial discipline and financial flexibility remains unchanged while continuing to return cash to unitholders through a strong distribution payout.”

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 2

Plains All American Pipeline

Summary Financial Information (unaudited)

(in millions, except per unit data)

Three Months Ended March 31,%

GAAP Results20252024Change

Net income attributable to PAA (1) $443 $266 67 %

Diluted net income per common unit$0.49 $0.29 69 %

Diluted weighted average common units outstanding704 701 — %

Net cash provided by operating activities$639 $419 53 %

Distribution per common unit declared for the period$0.3800 $0.3175 20 %

Three Months Ended March 31,%

Non-GAAP Results (2)

20252024Change

Adjusted net income attributable to PAA (1) $375 $354 6 %

Diluted adjusted net income per common unit$0.39 $0.41 (5)%

Adjusted EBITDA $881 $847 4 %

Adjusted EBITDA attributable to PAA (1) $754 $718 5 %

Implied DCF per common unit and common unit equivalent$0.66 $0.67 (1)%

Adjusted Free Cash Flow (3) $(308)$70 **

Adjusted Free Cash Flow after Distributions (3) $(639)$(217)**

Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (3) $(169)$262 **

Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) (3) $(500)$(25)**

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

(1)Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC (the “Permian JV”), Cactus II Pipeline LLC and Red River Pipeline LLC joint ventures.

(2)See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.

(3)The 2025 period includes the impact of a net cash outflow of $624 million for bolt-on acquisitions.

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 3

Summary of Selected Financial Data by Segment (unaudited)

(in millions)

Segment Adjusted EBITDA

Crude OilNGL

Three Months Ended March 31, 2025$559 $189

Three Months Ended March 31, 2024$553 $159

Percentage change in Segment Adjusted EBITDA versus 2024 period 1 %19 %

First-quarter 2025 Crude Oil Segment Adjusted EBITDA was in line with comparable 2024 results. Favorable results in the 2025 period from (i) higher tariff volumes on our pipelines, (ii) tariff escalations and (iii) contributions from recently completed bolt-on acquisitions were largely offset by (iv) higher operating expenses and (v) the impact to our assets from refinery downtime.

First-quarter 2025 NGL Segment Adjusted EBITDA increased 19% versus comparable 2024 results primarily due to higher weigh

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Exhibit 99.1

Plains All American Reports Fourth-Quarter and Full-Year 2024 Results;

Provides Update on Efficient Growth Initiatives and Announces 2025 Guidance

Houston, TX – February 7, 2025 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported fourth-quarter and full-year 2024 results, announced 2025 guidance and provided the following highlights:

2024 Results

•Fourth-quarter and full-year 2024 Net income attributable to PAA of $36 million and $772 million, respectively, and 2024 Net cash provided by operating activities of $726 million and $2.49 billion, respectively

•Delivered strong fourth-quarter and full-year 2024 Adjusted EBITDA attributable to PAA above the top-end of guidance with $729 million and $2.78 billion, respectively

•Generated full-year 2024 Adjusted Free Cash Flow (excluding changes in Assets & Liabilities; including impact from legal settlements) of $1.17 billion and exited the year with leverage at 3.0x

•Net income for the quarter includes the impact of a $225 million charge resulting from the write-off of a receivable for Line 901 insurance proceeds and $140 million of non-cash charges related to the write-down of two U.S. NGL terminals

Efficient Growth Initiatives

•Closed all three previously announced bolt-on acquisitions for approximately $670 million net to PAA, including the acquisition of Ironwood Midstream Energy

•Closed on previously announced purchase of approximately 12.7 million units, or 18%, of its Series A Preferred Units for a purchase price of approximately $330 million

•Continue pursuing a long runway of synergistic and strong return bolt-on opportunities across the asset footprint

2025 Outlook

•Expect full-year 2025 Adjusted EBITDA attributable to PAA of $2.80 - $2.95 billion

•Announced distribution increase of $0.25 per unit payable February 14, 2025, representing a 20% aggregate increase in the annualized distribution versus 2024 levels (new annual distribution of $1.52 per unit)

•In January, successfully raised $1 billion in aggregate senior unsecured notes at 5.95% due 2035

•Anticipate leverage ratio to be at or below the low-end of leverage target range of 3.25x to 3.75x, continuing to provide significant balance sheet optionality and flexibility

•Expect to generate approximately $1.15 billion of Adjusted Free Cash Flow (excluding changes in Assets & Liabilities), which is reduced by approximately $580 million for previously announced bolt-on transactions closed in the first quarter

•Remain focused on disciplined capital investments, anticipating full-year 2025 Growth Capital of +/- $400 million and Maintenance Capital of +/- $240 million net to PAA

“We continue delivering strong financial and operating results and increasing return of capital to unitholders. As evidenced by our recently announced acquisitions, we have the ability to leverage our integrated asset base and financial strength to drive accretive transactions and deliver value to our customers and unitholders,” said Plains Chairman and CEO Willie Chiang. “We remain confident entering 2025, with strong operational momentum and focus on executing our efficient growth strategy. Our strong performance and positive outlook combined with the contribution from recent bolt-on acquisitions continues driving meaningful cash flow and underpins increasing returns to unitholders all while maintaining capital discipline and financial flexibility.”

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

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Plains All American Pipeline

Summary Financial Information (unaudited)

(in millions, except per unit data)

Three Months Ended December 31,% Twelve Months Ended December 31,%

GAAP Results20242023Change20242023Change

Net income attributable to PAA $36 $312 (88)%$772 $1,230 (37)%

Diluted net income/(loss) per common unit $(0.04)$0.35 (111)%$0.73 $1.40 (48)%

Diluted weighted average common units outstanding704 701 — %702 699 — %

Net cash provided by operating activities$726 $1,011 (28)%$2,490 $2,727 (9)%

Distribution per common unit declared for the period$0.3800 $0.3175 20 %$1.3325 $1.1200 19 %

Three Months Ended December 31,% Twelve Months Ended December 31,%

Non-GAAP Results (1)

20242023Change20242023Change

Adjusted net income attributable to PAA$357 $355 1 %$1,318 $1,250 5 %

Diluted adjusted net income per common unit$0.42 $0.42 — %$1.51 $1.42 6 %

Adjusted EBITDA $867 $875 (1)%$3,326 $3,167 5 %

Adjusted EBITDA attributable to PAA (2) $729 $737 (1)%$2,779 $2,711 3 %

Implied DCF per common unit and common unit equivalent$0.64 $0.68 (6)%$2.49 $2.46 1 %

Adjusted Free Cash Flow $365 $710 **$1,247 $1,798 (31)%

Adjusted Free Cash Flow after Distributions $79 $458 **$102 $809 (87)%

Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (3) $134 $402 **$1,173 $1,604 (27)%

Adjusted Free Cash Flow after Distributions (Excluding

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Exhibit 99.1

Plains All American Reports Third-Quarter 2024 Results

Houston, TX – November 8, 2024 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported third-quarter 2024 results.

Third-Quarter Results

•Reported net income attributable to PAA of $220 million and net cash provided by operating activities of $692 million

•Delivered solid Adjusted EBITDA attributable to PAA of $659 million

•Progressed our efficient growth strategy with a small bolt-on acquisition of a Permian gathering system

•Exited the quarter with 3.0x leverage ratio, below our target range of 3.25x – 3.75x

•Received Moody’s upgrade from Baa3 to Baa2 with stable outlook; now mid-BBB at all three credit rating agencies

•Resolved remaining material Line 901 claims against Plains with two lawsuit settlements resulting in a $120 million charge to GAAP earnings

2024 Guidance Update

•Expect to be toward the high-end of the guidance range for full-year 2024 Adjusted EBITDA attributable to PAA of $2.725 - $2.775 billion

•Expect 2024 Adjusted Free Cash Flow to be approximately $1.45 billion (excluding changes in Assets & Liabilities; including bolt-on acquisition capital and legal settlements)

“We delivered solid operational and financial results in the third quarter and we continue to make progress on our efficient growth strategy, which includes generating multi-year Free Cash Flow, maintaining capital discipline and returning capital to our investors while preserving financial flexibility,” said Willie Chiang, Chairman and CEO of Plains. “Our company is well positioned, and we have grown increasingly confident in both the durability and cash generating potential of the asset base. The improved outlook for the year provides more confidence in our long-term return of capital framework, which should continue creating value for our unitholders.”

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 2

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 Results20242023Change20242023Change

Net income attributable to PAA$220 $203 8 %$736 $918 (20)%

Diluted net income per common unit$0.22 $0.20 10 %$0.77 $1.04 (26)%

Diluted weighted average common units outstanding702 700 — %702 699 — %

Net cash provided by operating activities$692 $85 **$1,763 $1,716 3 %

Distribution per common unit declared for the period$0.3175 $0.2675 19 %$0.9525 $0.8025 19 %

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

Non-GAAP Results (1)

20242023Change20242023Change

Adjusted net income attributable to PAA$320 $308 4 %$962 $894 8 %

Diluted adjusted net income per common unit$0.37 $0.35 6 %$1.09 $1.01 8 %

Adjusted EBITDA $805 $779 3 %$2,459 $2,292 7 %

Adjusted EBITDA attributable to PAA (2) $659 $662 — %$2,051 $1,974 4 %

Implied DCF per common unit and common unit equivalent$0.61 $0.62 (2)%$1.86 $1.78 4 %

Adjusted Free Cash Flow$401 $(386)**$882 $1,088 (19)%

Adjusted Free Cash Flow after Distributions$114 $(636)**$24 $350 (93)%

Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities)$357 $57 **$1,039 $1,202 (14)%

Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities)$70 $(193)**$181 $464 (61)%

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

(1)See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.

(2)Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC joint venture, Cactus II Pipeline LLC and Red River Pipeline LLC.

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333 Clay Street, Suite 1600

Houston, Texas 77002

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Page 3

Summary of Selected Financial Data by Segment (unaudited)

(in millions)

Segment Adjusted EBITDA

Crude OilNGL

Three Months Ended September 30, 2024$577 $73

Three Months Ended September 30, 2023$553 $99

Percentage change in Segment Adjusted EBITDA versus 2023 period 4 %(26)%

Segment Adjusted EBITDA

Crude OilNGL

Nine Months Ended September 30, 2024$1,707 $326

Nine Months Ended September 30, 2023$1,600 $352

Percentage change in Segment Adjusted EBITDA versus 2023 period 7 %(7)%

Third-quarter 2024 Crude Oil Segment Adjusted EBITDA increased 4% versus comparable 2023 results primarily due to higher tariff volumes on our pipelines, tariff escalations and contributions from acquisitions. These items were partially offset by fewer market-based opportunities.

Third-quarter 2

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Exhibit 99.1

Plains All American Reports Second-Quarter 2024 Results & Raises 2024 Guidance

Houston, TX – August 2, 2024 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported strong second-quarter 2024 results and raised full-year 2024 Adjusted EBITDA guidance.

Second-Quarter Results

•Reported net income attributable to PAA of $250 million and net cash provided by operating activities of $653 million

•Delivered Adjusted EBITDA attributable to PAA of $674 million

•Generated Adjusted Free Cash Flow of $421 million (excluding changes in Assets & Liabilities; including bolt-on acquisition capital)

•Successfully priced public offering of $650 million of unsecured senior notes at 5.7% due 2034

2024 Guidance Update

•Raising the mid-point of guidance for full-year 2024 Adjusted EBITDA attributable to PAA by $75 million to a new range of $2.725 - $2.775 billion

•Reiterating full-year 2024 Adjusted Free Cash Flow guidance of $1.55 billion (excluding changes in Assets & Liabilities; including bolt-on acquisition capital)

“Today’s announcements reflect another solid quarter with results exceeding expectations in both the Crude Oil and NGL segments. Based on our performance to-date and outlook for the remainder of the year, we are increasing our annual EBITDA guidance for 2024. This underscores the resilience of our business model and highlights the flexibility of our asset base to capture opportunities in a dynamic and evolving market,” said Willie Chiang, Chairman & CEO of Plains. “We remain focused on maximizing long-term value for investors, through our consistent strategy of capital discipline, generating meaningful Free Cash Flow and increasing return of capital to equity holders while maintaining financial flexibility.”

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 2

Plains All American Pipeline

Summary Financial Information (unaudited)

(in millions, except per unit data)

Three Months Ended June 30,% Six Months Ended June 30,%

GAAP Results20242023Change20242023Change

Net income attributable to PAA$250 $293 (15)%$515 $715 (28)%

Diluted net income per common unit$0.26 $0.32 (19)%$0.55 $0.84 (35)%

Diluted weighted average common units outstanding701 698 — %701 698 — %

Net cash provided by operating activities$653 $888 (26)%$1,072 $1,631 (34)%

Distribution per common unit declared for the period$0.3175 $0.2675 19 %$0.6350 $0.5350 19 %

Three Months Ended June 30,% Six Months Ended June 30,%

Non-GAAP Results (1)

20242023Change20242023Change

Adjusted net income attributable to PAA$288 $243 19 %$642 $586 10 %

Diluted adjusted net income per common unit$0.31 $0.25 24 %$0.72 $0.66 9 %

Adjusted EBITDA $807 $700 15 %$1,654 $1,513 9 %

Adjusted EBITDA attributable to PAA (2) $674 $597 13 %$1,391 $1,312 6 %

Implied DCF per common unit and common unit equivalent$0.58 $0.54 7 %$1.25 $1.16 8 %

Adjusted Free Cash Flow$411 $650 (37)%$480 $1,474 (67)%

Adjusted Free Cash Flow after Distributions$125 $404 (69)%$(92)$985 **

Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities)$421 $519 (19)%$681 $1,145 (41)%

Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities)$135 $273 (51)%$109 $656 (83)%

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

(1)See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.

(2)Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC joint venture, Cactus II Pipeline LLC and Red River Pipeline LLC.

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 3

Summary of Selected Financial Data by Segment (unaudited)

(in millions)

Segment Adjusted EBITDA

Crude OilNGL

Three Months Ended June 30, 2024$576 $94

Three Months Ended June 30, 2023$529 $62

Percentage change in Segment Adjusted EBITDA versus 2023 period 9 %52 %

Segment Adjusted EBITDA

Crude OilNGL

Six Months Ended June 30, 2024$1,130 $253

Six Months Ended June 30, 2023$1,046 $254

Percentage change in Segment Adjusted EBITDA versus 2023 period 8 %— %

Second-quarter 2024 Crude Oil Segment Adjusted EBITDA increased 9% versus comparable 2023 results primarily due to higher tariff volumes on our pipelines, tariff escalations and contributions from acquisitions. These items were partially offset by fewer market based opportunities.

Second-quarter 2024 NGL Segment Adjusted EBITDA increased 52% versus comparable 2023 results primarily due to turnarounds impacting s

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Exhibit 99.1

Plains All American Reports First-Quarter 2024 Results

Provides Update on Permian Long-Haul Contracting & Announces Bolt-on Acquisitions

Houston, TX – May 3, 2024 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2024 results and reaffirmed full-year 2024 Adjusted EBITDA guidance. Plains also provided updates on Permian long-haul contracting and announced two bolt-on acquisitions.

First-Quarter Results

•Reported Net income attributable to PAA of $266 million and Net cash provided by operating activities of $419 million

•Delivered Adjusted EBITDA attributable to PAA of $718 million; on-track to meet full-year guidance of $2.625 - $2.725 billion

•Generated Adjusted Free Cash Flow of $262 million (excluding changes in Assets & Liabilities; including bolt-on acquisition capital)

•Increased annualized common distribution by $0.20 to $1.27 per unit (~19% increase, paid in February)

Permian Long-Haul Contracting Update

•Increased contracted volumes and extended the term of certain contracts such that the weighted average contract duration of our Permian long-haul portfolio is approximately 5-years, through 2028, including new contracts or extensions on Cactus I, Cactus II and Basin/Sunrise

•Expect underlying growth in the business and contributions from efficient growth investments to offset lower contracted rates resulting in broadly flat Adj. EBITDA in 2026 as compared to 2024 guidance for the Crude Oil segment

Bolt-on Acquisitions

•Plains acquired an additional 10% interest in Saddlehorn Pipeline Company and a Mid-Con terminal asset for aggregate cash consideration of approximately $110 million enhancing Plains’ position in the Rockies and Mid-Con

“This marks a solid start to the year as we are on-track to deliver against our full-year plan and our bolt-on M&A strategy continues to prove successful with complementary transactions enhancing our footprint in the Rockies and Mid-Con,” said Willie Chiang, Chairman and CEO of Plains. “Separately, we successfully extended the duration of our Permian long-haul portfolio, including Cactus I. This represents a major milestone and provides greater clarity on the outlook for our long-haul assets. Better visibility around re-contracting combined with our disciplined operational and financial performance should provide investors with greater confidence in the outlook for the business and our ability to continue generating significant free cash flow for years to come.”

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 2

Plains All American Pipeline

Summary Financial Information (unaudited)

(in millions, except per unit data)

Three Months Ended March 31,%

GAAP Results20242023Change

Net income attributable to PAA$266 $422 (37)%

Diluted net income per common unit$0.29 $0.52 (44)%

Diluted weighted average common units outstanding701 698 — %

Net cash provided by operating activities$419 $743 (44)%

Distribution per common unit declared for the period$0.3175 $0.2675 19 %

Three Months Ended March 31,%

Non-GAAP Results (1)

20242023Change

Adjusted net income attributable to PAA$354 $344 3 %

Diluted adjusted net income per common unit$0.41 $0.41 — %

Adjusted EBITDA $847 $813 4 %

Adjusted EBITDA attributable to PAA (2) $718 $715 — %

Implied DCF per common unit and common unit equivalent$0.67 $0.62 8 %

Adjusted Free Cash Flow$70 $823 (91)%

Adjusted Free Cash Flow after Distributions$(217)$581 **

Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities)$262 $625 (58)%

Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities)$(25)$383 **

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

(1)See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.

(2)Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC joint venture, Cactus II Pipeline LLC and Red River Pipeline LLC.

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 3

Summary of Selected Financial Data by Segment (unaudited)

(in millions)

Segment Adjusted EBITDA

Crude OilNGL

Three Months Ended March 31, 2024$553 $159

Three Months Ended March 31, 2023$517 $192

Percentage change in Segment Adjusted EBITDA versus 2023 period 7 %(17)%

First-quarter 2024 Crude Oil Segment Adjusted EBITDA increased 7% versus comparable 2023 results primarily due to higher tariff volumes on our pipelines, tariff escalations and contrib

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Exhibit 99.1

Plains All American Reports Fourth-Quarter and Full-Year 2023 Results;

Announces 2024 Guidance

Houston, TX – February 9, 2024 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported fourth-quarter and full-year 2023 results, announced 2024 guidance and provided the following highlights:

2023 Highlights

•Fourth-quarter and full-year 2023 Net income attributable to PAA of $312 million and $1.23 billion, respectively, and 2023 Net cash provided by operating activities of $1.01 billion and $2.73 billion, respectively

•Delivered strong fourth-quarter and full-year 2023 Adjusted EBITDA attributable to PAA above the top-end of guidance with $737 million and $2.71 billion, respectively

•Generated full-year 2023 Adjusted Free Cash Flow (excluding changes in Assets & Liabilities) of $1.60 billion and achieved year-end leverage of 3.1x

•Delivered on commitment to increase cash return to equity holders by increasing distributions $0.20 per unit annualized in February 2023, representing a 23% aggregate increase in the annualized distribution versus 2022 levels

•High graded the asset base through continued portfolio optimization including two asset sales and three bolt-on acquisitions

•Received two credit rating agency upgrades demonstrating progress on deleveraging efforts and our target to achieve BBB credit ratings

2024 Outlook

•Expect full-year 2024 Adjusted EBITDA attributable to PAA of $2.625 - $2.725 billion

•Reaffirming leverage ratio target range of 3.25x - 3.75x reflecting commitment to balance sheet strength and flexibility

•Board approved increasing the annualized common distribution by $0.20 to $1.27 per unit commencing in February 2024, representing a 19% aggregate increase in the annualized distribution versus 2023 levels

•Expect to generate approximately $1.65 billion of Adjusted Free Cash Flow (excluding changes in Assets & Liabilities) and $500 million of Adjusted Free Cash Flow after Distributions (excluding changes in Assets & Liabilities)

•Remain focused on disciplined capital investments, anticipating full-year 2024 Investment and Maintenance Capital of +/- $375 million and +/- $230 million, net to PAA, respectively

“Strong execution in 2023 drove better-than-expected results and allowed us to accelerate progress on our long-term goals and objectives. This included lowering our leverage ratio target range, increasing capital returns to equity holders through increased distributions, and completing multiple win-win strategic transactions in both our Crude Oil and NGL segments,” said Willie Chiang, Chairman and CEO of Plains. “Looking forward to 2024, Plains remains well-positioned to deliver value to our unitholders through our continued focus on generating strong free cash flow, capital discipline, and increasing returns to unitholders all while maintaining our financial flexibility.”

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 2

Plains All American Pipeline

Summary Financial Information (unaudited)

(in millions, except per unit data)

Three Months Ended December 31,% Twelve Months Ended December 31,%

GAAP Results20232022Change20232022Change

Net income attributable to PAA (1) $312 $263 19 %$1,230 $1,037 19 %

Diluted net income per common unit$0.35 $0.30 17 %$1.40 $1.19 18 %

Diluted weighted average common units outstanding701 698 — %699 701 — %

Net cash provided by operating activities$1,011 $335 202 %$2,727 $2,408 13 %

Distribution per common unit declared for the period$0.3175 $0.2675 19 %$1.1200 $0.9200 22 %

(1)Reported results for the three and twelve months ended December 31, 2022 include a non-cash asset impairment of $330 million related to our California assets and a non-cash gain on investments in unconsolidated entities of approximately $370 million related to our purchase of an additional interest in the Cactus II pipeline.

Three Months Ended December 31,% Twelve Months Ended December 31,%

Non-GAAP Results (1)

20232022Change20232022Change

Adjusted net income attributable to PAA$355 $286 24 %$1,250 $1,091 15 %

Diluted adjusted net income per common unit$0.42 $0.33 27 %$1.42 $1.26 13 %

Adjusted EBITDA $875 $759 15 %$3,167 $2,875 10 %

Adjusted EBITDA attributable to PAA (2) $737 $659 12 %$2,711 $2,510 8 %

Implied DCF per common unit and common unit equivalent$0.68 $0.58 17 %$2.46 $2.26 9 %

Adjusted Free Cash Flow (3) $710 $(4)**$1,798 $1,610 12 %

Adjusted Free Cash Flow after Distributions $458 $(218)**$809 $828 (2)%

Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) $402 $236 70 %$1,604 $1,801 (11)%

Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) $150 $22 **$615 $1,019 (40)%

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

(1)See the section of this release entitled “Non-GAAP Financial Measures and Selected Items

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Exhibit 99.1

Plains All American Reports Third-Quarter 2023 Results & Raises 2023 Guidance

Announces Capital Allocation Updates & Permian Bolt-On Acquisitions

Houston, TX – November 3, 2023 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported third-quarter 2023 results and provided updated 2023 guidance as highlighted below. Plains also provided additional information regarding its multi-year capital allocation framework and announced two bolt-on acquisitions in the Permian Basin.

Third-Quarter Results

•Reported Net income attributable to PAA of $203 million and Net cash provided by operating activities of $85 million.

•Delivered strong results with Adjusted EBITDA attributable to PAA of $662 million.

2023 Guidance Update

•Raising guidance for full-year 2023 Adjusted EBITDA attributable to PAA to $2.60 - $2.65 billion from $2.45 - $2.55 billion.

Capital Allocation Updates

•Management currently intends to recommend to the Board of Directors of PAA GP Holdings LLC (“the Plains Board”) an annualized increase of $0.20 per unit to PAA's and PAGP’s fourth-quarter 2023 distribution payable in February 2024, which would increase the annualized rate from $1.07 to $1.27 per common unit and Class A share, representing a 19% increase.

•As part of a continued commitment to enhance the balance sheet, management is lowering the long-term leverage ratio target range by 0.5x to 3.25x - 3.75x and expects year-end 2023 leverage to be below 3.5x.

Permian Bolt-on Acquisitions

•Subsidiaries of Plains Oryx Permian Basin LLC (the “Permian JV”) acquired Rattler Midstream’s Southern Delaware Basin crude oil gathering system and LM Energy’s Northern Delaware Basin Touchdown crude oil gathering system for aggregate cash consideration of approximately $205 million ($135 million net to PAA’s interest in the Permian JV).

“Today’s announcements include strong quarterly results contributing to an upward revision of our full-year EBITDA guidance. We closed two bolt-on acquisitions that complement our existing portfolio and enhance the service offering of our Permian JV. Our strong performance and positive outlook for our business combined with the contribution from recent bolt-on transactions underpins our intent to recommend to our Board a 19% increase in the annualized distribution rate for the distribution payable in February 2024. We remain committed to operating with a strong balance sheet that can withstand various commodity cycles and consistent with this objective, we are reducing our long-term leverage ratio target range. These steps underscore the confidence we have in our business and reflect the continued focus on execution by our entire team,” said Willie Chiang, Chairman & CEO of Plains. “Recent geopolitical events remind us of the important role we play as a critical provider of infrastructure solutions offering affordable, reliable, and responsibly produced crude oil & NGLs across North America and reinforce our view that we remain well positioned today and going forward.”

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 2

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 Results20232022Change20232022Change

Net income attributable to PAA$203 $384 (47)%$918 $774 19 %

Diluted net income per common unit$0.20 $0.48 (58)%$1.04 $0.89 17 %

Diluted weighted average common units outstanding700 698 — %699 702 — %

Net cash provided by operating activities$85 $941 (91)%$1,716 $2,074 (17)%

Distribution per common unit declared for the period$0.2675 $0.2175 23 %$0.8025 $0.6525 23 %

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

Non-GAAP Results (1)

20232022Change20232022Change

Adjusted net income attributable to PAA$308 $280 10 %$894 $805 11 %

Diluted adjusted net income per common unit$0.35 $0.33 6 %$1.01 $0.93 9 %

Adjusted EBITDA $779 $721 8 %$2,292 $2,115 8 %

Adjusted EBITDA attributable to PAA (2) $662 $623 6 %$1,974 $1,851 7 %

Implied DCF per common unit and common unit equivalent$0.62 $0.55 13 %$1.78 $1.68 6 %

Free Cash Flow$(386)$726 **$1,088 $1,615 (33)%

Free Cash Flow after Distributions$(636)$537 **$350 $1,046 (67)%

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

(1)See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.

(2)Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin L

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Exhibit 99.1

Plains All American Reports Second-Quarter 2023 Results and Provides Updated 2023 Guidance

Announces Permian Bolt-On Acquisition and NGL Segment Updates

Houston, TX – August 4, 2023 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported second-quarter 2023 results and provided updated 2023 guidance as highlighted below. Plains also announced a bolt-on acquisition in the Permian and provided updates regarding its NGL segment.

Second-Quarter Results

•Reported Net income attributable to PAA of $293 million & Net cash provided by operating activities of $888 million.

•Delivered strong results with Adjusted EBITDA attributable to PAA of $597 million.

Permian Bolt-on Acquisition

•A subsidiary of Plains Oryx Permian Basin LLC acquired Diamondback Energy’s 43% interest in OMOG JV LLC for approximately $225 million ($145 million net to PAA’s interest), which closed on July 28th.

NGL Segment Updates

•Sanctioned Plains Fort Saskatchewan (PFS) Train 1 debottlenecking project (~30 Mb/d of additional capacity) and additional connectivity projects to both Co-Ed Pipeline & Fort Sask complex. Substantially increased weighted average contract tenor to approximately 10-years across Fort Sask fractionation capacity and Co-Ed Pipeline.

•Expect sanctioned projects and new contracts on existing assets to largely offset a third-party NGL supply agreement expiring year-end 2024, that reduces frac spread exposed volumes by ~15 Mb/d.

2023 Guidance Update

•Expect to be at the high end of our guidance range of $2.45 - $2.55 billion Adjusted EBITDA attributable to PAA for full-year 2023; year-end 2023 leverage now expected to be <3.5x.

•Maintaining 2023 investment and maintenance capital guidance of $325 million and $195 million respectively, net to PAA (inclusive of sanctioned NGL project); demonstrating a continued focus on capital discipline.

•Free cash flow generation remains robust with approximately $1.6 billion of Free Cash Flow expected in 2023, while meaningfully increasing returns of capital to equity holders and further reducing absolute debt.

“Our team remains focused on execution while continuing to identify and progress capital efficient growth opportunities; as a result, we expect to be at the high-end of our 2023 EBITDA guidance range,” said Willie Chiang, Chairman & CEO of Plains. “We announced multiple strategic actions this quarter including a bolt-on acquisition in the Permian that will complement our existing geographic footprint. Additionally, we took steps to improve the long-term durability and quality of our cash flow stream in the NGL segment by sanctioning the debottlenecking project at our Fort Sask complex and extending the duration of our contracts across our NGL portfolio. This will help offset commodity exposed NGL contracts that are expiring at the end of next year and should result in increased contribution from the more stable fee-based part of our business. These actions align with our ongoing goals of remaining capital disciplined, generating multi-year Free Cash Flow, reducing leverage and increasing returns of capital to our unitholders.”

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

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Plains All American Pipeline

Summary Financial Information (unaudited)

(in millions, except per unit data)

Three Months Ended June 30,% Six Months Ended June 30,%

GAAP Results20232022Change20232022Change

Net income attributable to PAA$293 $203 44 %$715 $390 83 %

Diluted net income per common unit$0.32 $0.22 45 %$0.84 $0.41 105 %

Diluted weighted average common units outstanding698 702 (1)%698 703 (1)%

Net cash provided by operating activities$888 $792 12 %$1,631 $1,132 44 %

Distribution per common unit declared for the period$0.2675 $0.2175 23 %$0.5350 $0.4350 23 %

Three Months Ended June 30,% Six Months Ended June 30,%

Non-GAAP Results (1)

20232022Change20232022Change

Adjusted net income attributable to PAA$243 $260 (7)%$586 $526 11 %

Diluted adjusted net income per common unit$0.25 $0.30 (17)%$0.66 $0.60 10 %

Adjusted EBITDA $700 $704 (1)%$1,513 $1,394 9 %

Adjusted EBITDA attributable to PAA (2) $597 $615 (3)%$1,312 $1,228 7 %

Implied DCF per common unit and common unit equivalent$0.54 $0.57 (5)%$1.16 $1.13 3 %

Free Cash Flow$650 $688 (6)%$1,474 $888 66 %

Free Cash Flow after Distributions$404 $473 (15)%$985 $509 94 %

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

(1)See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.

(2)Exclu

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Exhibit 99.1

Plains All American Reports First-Quarter 2023 Results; Reaffirms 2023 Guidance

Houston, TX – May 5, 2023 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2023 results and reaffirmed 2023 guidance as highlighted below:

First-Quarter Results

•Reported Net income attributable to PAA of $422 million and Net cash provided by operating activities of $743 million

•Delivered strong Adjusted EBITDA attributable to PAA of $715 million

•Generated Free Cash Flow of $823 million, including approximately $284 million of asset sales

•Reduced total debt by approximately $450 million

•Increased annualized common distribution by $0.20 to $1.07 per unit (~23% increase, paid in February)

Reaffirmed 2023 Guidance

•Reaffirming full-year 2023 Adjusted EBITDA guidance attributable to PAA of $2.45 - $2.55 billion, year-end 2023 leverage of +/- 3.5x and common unit distribution coverage of +/- 215%

•Expect to generate approximately $1.6 billion of Free Cash Flow in 2023, underpinning our previously announced capital allocation framework that includes meaningfully increasing returns of capital to equity holders and further absolute debt reduction

•Remain focused on disciplined capital investments, anticipate full-year 2023 Investment and Maintenance Capital of $325 million and $195 million, respectively, net to PAA

“Plains remains focused on execution, and our company is off to a strong start to the year despite macro uncertainty. We remain confident in our ability to deliver on our 2023 plan with our contracting profile and significant hedging within our Crude Oil and NGL segments serving to mitigate risk. As such, today we are reaffirming our 2023 guidance,” stated Willie Chiang, Chairman & CEO of Plains. “Our Free Cash Flow generation enables Plains to execute on our previously announced capital allocation framework focused on increasing returns to our equity holders while further enhancing our financial flexibility. Over the long-term, we remain well positioned as North America will continue playing a critical role in global energy supply.”

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

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Plains All American Pipeline

Summary Financial Information (unaudited)

(in millions, except per unit data)

Three Months Ended March 31,%

GAAP Results20232022Change

Net income attributable to PAA$422 $187 126 %

Diluted net income per common unit$0.52 $0.19 174 %

Diluted weighted average common units outstanding698 705 (1)%

Net cash provided by operating activities$743 $340 119 %

Distribution per common unit declared for the period$0.2675 $0.2175 23 %

Three Months Ended March 31,%

Non-GAAP Results (1)

20232022Change

Adjusted net income attributable to PAA$344 $266 29 %

Diluted adjusted net income per common unit$0.41 $0.31 32 %

Adjusted EBITDA $813 $690 18 %

Adjusted EBITDA attributable to PAA (2) $715 $614 16 %

Implied DCF per common unit and common unit equivalent$0.62 $0.56 11 %

Free Cash Flow$823 $200 **

Free Cash Flow after Distributions$581 $36 **

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

(1)See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.

(2)Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC joint venture, Cactus II Pipeline LLC (beginning November 2022) and Red River Pipeline LLC.

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Summary of Selected Financial Data by Segment (unaudited)

(in millions)

Segment Adjusted EBITDA

Crude OilNGL

Three Months Ended March 31, 2023$517 $192

Three Months Ended March 31, 2022$453 $161

Percentage change in Segment Adjusted EBITDA versus 2022 period14 %19 %

First-quarter 2023 Crude Oil Segment Adjusted EBITDA increased 14% versus comparable 2022 results primarily due to higher volumes across our pipeline systems, particularly our Permian and Capline assets, tariff escalations and Canadian market-based opportunities. These items were partially offset by the impact of increased operating expenses and minimum volume commitment deficiency payments received in the first quarter of 2022.

First-quarter 2023 NGL Segment Adjusted EBITDA increased 19% versus comparable 2022 results primarily due to the favorable impact of higher sales volumes at higher realized margins. These items were partially offset by the impact of higher utility costs and asset sales.

Plains GP Holdings

PAGP owns an indirect no

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Exhibit 99.1

Plains All American Reports Fourth-Quarter and Full-Year 2022 Results;

Announces 2023 Guidance

(Houston — February 8, 2023) Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported fourth-quarter and full-year 2022 results, announced 2023 guidance and provided the following highlights:

2022 Highlights

•Fourth-quarter and full-year 2022 Net income attributable to PAA of $263 million and $1.04 billion, respectively, and 2022 Net cash provided by operating activities of $335 million and $2.41 billion, respectively

•Delivered better than expected fourth-quarter and full-year 2022 Adjusted EBITDA attributable to PAA of $659 million and $2.51 billion, respectively

•Generated full-year 2022 Free Cash Flow of $1.61 billion, repurchased $74 million of common units, repaid $774 million of total debt and achieved year-end leverage of 3.7x

•Announced multi-year capital allocation framework prioritizing Free Cash Flow generation, further improving financial flexibility and increasing returns of capital to equity holders

2023 Outlook

•Expect full-year 2023 Adjusted EBITDA attributable to PAA of $2.45 - $2.55 billion and year-end 2023 leverage of +/- 3.5x

•Increased the annualized common distribution by $0.20 to $1.07 per unit in January 2023 (to be paid in February)

•Expect to generate approximately $1.60 billion of Free Cash Flow in 2023, underpinning multi-year return of capital to equity holders and absolute debt reduction

•Remain focused on disciplined capital investments, anticipating full-year 2023 Investment and Maintenance Capital of $325 million and $195 million, net to PAA

“2022 represented a positive inflection point for Plains, evidenced by strong execution of our goals and initiatives. This included reaching the lower-end of our leverage target range and increasing returns of capital to equity holders through a combination of increased distributions and share repurchases. Additionally, we achieved record health, safety, and environmental performance by achieving or exceeding 20% reduction targets in our key metrics,” stated Willie Chiang, Chairman and CEO of Plains. “Looking to 2023, our Permian Basin assets are well positioned to benefit from continued production growth. In our NGL segment, we continue to evaluate capital efficient debottlenecking opportunities which we expect to improve our long-term fee-based earnings. We remain focused on continuing to generate significant Free Cash Flow, which provides visibility for improving shareholder returns primarily through distribution increases and disciplined accretive investments, all while maintaining balance sheet flexibility.”

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

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Plains All American Pipeline

Summary Financial Information (unaudited)

(in millions, except per unit data)

Three Months Ended December 31,% Twelve Months Ended December 31,%

GAAP Results20222021Change20222021Change

Net income attributable to PAA (1) $263 $450 (42)%$1,037 $593 75 %

Diluted net income per common unit$0.30 $0.56 (46)%$1.19 $0.55 116 %

Diluted weighted average common units outstanding698 709 (2)%701 716 (2)%

Net cash provided by operating activities$335 $635 (47)%$2,408 $1,996 21 %

Distribution per common unit declared for the period$0.2675 $0.1800 49 %$0.9200 $0.7200 28 %

(1)Reported results for the three and twelve months ended December 31, 2022 include a non-cash asset impairment of $330 million related to our California assets and a non-cash gain on investments in unconsolidated entities of approximately $370 million related to our purchase of an additional interest in the Cactus II pipeline. Reported results for the twelve months ended December 31, 2021 include aggregate non-cash asset impairments of approximately $695 million related to the sale of our gas storage assets and the write-down of certain crude oil terminal assets.

Three Months Ended December 31,% Twelve Months Ended December 31,%

Non-GAAP Results (1)

20222021Change20222021Change

Adjusted net income attributable to PAA$286 $231 24 %$1,091 $884 23 %

Diluted adjusted net income per common unit$0.33 $0.25 32 %$1.26 $0.95 33 %

Adjusted EBITDA $759 $646 17 %$2,875 $2,290 26 %

Adjusted EBITDA attributable to PAA (2) $659 $564 17 %$2,510 $2,196 14 %

Implied DCF per common unit and common unit equivalent$0.58 $0.54 7 %$2.26 $2.05 10 %

Free Cash Flow (3) $(4)$539 (101)%$1,610 $2,369 (32)%

Free Cash Flow after Distributions$(218)$349 (162)%$828 $1,654 (50)%

(1)See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact co

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Exhibit 99.1

Plains All American Reports Third-Quarter 2022 Results, Increases 2022 Guidance and Announces

Multi-Year Capital Allocation Framework

Houston, TX – November 2, 2022 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported third-quarter 2022 results and provided the following highlights and increase to 2022 guidance:

•Third-quarter Net income attributable to PAA of $384 million and Net cash provided by operating activities of $941 million

•Delivered strong third-quarter Adjusted EBITDA attributable to PAA of $623 million

•Increased guidance for full-year 2022 Adjusted EBITDA attributable to PAA by $75 million to +/- $2.450 billion, representing a $250 million increase compared to initial February 2022 guidance as a result of increased Permian tariff volumes, higher commodity prices and margin-based opportunities

•Achieved leverage ratio below the mid-point (4.0x) of targeted range, expect year-end 2022 leverage of +/- 3.8x

Capital Allocation Framework Update

Plains has made significant progress on strengthening its financial position and continues to execute on its long-term goals of generating meaningful Free Cash Flow, maintaining capital discipline, improving financial flexibility, and increasing returns of capital to equity holders via both distribution growth and opportunistic equity repurchases. Plains has achieved leverage below the mid-point of its targeted leverage range well ahead of expectations entering 2022 and now anticipates exiting the year with a leverage ratio of approximately 3.8x.

Given the progress made on deleveraging, solid financial and operating performance, and confidence in the long-term outlook of the business, we are providing the following multi-year capital allocation and financial framework:

•Management currently intends to recommend to the Board of Directors of PAA GP Holdings LLC (“the Plains Board”) an annualized increase of $0.20 to PAA’s and PAGP’s fourth-quarter 2022 distribution payable in February 2023 (one quarter earlier than our standard beginning-of-the-year annual budgeting process), which would increase the annualized rate from $0.87 to $1.07 per common unit and Class A share

•Beyond 2023, as part of its standard annual review process, management anticipates targeting annualized common distribution increases of approximately $0.15 per unit each year until reaching a targeted Common Unit Distribution Coverage Ratio of approximately 160%

•Maintaining capital discipline, enhancing financial flexibility and achieving mid-BBB/Baa credit ratings remain top priorities; management anticipates leverage migrating below the low-end of the targeted 3.75x - 4.25x range in 2023

•Opportunistic unit repurchases will remain a component of our long-term capital allocation framework

“We continue to execute, and we maintain a constructive view of long-term global energy fundamentals. We also believe our business has reached a positive inflection point, and we are pleased to be achieving our leverage objectives earlier than anticipated, allowing us to increase returns of capital to equity holders in a prudent, long-term manner,” stated Willie Chiang, Chairman and CEO of Plains. “Given the positive outlook for our business, operating leverage across our crude oil and NGL footprints and continued focus on capital discipline, we are positioned to continue generating Free Cash Flow and increasing returns to our equity holders over multiple years while further enhancing our financial flexibility.”

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Consistent with past practice, the Plains Board will consider management’s recommendation prior to its approval and declaration of the distribution for the fourth quarter of 2022, payable in February of 2023. Moving forward, Plains management intends to review specific capital allocation recommendations with the Plains Board during its standard beginning-of-the-year annual budgeting process with any future adjustments occurring in the first quarter of each calendar year and payable in May. Future recommendations will be subject to financial positioning, investment opportunities and the general outlook for business, industry and macro economy.

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 Results20222021Change20222021Change

Net income/(loss) attributable to PAA$384 $(59)**$774 $143 **

Diluted net income/(loss) per common unit$0.48 $(0.15)**$0.89 $(0.01)**

Diluted weighted average common units outstanding698 715 (2)%702 719 (2)%

Net cash provided by operating activities$941 $336 180 %$2,074 $1,361 52 %

Distribution per common unit declared for the period$0.2175 $0.18 21 %$0.6525 $0.54 21 %

Three Months Ended September 30,% Nine Mon

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Exhibit 99.1

Plains All American Reports Second-Quarter 2022 Results

Houston, TX – August 3, 2022 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported second-quarter 2022 results and provided the following updates:

•Second-quarter Net income attributable to PAA of $203 million and Net cash provided by operating activities of $792 million

•Second-quarter Adjusted EBITDA attributable to PAA of $615 million and increased guidance for full-year 2022 Adjusted EBITDA attributable to PAA by $100 million to +/- $2.375 billion

•Expect further deleveraging to achieve mid-point (4.0x) of targeted leverage range by year-end 2022 (previously expected year-end leverage of 4.25x)

•Increased 2022 Asset Sales target to +/- $200 million (+$100 million)

•Repurchased $49 million of common units during the quarter, bringing year-to-date repurchases to $74 million, and total repurchases since program inception to ~$300 million

•Completed $42 million (net to our interest, excludes customary closing adjustments) Permian Basin bolt-on acquisition of the remaining 50% ownership interest of the Advantage JV pipeline

“We delivered better than expected second-quarter results and increased our full-year 2022 Adjusted EBITDA guidance by an additional $100 million to plus or minus $2.375 billion, which is $175 million above our initial February guidance, enabling us to achieve the mid-point of our leverage target by year-end 2022, well ahead of our original expectations,” stated Willie Chiang, Chairman and CEO of Plains. “Our increased guidance is driven by higher volumes and higher commodity prices in both our Crude Oil and NGL segments. We are well positioned to capture growing production, advance multiple optimization opportunities, and generate significant Free Cash Flow over the next several years, giving Plains increased financial flexibility and the ability to enhance cash returned to unitholders.”

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

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Plains All American Pipeline

Summary Financial Information (unaudited)

(in millions, except per unit data)

Three Months Ended June 30,% Six Months Ended June 30,%

GAAP Results20222021Change20222021Change

Net income/(loss) attributable to PAA$203 $(220)**$390 $202 93 %

Diluted net income/(loss) per common unit$0.22 $(0.37)**$0.41 $0.14 193 %

Diluted weighted average common units outstanding702 720 (3)%703 721 (2)%

Net cash provided by operating activities$792 $235 237 %$1,132 $1,026 10 %

Distribution per common unit declared for the period$0.2175 $0.18 21 %$0.4350 $0.36 21 %

Three Months Ended June 30,% Six Months Ended June 30,%

Non-GAAP Results (1)

20222021Change20222021Change

Adjusted net income attributable to PAA$260 $213 22 %$526 $445 18 %

Diluted adjusted net income per common unit$0.30 $0.23 30 %$0.60 $0.48 25 %

Adjusted EBITDA $704 $579 22 %$1,394 $1,125 24 %

Adjusted EBITDA attributable to PAA (2) $615 $575 7 %$1,228 $1,118 10 %

Implied DCF per common unit and common unit equivalent$0.57 $0.52 10 %$1.13 $1.03 10 %

Free Cash Flow$688 $60 **$888 $738 20 %

Free Cash Flow after Distributions$473 $(132)**$509 $379 34 %

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

(1)See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.

(2)Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC joint venture (the “Permian JV’) and Red River Pipeline LLC.

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Summary of Selected Financial Data by Segment (unaudited)

(in millions)

Segment Adjusted EBITDA (1) (2)

Crude OilNGL

Three Months Ended June 30, 2022$494 $120

Three Months Ended June 30, 2021$553 $21

Percentage change in Segment Adjusted EBITDA versus 2021 period(11)%471 %

Percentage change in Segment Adjusted EBITDA versus 2021 period further adjusted for impact of divested assets (3) (8)%471 %

Segment Adjusted EBITDA (1) (2)

Crude OilNGL

Six Months Ended June 30, 2022$946 $281

Six Months Ended June 30, 2021$1,027 $90

Percentage change in Segment Adjusted EBITDA versus 2021 period(8)%212 %

Percentage change in Segment Adjusted EBITDA versus 2021 period further adjusted for impact of divested assets (3) (3)%212 %

(1)During the fourth quarter of 2021, we modified our definition of Segment Adjusted EBITDA to exclude amounts attributable to noncontrolling interests. In connection with the Permian JV formation in October 2021, our Chief

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Exhibit 99.1

Plains All American Reports First-Quarter 2022 Results

Houston, TX – May 4, 2022– Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2022 results and provided the following updates:

•Reported first-quarter Net income attributable to PAA of $187 million and Net cash provided by operating activities of $340 million

•Reported strong first-quarter Adjusted EBITDA attributable to PAA of $614 million and increased full-year 2022 Adjusted EBITDA attributable to PAA guidance by $75 million to +/- $2.275 billion

•Forecast Permian gathering volume growth of +/- 280 thousand barrels per day in 2022 (YE-21 to YE-22)

•Increased annualized common distribution by $0.15 to $0.87 per unit and repurchased $25 million of common units in the first quarter

“Our business is off to a positive start in 2022, supported by constructive, long-term fundamentals and a strong commodity price environment,” stated Willie Chiang, Chairman and CEO of Plains. “We delivered strong first-quarter results above our previous expectations and increased our 2022 Adjusted EBITDA guidance by $75 million to $2.275 billion, with a bias to the upside. Current global events have reaffirmed the importance of energy in everyday life and the need for reliable, secure and responsibly produced energy. Our integrated business model and asset base is critical to meeting global energy demand, and we are very well positioned to generate significant multi-year Free Cash Flow and maximize unitholder returns for years to come.”

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333 Clay Street, Suite 1600

Houston, Texas 77002

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Plains All American Pipeline

Summary Financial Information (unaudited)

(in millions, except per unit data)

Three Months Ended March 31,%

GAAP Results20222021Change

Net income attributable to PAA$187 $422 (56)%

Diluted net income per common unit$0.19 $0.51 (63)%

Diluted weighted average common units outstanding705 722 (2)%

Net cash provided by operating activities$340 $791 (57)%

Distribution per common unit declared for the period$0.2175 $0.18 21 %

Three Months Ended March 31,%

Non-GAAP Results (1)

20222021Change

Adjusted net income attributable to PAA$266 $232 15 %

Diluted adjusted net income per common unit$0.31 $0.25 24 %

Adjusted EBITDA $690 $546 26 %

Adjusted EBITDA attributable to PAA (2) $614 $543 13 %

Implied DCF per common unit and common unit equivalent$0.56 $0.51 10 %

Free Cash Flow$200 $678 (71)%

Free Cash Flow after Distributions$36 $511 (93)%

(1)See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.

(2)Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC joint venture (the “Permian JV’) and Red River Pipeline LLC.

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333 Clay Street, Suite 1600

Houston, Texas 77002

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Summary of Selected Financial Data by Segment (unaudited)

(in millions)

Segment Adjusted EBITDA (1) (2)

Crude OilNGL

Three Months Ended March 31, 2022$453 $161

Three Months Ended March 31, 2021$474 $69

Percentage change in Segment Adjusted EBITDA versus 2021 period(4)%133 %

Percentage change in Segment Adjusted EBITDA versus 2021 period further adjusted for impact of divested assets (3) 3 %133 %

(1)During the fourth quarter of 2021, we modified our definition of Segment Adjusted EBITDA to exclude amounts attributable to noncontrolling interests. In connection with the Permian JV formation in October 2021, our Chief Operating Decision Maker (“CODM”) determined this modification resulted in amounts that were more meaningful to evaluate segment performance. Amounts for prior periods have been recast to reflect this modification.

(2)During the fourth quarter of 2021, we effected changes in the primary financial information provided to our CODM (our Chief Executive Officer) for assessing performance and allocating resources to present two operating segments, Crude Oil and NGL. Prior to the fourth quarter of 2021, this information was organized into three operating segments: Transportation, Facilities and Supply and Logistics. The change in our segments is reflective of a change in how our CODM views our business and stems primarily from (i) a multi-year transition in the midstream energy industry driven by increased competition that has reduced the stand alone earnings opportunities of our supply and logistics activities such that those activities now primarily support our effort to increase the utilization of our Crude Oil and NGL assets and (ii) internal

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Exhibit 99.1

Plains All American Reports Fourth-Quarter and Full-Year 2021 Results

(Houston — February 9, 2022) Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported fourth-quarter and full-year 2021 results and provided the following updates:

Summary Highlights

•Reported fourth-quarter and full-year 2021 Net income attributable to PAA of $450 million and $593 million, respectively, and 2021 Net cash provided by operating activities of $635 million and $1,996 million, respectively

•Reported fourth-quarter and full-year 2021 Adjusted EBITDA attributable to PAA of $564 million and $2,196 million, respectively

•Generated full-year 2021 Free Cash Flow after Distributions, including $875 million of net asset sales proceeds, of $1.65 billion, or $600 million above initial February 2021 expectations

•Reduced total debt by approximately $1 billion and repurchased approximately $175 million of PAA common units (approximately 2.5% of common equity float) during 2021

•Furnished full-year 2022 Adjusted EBITDA attributable to PAA and Free Cash Flow guidance of +/- $2.2 billion and +/- $1.4 billion, respectively

Capital Allocation Update

Plains remains focused on maximizing Free Cash Flow and allocating it through a balanced approach, with a continued near-team prioritization towards debt reduction while increasing cash returned to our equity holders over time. As a result of meaningful progress reducing debt and an improved business outlook, the company plans to continue increasing cash returned to equity holders through a combination of distribution growth and discretionary common equity repurchases under the $500 million repurchase authorization. Plains has repurchased approximately $228 million of common equity, or 24.3 million common units at an average price of $9.40 since the program was established in November 2020.

For our first quarter 2022 distribution payable in May 2022, management intends to recommend to the Board of Directors of PAA GP Holdings LLC (“the Plains Board”) an increase to PAA’s and PAGP’s annualized distribution from $0.72 to $0.87 per common unit and Class A share. Consistent with past practice, the Plains Board will consider management’s recommendation prior to its approval and declaration of the distribution for the first quarter of 2022.

“2021 was a year of solid execution, maximizing Free Cash Flow, reducing absolute levels of debt, returning cash to our equity holders, optimizing our business and advancing our sustainability efforts,” stated Willie Chiang, Chairman and CEO of Plains. “Looking forward, Plains is well positioned to generate significant cash flow on a multi-year basis. The fundamentals supporting our business have meaningfully improved with the Permian Basin positioned to drive U.S. production growth and Plains is well positioned to service this growth. We remain focused on allocating our cash flow in a balanced manner, prioritizing debt reduction in the near-term while increasing cash returned to our equity holders over time. Today’s capital allocation update is a positive step in that direction.”

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 2

Plains All American Pipeline

Summary Financial Information (unaudited)

(in millions, except per unit data)

Three Months Ended December 31,% Twelve Months Ended December 31,%

GAAP Results20212020Change20212020Change

Net income/(loss) attributable to PAA (1) $450 $(28)**$593 $(2,590)**

Diluted net income/(loss) per common unit$0.56 $(0.11)**$0.55 $(3.83)**

Diluted weighted average common units outstanding709 726 (2)%716 728 (2)%

Net cash provided by operating activities$635 $258 146 %$1,996 $1,514 32 %

Distribution per common unit declared for the period$0.18 $0.18 — %$0.72 $0.72 — %

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

(1)Reported results for the twelve months ended December 31, 2021 include aggregate non-cash asset impairments of approximately $695 million related to the sale of our gas storage assets and the write-down of certain crude oil terminal assets. Reported results for the twelve months ended December 31, 2020 include aggregate non-cash goodwill and asset impairments and the write-down of certain of our investments in unconsolidated entities totaling $3.4 billion representing a twelve-month net loss of $4.69 after tax per common unit.

Three Months Ended December 31,% Twelve Months Ended December 31,%

Non-GAAP Results (1)

20212020Change20212020Change

Adjusted net income attributable to PAA$231 $261 (11)%$884 $1,331 (34)%

Diluted adjusted net income per common unit$0.25 $0.29 (14)%$0.95 $1.55 (39)%

Adjusted EBITDA $646 $559 16 %$2,290 $2,560 (11)%

Adjusted EBITDA attributable to PAA (2) $564 $554 2 %$2,196 $2,546 (14)%

Implied DCF per common unit and common unit equivalent$0.55 $0.46 20 %$2.06 $2.29 (10)%

Free Cash

EX-99.1

2 paa11022021exhibit991.htm

EX-99.1

Document

Exhibit 99.1

Plains All American Reports Third-Quarter 2021 Results

Houston, TX – November 2, 2021– Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported third-quarter 2021 results and provided the following updates:

•Successfully completed formation of Plains Oryx Permian Basin strategic joint venture (closed October 5th); cashless transaction, debt-free entity, near-term free cash flow accretive to Plains and Oryx, with targeted JV synergies of $50–$100 million or more

•Reported a net loss for the period of $59 million, including the non-cash impact of an approximately $220 million asset impairment charge

•Reported third-quarter Adjusted EBITDA of $519 million and maintained full-year 2021 Adjusted EBITDA guidance of +/- $2.175 billion (includes approximately $40 million impact of Fort Saskatchewan incident and other timing-related items)

•Increased forecasted 2021 Free Cash Flow after Distributions by $50 million to +/- $1.4 billion, or +/- $500 million excluding proceeds from asset sales

•Reduced 2021 capital (investment and maintenance) guidance by an additional $50 million to +/- $455 million, approximately 30% below February guidance

•Reduced total debt by approximately $650 million in the period and by approximately $1 billion since year-end 2020

•Continued utilizing the November 2020 repurchase authorization during the period, bringing total cumulative repurchases to $167 million, or 18.1 million PAA common units

“We delivered third-quarter results that exceeded our expectations, increased our full-year Free Cash Flow outlook and maintained full-year Adjusted EBITDA guidance despite the impact of non-recurring and timing-related items,” stated Willie Chiang, Chairman and CEO of Plains. “Importantly, we continue to execute across multiple key initiatives, all of which are aimed at maximizing free cash flow to reinforce our balance sheet and generate attractive returns for our equity holders. Integration of the Plains Oryx Permian Basin joint venture is well underway, and we are increasingly confident in the synergies the JV is positioned to capture, the value of the operating leverage embedded within our system, and the magnitude of production growth the basin is positioned to deliver over the next several years.”

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333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 2

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 Results20212020Change20212020Change

Net income/(loss) attributable to PAA (1) $(59)$143 **$143 $(2,562)**

Diluted net income/(loss) per common unit$(0.15)$0.13 **$(0.01)$(3.72)**

Diluted weighted average common units outstanding715 728 (2)%719 728 (1)%

Net cash provided by operating activities$336 $282 19 %$1,361 $1,256 8 %

Distribution per common unit declared for the period$0.18 $0.18 — %$0.54 $0.54 — %

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

(1)Reported results for the nine months ended September 30, 2021 include aggregate non-cash asset impairments of approximately $695 million related to the sale of our gas storage assets and the write-down of certain crude oil terminal assets. Reported results for the nine months ended September 30, 2020 include aggregate non-cash goodwill and asset impairments and the write-down of certain of our investments in unconsolidated entities totaling $3.3 billion, representing a nine-month net loss of $4.55 after tax per common unit.

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

Non-GAAP Results (1)

20212020Change20212020Change

Adjusted net income attributable to PAA$208 $382 (46)%$653 $1,070 (39)%

Diluted adjusted net income per common unit$0.22 $0.46 (52)%$0.70 $1.26 (44)%

Adjusted EBITDA $519 $682 (24)%$1,643 $2,001 (18)%

Implied DCF per common unit and common unit equivalent$0.48 $0.63 (24)%$1.51 $1.84 (18)%

Free Cash Flow$1,093 $73 **$1,830 $195 **

Free Cash Flow after Distributions$927 $(95)**$1,304 $(466)**

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

(1)See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.

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Houston, Texas 77002

713-646-4100 / 866-809-1291

Page 3

Summary of Selected Financial Data by Segment (unaudited)

(in millions)

Segment Adjusted EBITDA

TransportationFacilitiesSupply and Logistics

Three Months Ended September 30, 2021$427 $114 $(23)

Three Month