Financial Analysis

Commitments and Contingencies Commitments We have commitments (some of which are leases) related to real property, equipment and operating facilities. Future noncancelable commitments related to these items at December 31, 2025 are summarized below (in millions): 2026 2027 2028 2029 2030 Thereafter Total Leases (1) $ 46 $ 44 $ 43 $ 34 $ 28 $ 346 $ 541 Other commitments (2) 245 215 116 114 117 141 948 Total $ 291 $ 259 $ 159 $ 148 $ 145 $ 487 $ 1,489 (1) Includes both operating and finance leases as defined by FASB guidance. Leases are primarily for (i) office space, (ii) land, (iii) vehicles, (iv) storage tanks and (v) tractor trailers. See Note 14 for additional information. (2) Primarily includes storage, transportation and pipeline throughput agreements. Expense associated with such agreements was approximately $363 million, $341 million and $348 million for 2025, 2024 and 2023, respectively. A majority of the storage, transportation and pipeline throughput commitments are associated with agreements to store crude oil at facilities and transport crude oil on pipelines owned by equity method investees at posted tariff rates or prices that we believe approximate market. A portion of our commitment to transport is supported by crude oil buy/sell or other agreements with third parties with commensurate quantities. Loss Contingencies General To the extent we are able to assess the likelihood of a negative outcome for a contingency, our assessments of such likelihood range from …

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Debt Debt consisted of the following (in millions): December 31, 2025 December 31, 2024 SHORT-TERM DEBT Commercial paper notes, bearing a weighted-average interest rate of 3.9% and 4.6%, respectively (1) $ 554 $ 393 Other 9 14 Total short-term debt 563 407 LONG-TERM DEBT Senior notes: 4.65% senior notes due October 2025 (2) 1,000 4.50% senior notes due December 2026 (3) 750 750 3.55% senior notes due December 2029 1,000 1,000 3.80% senior notes due September 2030 750 750 4.70% senior notes due January 2031 1,000 5.70% senior notes due September 2034 650 650 5.95% senior notes due June 2035 1,000 5.60% senior notes due January 2036 1,000 6.70% senior notes due May 2036 250 250 6.65% senior notes due January 2037 600 600 5.15% senior notes due June 2042 499 499 4.30% senior notes due January 2043 348 348 4.70% senior notes due June 2044 687 687 4.90% senior notes due February 2045 649 649 Unamortized discounts and debt issuance costs (65) (42) Senior notes, net of unamortized discounts and debt issuance costs 9,118 7,141 Other long-term debt: Commercial paper notes, bearing a weighted-average interest rate of 3.9% (4) 416 Term loan, net of debt issuance costs of $1, bearing a weighted-average interest rate of 5.0% 1,099 Other 63 70 Total long-term debt 10,696 7,211 Total debt (5) $ 11,259 $ 7,618 (1) We classified these commercial paper notes as short-term as of December 31, 2025 and 2024, as these notes were primarily designated as working capital borrowings, were required to …

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Revenues from Contracts with Customers. The following tables present our revenues from contracts with customers disaggregated by segment and type of activity (in millions): Year Ended December 31, 2025 2024 2023 Crude Oil segment revenues from contracts with customers Sales $ 42,408 $ 47,036 $ 45,621 Transportation 1,330 1,231 1,144 Terminalling, Storage and Other 349 384 381 Total Crude Oil segment revenues from contracts with customers $ 44,087 $ 48,651 $ 47,146 Year Ended December 31, 2025 2024 2023 NGL segment revenues from contracts with customers Sales $ 144 $ 180 $ 179 Terminalling, Storage and Other 6 7 7 Total NGL segment revenues from contracts with customers $ 150 $ 187 $ 186 The following tables present the reconciliation of our revenues from contracts with customers (as described above for each segment) to total revenues of reportable segments and total revenues as disclosed in our Consolidated Statements of Operations (in millions): Year Ended December 31, 2025 Crude Oil NGL Total Revenues from contracts with customers $ 44,087 $ 150 $ 44,237 Other revenues 44 1 45 Total revenues of reportable segments $ 44,131 $ 151 $ 44,282 Intersegment revenues elimination (20) Total revenues $ 44,262 Year Ended December 31, 2024 Crude Oil NGL Total Revenues from contracts with customers $ 48,651 $ 187 $ 48,838 Other revenues 69 69 Total revenues of reportable segments $ 48,720 $ 187 $ 48,907 Intersegment revenues elimination (18) Total revenues $ 48,889 Year Ended December 3 …

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Equity-Indexed Compensation Plans Our equity-indexed compensation plans primarily include LTIPs. Although other types of awards are contemplated under certain of the LTIPs, currently outstanding awards are limited to phantom units, which mature into the right to receive common units of PAA (or cash equivalent) upon vesting, and tracking units, which, upon vesting, represent the right to receive a cash payment in an amount based upon the market value of a PAA common unit at the time of vesting. Some awards also include DERs, which, subject to applicable vesting criteria, entitle the grantee to a cash payment equal to the cash distribution paid on an outstanding PAA common unit. The DERs terminate with the vesting or forfeiture of the underlying LTIP award. Our LTIP awards include both liability-classified and equity-classified awards. In accordance with FASB guidance regarding share-based payments, the fair value of liability-classified LTIP awards is calculated based on the closing market price of the underlying PAA unit at each balance sheet date and adjusted for the present value of any distributions that are estimated to occur on the underlying units over the vesting period that will not be received by the award recipients. The fair value for equity-classified awards is calculated in a similar manner on the respective grant dates. These fair values are recognized as compensation expense over the service period. We have elected to recognize forfeitures of awards when they o …

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Income Taxes Income tax expense is estimated using the tax rate in effect or to be in effect during the relevant periods in the jurisdictions in which we operate. Deferred income tax assets and liabilities are recognized for temporary differences between the basis of assets and liabilities for financial reporting and tax purposes and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. To the extent we do not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is established. Changes in tax legislation are included in the relevant computations in the period in which such changes are effective. We review contingent tax liabilities for estimated exposures on a more likely than not standard related to our current tax positions. Pursuant to FASB guidance related to accounting for uncertainty in income taxes, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the tax position and also the past administrative practices and precedents of the taxing authority. As of December 31, 2025 and 2024, we had not recognized any material amounts in connection with uncertainty in income taxes. U.S. Federal and State Taxes As an MLP, we are not subject to U.S. federal income taxes; rather the tax effect of our operations is passed through t …

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Leases Lessee We evaluate all agreements entered into or modified that convey to us the use of property or equipment for a term to determine whether the agreement is or contains a lease. Significant judgment is required when determining whether we obtain the right to direct the use of identified property or equipment. We lease certain property and equipment under noncancelable and cancelable operating and finance leases. Our operating leases primarily relate to office space, land, vehicles and storage tanks, and our finance leases primarily relate to tractor trailers, storage tanks and vehicles. One of our finance leases is for storage tanks owned by an equity method investee, in which we own a 50% interest. For leases with an initial term of greater than 12 months, we recognize a right-of-use asset and lease liability on the balance sheet. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We have elected the non-lease component separation practical expedient for certain classes of assets where we are the lessee. Our lease agreements have remaining lease terms ranging from one year to approximately 55 years. When applicable, this range includes additional terms associated with leases for which we are reasonably certain to exercise the option to renew and such renewal options are recognized as part of our right-of-use assets and lease liabilities. We have renewal options for leases with terms ranging from one year to 25 years that are not …

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Recent Accounting Pronouncements, Disclosure Rules and Other Legislation Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which requires, among other things, disclosure of specified information about certain costs and expenses in the notes to the financial statements. The guidance is effective prospectively for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 with retrospective application and early adoption permitted. We intend to provide the required disclosures beginning with our annual report for the year ended December 31, 2027. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires, among other things, disaggregated information about effective tax rate reconciliation and income taxes paid (net of refunds received) on an annual basis. The guidance is effective prospectively for annual periods beginning after December 15, 2024 with retrospective or early adoption permitted. We adopted this guidance beginning with our annual report for the year ended December 31, 2025. See Note 15 for updated income tax disclosures. Other than such disclosure updates, our adoption did not have a material impact on our financial position, results of operations or cash flows. In Novembe …

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Related Party Transactions Ownership of PAGP Class C Shares As of December 31, 2025 and 2024, we owned 530,932,175 and 542,004,838, respectively, Class C shares of PAGP. Each Class C share represents a non-economic limited partner interest in PAGP. The Class C shares function as a pass-through voting mechanism through which we vote at the direction of and as proxy for our common unitholders (other than AAP) and Series A preferred unitholders in such director elections. The number of Class C shares that we own is equal to the number of outstanding common units and Series A preferred units that are entitled to vote, pro rata with the holders of PAGP Class A and Class B shares, for the election of eligible PAGP GP directors. Common units held by AAP and Series B preferred units are not entitled to vote in the election of directors. Reimbursement of Our General Partner and its Affiliates Our general partner provides services necessary to manage and operate our business, properties and assets, including employing or retaining personnel. We do not pay our general partner a management fee, but we do reimburse our general partner for all direct and indirect costs it incurs or payments it makes on our behalf, including the costs of employee, officer and director compensation and benefits allocable to us as well as all other expenses necessary or appropriate to conduct our business. We record these costs on the accrual basis in the period in which our general partner incurs them. Our p …

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Revenues and Accounts Receivable Revenue Recognition We disaggregate our revenues by segment and type of activity. These categories depict how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. Revenues from Contracts with Customers. The following tables present our revenues from contracts with customers disaggregated by segment and type of activity (in millions): Year Ended December 31, 2025 2024 2023 Crude Oil segment revenues from contracts with customers Sales $ 42,408 $ 47,036 $ 45,621 Transportation 1,330 1,231 1,144 Terminalling, Storage and Other 349 384 381 Total Crude Oil segment revenues from contracts with customers $ 44,087 $ 48,651 $ 47,146 Year Ended December 31, 2025 2024 2023 NGL segment revenues from contracts with customers Sales $ 144 $ 180 $ 179 Terminalling, Storage and Other 6 7 7 Total NGL segment revenues from contracts with customers $ 150 $ 187 $ 186 Sales Revenues. Revenues from sales of crude oil and NGL are recognized at the time title to the product sold transfers to the purchaser, which occurs upon delivery of the product to the purchaser or its designee. The consideration received under these contracts is variable based on commodity prices. Inventory exchanges under buy/sell transactions are excluded from sales revenues in our Consolidated Statements of Operations. Transportation Revenues. Transportation revenues include revenues from transporting crude oil on pipelines and trucks. Revenues …

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Segment Information Our operating segments, Crude Oil and NGL, which are also our reportable segments, are organized by product as our Crude Oil and NGL businesses are generally impacted by different market fundamentals and require the use of different assets and business strategies. The Crude Oil segment includes our crude oil pipelines, crude oil storage and marine terminals and related crude oil marketing activities. Our crude oil marketing activities are included in our Crude Oil reporting segment as its primary purpose is to support the utilization of our assets by entering into transactions that facilitate increased volumes handled by our assets, resulting in additional earnings for the segment. The NGL segment includes our NGL assets primarily located in the Southwestern United States. Our CODM (our Chief Executive Officer) evaluates segment performance based on measures including Segment Adjusted EBITDA (as defined below). The measure of Segment Adjusted EBITDA forms the basis of our internal financial reporting and is the primary performance measure of segment profit/(loss) used by our CODM in assessing performance and allocating resources among our operating segments. We define Segment Adjusted EBITDA as revenues and equity earnings in unconsolidated entities less (a) significant segment expenses including: (i) purchases and related costs, (ii) field operating costs and (iii) segment general and administrative expenses, plus (b) our proportionate share of the deprec …

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Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements. Such estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting period. We make significant estimates with respect to (i) estimated fair value of assets and liabilities acquired and identification of associated goodwill and intangible assets, (ii) fair value of derivatives, (iii) accruals and contingent liabilities, (iv) property and equipment, depreciation and amortization expense and asset retirement obligations, (v) impairment assessments of property and equipment, investments in unconsolidated entities and intangible assets and (vi) inventory valuations. Although we believe these estimates are reasonable, actual results could differ from these estimates. Purchases and Related Costs Purchases and related costs include (i) the weighted average cost of crude oil and NGL sold to customers, (ii) fees incurred for storage and transportation, whether by pipeline, truck or rail and (iii) performance-related bonus costs. These costs are recognized when incurred except in the case of products sold, which are recognized at the time title transfers to our customers. Inventory exchanges under buy/sell transactio …

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