Plains All American Pipeline (PAA) Investor presentation summary

Financial and operating profile

• Enterprise value stands at approximately $30 billion with a 7.5% distribution yield and a 4.1x leverage ratio as of March 2026.

• Operates over 20,000 miles of active pipeline, with more than 9 million barrels per day in total pipeline tariff volume and 118 million barrels per month in liquids storage capacity.

• Investment grade credit ratings (BBB/BBB/Baa2) and a long-term leverage target range of 3.25x–3.75x.

Structure and tax attributes

• Dual security structure (PAA and PAGP) provides flexibility, with PAGP offering a deferred tax asset of ~$1.2 billion and no expected corporate income taxes until around 2032.

• PAA’s MLP structure allows for pass-through tax benefits, tax-deferred return of capital, and estate planning advantages.

Distribution and return of capital

• Distribution yield of ~7.5% leads sector peers, with annual distribution per unit growing from $0.83 in 2022 to $1.67 in 2026.

• Multi-year distribution growth targeted, with a framework of $0.15/unit annual increases and a 150% DCF coverage ratio threshold.