Plains All American Pipeline (PAA) Proxy filing summary

Executive summary

• 2025 was marked by market volatility, but the organization executed major transactions, including the sale of its Canadian NGL business for $3.75 billion and the acquisition of the EPIC crude system for $2.9 billion, enhancing cash flow quality and durability.

• Five bolt-on acquisitions totaling $800 million were completed, and streamlining initiatives are expected to yield $100 million in cost savings by 2027, with half realized in 2026.

• Annualized distribution increased by $0.15/unit (10%) in February 2026, with strong total unitholder returns in 2025 (14% for PAA, 13% for PAGP).

• Focus for 2026 includes closing the NGL sale, capturing $50 million in Cactus III pipeline synergies, and navigating ongoing market uncertainty.

Voting matters and shareholder proposals

• Unitholders will vote on: (1) election of four Class I directors to serve until 2029, (2) ratification of PricewaterhouseCoopers LLP as independent auditor for 2026, and (3) a non-binding advisory vote on 2025 executive compensation.

• The board unanimously recommends voting FOR all proposals.

• Voting is conducted via a pass-through mechanism, with PAA unitholders instructing PAA how to vote its PAGP Class C shares.

Board of directors and corporate governance

• The board has 11 members, with a majority (8/11) determined to be independent under Nasdaq and SEC rules.

• Governance enhancements include a unified board structure, public election of all directors, and a strong lead independent director role.

• Board committees (Audit, Compensation, Governance, HSES) are composed entirely of independent directors.

• Board succession planning, annual self-assessments, and director evaluations are in place.