Plains All American Pipeline (PAA) Registration Filing summary

Company overview and business model

• Operates as a Delaware limited partnership with a focus on large-scale supply aggregation and ownership of midstream infrastructure connecting major producing regions to demand centers and export terminals in North America.

• Owns an extensive network of pipeline transportation, terminalling, storage, and gathering assets in key crude oil and NGL producing basins, primarily through two segments: Crude Oil and NGL.

• Engages in ongoing evaluation of strategic transactions, including acquisitions, divestitures, joint ventures, and capital projects to support its business strategy.

Financial performance and metrics

• Incorporates by reference its Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Reports on Form 10-Q for the periods ended March 31, 2024, and June 30, 2024.

• Financial statements and internal control effectiveness are audited by PricewaterhouseCoopers LLP.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general partnership purposes, including repayment of indebtedness, acquisitions, capital expenditures, and additions to working capital.

• Specific allocation of proceeds will be detailed in the applicable prospectus supplement at the time of each offering.