Plains All Amer Pipeline : 2020 4Q PAA & PAGP Earnings Conference Call Script - Q&A - Slides - Non-GAAP Reconciliation

Houston, TX | February 9, 2021

4Q & FY 2020 Earnings Package

Index

•  Conference Call Transcript

•  Conference Call Slides

•  PAA / PAGP Earnings Release and Guidance

•  PAA Non-GAAP Reconciliations

PAA

PAGP 2

Fourth-Quarter 2020 Earnings Conference Call

Tuesday, February 9, 2021

Roy Lamoreaux:

Thank you, Tulare. Good afternoon, and welcome to Plains All American's fourth-quarter and full-year 2020 earnings conference call. Today's slide presentation, which contains a good deal of supplementary information is posted on the Investor Relations, News & Events section of our website at plainsallamerican.com, where audio replay will also be available following our call today. Later this evening we plan to post our "Earnings Package" to the Investor Kit section of our IR website, which will include today's transcript and other reference materials. Important disclosures regarding forward looking statements and non-GAAP financial measures are provided on slide 2 of today's presentation. A condensed consolidating balance sheet for PAGP and other reference materials are located in the appendix.

Today's call will be hosted by Willie Chiang, Chairman and Chief Executive Officer and Al Swanson, Executive Vice President and Chief Financial Officer. Additionally, Harry Pefanis, President and Chief Commercial Officer; Chris Chandler, Executive Vice President and Chief Operating Officer; Jeremy Goebel, Executive Vice President - Commercial; and Chris Herbold, Senior Vice President and Chief Accounting Officer, along with other members of our senior management team are available for the Q&A portion of today's call.

With that, I will now turn the call over to Willie.

Willie Chiang:

Thanks, Roy. Hello everyone, and thank you for joining us. This afternoon we reported fourth-quarter and full-year 2020 results, each of which were largely in-line with our expectations. We also furnished full-year guidance for 2021. Al will discuss theresults and guidance in more detail during his portion of the call, so let me start off with a few comments on the progress we made in 2020 and our positioning going forward. As we all appreciate, the challenges in 2020 were very significant. I'm thankful for and very proud of our team who demonstrated strength and resilience, worked to overcome obstacles, and focused on what we could control. As a result, we accelerated several key initiatives, two of which I want to highlight:

• • First, we have fully embraced our company-wide transition to "efficiency mode" - focusing on streamlining the organization, reducing costs, and working to optimize all aspects of our business.

• • Second, we have positioned ourselves to generate meaningful positive free cash flow after distributions. We implemented actions that improved our 2020 cash positioning by roughly $1 billion and expect to have strong positive free-cash-flow after distributions in 2021 and beyond.

The collective result of these activities allowed us to activate a balanced equity repurchase program that aligns with our priorities of reducing leverage, improving our investment-grade credit metrics, and returning capital to equity holders.

Throughout 2020, we had solid execution against the goals we outlined at the beginning of the year, which are summarized on slide 4.

• • Notably, we delivered Adjusted EBITDA within 1% of our initial "pre-COVID" guidance - a significant achievement largely accomplished via strong mid-year Supply & Logistics results buffering the negative impact of reduced volumes in our Transportation Segment.

• • We completed $450 million in asset sales, electing to defer our process for certain targeted asset sales into 2021.

• • We also advanced optimization and efficiency initiatives throughout the year, resulting in more than $125 million of OPEX and G&A cost savings which we expect to endure in 2021 and future years.