Plains GP L P : 3-31-24 Non-GAAP Reconciliations

Non-GAAP Reconciliations and Supplemental Calculations: Table of Contents

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Introduction

Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA Adjusted Net Income Per Common Unit

Net Income/(Loss) Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation PAA Credit Metrics

Implied Distributable Cash Flow

Net Income/(Loss) Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation

Segment Information

Introduction

Non-GAAP Financial Measures and Selected Items Impacting Comparability

To supplement our financial information presented in accordance with GAAP, management uses additional measures known as "non-GAAP financial measures" in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow ("DCF"), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions.

Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income/(Loss), Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities, the most directly comparable measures as reported in accordance with GAAP, for the historical periods presented in the following pages, and should be viewed in addition to, and not in lieu of, our Consolidated Financial Statements in our Annual Reports on Form 10-K, our Condensed Consolidated Financial Statements in our Quarterly Reports on Form 10-Q and notes thereto. We do not provide a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures on a forward-looking basis as it is impractical to forecast certain items that we have defined as "Selected Items Impacting Comparability" without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of and the periods in which such items may be recognized. Thus, a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures could result in disclosure that could be imprecise or potentially misleading.

Non-GAAP Financial Performance Measures

Adjusted EBITDA is defined as earnings before interest expense, income tax (expense)/benefit, depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities), gains and losses on asset sales and asset impairments and gains or losses on investments in unconsolidated entities, adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests.

Management believes that the presentation of such additional financial measures provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our core operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our core operating results and/or (v) other items that we believe should be excluded in understanding our core operating performance. These measures may further be adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in "Other current liabilities" in our Condensed Consolidated Financial Statements in our Annual Reports on Form 10-K and our Condensed Consolidated Financial Statements in our Quarterly Reports on Form 10-Q. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as "selected items impacting comparability." Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.

Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, investment capital projects and numerous other factors and will be discussed, as applicable, in management's discussion and analysis of operating results in our Quarterly Report on Form 10-Q and in our Annual Report on form 10-K for the period(s) applicable.

Non-GAAP Financial Liquidity Measures

Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/ (Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions.

We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present the Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of "Changes in assets and liabilities, net of acquisitions" on our Condensed Consolidated Statements of Cash Flows. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities).

1

Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA (in millions) (1) (2)

Selected Items Impacting Comparability (3)

		2024						2023										2022										2021
		Q1		Q1		Q2		Q3		Q4		YTD		Q1		Q2		Q3		Q4		YTD		Q1		Q2		Q3		Q4		YTD
Derivative activities and inventory valuation adjustments	$	(159)	$	(34)	$	86	$	(196)	$	43	$	(101)	$	(132)	$	(28)	$	327	$	(76)	$	91	$	131	$	(86)	$	(9)	$	249	$	285
Long-term inventory costing adjustments		33		(29)		(2)		58		(62)		(35)		92		13		(83)		(18)		4		41		27		13		13		94
Deficiencies under minimum volume commitments, net		12		7		2		(14)		(8)		(12)		(6)		(10)		(16)		24		(7)		32		(6)		(56)		38		7
Equity-indexed compensation expense		(9)		(10)		(8)		(10)		(8)		(36)		(7)		(7)		(9)		(8)		(32)		(5)		(4)		(6)		(5)		(19)
Foreign currency revaluation		9		3		(5)		5		(11)		(8)		9		(19)		(32)		2		(41)		8		7		(18)		11		7
Transaction-related expenses		-		-		-		(1)		-		(1)		-		-		-		-		-		-		(3)		(2)		(11)		(16)
Line 901 incident		-		-		-		-		(10)		(10)		(85)		-		-		(10)		(95)		-		-		-		(15)		(15)
Net gain on early repayment of senior notes		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
Selected items impacting comparability - Adjusted EBITDA	$	(114)	$	(63)	$	73	$	(158)	$	(56)	$	(203)	$	(129)	$	(51)	$	187	$	(86)	$	(80)	$	207	$	(65)	$	(78)	$	280	$	343
Derivative activities		-		-		-		-		-		-		-		4		2		1		7		-		-		-		-		-
Gain (loss) on/(impairment of) investments in unconsolidated		-		-		-		29		-		28		-		-		1		345		346		-		-		-		2		2
entities, net
Gains/(losses) on asset sales and asset impairments, net		-		154		(3)		(7)		9		152		42		3		-		(315)		(269)		(2)		(369)		(221)		-		(592)
Tax effect on selected items impacting comparability		30		(10)		(20)		38		4		13		8		(13)		(85)		24		(65)		(15)		1		32		(63)		(44)
Other		(4)		(3)		-		(7)		-		(10)		-		-		(1)		8		7		-		-		-		-		-
Selected items impacting comparability - Adjusted net income	$	(88)	$	78	$	50	$	(105)	$	(43)	$	(20)	$	(79)	$	(57)	$	104	$	(23)	$	(54)	$	190	$	(433)	$	(267)	$	219	$	(291)
attributable to PAA
Net Income/(Loss) to Adjusted EBITDA attributable to PAA Reconciliation
		2024						2023										2022										2021
		Q1		Q1		Q2		Q3		Q4		YTD		Q1		Q2		Q3		Q4		YTD		Q1		Q2		Q3		Q4		YTD
Net Income/(Loss)	$	351	$	475	$	349	$	279	$	399	$	1,502	$	225	$	251	$	442	$	310	$	1,228	$	423	$	(216)	$	(55)	$	497	$	648
Interest expense, net		95		98		95		97		97		386		107		99		99		100		405		107		107		106		106		425
Income tax expense/(benefit)		14		53		43		(14)		39		121		21		47		109		12		189		24		(10)		(30)		88		73
Depreciation and amortization		254		256		259		260		273		1,048		230		242		238		254		965		177		196		178		223		774
(Gains)/losses on asset sales and asset impairments, net		-		(154)		3		7		(9)		(152)		(42)		(3)		-		315		269		2		369		221		-		592
(Gain on)/impairment of investments in unconsolidated		-		-		-		(29)		-		(28)		-		-		(1)		(345)		(346)		-		-		-		(2)		(2)
entities, net
Depreciation and amortization of unconsolidated entities (4)		19		22		24		21		20		87		20		17		21		27		85		20		68		21		14		123
Selected items impacting comparability - Adjusted EBITDA		114		63		(73)		158		56		203		129		51		(187)		86		80		(207)		65		78		(280)		(343)
Adjusted EBITDA	$	847	$	813	$	700	$	779	$	875	$	3,167	$	690	$	704	$	721	$	759	$	2,875	$	546	$	579	$	519	$	646	$	2,290
Less: Adjusted EBITDA attributable to noncontrolling interests		(129)		(98)		(103)		(117)		(138)		(456)		(76)		(89)		(98)		(100)		(365)		(3)		(4)		(5)		(82)		(94)
Adjusted EBITDA attributable to PAA	$	718	$	715	$	597	$	662	$	737	$	2,711	$	614	$	615	$	623	$	659	$	2,510	$	543	$	575	$	514	$	564	$	2,196
Net Income/(Loss) to Adjusted Net Income Attributable to PAA Reconciliation
		2024						2023										2022										2021
		Q1		Q1		Q2		Q3		Q4		YTD		Q1		Q2		Q3		Q4		YTD		Q1		Q2		Q3		Q4		YTD
Net Income/(Loss)	$	351	$	475	$	349	$	279	$	399	$	1,502	$	225	$	251	$	442	$	310	$	1,228	$	423	$	(216)	$	(55)	$	497	$	648
Less: Net income attributable to noncontrolling interests		(85)		(53)		(56)		(76)		(87)		(272)		(38)		(48)		(58)		(47)		(191)		(1)		(4)		(4)		(47)		(55)
Net income/(loss) attributable to PAA	$	266	$	422	$	293	$	203	$	312	$	1,230	$	187	$	203	$	384	$	263	$	1,037	$	422	$	(220)	$	(59)	$	450	$	593
Selected items impacting comparability - Adjusted net income		88		(78)		(50)		105		43		20		79		57		(104)		23		54		(190)		433		267		(219)		291
attributable to PAA
Adjusted net income attributable to PAA	$	354	$	344	$	243	$	308	$	355	$	1,250	$	266	$	260	$	280	$	286	$	1,091	$	232	$	213	$	208	$	231	$	884

_________________________________________

1. Amounts may not recalculate due to rounding.
2. Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability.
3. For more information regarding our Selected Items Impacting Comparability, please refer to our most recently issued PAA & PAGP Earnings Release.
4. Adjustment to add back our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects) of unconsolidated entities.

2

Adjusted Net Income Per Common Unit (in millions, except per unit data) (1) (2)

Basic and Diluted Adjusted Net Income Per Common Unit

2024

Q1

2023

Q1 Q2 Q3 Q4 YTD

2022

Q1 Q2 Q3 Q4 YTD

2021

YTD

Net income/(loss) attributable to PAA	$	266	$	422	$	293	$	203	$	312	$	1,230	$	187	$	203	$	384	$	263	$	1,037	$	593
Selected items impacting comparability - Adjusted net income attributable to PAA (3)		88			(78)		(50)		105		43		20			79		57		(104)		23		54			291
Adjusted net income attributable to PAA	$	354	$	344	$	243	$	308	$	355	$	1,250	$	266	$	260	$	280	$	286	$	1,091	$	884
Distributions to Series A preferred unitholders (4)		(44)			(42)		(44)		(44)		(44)		(173)			(37)		(37)		(37)		(37)		(149)			(149)
Distributions to Series B preferred unitholders (4)		(19)			(18)		(18)		(19)		(20)		(76)			(12)		(12)		(12)		(15)		(52)			(49)
Amounts allocated to participating securities		(2)			(2)		(5)		(1)		(1)		(10)			(1)		(1)		(2)		(1)		(5)			(3)
Other		1			1		1		1		1		5			-		-		-		-		-			-
Adjusted net income allocated to common unitholders	$	290	$	283	$	177	$	245	$	291	$	996	$	216	$	210	$	229	$	233	$	885	$	683
Basic and diluted weighted average common units outstanding (5)(6)
	701			698		698		700		701		699			705		702		698		698		701			716
Basic and diluted adjusted net income per common unit	$	0.41	$	0.41	$	0.25	$	0.35	$	0.42	$	1.42	$	0.31	$	0.30	$	0.33	$	0.33	$	1.26	$	0.95

__________________________________________

1. Amounts may not recalculate due to rounding.
2. We calculate adjusted net income allocated to common unitholders based on the distributions pertaining to the current period's net income ). After adjusting for the appropriate period's distributions, the remaining undistributed earnings or excess distributions over earnings, if any,are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
3. Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability.
4. Distributions pertaining to the period presented.
5. The possible conversion of our Series A preferred units was excluded from the calculation of diluted adjusted net income per common unit as the effect was either antidilutive or did not change the presentation of diluted adjusted net income per common unit.
6. Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB. For certain periods presented, such equity-indexed compensation plan awards did not change the presentation of diluted weighted average common units outstanding or diluted adjusted net income per common unit.

3

Net Income/(Loss) Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation (1)

Basic and Diluted Adjusted Net Income Per Common Unit

2024

Q1

2023

Q1

Q2

Q3

Q4

YTD

2022

Q1

Q2

Q3

Q4

YTD

2021

YTD

Basic and diluted net income/(loss) per common unit	$	0.29	$	0.52	$	0.32	$	0.20	$	0.35	$	1.40	$	0.19	$	0.22	$	0.48	$	0.30	$	1.19	$	0.55
Selected items impacting comparability per common unit (2)		0.12			(0.11)		(0.07)		0.15		0.07		0.02			0.12		0.08		(0.15)		0.03		0.07			0.40
Basic and diluted adjusted net income per common unit	$	0.41	$	0.41	$	0.25	$	0.35	$	0.42	$	1.42	$	0.31	$	0.30	$	0.33	$	0.33	$	1.26	$	0.95

_____________________________________________

1. Amounts may not recalculate due to rounding.
2. For more information regarding our Selected Items Impacting Comparability, please refer to our most recently issued PAA & PAGP Earnings Release.

4

PAA Credit Metrics (in millions, except ratio amounts)(1)

Debt Capitalization Ratios

		2024					2023						2022		2021
		As of			As of		As of		As of		As of			As of
		March 31,			March 31,		June 30,	September 30,	December 31,			December 31,
Short-term debt	$	554	$	708	$	709	$	710	$	446	$	1,159	$	822
Senior notes, net		7,244			7,238		7,239		7,241		7,242			7,237		8,329
Other long-term debt, net		64			50		49		55		63			50		69
Long-term debt		7,308			7,288		7,288		7,296		7,305			7,287		8,398
Total debt	$	7,862		$	7,996	$	7,997	$	8,006	$	7,751		$	8,446	$	9,220
Long-term debt	$	7,308	$	7,288	$	7,288	$	7,296	$	7,305	$	7,287	$	8,398
Partners' capital excluding noncontrolling interests		10,339			10,243		10,379		10,285		10,422			10,057		9,972
Total book capitalization excluding noncontrolling interests ("Total book	$	17,647		$	17,531	$	17,667	$	17,581	$	17,727		$	17,344	$	18,370
capitalization")
Total book capitalization, including short-term debt	$	18,201	$	18,239	$	18,376	$	18,291	$	18,173	$	18,503	$	19,192

Long-termdebt-to-total book capitalization

41 %

42 %

41 %

41 %

41 %

42 %46 %

Total debt-to-total book capitalization, including short-term debt

43 %

44 %

44 %

44 %

43 %

46 %48 %

_____________________________________________

(1) Amounts may not recalculate due to rounding.

5

Implied Distributable Cash Flow (in millions, except per unit and ratio data)(1)

Implied Distributable Cash Flow Reconciliation

		Three Months Ended			Twelve Months Ended December 31,
Adjusted EBITDA(2)		Mar 31, 2024			Mar 31, 2023		2023				2022			2021
$	847	$	813		$	3,167	$	2,875	$	2,290
Interest expense, net of certain non-cash items (3)		(90)			(93)			(367)			(391)			(401)
Maintenance capital		(57)			(48)			(231)			(211)			(168)
Investment capital of noncontrolling interests (4)		(25)			(23)			(87)			(69)			(9)
Current income tax expense		(53)			(61)			(145)			(84)			(50)
Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings (5)		12			(12)			(37)			(28)			16
Distributions to noncontrolling interests (6)		(100)			(78)			(333)			(298)			(14)
Implied DCF	$	534	$	498		$	1,967	$	1,794	$	1,664
Preferred unit cash distributions (6)		(64)			(55)			(241)			(198)			(198)
Implied DCF available to common unitholders	$	470	$	443		$	1,726	$	1,596	$	1,466
Weighted average common units outstanding		701			698			699			701			716
Weighted average common units and common unit equivalents		772			769			770			772			787
Implied DCF per common unit (7)	$	0.67	$	0.63		$	2.47	$	2.28	$	2.05
Implied DCF per common unit and common unit equivalent (8)	$	0.67	$	0.62		$	2.46	$	2.26	$	2.05
Cash distribution paid per common unit	$	0.3175	$	0.2675		$	1.0700	$	0.8325	$	0.7200
Common unit cash distributions (6)	$	223	$	187		$	748	$	584	$	517
Common unit distribution coverage ratio		2.11x			2.37x			2.31x			2.73x			2.84x
Implied DCF excess	$	247	$	256		$	978	$	1,012	$	949
_____________________________________________

1. Amounts may not recalculate due to rounding.
2. Please refer to the "Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA" table, where we reconcile Net Income to Adjusted EBITDA and Adjusted EBITDA attributable to PAA.
3. Excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps.
4. Investment capital expenditures attributable to noncontrolling interests that reduce Implied DCF available to PAA common unitholders.
5. Comprised of cash distributions received from unconsolidated entities less equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, gains and losses on significant asset sales by such entities and selected items impacting comparability of unconsolidated entities).
6. Cash distributions paid during the period presented.
7. Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period.
8. Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, in whole or in part, subject to certain minimum conversion amounts.

6

Net Income/(Loss) Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation (1) (2)

Implied DCF Per Common Unit

		Three Months Ended				Twelve Months Ended
		Mar 31, 2024			Mar 31, 2023			Dec 31, 2023			Dec 31, 2022			Dec 31, 2021
Basic net income/(loss) per common unit	$	0.29	$	0.52		$	1.40	$	1.19		$	0.55
Reconciling items per common unit		0.38			0.11			1.07			1.09			1.50
Implied DCF per common unit	$	0.67	$	0.63		$	2.47	$	2.28		$	2.05

Implied DCF Per Common Unit and Common Unit Equivalent

		Three Months Ended				Twelve Months Ended
		Mar 31, 2024			Mar 31, 2023			Dec 31, 2023			Dec 31, 2022			Dec 31, 2021
Basic net income/(loss) per common unit	$	0.29	$	0.52		$	1.40	$	1.19		$	0.55
Reconciling items per common unit and common unit equivalent		0.38			0.10			1.06			1.07			1.50
Implied DCF per common unit and common unit equivalent	$	0.67	$	0.62		$	2.46	$	2.26		$	2.05

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1. Amounts may not recalculate due to rounding.
2. For information regarding our reconciliation of net income per common unit to Implied DCF per common unit and common unit equivalent, please refer to our latest issued PAA & PAGP Earnings Release.

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Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation (in millions): (1)

Net Cash Provided by Operating Activities to Adjusted Free Cash Flow After Distributions Reconciliation

2024

Q1

2023

Q1

Q2

Q3

Q4

YTD

2022

YTD

2021

YTD

Net cash provided by operating activities	$	419	$	743	$	888	$	85	$	1,011	$	2,727	$	2,408	$	1,996
Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow:
Net cash provided by/(used in) investing activities		(261)			158		(165)		(438)		(257)		(702)			(526)			386
Cash contributions from noncontrolling interests		12			-		-		53		53		106			26			1
Cash distributions paid to noncontrolling interests (2)		(100)			(78)		(73)		(86)		(97)		(333)			(298)			(14)
Adjusted free cash flow (3)	$	70	$	823	$	650	$	(386)	$	710	$	1,798	$	1,610	$	2,369
Cash distributions (4)		(287)			(242)		(246)		(250)		(252)		(989)			(782)			(715)
Adjusted free cash flow after distributions (3)	$	(217)	$	581	$	404	$	(636)	$	458	$	809	$	828	$	1,654

Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities)

2024

Q1

2023

Q1

Q2

Q3

Q4

YTD

2022

YTD

2021

YTD

Adjusted free cash flow (3)	$	70	$	823	$	650	$	(386)	$	710	$	1,798	$	1,610	$	2,369
Less: Changes in assets and liabilities, net of acquisitions		192			(198)		(131)		443		(308)		(194)			191			227
Adjusted free cash flow (excluding changes in assets & liabilities) (5)	$	262	$	625	$	519	$	57	$	402	$	1,604	$	1,801	$	2,596
Cash distributions (4)		(287)			(242)		(246)		(250)	$	(252)	$	(989)			(782)			(715)
Adjusted free cash flow after distributions (excluding changes in assets and liabilities) (5)	$	(25)	$	383	$	273	$	(193)	$	150	$	615	$	1,019	$	1,881

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1. Amounts may not recalculate due to rounding.
2. Cash distributions paid during the period presented.
3. Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes.
4. Cash distributions paid to our preferred and common unitholders during the period presented.
5. Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) and Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) to assess the underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period.

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