Plains GP L P : PAA & PAGP Second Quarter 2023 Earnings Call Slides

2Q23 Earnings Call

August 4, 2023

Forward-Looking Statements & Non-GAAP Financial Measures Disclosure

• This presentation contains forward-looking statements, including, in particular, statements about the performance, plans, strategies and objectives for future operations of Plains All
  American Pipeline, L.P. ("PAA") and Plains GP Holdings, L.P. ("PAGP"). These forward-looking statements are based on PAA's current views with respect to future events, based on what we believe to be reasonable assumptions. PAA and PAGP can give no assurance that future results or outcomes will be achieved. Important factors, some of which may be beyond PAA's and PAGP's control, that could cause actual results or outcomes to differ materially from the results or outcomes anticipated in the forward-looking statements are disclosed in PAA's and PAGP's respective filings with the Securities and Exchange Commission.
• This presentation also contains non-GAAP financial measures relating to PAA, such as Adjusted EBITDA attributable to PAA, Implied DCF and Free Cash Flow. A reconciliation of these historical measures to the most directly comparable GAAP measures is available in the
  Investor Relations section of PAA's and PAGP's website at www.plains.com, select "PAA" or "PAGP," navigate to the "Financial Information" tab, then click on "Non-GAAP Reconciliations."
  PAA does 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 it has defined as "Selected Items Impacting Comparability" without unreasonable effort.
  Definitions for certain non-GAAP financial measures and other terms used throughout this presentation are included in the appendix.

Investor Contacts

Blake Fernandez

Vice President, Investor Relations

[e-mail]

Michael Gladstein

Director, Investor Relations

[e-mail]

Investor Relations

[e-mail]

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2Q23 Earnings Highlights

Continued execution, expect to be at the high-end of 2023 full-year Adj. EBITDA guidance range

Strong Execution

Segment Performance

Self-Funding Capital

$597	$529 / $62	$244
	2Q23 Adj. EBITDA	2Q23 Crude / NGL	2023 YTD Investment & Maintenance
	attributable to PAA ($MM)	Segment Adj. EBITDA ($MM)	Capital Net to PAA ($MM)
	Expect to be at the	Generating Significant	Reducing Debt
	High-End	Free Cash Flow
$2.45 - $2.55	$1.6	$1.0
	2023(G) Adj. EBITDA	2023(G) Free	2023(G) Gross Debt Reduction ($Bln) /
	attributable to PAA ($Bln)	Cash Flow(1) ($Bln)	$600MM Net Debt Reduction(2)
2023(G): Furnished August 4, 2023. (1) Free Cash Flow estimate includes Net A&D inflows of ~$140MM & ~$50MM of working capital outflows. (2) Excludes cash on balance sheet which can be used for debt reduction.	3
Please visit https://ir.paalp.comfor a reconciliation of Non-GAAP financial measures reflected above to most directly comparable GAAP measures.

2023(G): Key Financial Metrics

Executing against our 2023 Plan (now expect high-end of Adj. EBITDA range)

Adj. EBITDA attributable to PAA

$2.45B - $2.55B

(now expected at high-end)

Year-End Leverage Ratio

<3.5x

Free Cash Flow (FCF)

$1.6B(1)

Investment Capital

(Net to PAA)

$325MM

2023(G): Furnished August 4, 2023. Non-rangebound metrics align with midpoint of Adj. EBITDA attributable to PAA; amounts intended to be +/-.	4
(1) Free Cash Flow estimate includes Net A&D inflows of ~$140MM & ~$50MM of working capital outflows.

Permian Gathering Bolt-On Acquisition

Capital disciplined & efficient growth transaction further enhances premier Permian footprint

Transaction Overview / Highlights

1. • Permian JV acquired(1) the remaining 43% interest in the Northern Midland Basin gathering system from Diamondback
   • • ~$225MM purchase price (~$145MM net to PAA), funded with excess FCF
   • Capital disciplined, bolt-on acquisition
   • • Expect to generate unlevered returns consistent with
       Plains' return thresholds
   • Enhancing premier Permian footprint
   • • Further aligns Permian JV with Diamondback in the core of the Midland Basin
2. Acquisition closed on July 28, 2023.

Midland

Basin

Midland

Wink

Crane

Delaware

Basin

McCamey

PERMIAN JV

BOLT-ON ASSETS

PERMIAN LONG-HAUL

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