Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates in two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and at times on barges or railcars. This segment provides terminalling, storage, and other facilities-related services, as well as merchant activities. As of December 31, 2021, this segment owned and leased 18,300 miles of active crude oil transportation pipelines and gathering systems, as well as an additional 110 miles of pipelines that supports crude oil storage and terminalling facilities; 74 million barrels of commercial crude oil storage capacity; 38 million barrels of active, above-ground tank capacity; four marine facilities; a condensate processing facility; seven crude oil rail terminals and 2,100 crude oil railcars; and 640 trucks and 1,275 trailers. The Natural Gas Liquids segment engages in the natural gas processing, NGL fractionation, storage, transportation, and terminalling activities. As of December 31, 2021, this segment owned and operated four natural gas processing plants; nine fractionation plants; 28 million barrels of NGL storage capacity; approximately 1,620 miles of active NGL transportation pipelines, as well as an additional 55 miles of pipeline that supports NGL storage facilities; 16 NGL rail terminals and approximately 3,900 NGL rail cars; and approximately 220 trailers. The company was founded in 1981 and is headquartered in Houston, Texas. Plains All American Pipeline, L.P. operates as a subsidiary of Plains GP Holdings, L.P.

Plains All American Pipeline, L.P.

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Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	47,450	50,073	48,712	57,342	42,078	23,290	33,669	34,055	26,223	20,182	23,152
Total Revenues %Chg	-4.9%	2.8%	-15.1%	36.3%	80.7%	-30.8%	-1.1%	29.9%	29.9%	-12.8%	-46.7%
Product Sales Revenues
Transportation Segment Revenues
Facilities Segment Revenues
Services Revenues
Pipeline Tariff Activities Revenues
Other Revenues
Storage, Terminalling, Processing and Related Revenues
Cost of Sales	42,578	45,560	44,531	53,176	38,504	20,431	29,452	29,793	22,985	17,233	19,726
Purchases and Related Costs
Gross Profit	4,872	4,513	4,181	4,166	3,574	2,859	4,217	4,262	3,238	2,949	3,426
Gross Profit Margin	10.3%	9%	8.6%	7.3%	8.5%	12.3%	12.5%	12.5%	12.3%	14.6%	14.8%
Selling, General & Administrative Expenses	400	381	350	325	292	271	297	316	276	279	278
General and Administrative Expenses
Depreciation & Amortization Expenses	1,078	1,026	1,048	965	774	653	601	520	517	514	432
Depreciation and Amortization
Other Operating Expenses	1,748	1,768	1,425	1,315	1,065	3,591	1,303	1,263	1,183	1,182	1,454
Field Operating Costs
Goodwill Impairment Loss
Operating Profit	1,551	1,178	1,510	1,292	851	-2,375	1,988	2,277	1,153	994	1,262
Operating Income
Operating Margin	3.3%	2.4%	3.1%	2.3%	2%	-10.2%	5.9%	6.7%	4.4%	4.9%	5.5%
Interest and Investment Income	447	452	369	403	274	355	388	375	290	195	183
Equity Earnings in Unconsolidated Entities
Interest Expense	-507	-430	-386	-405	-425	-436	-425	-431	-510	-467	-432
Interest Expense (Net of Capitalized Interest)
Non-Operating Income	232	240	-22	396	613	576	323	79	78	13	-7
Gains on Asset Sales, Net
Gain on Investments in Unconsolidated Entities, Net
Other Income, Net
Total Non-Operating Income	172	262	-39	394	462	495	286	23	-142	-259	-256
Income Before Provision for Income Taxes	1,723	1,280	1,623	1,417	721	-2,599	2,246	2,414	902	755	1,006
Income Before Tax
Provision for Income Taxes	—	167	121	189	73	-19	66	198	44	25	100
Current Income Tax Expense
Deferred Income Tax Benefit
Consolidated Net Income	1,462	1,113	1,502	1,228	648	-2,580	2,180	2,216	858	730	906
Net Income
Net Income Attributable to Minority Interests and Other	332	341	272	191	55	10	9	—	2	4	3
Net Income Attributable to Noncontrolling Interests
Net Income Attributable to Common Shareholders	1,130	772	1,230	1,037	593	-2,590	2,171	2,216	856	726	903
Net Income Attributable to Paa
Basic EPS	1.1	0.7	1.4	1.2	0.6	-3.8	2.7	2.8	1	0.4	0.8
Diluted EPS	1.1	0.7	1.4	1.2	0.6	-3.8	2.7	2.7	1	0.4	0.8
Basic Weighted Average Shares Outstanding	703.8	702	699	701	716	727.5	727.4	725.7	717	464	394
Total Shares Outstanding	705.5	703.8	701	698.4	705	722.4	728	726.4	725.2	669.2	397.7
Diluted Weighted Average Shares Outstanding	703.8	702	699	701	716.7	727.5	727.4	799	718	466	396
EBITDA	2,598	2,204	2,558	2,257	1,625	-1,722	2,589	2,797	1,670	1,508	1,694
Effective Tax Rate	—	13%	7.5%	13.3%	10.1%	0.7%	2.9%	8.2%	4.9%	3.3%	9.9%