Plains All American Pipeline, L.P.

Gathering and transportation of crude oil via pipelines (including gathering systems), trucks, barges and railcars, plus terminalling, storage and related services across an integrated U.S. and Canadian footprint. Includes 20,405 miles of active pipelines (9,490 in the Permian Basin alone), 42 million barrels of active above-ground tank capacity, a 120,000 bpd condensate processing facility, eight crude rail terminals (264,000 bpd loading / 380,000 bpd unloading) and over 2.8 million bpd of Permian takeaway capacity to Corpus Christi, Houston and Cushing. Largest terminals are at Cushing, St. James, Midland and Patoka. 2025 average tariff volume of 9,680 thousand bpd.

NGL storage and terminalling in the Southwestern U.S. plus an integrated Canadian NGL business spanning natural gas processing (straddle plants), NGL fractionation, storage, transportation and terminalling. U.S. NGL storage capacity is approximately 24 million barrels. The Canadian network includes the Empress straddle plants, the Fort Saskatchewan fractionation and storage complex, the Sarnia fractionation and storage facility, and the Co-Ed NGL gathering pipeline. Revenues derive from fee-based gathering, fractionation, storage and terminalling plus merchant activities. Pending divestiture: in June 2025 Plains entered a Share Purchase Agreement with Keyera Corp. to sell its Canadian NGL Business for approximately CAD$5.15 billion, expected to close in Q1 2026; the assets were still held at the December 31, 2025 reporting date.

Operated crude oil pipeline transporting from Midland and Colorado City to connecting carriers at Wichita Falls. Through an undivided joint interest arrangement, Plains owns 80% of the pipeline's capacity, equating to approximately 400,000 barrels of capacity.

NGL receipt, storage, fractionation and delivery facility near Edmonton, Alberta in a key North American NGL hub. A multi-year fractionation debottleneck project was placed in service in Q2 2025; the fractionation facility now has an inlet design capacity of 112,000 bpd, of which 57,000 bpd is full C3+ fractionation capability. Primary assets include the fractionation plant, 12 storage caverns and truck and rail loading.

Large NGL fractionation and storage facility in Southwestern Ontario with rail and truck loading, served by a network of pipelines connected to refineries, chemical plants and other systems, plus the associated Windsor and St. Clair (Michigan) storage terminals. The fractionation unit processes an average of approximately 100,000 bpd of NGL products; Plains' ownership in the various processing units ranges from 61% to 85%.

Primary NGL transportation supply system gathering NGL from Southwest and Central Alberta (Cardium, Deep Basin and Alberta Montney) for delivery to the Fort Saskatchewan fractionation facilities, with transportation capacity of approximately 70,000 bpd.

Four owned-and-operated natural gas straddle plants near Empress, Alberta that process gas-transportation-pipeline streams to extract ethane and NGL mix. The plants can process up to 5.7 Bcf/d of natural gas (typical supply 3.5-4.5 Bcf/d), producing approximately 65,000-100,000 bpd of ethane and 40,000-60,000 bpd of NGL mix; the on-site fractionation facility can process and produce up to 26,000 bpd of NGL products.

Long-haul Permian Basin crude oil pipeline (formerly EPIC Crude) acquired through the October/November 2025 acquisition of 100% of EPIC Crude Holdings, LP for aggregate consideration of approximately $2.9 billion (including $1.1 billion of assumed debt), transporting crude oil from the Permian Basin to the Corpus Christi market.

Major crude oil storage and terminalling hub at Cushing, Oklahoma - the NYMEX WTI delivery point - with large-scale multi-grade handling and segregation capabilities and connectivity to major inbound and outbound pipelines, one of Plains' largest crude oil terminals.

Crude oil pipeline (Red River Pipeline Company LLC) connecting the Cushing, Oklahoma hub with refining markets in the Mid-Continent and Gulf Coast regions, part of Plains' consolidated crude oil network.

Approximately 87% undivided joint interest in, and operator of, the Basin Pipeline, the primary route for transporting crude oil from the Permian Basin to Cushing, Oklahoma, with origination points at Jal, New Mexico; Wink, Texas; and Midland, Texas, and intra-basin movements. Also receives SCOOP production from southern Oklahoma.