Acquisitions, Divestitures and Other Transactions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Schedule of partners' capital

The following table presents the amounts recognized in partners’ capital associated with this transaction (in millions):

	Recognized Amount
Noncontrolling interests	$	2,651
Partners’ capital, excluding noncontrolling interests	605
	$	3,256

Schedule of assets acquired and liabilities assumed

The following table reflects our preliminary determination of the fair value of those assets and liabilities (in millions):

Identifiable Assets Acquired and Liabilities Assumed	Estimated Useful Lives (in years)	Recognized Amount
Property and equipment	3-30	$	1,886
Intangible assets	20	1,247
Investment in unconsolidated entities	N/A	103
Linefill	N/A	5
Working capital and other assets and liabilities	N/A	15
		$	3,256

Schedule of amortization expense

Amortization expense was approximately $28 million during the year ended December 31, 2021, and the future amortization expense through 2026 is estimated as follows (in millions):

2022	$	142
2023	$	138
2024	$	127
2025	$	117
2026	$	106

Schedule of modified revenue sharing arrangement

Under the MSA, distributions will be allocated as follows (in millions):

	Available Cash	Distributions Percentages
Tier	Annualized	PAA	Oryx
1	Up to $300	50%	50%
2	$300 - $428	100%	—%
3	$428 - $815	65%	35%
4	$815 and above	70%	30%

Pro forma information

These results are not necessarily indicative of the results that might have actually occurred had the merger taken place on January 1, 2020; furthermore, this financial information is not intended to be a projection of future results (in millions, except per unit amounts):

	Year ended December 31,
	2021		2020
Total revenues	$	42,359	$	23,536
Net income/(loss) attributable to PAA	$	524	$	(2,898)
Net income/(loss) allocated to common unitholders	$	324	$	(3,098)
Basic and diluted net income/(loss) per common unit	$	0.45	$	(4.26)