
	Crude Oil		NGL		Intersegment Elimination		Total
Year Ended December 31, 2024
Revenues (1):
Product sales	$	47,034	$	1,569	$	(349)	$	48,254
Services	1,686		155		(22)		1,819
Total revenues	$	48,720	$	1,724	$	(371)	$	50,073

Significant segment expenses:
Purchases and related costs (1)	$	(45,033)	$	(898)	$	371	$	(45,560)
Field operating costs	(1,440)		(328)		—		(1,768)
Segment general and administrative expenses	(298)		(83)		—		(381)
Total significant segment expenses	$	(46,771)	$	(1,309)	$	371	$	(47,709)

Equity earnings in unconsolidated entities	$	452	$	—

Other segment items (2):
Depreciation and amortization of unconsolidated entities (3)	84		—
Derivative activities and inventory valuation adjustments (4)	5		80
Long-term inventory costing adjustments (5)	1		(10)
Deficiencies under minimum volume commitments, net (6)	(31)		—
Equity-indexed compensation expense (7)	36		—
Foreign currency revaluation (8)	(22)		(5)
Line 901 incident (9)	345		—

Segment amounts attributable to noncontrolling interests in consolidated joint ventures (10)	(543)		—
Total other segment items	$	(125)	$	65

Segment Adjusted EBITDA	$	2,276	$	480

Investment and acquisition capital expenditures (11) (12)	$	554	$	115			$	669
Maintenance capital expenditures (12)	$	183	$	78			$	261

As of December 31, 2024

Investments in unconsolidated entities	$	2,811	$	—			$	2,811


	Crude Oil		NGL		Intersegment Elimination		Total
Year Ended December 31, 2023
Revenues (1):
Product sales	$	45,587	$	1,765	$	(378)	$	46,974
Services	1,587		170		(19)		1,738
Total revenues	$	47,174	$	1,935	$	(397)	$	48,712

Significant segment expenses:
Purchases and related costs (1)	$	(43,805)	$	(1,123)	$	397	$	(44,531)
Field operating costs	(1,053)		(372)		—		(1,425)
Segment general and administrative expenses	(271)		(79)		—		(350)
Total significant segment expenses	$	(45,129)	$	(1,574)	$	397	$	(46,306)

Equity earnings in unconsolidated entities	$	369	$	—

Other segment items (2):
Depreciation and amortization of unconsolidated entities (3)	87		—
Derivative activities and inventory valuation adjustments (4)	17		142
Long-term inventory costing adjustments (5)	22		13
Deficiencies under minimum volume commitments, net (6)	12		—
Equity-indexed compensation expense (7)	35		1
Foreign currency revaluation (8)	19		5
Line 901 incident (9)	10		—
Transaction-related expenses (13)	1		—
Segment amounts attributable to noncontrolling interests in consolidated joint ventures (10)	(454)		—
Total other segment items	$	(251)	$	161

Segment Adjusted EBITDA	$	2,163	$	522

Investment and acquisition capital expenditures (11) (12)	$	765	$	65			$	830
Maintenance capital expenditures (12)	$	145	$	86			$	231

As of December 31, 2023

Investments in unconsolidated entities	$	2,820	$	—			$	2,820


	Crude Oil		NGL		Intersegment Elimination		Total
Year Ended December 31, 2022
Revenues (1):
Product sales	$	53,840	$	2,575	$	(467)	$	55,948
Services	1,240		186		(32)		1,394
Total revenues	$	55,080	$	2,761	$	(499)	$	57,342

Significant segment expenses:
Purchases and related costs (1)	$	(52,088)	$	(1,587)	$	499	$	(53,176)
Field operating costs	(1,003)		(312)		—		(1,315)
Segment general and administrative expenses	(250)		(75)		—		(325)
Total significant segment expenses	$	(53,341)	$	(1,974)	$	499	$	(54,816)

Equity earnings in unconsolidated entities	$	403	$	—

Other segment items (2):
Depreciation and amortization of unconsolidated entities (3)	85		—
Derivative activities and inventory valuation adjustments (4)	(11)		(269)
Long-term inventory costing adjustments (5)	(3)		(1)
Deficiencies under minimum volume commitments, net (6)	7		—
Equity-indexed compensation expense (7)	32		—
Foreign currency revaluation (8)	3		1
Line 901 incident (9)	95		—

Segment amounts attributable to noncontrolling interests in consolidated joint ventures (10)	(364)		—
Total other segment items	$	(156)	$	(269)

Segment Adjusted EBITDA	$	1,986	$	518

Investment and acquisition capital expenditures (11) (12)	$	461	$	157			$	618
Maintenance capital expenditures (12)	$	112	$	99			$	211

As of December 31, 2022

Investments in unconsolidated entities	$	3,084	$	—			$	3,084

(1)Segment revenues include intersegment amounts that are eliminated in Purchases and related costs. Intersegment activities are conducted at posted tariff rates where applicable, or otherwise at rates similar to those charged to third parties or rates that we believe approximate market at the time the agreement is executed or renegotiated.

(4)We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results, we identify differences in the timing of earnings from the derivative instruments and the underlying transactions and exclude the related gains and losses in determining

Segment Adjusted EBITDA such that the earnings from the derivative instruments and the underlying transactions impact Segment Adjusted EBITDA in the same period. In addition, we exclude gains and losses on derivatives that are related to (i) investing activities, such as the purchase of linefill, and (ii) purchases of long-term inventory. We also exclude the impact of corresponding inventory valuation adjustments, as applicable.

(5)We carry crude oil and NGL inventory that is comprised of minimum working inventory requirements in third-party assets and other working inventory that is needed for our commercial operations. We consider this inventory necessary to conduct our operations and we intend to carry this inventory for the foreseeable future. Therefore, we classify this inventory as long-term on our balance sheet and do not hedge the inventory with derivative instruments (similar to linefill in our own assets). We exclude the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and write-downs of such inventory that result from price declines from Segment Adjusted EBITDA.

(6)We, and certain of our equity method investees, have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty’s make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty’s ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue or equity earnings, as a selected item impacting comparability. Our CODM views the inclusion of the contractually committed revenues associated with that period as meaningful to Segment Adjusted EBITDA as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results.

(7)Our total equity-indexed compensation expense includes expense associated with awards that will be settled in PAA common units and awards that will be settled in cash. The awards that will be settled in PAA common units are included in PAA’s diluted net income per unit calculation when the applicable performance criteria have been met. We exclude compensation expense associated with these awards in determining Segment Adjusted EBITDA as the dilutive impact of the outstanding awards is included in PAA’s diluted net income per unit calculation, as applicable. The portion of compensation expense associated with awards that will be settled in cash is not excluded in determining Segment Adjusted EBITDA. See Note 17 for information regarding our equity-indexed compensation plans.

(8)During the periods presented, there were fluctuations in the value of CAD to USD, resulting in the realization of foreign exchange gains and losses on the settlement of foreign currency transactions as well as the revaluation of monetary assets and liabilities denominated in a foreign currency. These gains and losses are not integral to our core operating performance and were therefore excluded in determining Segment Adjusted EBITDA.

(9)Includes costs recognized during the period related to the Line 901 incident that occurred in May 2015, net of amounts we believe are probable of recovery from insurance (as applicable). The year ended December 31, 2024 includes the write-off of a receivable for Line 901 insurance proceeds in the fourth quarter of 2024 and the impact of settlements in the third quarter of 2024. See Note 18 for additional information regarding the Line 901 incident.

(13)Includes expenses associated with the Rattler Permian Transaction in 2023. See Note 7 for additional discussion. An adjustment for these non-recurring expenses is included in the calculation of Segment Adjusted EBITDA for the year ended December 31, 2023 as our CODM does not view such expenses as integral to understanding our core segment operating performance.