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Partners' Capital and Distributions (Tables)
 9 Months Ended
Sep. 30, 2025
Partners' Capital and Distributions  
Schedule of Activity for Class A Shares, Class B Shares and Class C Shares
The following tables present the activity for our Class A shares, Class B shares and Class C shares:

 Class A SharesClass B SharesClass C Shares
Outstanding at December 31, 2024197,465,699 35,390,231 542,004,838 
Exchange Right exercises (1)
277,925 (277,925)— 
Repurchase of Series A preferred units by a subsidiary
— — (12,678,560)
Other— — 5,650 
Outstanding at March 31, 2025197,743,624 35,112,306 529,331,928 
Repurchase and cancellation of common units by a subsidiary under the Common Equity Repurchase Program
— — (476,695)
Other— — 5,197 
Outstanding at June 30, 2025197,743,624 35,112,306 528,860,430 
Other144,500 — 2,048,818 
Outstanding at September 30, 2025197,888,124 35,112,306 530,909,248 
 
 Class A SharesClass B SharesClass C Shares
Outstanding at December 31, 2023196,416,760 36,237,168 539,445,289 
Exchange Right exercises (1)
835,499 (835,499)— 
Other— — 62,282 
Outstanding at March 31, 2024197,252,259 35,401,669 539,507,571 
Exchange Right exercises (1)
11,438 (11,438)— 
Other— — 10,268 
Outstanding at June 30, 2024197,263,697 35,390,231 539,517,839 
Other202,002 — 2,385,758 
Outstanding at September 30, 2024197,465,699 35,390,231 541,903,597 
(1)See Note 11 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for information regarding conversions of AAP Management Units, Exchange Rights and Redemption Rights.
Schedule of Distributions paid to Noncontrolling Interests in Consolidated Joint Ventures The following table details distributions paid to noncontrolling interests in consolidated joint ventures during the periods presented (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Permian JV$85 $87 $268 $235 
Cactus II
21 20 59 56 
Red River4 6 12 19 
$110 $113 $339 $310 
AAP  
Partners' Capital and Distributions  
Schedule of Distributions The following table details the distributions to AAP’s partners paid during or pertaining to the first nine months of 2025 from distributions received from PAA (in millions):
 
Distributions to AAP’s Partners
Distribution Payment Date
Record Date (1)
Distribution Period
Noncontrolling InterestsPAGPTotal Cash Distribution
November 14, 2025
October 31, 2025July 1, 2025 through September 30, 2025$13 $75 $88 
August 14, 2025
July 31, 2025
April 1, 2025 through June 30, 2025
$13 $75 $88 
May 15, 2025
May 1, 2025
January 1, 2025 through March 31, 2025
$13 $75 $88 
February 14, 2025January 31, 2025
October 1, 2024 through December 31, 2024
$13 $75 $88 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.
Class A Shares  
Partners' Capital and Distributions  
Schedule of Distributions
The following table details distributions to our Class A shareholders paid during or pertaining to the first nine months of 2025 (in millions, except per share data):

Class A Shareholders
Distribution Payment Date
Record Date (1)
Distribution Period
Cash Distribution
Distribution per Unit
November 14, 2025
October 31, 2025July 1, 2025 through September 30, 2025$75 $0.38 
August 14, 2025July 31, 2025
April 1, 2025 through June 30, 2025
$75 $0.38 
May 15, 2025May 1, 2025
January 1, 2025 through March 31, 2025
$75 $0.38 
February 14, 2025January 31, 2025October 1, 2024 through December 31, 2024$75 $0.38 
(1)Payable to shareholders of record at the close of business on the applicable Record Date.
Series A Preferred Units | PAA  
Partners' Capital and Distributions  
Schedule of Distributions The following table details distributions to PAA’s Series A preferred unitholders paid during or pertaining to the first nine months of 2025 (in millions, except per unit data):
Series A Preferred Unitholders
Distribution Payment Date
Record Date (1)
Distribution Period
Cash DistributionDistribution per Unit
November 14, 2025 (2)
October 31, 2025July 1, 2025 through September 30, 2025$36 $0.615 
August 14, 2025July 31, 2025
April 1, 2025 through June 30, 2025
$36 $0.615 
May 15, 2025May 1, 2025January 1, 2025 through March 31, 2025$36 $0.615 
February 14, 2025January 31, 2025October 1, 2024 through December 31, 2024$36 $0.615 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.
(2)At September 30, 2025, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet.
Series B Preferred Units | PAA  
Partners' Capital and Distributions  
Schedule of Distributions The following table details distributions paid or to be paid to PAA’s Series B preferred unitholders (in millions, except per unit data):
Series B Preferred Unitholders
Distribution Payment Date
Record Date (1)
Distribution Period
Cash Distribution Distribution per Unit
November 17, 2025 (2)
November 3, 2025
August 15, 2025 through November 14, 2025
$18 $21.93 
August 15, 2025August 1, 2025
May 15, 2025 through August 14, 2025
$18 $22.23 
May 15, 2025May 1, 2025
February 15, 2025 through May 14, 2025
$17 $21.49 
February 18, 2025February 3, 2025
November 15, 2024 through February 14, 2025
$18 $22.73 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.
(2)At September 30, 2025, approximately $9 million of accrued distributions payable to PAA’s Series B preferred unitholders was included in “Other current liabilities” on our Condensed Consolidated Balance Sheet.
Common Units | PAA  
Partners' Capital and Distributions  
Schedule of Distributions The following table details distributions to PAA’s common unitholders paid during or pertaining to the first nine months of 2025 (in millions, except per unit data):
 Distributions
Distribution per Common Unit
Common UnitholdersTotal Cash Distribution
Distribution Payment Date
Record Date (1)
Distribution Period
PublicAAP
November 14, 2025
October 31, 2025
July 1, 2025 through September 30, 2025
$180 $88 $268 $0.38 
August 14, 2025July 31, 2025
April 1, 2025 through June 30, 2025
$179 $88 $267 $0.38 
May 15, 2025May 1, 2025
January 1, 2025 through March 31, 2025
$179 $88 $267 $0.38 
February 14, 2025January 31, 2025
October 1, 2024 through December 31, 2024
$179 $88 $267 $0.38 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.