Plains All American sees FY25 adjusted EBITDA $2.8B-$2.95B

Expect full-year 2025 Adjusted EBITDA attributable to PAA of $2.8B – $2.95B; Announced distribution increase of 25c per unit payable February 14, 2025, representing a 20% aggregate increase in the annualized distribution versus 2024 levels; In January, raised $1B in aggregate senior unsecured notes at 5.95% due 2035; Anticipate leverage ratio to be at or below the low-end of leverage target range of 3.25x to 3.75x, continuing to provide significant balance sheet optionality and flexibility; Expect to generate approximately $1.15B of Adjusted Free Cash Flow, which is reduced by approximately $580M for previously announced bolt-on transactions closed in the first quarter; Remain focused on disciplined capital investments, anticipating full-year 2025 Growth Capital of +/- $400M and Maintenance Capital of +/- $240M net to PAA