PAA · 10-K filed 27 Feb 2026 · year to 31 Dec 2025

Plains All American Pipeline

36 named things its latest annual report says its results depend on, each in the company's own words. 32 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

ExxonMobil Corporation

earns from · approximately 31%, 31% and 27% of our revenuesnamed as a risk

ExxonMobil Corporation and its subsidiaries accounted for approximately 31%, 31% and 27% of our revenues for the years ended December 31, 2025, 2024 and 2023, respectively.Business (Item 1)

Also named by BSM, NUE, PAGP

BP p.l.c.

earns from · approximately 10% of our revenuesnamed as a risk

BP p.l.c. and its subsidiaries accounted for approximately 10% of our revenues for the year ended December 31, 2023.Business (Item 1)

Also named by PAGP

Partners and platforms

Plains Oryx Permian Basin LLC (Permian JV)

operates in · 65% interestnamed as a risk

All of our gathering pipelines in the Permian Basin are owned by the Permian JV, a consolidated entity in which we own a 65% interest.Business (Item 1)

Also named by PAGP

Enterprise Products Partners, L.P.

50% interest

We own a 50% interest in the entity that owns the Eagle Ford Pipeline through a joint venture with a subsidiary of Enterprise Products Partners, L.P. (“Enterprise Products”).Business (Item 1)

Also named by CLMT, CRGY, PAGP

ONEOK, Inc.

depends on · 40% interest

We own a 40% interest in the entity that owns the BridgeTex Pipeline.Business (Item 1)

Also named by DINO, PAGP

Marathon Petroleum Corporation

depends on · approximate 54% interest

The Capline Pipeline is supported by long-term shipper commitments, and a subsidiary of Marathon Petroleum Corporation serves as the operator.Business (Item 1)

Also named by MPLX, PAGP

Enbridge Inc.

depends on · 70% interest

We operate the Cactus II Pipeline and own a 70% interest in Cactus II, the entity that owns the Cactus II Pipeline, through a joint venture with Enbridge Inc.Business (Item 1)

Also named by PAGP

Valero Energy Corporation

50% interest

We own a 50% interest in the entity that owns the Diamond Pipeline through a joint venture with Valero Energy Corporation (“Valero”).Business (Item 1)

Also named by PAGP

Enbridge Mainline

depends on

The Sarnia fractionator, which we operate and have a partial ownership interest in, receives NGL feedstock primarily from the Enbridge pipeline system and, to a lesser extent, from our rail unloading facility.Business (Item 1)

Also named by PAGP

Other companies

Keyera Corp.

approximately $5.15 billion CAD (approximately $3.75 billion USD)named as a risk

In June 2025, we entered into a definitive Share Purchase Agreement (“SPA”) with Keyera Corp. (“Keyera”), an Alberta corporation, pursuant to which Keyera agreed to acquire all of the issued and outstanding shares of Plains Midstream Canada ULC, our wholly-owned subsidiary that owns substantially all of our NGL business in Canada (the “Canadian NGL Business”), for cash consideration of approximately $5.15 billion CAD (approximately $3.75 billion USD), subject to certain post-closing adjustments, as defined in the SPA.Business (Item 1)

Also named by PAGP

Permian Basin natural gas infrastructure

depends onnamed as a risk

Slowdowns in the development of such natural gas infrastructure, whether due to the regulatory environment, permitting process delays or lower financial investment by producers, could have an adverse impact on expected crude oil production growth.Risk factors (Item 1A)

Also named by PAGP

EPIC Crude Holdings, LP

We own and operate the Cactus III Pipeline (formerly the EPIC Crude Oil Pipeline), which we acquired from EPIC Crude Holdings, LP (“EPIC”) in the fourth quarter of 2025.Business (Item 1)

Also named by FANG, PAGP

Places

Permian Basin

concentrated in · 9,490named as a risk

The majority of our transportation assets are in crude oil service, are located in well-established crude oil producing regions (with our largest asset presence in the Permian Basin) and other transportation corridors and are connected, directly or indirectly, with our terminals and facilities assets.Business (Item 1)

Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more

Delaware Basin

concentrated in · Approximately 75% of the capacity

Approximately 75% of the capacity of our gathering systems is in the Delaware Basin.Business (Item 1)

Also named by COP, DVN, EOG, FANG, LB, PAGP, VNOM, WES

Cushing, Oklahoma

operates in · 27 million barrels of commercial storage capacity

Our Cushing terminal, which had 27 million barrels of commercial storage capacity at December 31, 2025, is connected to our long-haul pipelines from the Permian Basin and Rocky Mountain regions, as well as to our Mid-Continent region gathering pipelines.Business (Item 1)

Also named by DINO, PAGP

Empress, Alberta

operates in · 5.7 Bcf of natural gas per day

Our Empress plants are capable of processing up to 5.7 Bcf of natural gas per day; however, supply available to these plants is typically in the 3.5 to 4.5 Bcf per day range.Business (Item 1)

Hazards

U.S. Gulf Coast

operates innamed as a risk

The location of some of our assets and our customers’ assets in the U.S. Gulf Coast region makes them particularly vulnerable to hurricane or tropical storm risk.Risk factors (Item 1A)

Also named by CP, DOW, ECL, OLN, PWR, VLO

Commodities and inputs

Canadian dollar

exposed to its price · $329 millionnamed as a risk

A 10% increase in the exchange rate (USD-to-CAD) would have resulted in an increase of $329 million to the fair value of our foreign currency derivatives.Market risk (Item 7A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

WTI crude oil

exposed to its price · low of approximately $55 per barrel to a high of approximately $80 per barrelnamed as a risk

For example, in 2025, the prompt month NYMEX light, sweet futures contract (commonly referred to as “WTI”) price ranged from a low of approximately $55 per barrel to a high of approximately $80 per barrel.Business (Item 1)

Also named by AR, CHRD, CRGY, EPD, EQT, FANG, KRP, OXY and 4 more

Steel

depends onnamed as a risk

Our business requires access to steel and other materials to construct and maintain new and existing pipelines and facilities.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Electricity

exposed to its pricenamed as a risk

Our business also depends on having access to significant amounts of electricity and other commodities.Risk factors (Item 1A)

Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more

Mont Belvieu propane and butane

exposed to its pricenamed as a risk

Similarly, there has also been volatility within the propane and butane markets as seen through the North American benchmark price located at Mont Belvieu, Texas, as well as with the basis differentials between Mont Belvieu prices and prices realized at various market hubs in North America.Business (Item 1)

Regulators

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject to · approximately $40 million in 2025named as a risk

In the United States, our costs associated with the inspection, testing and correction of identified anomalies were approximately $40 million in 2025.Business (Item 1)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

Canada Energy Regulator (CER)

subject to · approximately $90 million in 2025named as a risk

Costs incurred for such integrity management activities were approximately $90 million in 2025, including amounts related to the Canadian NGL Business.Business (Item 1)

Also named by ENB, PAGP

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

Our common carrier pipeline operations with interstate movements of liquids are subject to rate regulation by the U.S. Federal Energy Regulatory Commission (“FERC”) under the Interstate Commerce Act (“ICA”).Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Transportation Security Administration

subject tonamed as a risk

Compliance with these security directives may have a significant impact on our operations and results of operations.Business (Item 1)

Also named by ALK, BKH, CHRW, CP, CSX, DAL, EXC, EXPD and 13 more

Canada Revenue Agency (CRA)

subject tonamed as a risk

If the IRS or CRA contests the federal income tax positions or inter-country allocations we take, the market for our common units may be adversely impacted and the cost of any IRS or CRA contest or incremental taxes paid will reduce our cash available for distribution or debt service.Risk factors (Item 1A)

Also named by BAM, HRB, LULU, QSR, RBA

California Public Utility Commission (CPUC)

subject to

The CPUC prohibits certain of our subsidiaries from acting as guarantors of our senior notes and credit facilities.Business (Item 1)

Laws and programs

Series B preferred units (SOFR)

exposed to its price · approximately $8 millionnamed as a risk

Based upon the Series B preferred units outstanding at December 31, 2025 and the liquidation preference of $1,000 per unit, a change of 100 basis points in interest rates would increase or decrease the annual distributions on the Series B preferred units by approximately $8 million.Market risk (Item 7A)

API 653

subject to · approximately $30 million in 2025

In the United States, our costs associated with this program were approximately $30 million in 2025.Business (Item 1)

Also named by PAGP

Nationwide Permit 12

subject tonamed as a risk

The current proposal could be subject to future legal challenges and any future suspension, narrowing, or disruption in our ability to obtain coverage under NWP 12 or other general permits could result in increased costs and project delays.Business (Item 1)

Also named by DTM, EQT, HESM, MPLX, PAGP, PR, TRGP

LEPA v. FERC

subject tonamed as a risk

The final resolution of these petitions could have an adverse effect on our cash flows.Business (Item 1)

Also named by PAGP

U.S. Presidential Permits (cross-border)

subject tonamed as a risk

Furthermore, Presidential Permits that allow cross-border movements of crude oil may be revoked or terminated at any time.Risk factors (Item 1A)

Also named by PAGP

U.S. import tariffs on Canadian crude oil and NGL

subject tonamed as a risk

To the extent these products become subject to import tariffs in the U.S., it could expose us to costs that we cannot recover from our customers.Risk factors (Item 1A)

Also named by PAGP

Qualifying Income Exception (Section 7704)

subject tonamed as a risk

Failing to meet the qualifying income requirement or a change in current law could cause us to be treated as a corporation for U.S. federal income tax purposes or otherwise subject us to taxation as an entity.Risk factors (Item 1A)

Also named by SUNC

California hydraulic fracturing ban

subject tonamed as a risk

There have been a variety of legislative and regulatory proposals to prohibit, restrict, or more closely regulate various forms of hydraulic fracturing; for example, California’s Department of Conservation’s Geologic Energy Management Division issued a final regulatory statewide ban on hydraulic fracturing in October 2024.Risk factors (Item 1A)

Also named by PAGP