Plains All American Pipeline, L.P.

- In Q4, Plains issued $750 million of senior unsecured notes: - $300 million due 2031 at 4.7% interest - $450 million due 2036 at 5.6% interest - Proceeds from these notes were used to partially fund the Epic acquisition. - Additionally, a $1.1 billion senior unsecured term loan was issued to pay off the Epic term loan. - Majority of proceeds from the NGL sale will be used to reduce debt. - Post-closing, the leverage ratio is expected to trend toward the middle of their target range of 3.25x to 3.75x. - No specific mention of new fundraising plans for debt or equity beyond these actions. - Capital allocation priorities remain focused on debt reduction, distribution growth, and opportunistic repurchases rather than new fundraising.

- 2026 growth CapEx guided at $350 million, within typical $300-$400 million annual range. - Ongoing healthy Permian connection program; 2026 expected to match or exceed 2025 well connects. - Modest investments planned for integrating Cactus III pipeline to capture synergies through connectivity, quality optimization, and energy efficiency. - Pursuing potential capital investments in Canadian crude oil business based on contract opportunities. - No large investment projects anticipated beyond routine organic capital; larger projects funded via balance sheet if needed. - Continued focus on capital-efficient expansions of the Cactus III system without significant new pipe installation. - Targeting $100 million in annual cost savings by end of 2027, with $50 million expected in 2026, to improve cost structure and efficiency.

- Permian Basin (60% of business) expected to have stable to constructive growth beyond 2026, with more activity and efficiency improvements supporting volume growth (Page 10). - Canada business largely flat except for expansions in Rainbow and Rangeland systems; Rockies and areas north and west of Cushing stable and contracted (Page 10). - Cushing throughput at all-time highs, expected to perform well; South Texas showing excitement due to integration of Ironwood, Cactus III, and legacy systems; Capline, Liberty, Mississippi assets targeted for longer-term contracting and potential capital investments (Page 10). - Growth capex guidance for 2026 around $350 million in line with routine investments, focused on Permian connectivity and modest Canadian crude expansions (Page 6). - Distribution growth planned with $0.15 per unit increases for at least 2 more years supported by EBITDA growth drivers, especially in Permian and NGL contributions (Page 7).

- 2026 is expected to be a year of execution and self-help, focusing on closing the NGL divestiture, integrating the Cactus III pipeline, and streamlining cost structures, targeting $100 million in annual savings by 2027. - EBITDA for 2025 was $2.833 billion, with a strong adjusted EBITDA reported for Q4 2025 at $738 million. - Long-term distribution coverage has been lowered modestly to 150%, providing a multiyear runway for $0.15 per unit distribution increases through at least 2026 and likely beyond. - Growth drivers include additional contracted volumes in the Permian Basin, efficiency and synergy gains from Cactus III integration, and potential capital investments in Canadian crude oil assets. - The company anticipates stable to flattish volumes in 2026 with constructive growth expected from 2027 onwards. - $350 million growth CapEx in 2026 aligns with normalized investment levels to support ongoing expansions and connecting wells, primarily in the Permian.

The document does not provide specific details on the current or expected orderbook or pending orders for Plains All American Pipeline. However, relevant insights related to business activity and growth include: - Focus on integrating the recently acquired Cactus III pipeline and driving synergies. - Pursuing potential contracts in Canadian crude oil business that may underwrite expansions. - Efforts on re-contracting pipelines to add term and improve rates for uncontracted capacity. - Ongoing Permian connection program with increasing well connections projected in 2026. - Working on longer-term contracting for assets east of Cushing (Capline system, Liberty, Mississippi). - Looking for longer-term contracts to support potential capital investments in non-Permian platforms. No explicit "orderbook" or "pending orders" metrics or figures are mentioned on page 10 or elsewhere in the document.