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 Plains All American Pipeline, L.P. and Plains GP Holdings Report Fourth-Quarter and Full-Year 2014 Results
   Wednesday, February 04, 2015 4:09:08 PM ET

Plains All American Pipeline, L.P. (PAA ) and Plains GP Holdings (PAGP ) today reported fourth-quarter and full-year 2014 results.

Plains All American Pipeline, L.P.

                                                                                                                          
Summary Financial Information
(1) (unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(in millions, except per unit data)
                                                                                                            Three Months Ended                                                                              Twelve Months Ended
                                                                                                               December 31,                                                                                    December 31,
                                                                                               ----------------------------------------                                                         --------------------------------------
                                                                                2014                             2013                              %                            2014                            2013                                   %
                                                                                                                                                                   Change                                                                                              Change
----------------------------------------------------                                           ----------                       ----------                       --------                       ---------                       ---------                       -------------------
Net income attributable to PAA                                                                    $    389                         $    309                        26 %                            $ 1,384                         $ 1,361                               2 %
Diluted net income per limited partner unit                                                       $   0.67                         $   0.58                        16 %                            $  2.38                         $  2.80                             -15 %
EBITDA                                                                                            $    664                         $    526                        26 %                            $ 2,289                         $ 2,168                               6 %
----------------------------------------------------                                           ---- ------                      ---- ------                      ---- ----                      ---- -----                      ---- -----                      ---------- ---------
                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                 
                                                                                                            Three Months Ended                                                                              Twelve Months Ended
                                                                                                               December 31,                                                                                    December 31,
                                                                                               ----------------------------------------                                                         --------------------------------------
                                                                                2014                             2013                              %                            2014                            2013                                   %
                                                                                                                                                                   Change                                                                                              Change
----------------------------------------------------                                           ----------                       ----------                       --------                       ---------                       ---------                       -------------------
Adjusted net income attributable to PAA                                                           $    362                         $    371                        -2 %                            $ 1,347                         $ 1,466                              -8 %
Diluted adjusted net income per limited partner unit                                              $   0.60                         $   0.76                       -21 %                            $  2.28                         $  3.10                             -26 %
Adjusted EBITDA                                                                                   $    594                         $    595                         0 %                            $ 2,200                         $ 2,292                              -4 %
----------------------------------------------------                                           ---- ------                      ---- ------                      ---- ----                      ---- -----                      ---- -----                      ---------- ---------
Distribution per unit declared for the period                                                     $ 0.6750                         $ 0.6150                       9.8 %
----------------------------------------------------                                           ---- ------                      ---- ------                      ---- ----
                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                 
(1) PAA’s reported results include the impact of items
that affect comparability between reporting periods. The impact of
certain of these items is excluded from adjusted results. See the
section of this release entitled "Non-GAAP Financial Measures and
Selected Items Impacting Comparability" and the tables attached
hereto for information regarding certain selected items that PAA
believes impact comparability of financial results between
reporting periods, as well as for information regarding non-GAAP
financial measures (such as adjusted EBITDA) and their
reconciliation to the most directly comparable measures as
reported in accordance with GAAP.
                                                                                                                                                                                                                                                                 


"2014 represents another year of solid execution for PAA, as we delivered results in line with to slightly ahead of the midpoint of our guidance for both the fourth quarter and full year, excluding the impact of a fourth quarter acquisition," stated Greg L. Armstrong, Chairman and CEO of Plains All American. "These results were underpinned by solid performance in our Transportation and Supply and Logistics segments."

Armstrong noted that following PAA’s November earnings conference call, crude oil and natural gas liquids prices decreased approximately 40%, which resulted in significant reductions in the outlook for producer drilling activities in 2015 - in many cases ranging from 30% to 40% below 2014 levels.

"PAA is well positioned to manage through industry down cycles; however, we are not immune to the adverse impacts of a major step change in commodity prices that is accompanied by a similar change in producers’ activity levels. Accordingly, we have reduced the midpoint of our acquisition adjusted EBITDA guidance for 2015 by 6.5%, from just over $2.5 billion, as furnished on November 5th, to $2.35 billion and revised our distribution growth target for 2015. We are currently targeting distribution growth for PAA of 7% for 2015, which would equate to a distribution increase for PAGP of approximately 21%."

Armstrong stated that the updated guidance midpoint represented an increase of approximately 7% over 2014 results and is based on 2015 WTI oil prices hovering around $50 per barrel for all of 2015 and the expectation that producer drilling activities will be materially reduced relative to 2014. WTI prices averaged approximately $93 per barrel in 2014.

"While the duration of the current down-cycle is unknown, our confidence in the North American crude oil resource base and its ultimate development remains high. As we look ahead, PAA remains well positioned to continue to grow and strengthen its business through organic growth projects and also to actively pursue attractive acquisition opportunities. For 2015, we are targeting an expansion capital plan of $1.85 billion, down approximately 9% from the $2.03 billion spent in 2014. Importantly, PAA enters 2015 with a strong balance sheet, credit metrics that are consistent with or favorable to our targeted levels and $3.6 billion of committed liquidity."

The following table summarizes selected PAA financial information by segment for the fourth quarter and full year of 2014:

                                                                                                                                                                                                                                                                                                       
Summary of Selected Financial Data by
Segment (1) (unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(in millions)
                                                                                                                                                                                             Three Months Ended                                                                                                                                                                                             Three Months Ended
                                                                                                                                                                                              December 31, 2014                                                                                                                                                                                              December 31, 2013
                                                                                                           --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           Transportation                                                        Facilities                                                         Supply and                                                                    Transportation                                               Facilities                                                  Supply and
                                                                                                                                                                                                                                                                     Logistics                                                                                                                                                                                              Logistics
                                                                                                           --------------------------------------------                        -------------------------------------------                        --------------------------------------------                                             ---------------------------                       -------------------------------------------                        ------------------------------
Reported segment profit                                                                                                       $  267                                                              $ 149                                                              $  249                                                                                   $     207                                         $ 170                                                              $        149
Selected items impacting the comparability of segment profit (2)                                                3                            2                           (76 )                                                                      7                         (1 )                                                   60
                                                                                                           -------------------- ---- --------------------                      -------------------- --- --------------------                      -------------------- ---- --------------------                                           -------------------- -------                      -------------------- --- --------------------                      -------------------- ----------
Adjusted segment profit                                                                                                       $  270                                           $ 151                                           $  173                                                                $     214                                         $ 169                                           $        209
                                                                                                           ==================== ==== ====================                      ==================== === ====================                      ==================== ==== ====================                                           ==================== =======                      ==================== === ====================                      ==================== ==========
Percentage change in adjusted segment profit versus 2013 period                                                26 %                                           -11 %                                            -17 %
                                                                                                           ==================== ==== ====================                      ==================== === ====================                      ==================== ==== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                             Twelve Months Ended                                                                                                                                                                                            Twelve Months Ended
                                                                                                                                                                                              December 31, 2014                                                                                                                                                                                              December 31, 2013
                                                                                                           --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           Transportation                                                        Facilities                                                         Supply and                                                                    Transportation                                               Facilities                                                  Supply and
                                                                                                                                                                                                                                                                     Logistics                                                                                                                                                                                              Logistics
                                                                                                           --------------------------------------------                        -------------------------------------------                        --------------------------------------------                                             ---------------------------                       -------------------------------------------                        ------------------------------
Reported segment profit                                                                                                       $  925                                                              $ 584                                                              $  782                                                                                   $     729                                         $ 616                                                              $        822
Selected items impacting the comparability of segment profit (2)                                               25                           13                          (131 )                                                                     31                         13                                  71
                                                                                                           -------------------- ---- --------------------                      -------------------- --- --------------------                      -------------------- ---- --------------------                                           -------------------- -------                      -------------------- --- --------------------                      -------------------- ----------
Adjusted segment profit                                                                                                       $  950                                           $ 597                                           $  651                                                                $     760                                         $ 629                                           $        893
                                                                                                           ==================== ==== ====================                      ==================== === ====================                      ==================== ==== ====================                                           ==================== =======                      ==================== === ====================                      ==================== ==========
Percentage change in adjusted segment profit versus 2013 period                                                25 %                                            -5 %                                            -27 %
                                                                                                           ==================== ==== ====================                      ==================== === ====================                      ==================== ==== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
(1) PAA’s reported results include the impact of items
that affect comparability between reporting periods. The impact of
certain of these items is excluded from adjusted results. See the
section of this release entitled "Non-GAAP Financial Measures and
Selected Items Impacting Comparability" and the tables attached
hereto for information regarding certain selected items that PAA
believes impact comparability of financial results between
reporting periods.
(2) Certain of our non-GAAP financial measures may not
be impacted by each of the selected items impacting comparability.
 

Fourth-quarter 2014 Transportation adjusted segment profit increased 26% versus comparable 2013 results. This increase was primarily driven by higher crude oil pipeline volumes associated with North American crude oil production and recently completed organic growth projects, increased tariff rates on certain of our crude oil pipelines and the acquisition of a 50% interest in the BridgeTex pipeline completed in November 2014.

Fourth-quarter 2014 Facilities adjusted segment profit decreased 11% versus comparable 2013 results. This decrease was primarily due to the impact of recontracting capacity originally contracted at higher rates within our natural gas storage operations.

Fourth-quarter 2014 Supply and Logistics adjusted segment profit decreased by approximately 17% relative to comparable 2013 results. This decrease was primarily related to less favorable NGL and crude oil market conditions in the fourth quarter of 2014 compared to the same 2013 period. These impacts were partially offset by growth in crude oil lease gathering volumes.

Plains GP Holdings

PAGP’s sole assets are its ownership interest in PAA’s general partner and incentive distribution rights. As the control entity of PAA, PAGP consolidates PAA’s results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement included at the end of this release. Information regarding PAGP’s distributions is reflected below:

                                                                                                                                       
Summary Financial Information
---------------------------------------------------------------
                                                                                                                                                                                                                     
                                                                                                              Q4 2014                                              Q3 2014                                                                Q4 2013
                                                                                                                                                                                                                                    (non-prorated) (1)
                                                                                                          ------------                       -----------------------------------------------                        -----------------------------------------------
Distribution per share declared for the period                                                                $ 0.20300                                         $ 0.19075                                           $ 0.15979  
                                                                                                                                             -------------------- ------- --------------------                      -------------------- ------- --------------------
Q4 2014 distribution percentage growth over previous benchmarks                                                                                    6.4 %                                              27.0 %
                                                                                                                                             ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                     
(1) Reflects a full fourth quarter 2013 distribution
per Class A share (before proration), assuming PAGP’s ownership
interest in PAA’s general partner was for the full fourth quarter
of 2013.
 

Conference Call

PAA and PAGP will hold a conference call on February 5, 2015 (see details below). Prior to this conference call, PAA will furnish a current report on Form 8-K, which will include material in this news release as well as PAA’s financial and operational guidance for the first quarter and full year of 2015. A copy of the Form 8-K will be available at www.plainsallamerican.com, where PAA and PAGP routinely post important information.

The PAA and PAGP conference call will be held at 10:00 a.m. EST on Thursday, February 5, 2015 to discuss the following items:

1. PAA’s fourth-quarter and full-year 2014 performance;

2. The status of major expansion projects;

3. Capitalization and liquidity;

4. Financial and operating guidance for the first quarter and full year of 2015; and

5. PAA’s and PAGP’s outlook for the future.

Conference Call Access Instructions

To access the Internet webcast of the conference call, please go to www.plainsallamerican.com, choose "Investor Relations," and then choose "Events and Presentations." Following the live webcast, the call will be archived for a period of sixty (60) days on the website.

Alternatively, access to the live conference call is available by dialing toll free (800) 230-1085. International callers should dial (612) 288-0340. No password is required. The slide presentation accompanying the conference call will be available a few minutes prior to the call under the "Events and Presentations" tab of the PAA and PAGP Investor Relations sections of the above referenced website.

Telephonic Replay Instructions

To listen to a telephonic replay of the conference call, please dial (800) 475-6701, or (320) 365-3844 for international callers, and enter replay access code 349000. The replay will be available beginning Thursday, February 5, 2015, at approximately 12:00 p.m. EST and will continue until 11:59 p.m. EST on March 5, 2015.

Non-GAAP Financial Measures and Selected Items Impacting Comparability

To supplement our financial information presented in accordance with GAAP, management uses additional measures that are known as "non-GAAP financial measures" (such as adjusted EBITDA and implied distributable cash flow ("DCF")) in its evaluation of past performance and prospects for the future. Management believes that the presentation of such additional financial measures provides useful information to investors regarding our performance and results of operations because these measures, when used in conjunction with related GAAP financial measures, (i) provide additional information about our core operating performance and ability to generate and distribute cash flow, (ii) provide investors with the financial analytical framework upon which management bases financial, operational, compensation and planning decisions and (iii) present measurements that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) the mark-to-market of derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), (iii) inventory valuation adjustments, (iv) items that are not indicative of our core operating results and business outlook and/or (v) other items that we believe should be excluded in understanding our core operating performance. We have defined all such items as "Selected Items Impacting Comparability." We consider an understanding of these selected items impacting comparability to be material to the evaluation of our operating results and prospects.

Although we present selected items that we consider in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions and numerous other factors. These types of variations are not separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Annual Report on Form 10-K.

Adjusted EBITDA and other non-GAAP financial measures are reconciled to the most comparable measures as reported in accordance with GAAP for the periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Consolidated Financial Statements and notes thereto. In addition, PAA maintains on its website (www.plainsallamerican.com) a reconciliation of adjusted EBITDA and certain commonly used non-GAAP financial information to the most comparable GAAP measures. To access the information, investors should click on "Plains All American Pipeline, L.P." under the "Investor Relations" link on the home page, select the "Guidance & Non-GAAP Reconciliations" link and navigate to the "Non-GAAP Reconciliations" tab.

Forward Looking Statements

Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, failure to implement or capitalize, or delays in implementing or capitalizing, on planned growth projects; declines in the volume of crude oil, refined product and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our facilities, whether due to declines in production from existing oil and gas reserves, failure to develop or slowdown in the development of additional oil and gas reserves, whether from reduced cash flow to fund drilling or the inability to access capital, or other factors; unanticipated changes in crude oil market structure, grade differentials and volatility (or lack thereof); environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves; fluctuations in refinery capacity in areas supplied by our mainlines and other factors affecting demand for various grades of crude oil, refined products and natural gas and resulting changes in pricing conditions or transportation throughput requirements; the effects of competition; the occurrence of a natural disaster, catastrophe, terrorist attack or other event, including attacks on our electronic and computer systems; tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, expansion projects, working capital requirements and the repayment or refinancing of indebtedness; weather interference with business operations or project construction, including the impact of extreme weather events or conditions; continued creditworthiness of, and performance by, our counterparties, including financial institutions and trading companies with which we do business; maintenance of our credit rating and ability to receive open credit from our suppliers and trade counterparties; the currency exchange rate of the Canadian dollar; the availability of, and our ability to consummate, acquisition or combination opportunities; the successful integration and future performance of acquired assets or businesses and the risks associated with operating in lines of business that are distinct and separate from our historical operations; the effectiveness of our risk management activities; shortages or cost increases of supplies, materials or labor; the impact of current and future laws, rulings, governmental regulations, accounting standards and statements and related interpretations; non-utilization of our assets and facilities; increased costs, or lack of availability, of insurance; fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans; risks related to the development and operation of our facilities, including our ability to satisfy our contractual obligations to our customers at our facilities; factors affecting demand for natural gas and natural gas storage services and rates; general economic, market or business conditions and the amplification of other risks caused by volatile financial markets, capital constraints and pervasive liquidity concerns; and other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the storage of natural gas and the processing, transportation, fractionation, storage and marketing of natural gas liquids as discussed in the Partnerships’ filings with the Securities and Exchange Commission.

Plains All American Pipeline, L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids ("NGL"), natural gas and refined products. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles over 4.1 million barrels per day of crude oil and NGL on its pipelines. PAA is headquartered in Houston, Texas.

Plains GP Holdings is a publicly traded entity that owns an interest in the general partner and incentive distribution rights of Plains All American Pipeline, L.P., one of the largest energy infrastructure and logistics companies in North America. PAGP is headquartered in Houston, Texas.

 
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                           
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(in millions, except per unit data)
                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                           Three Months Ended                                                                                                                          Twelve Months Ended
                                                                                                                                                              December 31,                                                                                                                                December 31,
                                                                                                         ----------------------------------------------------------------------------------------------------------------                            ----------------------------------------------------------------------------------------------------------------
                                                                                                                               2014                                                                  2013                                                                  2014                                                                  2013
                                                                                                         -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
                                                                                                                                                                                                                                                                                                                            
REVENUES                                                                                                                    $  9,459                                                              $ 10,631                                                              $ 43,464                                                              $ 42,249
                                                                                                                                                                                                                                                                                                                            
COSTS AND EXPENSES
Purchases and related costs                                                                                                    8,384                                                                 9,731                                                                39,500                                                                38,465
Field operating costs                                                                                                            378                                                                   312                                                                 1,456                                                                 1,322
General and administrative expenses                                                                                               67                                                                    84                                                                   325                                                                   359
Depreciation and amortization                                                                                 100                             110                             392                             375  
                                                                                                         -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
  Total costs and expenses                                                                                  8,929                          10,237                          41,673                          40,521  
                                                                                                         -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                            
OPERATING INCOME                                                                                                                 530                                                                   394                                                                 1,791                                                                 1,728
                                                                                                                                                                                                                                                                                                                            
OTHER INCOME/(EXPENSE)
Equity earnings in unconsolidated entities                                                                                        35                                                                    22                                                                   108                                                                    64
Interest expense, net                                                                                                            (93 )                                                                 (79 )                                                                (340 )                                                                (303 )
Other income/(expense), net                                                                                    (1 )                                                -                              (2 )                                                1  
                                                                                                         -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                            
INCOME BEFORE TAX                                                                                                                471                                                                   337                                                                 1,557                                                                 1,490
Current income tax expense                                                                                                        (9 )                                                                 (31 )                                                                 (71 )                                                                (100 )
Deferred income tax benefit/(expense)                                                                         (72 )                                               12                            (100 )                                                1  
                                                                                                         -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                            
NET INCOME                                                                                                                       390                                                                   318                                                                 1,386                                                                 1,391
    Net income attributable to noncontrolling interests                                                        (1 )                                               (9 )                                               (2 )                                              (30 )
                                                                                                         -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
NET INCOME ATTRIBUTABLE TO PAA                                                                                              $    389                                           $    309                                           $  1,384                                           $  1,361  
                                                                                                         ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                            
NET INCOME ATTRIBUTABLE TO PAA:
    LIMITED PARTNERS                                                                                                        $    253                                           $    203                                           $    884                                           $    967  
                                                                                                         ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
    GENERAL PARTNER                                                                                                         $    136                                           $    106                                           $    500                                           $    394  
                                                                                                         ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                            
    BASIC NET INCOME PER LIMITED PARTNER UNIT                                                                               $   0.67                                           $   0.59                                           $   2.39                                           $   2.82  
                                                                                                         ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                            
    DILUTED NET INCOME PER LIMITED PARTNER UNIT                                                                             $   0.67                                           $   0.58                                           $   2.38                                           $   2.80  
                                                                                                         ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                            
    BASIC WEIGHTED AVERAGE LIMITED PARTNER UNITS OUTSTANDING                                                  373                             344                             367                             341  
                                                                                                         ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                            
    DILUTED WEIGHTED AVERAGE LIMITED PARTNER UNITS OUTSTANDING                                                375                             346                             369                             343  
                                                                                                         ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                 
-------------------------------------------------------------- -------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------------------------------------
ADJUSTED RESULTS
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(in millions, except per unit data)                                                                                                                        Three Months Ended                                                                                                                          Twelve Months Ended
                                                                                                                                                              December 31,                                                                                                                                December 31,
                                                                                                         ----------------------------------------------------------------------------------------------------------------                            ----------------------------------------------------------------------------------------------------------------
                                                                                                                               2014                                                                  2013                                                                  2014                                                                  2013
                                                                                                         -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
                                                                                                                                                                                                                                                                                                                            
ADJUSTED NET INCOME ATTRIBUTABLE TO PAA                                                                                     $    362                                           $    371                                           $  1,347                                           $  1,466  
                                                                                                         ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                            
DILUTED ADJUSTED NET INCOME PER LIMITED PARTNER UNIT                                                                        $   0.60                                           $   0.76                                           $   2.28                                           $   3.10  
                                                                                                         ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                            
ADJUSTED EBITDA                                                                                                             $    594                                           $    595                                           $  2,200                                           $  2,292  
                                                                                                         ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                         
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                    
CONDENSED CONSOLIDATED BALANCE SHEET DATA
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(in millions)
                                                                                                                               December 31,                                                          December 31,
                                                                                                                                   2014                                                                  2013
                                                                                                             -------------------------------------------------                     -------------------------------------------------
ASSETS
Current assets                                                                                                                  $  4,179                                                              $  4,964
Property and equipment, net                                                                                                       12,272                                                                10,819
Goodwill                                                                                                                           2,465                                                                 2,503
Investments in unconsolidated entities                                                                                             1,735                                                                   485
Linefill and base gas                                                                                                                930                                                                   798
Long-term inventory                                                                                                                  186                                                                   251
Other, net                                                                                                        489                             540  
                                                                                                             -------------------- ------ --------------------                      -------------------- ------ --------------------
    Total assets                                                                                                                $ 22,256                                           $ 20,360  
                                                                                                             ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                    
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities                                                                                                             $  4,755                                                              $  5,411
Senior notes, net of unamortized discount                                                                                          8,757                                                                 6,710
Other long-term debt                                                                                                                   5                                                                     5
Other long-term liabilities and deferred credits                                                                  548                             531  
                                                                                                             -------------------- ------ --------------------                      -------------------- ------ --------------------
    Total liabilities                                                                                                             14,065                                                                12,657
                                                                                                                                                                                    
Partners’ capital excluding noncontrolling interests                                                                               8,133                                                                 7,644
Noncontrolling interests                                                                                           58                              59  
                                                                                                             -------------------- ------ --------------------                      -------------------- ------ --------------------
    Total partners’ capital                                                                                     8,191                           7,703  
                                                                                                             -------------------- ------ --------------------                      -------------------- ------ --------------------
        Total liabilities and partners’ capital                                                                                 $ 22,256                                           $ 20,360  
                                                                                                             ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                    
DEBT CAPITALIZATION RATIOS
------------------------------------------------------------------
(in millions)
                                                                                                                               December 31,                                                          December 31,
                                                                                                                                   2014                                                                  2013
                                                                                                             -------------------------------------------------                     -------------------------------------------------
Short-term debt                                                                                                                 $  1,287                                                              $  1,113
Long-term debt                                                                                                  8,762                           6,715  
                                                                                                             -------------------- ------ --------------------                      -------------------- ------ --------------------
    Total debt                                                                                                                  $ 10,049                                           $  7,828  
                                                                                                             ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                    
Long-term debt                                                                                                                  $  8,762                                                              $  6,715
Partners’ capital                                                                                               8,191                           7,703  
                                                                                                             -------------------- ------ --------------------                      -------------------- ------ --------------------
    Total book capitalization                                                                                                   $ 16,953                                           $ 14,418  
                                                                                                             ==================== ====== ====================                      ==================== ====== ====================
Total book capitalization, including short-term debt                                                                            $ 18,240                                           $ 15,531  
                                                                                                             ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                    
Long-term debt-to-total book capitalization                                                                                           52 %                                                                  47 %
Total debt-to-total book capitalization, including short-term debt                                                                    55 %                                                                  50 %
                                                                                                                                                                                                                                                                                                                                  
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
SELECTED FINANCIAL DATA BY SEGMENT
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(in millions)
                                                                                                                                                                                                Three Months Ended                                                                                                                                                                                                                    Three Months Ended
                                                                                                                                                                                                 December 31, 2014                                                                                                                                                                                                                     December 31, 2013
                                                                                                           --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                         Supply and                                                                                                                                                                                                                            Supply and
                                                                                                                            Transportation                                      Facilities                                                             Logistics                                                                               Transportation                                      Facilities                                                             Logistics
                                                                                                           -------------------------------------------------------------------- ------------------------------------------------                     --------------------------------------------------                                          -------------------------------------------------------------------- ------------------------------------------------                     --------------------------------------------------
Revenues (1)                                                                                                                  $   433                                                              $   270                                                              $   9,129                                                                                   $   387                                                              $   394                                                              $  10,151
Purchases and related costs (1)                                                                                                   (35 )                                                                 (8 )                                                               (8,711 )                                                                                     (38 )                                                               (116 )                                                               (9,875 )
Field operating costs (1) (2)                                                                                                    (142 )                                                                (97 )                                                                 (141 )                                                                                    (125 )                                                                (89 )                                                                  (97 )
Equity-indexed compensation expense - operations                                                                                   (1 )                                                                  -                                                                      -                                                                                        (3 )                                                                 (1 )                                                                    -
Segment general and administrative expenses (2) (3)                                                                               (20 )                                                                (14 )                                                                  (26 )                                                                                     (29 )                                                                (16 )                                                                  (23 )
Equity-indexed compensation expense - general and administrative                                                                   (3 )                                                                 (2 )                                                                   (2 )                                                                                      (7 )                                                                 (2 )                                                                   (7 )
Equity earnings in unconsolidated entities                                                                      35                              -                                -                                                  22                              -                                -  
                                                                                                           -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------- --------------------                                           -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------- --------------------
Reported segment profit                                                                                                       $   267                                                              $   149                                                              $     249                                                                                   $   207                                                              $   170                                                              $     149
                                                                                                                 3                              2                              (76 )                                                                    7                             (1 )                                                60  
    Selected items impacting comparability of segment profit (4)
                                                                                                           -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------- --------------------                                           -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------- --------------------
Adjusted segment profit                                                                                                       $   270                                           $   151                                           $     173                                                                $   214                                           $   169                                           $     209  
                                                                                                           ==================== ===== ====================                      ==================== ===== ====================                      ==================== ======= ====================                                           ==================== ===== ====================                      ==================== ===== ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Maintenance capital                                                                                                           $    54                                           $    17                                           $       2                                                                $    36                                           $    13                                           $       3  
                                                                                                           ==================== ===== ====================                      ==================== ===== ====================                      ==================== ======= ====================                                           ==================== ===== ====================                      ==================== ===== ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                Twelve Months Ended                                                                                                                                                                                                                   Twelve Months Ended
                                                                                                                                                                                                 December 31, 2014                                                                                                                                                                                                                     December 31, 2013
                                                                                                           --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                         Supply and                                                                                                                                                                                                                            Supply and
                                                                                                                            Transportation                                      Facilities                                                             Logistics                                                                               Transportation                                      Facilities                                                             Logistics
                                                                                                           -------------------------------------------------------------------- ------------------------------------------------                     --------------------------------------------------                                          -------------------------------------------------------------------- ------------------------------------------------                     --------------------------------------------------
Revenues (1)                                                                                                                  $ 1,655                                                              $ 1,127                                                              $  42,150                                                                                   $ 1,498                                                              $ 1,377                                                              $  40,696
Purchases and related costs (1)                                                                                                  (151 )                                                                (55 )                                                              (40,752 )                                                                                    (147 )                                                               (312 )                                                              (39,315 )
Field operating costs (1) (2)                                                                                                    (560 )                                                               (404 )                                                                 (481 )                                                                                    (528 )                                                               (362 )                                                                 (422 )
Equity-indexed compensation expense - operations                                                                                  (15 )                                                                 (4 )                                                                   (2 )                                                                                     (18 )                                                                 (2 )                                                                   (3 )
Segment general and administrative expenses (2) (3)                                                                               (83 )                                                                (60 )                                                                 (105 )                                                                                    (101 )                                                                (63 )                                                                 (102 )
Equity-indexed compensation expense - general and administrative                                                                  (29 )                                                                (20 )                                                                  (28 )                                                                                     (39 )                                                                (22 )                                                                  (32 )
Equity earnings in unconsolidated entities                                                                     108                              -                                -                                                  64                              -                                -  
                                                                                                           -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------- --------------------                                           -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------- --------------------
Reported segment profit                                                                                                       $   925                                                              $   584                                                              $     782                                                                                   $   729                                                              $   616                                                              $     822
                                                                                                                25                             13                             (131 )                                                                   31                             13                               71  
    Selected items impacting comparability of segment profit (4)
                                                                                                           -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------- --------------------                                           -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------- --------------------
Adjusted segment profit                                                                                                       $   950                                           $   597                                           $     651                                                                $   760                                           $   629                                           $     893  
                                                                                                           ==================== ===== ====================                      ==================== ===== ====================                      ==================== ======= ====================                                           ==================== ===== ====================                      ==================== ===== ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Maintenance capital                                                                                                           $   165                                           $    52                                           $       7                                                                $   123                                           $    38                                           $      15  
                                                                                                           ==================== ===== ====================                      ==================== ===== ====================                      ==================== ======= ====================                                           ==================== ===== ====================                      ==================== ===== ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
(1) Includes intersegment amounts.
(2) Field operating costs and Segment general and
administrative expenses exclude equity-indexed compensation expense,
which is presented separately in the table above.
(3) Segment general and administrative expenses reflect
direct costs attributable to each segment and an allocation of
other expenses to the segments. The proportional allocations by
segment require judgment by management and are based on the
business activities that exist during each period.
(4) Certain of our non-GAAP financial measures may not be
impacted by each of the selected items impacting comparability.
 
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)                                                                       
-------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                           
OPERATING DATA (1)
--------------------------------------------------------------------
                                                                                                                                                                               Three Months Ended                                                                                                                                                      Twelve Months Ended
                                                                                                                                                                                  December 31,                                                                                                                                                            December 31,
                                                                                                                                    ----------------------------------------------------------------------------------------------------                                                                    ----------------------------------------------------------------------------------------------------
                                                                                                                                            2014                                                                                2013                                                                                2014                                                                                2013
                                                                                                                                    --------------------                                                                --------------------                                                                --------------------                                                                --------------------
                                                                                                                                                                                                                                                                                                                                                                                                 
  Transportation activities (average daily volumes in thousands of
  barrels per day):
  Tariff activities
      Crude Oil Pipelines
         All American                                                                                                                                 36                                                                                  40                                                                                  37                                                                                  40
         Bakken Area Systems                                                                                                                         157                                                                                 135                                                                                 149                                                                                 131
         Basin / Mesa / Sunrise                                                                                                                      732                                                                                 737                                                                                 733                                                                                 718
         BridgeTex                                                                                                                                    55                                                                                   -                                                                                  14                                                                                   -
         Capline                                                                                                                                     182                                                                                 144                                                                                 152                                                                                 151
         Eagle Ford Area Systems                                                                                                                     262                                                                                 166                                                                                 227                                                                                 102
         Line 63 / Line 2000                                                                                                                         129                                                                                 113                                                                                 122                                                                                 113
         Manito                                                                                                                                       55                                                                                  44                                                                                  47                                                                                  46
         Mid-Continent Area Systems                                                                                                                  370                                                                                 293                                                                                 348                                                                                 281
         Permian Basin Area Systems                                                                                                                  764                                                                                 703                                                                                 765                                                                                 581
         Rainbow                                                                                                                                     117                                                                                 120                                                                                 112                                                                                 124
         Rangeland                                                                                                                                    65                                                                                  64                                                                                  65                                                                                  60
         Salt Lake City Area Systems                                                                                                                 143                                                                                 128                                                                                 136                                                                                 131
         South Saskatchewan                                                                                                                           66                                                                                  57                                                                                  62                                                                                  51
         White Cliffs                                                                                                                                 40                                                                                  25                                                                                  30                                                                                  23
         Other                                                                                                                                       829                                                                                 688                                                                                 767                                                                                 725
      NGL Pipelines
         Co-Ed                                                                                                                                        61                                                                                  58                                                                                  58                                                                                  56
         Other                                                                                                                                       129                                                                                 206                                                                                 128                                                                                 194
      Refined Products Pipelines                                                                                                                       -                                                                                   9                                                                                   -                                                                                  68
                                                                                                                                    --------------------                                                                --------------------                                                                --------------------                                                                --------------------
  Tariff activities total                                                                                                                          4,192                                                                               3,730                                                                               3,952                                                                               3,595
  Trucking                                                                                                                                           122                                                                                 129                                                                                 127                                                                                 117
                                                                                                                                    --------------------                                                                --------------------                                                                --------------------                                                                --------------------
  Transportation activities total                                                                                                                  4,314                                                                               3,859                                                                               4,079                                                                               3,712
                                                                                                                                    ====================                                                                ====================                                                                ====================                                                                ====================
                                                                                                                                                                                                                                                                                                                                                                                                 
  Facilities activities (average monthly volumes):
      Crude oil, refined products and NGL terminalling and storage
                                                                                                                                                      95                                                                                  94                                                                                  95                                                                                  94
        (average monthly capacity in millions of barrels)
                                                                                                                                    ====================                                                                ====================                                                                ====================                                                                ====================
      Rail load / unload volumes
        (average volumes in thousands of barrels per day)                                                                                            229                                                                                 221                                                                                 231                                                                                 221
                                                                                                                                    ====================                                                                ====================                                                                ====================                                                                ====================
      Natural gas storage
        (average monthly working capacity in billions of cubic feet)                                                                                  97                                                                                  97                                                                                  97                                                                                  96
                                                                                                                                    ====================                                                                ====================                                                                ====================                                                                ====================
      NGL fractionation
        (average volumes in thousands of barrels per day)                                                                                            103                                                                                  89                                                                                  96                                                                                  96
                                                                                                                                    ====================                                                                ====================                                                                ====================                                                                ====================
      Facilities activities total
                                                                                                                                                     122                                                                                 120                                                                                 121                                                                                 120
        (average monthly volumes in millions of barrels) (2)
                                                                                                                                    ====================                                                                ====================                                                                ====================                                                                ====================
                                                                                                                                                                                                                                                                                                                                                                                                 
  Supply and Logistics activities (average daily volumes in
  thousands of barrels per day):
      Crude oil lease gathering purchases                                                                                                            999                                                                                 870                                                                                 949                                                                                 859
      NGL sales                                                                                                                                      268                                                                                 272                                                                                 208                                                                                 215
      Waterborne cargos                                                                                                                                -                                                                                   -                                                                                   -                                                                                   4
                                                                                                                                    --------------------                                                                --------------------                                                                --------------------                                                                --------------------
         Supply and Logistics activities total                                                                                                     1,267                                                                               1,142                                                                               1,157                                                                               1,078
                                                                                                                                    ====================                                                                ====================                                                                ====================                                                                ====================
     
(1)                      Volumes associated with assets employed through acquisitions and
                         expansion capital represent total volumes (attributable to our
                         interest) for the number of days or months we employed the assets
                         divided by the number of days or months in the period.
(2)                      Facilities activities total is calculated as the sum of: (i) crude
                         oil, refined products and NGL terminalling and storage capacity;
                         (ii) rail load and unload volumes multiplied by the number of days
                         in the period and divided by the number of months in the period;
                         (iii) natural gas storage working capacity divided by 6 to account
                         for the 6:1 mcf of natural gas to crude Btu equivalent ratio and
                         further divided by 1,000 to convert to monthly volumes in
                         millions; and (iv) NGL fractionation volumes multiplied by the
                         number of days in the period and divided by the number of months
                         in the period.
                                                                                                                                                                                                                                                                                                 
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)                                                                                                                                                    
----------------------------------------------------------------- -------------------- -------------------- -------------------- --------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- -------------------- -------------------- --------------------------------------------------------------------- -------------------- -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                        
COMPUTATION OF BASIC AND DILUTED NET
INCOME PER LIMITED PARTNER UNIT
-----------------------------------------------------------------
(in millions, except per unit data)
                                                                                                                                                                                              Three Months Ended                                                                                                                                                                                         Twelve Months Ended
                                                                                                                                                                                                 December 31,                                                                                                                                                                                               December 31,
                                                                                                                                 ------------------------------------------------------------------------------------------------------------------------------------                                                                       ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                  2014                                                                                       2013                                                                                                            2014                                                                            2013
                                                                                                                                 ----------------------------------------------------------------------                     ----------------------------------------------------------------------                                          ----------------------------------------------------------------------                     -------------------------------------------------
Basic Net Income per Limited Partner Unit
Net income attributable to PAA                                                                                                                      $    389                                                                                   $    309                                                                                                        $  1,384                                                                                   $  1,361
   Less: General partner’s incentive distribution (1)                                                                                                   (131 )                                                                                     (102 )                                                                                                          (482 )                                                                                     (375 )
   Less: General partner 2% ownership (1)                                                                                              (5 )                                                                    (4 )                                                                                        (18 )                                                                   (19 )
                                                                                                                                 -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------
      Net income available to limited partners                                                                                                           253                                                                                        203                                                                                                             884                                                                                        967
   Less: Undistributed earnings allocated and distributions to                                                                         (2 )                                                                    (2 )                                                                                         (6 )                                                                    (7 )
   participating securities (1)
                                                                                                                                 -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------
Net income available to limited partners in accordance with                                                                                         $    251                                                                $    201                                                                                     $    878                                                                $    960  
application of the two-class method for MLPs
                                                                                                                                 ==================== ====== ====================                                           ==================== ====== ====================                                                                ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                        
Basic weighted average limited partner units outstanding                                                                                                 373                                                                                        344                                                                                                             367                                                                                        341
                                                                                                                                                                                                                                                                                                                                                                                                                                        
Basic net income per limited partner unit                                                                                                           $   0.67                                                                $   0.59                                                                                     $   2.39                                                                $   2.82  
                                                                                                                                 ==================== ====== ====================                                           ==================== ====== ====================                                                                ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                        
Diluted Net Income per Limited Partner Unit
Net income attributable to PAA                                                                                                                      $    389                                                                                   $    309                                                                                                        $  1,384                                                                                   $  1,361
   Less: General partner’s incentive distribution (1)                                                                                                   (131 )                                                                                     (102 )                                                                                                          (482 )                                                                                     (375 )
   Less: General partner 2% ownership (1)                                                                                              (5 )                                                                    (4 )                                                                                        (18 )                                                                   (19 )
                                                                                                                                 -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------
      Net income available to limited partners                                                                                                           253                                                                                        203                                                                                                             884                                                                                        967
   Less: Undistributed earnings allocated and distributions to                                                                         (2 )                                                                    (2 )                                                                                         (6 )                                                                    (6 )
   participating securities (1)
                                                                                                                                 -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------
Net income available to limited partners in accordance with                                                                                         $    251                                                                $    201                                                                                     $    878                                                                $    961  
application of the two-class method for MLPs
                                                                                                                                 ==================== ====== ====================                                           ==================== ====== ====================                                                                ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                        
Basic weighted average limited partner units outstanding                                                                                                 373                                                                                        344                                                                                                             367                                                                                        341
   Effect of dilutive securities: Weighted average LTIP units (2)                                                                       2                                                    2                                                                         2                                                    2  
                                                                                                                                 -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------
Diluted weighted average limited partner units outstanding                                                                            375                                                  346                                                                       369                                                  343  
                                                                                                                                 ==================== ====== ====================                                           ==================== ====== ====================                                                                ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                        
Diluted net income per limited partner unit                                                                                                         $   0.67                                                                $   0.58                                                                                     $   2.38                                                                $   2.80  
                                                                                                                                 ==================== ====== ====================                                           ==================== ====== ====================                                                                ==================== ====== ====================                                           ==================== ====== ====================
     
(1)                      We calculate net income available to limited partners based on the
                         distributions pertaining to the current period’s net income. After
                         adjusting for the appropriate period’s distributions, the
                         remaining undistributed earnings or excess distributions over
                         earnings, if any, are allocated to the general partner, limited
                         partners and participating securities in accordance with the
                         contractual terms of the partnership agreement and as further
                         prescribed under the two-class method.
(2)                      Our Long-term Incentive Plan ("LTIP") awards that contemplate the
                         issuance of common units are considered dilutive unless (i)
                         vesting occurs only upon the satisfaction of a performance
                         condition and (ii) that performance condition has yet to be
                         satisfied. LTIP awards that are deemed to be dilutive are reduced
                         by a hypothetical unit repurchase based on the remaining
                         unamortized fair value, as prescribed by the treasury stock method
                         in guidance issued by the FASB.
                                                                                                                                                                                                                                                  
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)                                                                                                                                                              
----------------------------------------------------------------------- -------------------- -------------------- -------------------- --------------------------------------------------------------------- -------------------- -------------------- --------------------------------------------------------------------- -------------------- -------------------- --------------------------------------------------------------------- -------------------- -------------------- -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
SELECTED ITEMS IMPACTING COMPARABILITY
-----------------------------------------------------------------------
(in millions, except per unit data)
                                                                                                                                                                                                              Three Months Ended                                                                                                                                                                                                              Twelve Months Ended
                                                                                                                                                                                                                 December 31,                                                                                                                                                                                                                    December 31,
                                                                                                                                       --------------------------------------------------------------------------------------------------------------------------------------------------------                                                                        --------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                             2014                                                                                                            2013                                                                                                            2014                                                                                                            2013
                                                                                                                                       -------------------------------------------------                                                               -------------------------------------------------                                                               -------------------------------------------------                                                               -------------------------------------------------
Selected Items Impacting Comparability - Income/(Loss)
(1):
Gains/(losses) from derivative activities net of inventory valuation                                                                                      $    166                                                                                                        $    (51 )                                                                                                      $    243                                                                                                        $    (59 )
adjustments (2)
Long-term inventory valuation adjustments (3)                                                                                                                  (85 )                                                                                                             -                                                                                                             (85 )                                                                                                             -
Equity-indexed compensation expense (4)                                                                                                                         (8 )                                                                                                           (12 )                                                                                                           (56 )                                                                                                           (63 )
Net loss on foreign currency revaluation                                                                                                                        (3 )                                                                                                            (7 )                                                                                                           (13 )                                                                                                            (1 )
Tax effect on selected items impacting comparability                                                                                                           (43 )                                                                                                             8                                                                                                             (52 )                                                                                                            16
Other (5)                                                                                                                                     -                                                                         -                                                                         -                                                                         2  
                                                                                                                                       -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                                                -------------------- ------ --------------------
   Selected items impacting comparability of net income attributable to                                                                                   $     27                                                                                     $    (62 )                                                                                                      $     37                                                                                     $   (105 )
   PAA
                                                                                                                                       ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Impact to basic net income per limited partner unit                                                                                                       $   0.07                                                                                     $  (0.17 )                                                                                                      $   0.10                                                                                     $  (0.30 )
                                                                                                                                       ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================
Impact to diluted net income per limited partner unit                                                                                                     $   0.07                                                                                     $  (0.18 )                                                                                                      $   0.10                                                                                     $  (0.30 )
                                                                                                                                       ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================
     
(1)                      Certain of our non-GAAP financial measures may not be impacted by
                         each of the selected items impacting comparability.
(2)                      Includes mark-to-market gains and losses resulting from derivative
                         instruments that are related to underlying activities in future
                         periods or the reversal of mark-to-market gains and losses from
                         the prior period, net of inventory valuation adjustments, as
                         applicable.
(3)                      Includes changes in the average cost of long-term inventory that
                         result from fluctuations in market prices. Long-term inventory is
                         comprised of minimum inventory requirements in third-party assets
                         and other working inventory that is needed for our commercial
                         operations.
(4)                      Includes equity-indexed compensation expense associated with LTIP
                         awards that will or may be settled in units, as the dilutive
                         impact of these outstanding awards is included in our diluted net
                         income per unit calculation and the majority of these awards are
                         expected to be settled in units.
(5)                      Includes other immaterial selected items impacting comparability,
                         as well as the noncontrolling interests’ portion of selected items.
                                                                                                                                                                                                                                              
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)                                                                                                                                                          
----------------------------------------------------------------------- -------------------- -------------------- -------------------- --------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- -------------------- -------------------- --------------------------------------------------------------------- -------------------- -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                              
COMPUTATION OF ADJUSTED BASIC AND DILUTED
EARNINGS PER LIMITED PARTNER UNIT
-----------------------------------------------------------------------
(in millions, except per unit data)
                                                                                                                                                                                                    Three Months Ended                                                                                                                                                                                         Twelve Months Ended
                                                                                                                                                                                                       December 31,                                                                                                                                                                                               December 31,
                                                                                                                                       ------------------------------------------------------------------------------------------------------------------------------------                                                                       ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                             2014                                                                                       2013                                                                                                            2014                                                                                       2013
                                                                                                                                       -------------------------------------------------                                          -------------------------------------------------                                                               -------------------------------------------------                                          -------------------------------------------------
Basic Adjusted Net Income per Limited Partner Unit
Net income attributable to PAA                                                                                                                            $    389                                                                                   $    309                                                                                                        $  1,384                                                                                   $  1,361
   Selected items impacting comparability of net income attributable to                                                                     (27 )                                                                    62                                                                       (37 )                                                                   105  
   PAA (1)
                                                                                                                                       -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------
Adjusted net income attributable to PAA                                                                                                                        362                                                                                        371                                                                                                           1,347                                                                                      1,466
   Less: General partner’s incentive distribution (2)                                                                                                         (131 )                                                                                     (102 )                                                                                                          (482 )                                                                                     (375 )
   Less: General partner 2% ownership (2)                                                                                                    (4 )                                                                    (5 )                                                                                        (17 )                                                                   (22 )
                                                                                                                                       -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------
      Adjusted net income available to limited partners                                                                                                        227                                                                                        264                                                                                                             848                                                                                      1,069
   Less: Undistributed earnings allocated and distributions to                                                                               (2 )                                                                    (2 )                                                                                         (6 )                                                                    (7 )
   participating securities (2)
                                                                                                                                       -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------
Adjusted limited partners’ net income                                                                                                                     $    225                                                                $    262                                                                                     $    842                                                                $  1,062  
                                                                                                                                       ==================== ====== ====================                                           ==================== ====== ====================                                                                ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Basic weighted average limited partner units outstanding                                                                                                       373                                                                                        344                                                                                                             367                                                                                        341
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Basic adjusted net income per limited partner unit                                                                                                        $   0.60                                                                $   0.76                                                                                     $   2.29                                                                $   3.12  
                                                                                                                                       ==================== ====== ====================                                           ==================== ====== ====================                                                                ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Diluted Adjusted Net Income per Limited Partner Unit
Net income attributable to PAA                                                                                                                            $    389                                                                                   $    309                                                                                                        $  1,384                                                                                   $  1,361
   Selected items impacting comparability of net income attributable to                                                                     (27 )                                                                    62                                                                       (37 )                                                                   105  
   PAA (1)
                                                                                                                                       -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------
Adjusted net income attributable to PAA                                                                                                                        362                                                                                        371                                                                                                           1,347                                                                                      1,466
   Less: General partner’s incentive distribution (2)                                                                                                         (131 )                                                                                     (102 )                                                                                                          (482 )                                                                                     (375 )
   Less: General partner 2% ownership (2)                                                                                                    (4 )                                                                    (5 )                                                                                        (17 )                                                                   (22 )
                                                                                                                                       -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------
      Adjusted net income available to limited partners                                                                                                        227                                                                                        264                                                                                                             848                                                                                      1,069
   Less: Undistributed earnings allocated and distributions to                                                                               (2 )                                                                    (2 )                                                                                         (6 )                                                                    (5 )
   participating securities (2)
                                                                                                                                       -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------
Adjusted limited partners’ net income                                                                                                                     $    225                                                                $    262                                                                                     $    842                                                                $  1,064  
                                                                                                                                       ==================== ====== ====================                                           ==================== ====== ====================                                                                ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Diluted weighted average limited partner units outstanding                                                                                                     375                                                                                        346                                                                                                             369                                                                                        343
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Diluted adjusted net income per limited partner unit                                                                                                      $   0.60                                                                $   0.76                                                                                     $   2.28                                                                $   3.10  
                                                                                                                                       ==================== ====== ====================                                           ==================== ====== ====================                                                                ==================== ====== ====================                                           ==================== ====== ====================
     
(1)                      Certain of our non-GAAP financial measures may not be impacted by
                         each of the selected items impacting comparability.
(2)                      We calculate adjusted net income available to limited partners
                         based on the distributions pertaining to the current period’s net
                         income. After adjusting for the appropriate period’s
                         distributions, the remaining undistributed earnings or excess
                         distributions over earnings, if any, are allocated to the general
                         partner, limited partners and participating securities in
                         accordance with the contractual terms of the partnership agreement
                         and as further prescribed under the two-class method.
                                                                                                                                                                                                                                         
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)                                                                                                                                                     
-------------------------------------------------------------------- -------------------- -------------------- -------------------- --------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- -------------------- -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                      
FINANCIAL DATA RECONCILIATIONS
--------------------------------------------------------------------
(in millions)                                                                                                                                                                                    Three Months Ended                                                                                                                                                                    Twelve Months Ended
                                                                                                                                                                                                    December 31,                                                                                                                                                                          December 31,
                                                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------                                                  ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                          2014                                                                                       2013                                                                                       2014                                                                                       2013
                                                                                                                                    -------------------------------------------------                                          -------------------------------------------------                                          -------------------------------------------------                                          -------------------------------------------------
Net Income to Earnings Before Interest, Taxes, Depreciation and
Amortization ("EBITDA") and
  Excluding Selected Items Impacting Comparability ("Adjusted
  EBITDA") Reconciliations
Net Income                                                                                                                                             $    390                                                                                   $    318                                                                                   $  1,386                                                                                   $  1,391
    Add: Interest expense, net                                                                                                                               93                                                                                         79                                                                                        340                                                                                        303
    Add: Income tax expense                                                                                                                                  81                                                                                         19                                                                                        171                                                                                         99
    Add: Depreciation and amortization                                                                                                   100                                                  110                                                  392                                                  375  
                                                                                                                                    -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
EBITDA                                                                                                                                                 $    664                                                                                   $    526                                                                                   $  2,289                                                                                   $  2,168
    Selected items impacting comparability of EBITDA (1)                                                                                 (70 )                                                                    69                                                  (89 )                                                                   124  
                                                                                                                                    -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
Adjusted EBITDA                                                                                                                                        $    594                                                                $    595                                                                $  2,200                                                                $  2,292  
                                                                                                                                    ==================== ====== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                      
(1) Certain of our non-GAAP financial measures may not be
impacted by each of the selected items impacting comparability.
                                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                 Three Months Ended                                                                                                                                                                    Twelve Months Ended
                                                                                                                                                                                                    December 31,                                                                                                                                                                          December 31,
                                                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------                                                  ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                          2014                                                                                       2013                                                                                       2014                                                                                       2013
                                                                                                                                    -------------------------------------------------                                          -------------------------------------------------                                          -------------------------------------------------                                          -------------------------------------------------
Adjusted EBITDA to Implied Distributable Cash Flow ("DCF")
Adjusted EBITDA                                                                                                                                        $    594                                                                                   $    595                                                                                   $  2,200                                                                                   $  2,292
    Interest expense, net                                                                                                                                   (93 )                                                                                      (79 )                                                                                     (340 )                                                                                     (303 )
    Maintenance capital                                                                                                                                     (73 )                                                                                      (52 )                                                                                     (224 )                                                                                     (176 )
    Current income tax expense                                                                                                                               (9 )                                                                                      (31 )                                                                                      (71 )                                                                                     (100 )
    Equity earnings in unconsolidated entities, net of distributions                                                                                         (4 )                                                                                       (3 )                                                                                       (3 )                                                                                      (10 )
    Distributions to noncontrolling interests (1)                                                                                         (1 )                                                                    (1 )                                                                    (3 )                                                                   (38 )
                                                                                                                                    -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
Implied DCF                                                                                                                                            $    414                                                                $    429                                                                $  1,559                                                                $  1,665  
                                                                                                                                    ==================== ====== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                      
(1) Includes distributions that pertain to the current
period’s net income, which are paid in the subsequent period.
                                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                 Three Months Ended                                                                                                                                                                    Twelve Months Ended
                                                                                                                                                                                                    December 31,                                                                                                                                                                          December 31,
                                                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------                                                  ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                          2014                                                                                       2013                                                                                       2014                                                                                       2013
                                                                                                                                    -------------------------------------------------                                          -------------------------------------------------                                          -------------------------------------------------                                          -------------------------------------------------
Cash Flow from Operating Activities Reconciliation
EBITDA                                                                                                                                                 $    664                                                                                   $    526                                                                                   $  2,289                                                                                   $  2,168
    Current income tax expense                                                                                                                               (9 )                                                                                      (31 )                                                                                      (71 )                                                                                     (100 )
    Interest expense, net                                                                                                                                   (93 )                                                                                      (79 )                                                                                     (340 )                                                                                     (303 )
    Net change in assets and liabilities, net of acquisitions                                                                                               156                                                                                        (76 )                                                                                       28                                                                                         73
Other items to reconcile to cash flows from operating activities:
    Equity-indexed compensation expense                                                                                                    8                                                   20                                                   98                               116  
                                                                                                                                    -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------                      -------------------- -------------------- ------ --------------------
Net cash provided by operating activities                                                                                                              $    726                                                                $    360                                                                $  2,004                                             $  1,954  
                                                                                                                                    ==================== ====== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================                      ==================== ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                  
PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
CONDENSED CONSOLIDATING STATEMENTS OF
OPERATIONS
------------------------------------------------------
(in millions, except per share data)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                          Three Months Ended                                                                                                                                                                                                                                                                                  Twelve Months Ended
                                                                                                                                                                                                           December 31, 2014                                                                                                                                                                                                                                                                                   December 31, 2014
                                                                                                 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                        PAA                                                                                  Consolidating                                                                                 PAGP                                                                                                            PAA                                                                                   Consolidating                                                                                  PAGP
                                                                                                                                                                                                            Adjustments (1)                                                                                                                                                                                                                                                                                     Adjustments (1)
                                                                                                 ---------------------------------------------                                             ---------------------------------------------                                             ---------------------------------------------                                                                  ----------------------------------------------                                             ----------------------------------------------                                             ----------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
REVENUES                                                                                                            $ 9,459                                                                                   $     -                                                                                   $ 9,459                                                                                                        $ 43,464                                                                                   $      -                                                                                   $ 43,464
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
COSTS AND EXPENSES
Purchases and related costs                                                                                           8,384                                                                                         -                                                                                     8,384                                                                                                          39,500                                                                                          -                                                                                     39,500
Field operating costs                                                                                                   378                                                                                         -                                                                                       378                                                                                                           1,456                                                                                          -                                                                                      1,456
General and administrative expenses                                                                                      67                                                                                         3                                                                                        70                                                                                                             325                                                                                          6                                                                                        331
Depreciation and amortization                                                                        100                                                   -                                                 100                                                                       392                                                    2                                                  394  
                                                                                                 -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
 Total costs and expenses                                                                          8,929                                                   3                                               8,932                                                                    41,673                                                    8                                               41,681  
                                                                                                 -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
OPERATING INCOME                                                                                                        530                                                                                        (3 )                                                                                     527                                                                                                           1,791                                                                                         (8 )                                                                                    1,783
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
OTHER INCOME/(EXPENSE)
Equity earnings in unconsolidated entities                                                                               35                                                                                         -                                                                                        35                                                                                                             108                                                                                          -                                                                                        108
Interest expense, net                                                                                                   (93 )                                                                                      (3 )                                                                                     (96 )                                                                                                          (340 )                                                                                       (9 )                                                                                     (349 )
Other expense, net                                                                                    (1 )                                                                    -                                                  (1 )                                                                                         (2 )                                                                     -                                                   (2 )
                                                                                                 -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
INCOME BEFORE TAX                                                                                                       471                                                                                        (6 )                                                                                     465                                                                                                           1,557                                                                                        (17 )                                                                                    1,540
Current income tax expense                                                                                               (9 )                                                                                       -                                                                                        (9 )                                                                                                           (71 )                                                                                        -                                                                                        (71 )
Deferred income tax expense                                                                          (72 )                                                                  (14 )                                                                  (86 )                                                                                       (100 )                                                                   (41 )                                                                  (141 )
                                                                                                 -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
NET INCOME                                                                                                              390                                                                                       (20 )                                                                                     370                                                                                                           1,386                                                                                        (58 )                                                                                    1,328
   Net income attributable to noncontrolling interests                                                (1 )                                                                 (345 )                                                                 (346 )                                                                                         (2 )                                                                (1,256 )                                                                (1,258 )
                                                                                                 -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
NET INCOME ATTRIBUTABLE TO PAGP                                                                                     $   389                                                                $  (365 )                                                                                 $    24                                                                                     $  1,384                                                                $ (1,314 )                                                                                 $     70  
                                                                                                 ==================== ===== ====================                                           ==================== ===== ====================                                           ==================== ===== ====================                                                                ==================== ====== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
   BASIC NET INCOME PER CLASS A SHARE                                                                                                                                                                                                                                                                   $  0.14                                                                                                                                                                                                                                                                           $   0.48  
                                                                                                                                                                                                                                                                                     ==================== ===== ====================                                                                                                                                                                                                                                                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
   DILUTED NET INCOME PER CLASS A SHARE                                                                                                                                                                                                                                                                 $  0.13                                                                                                                                                                                                                                                                           $   0.47  
                                                                                                                                                                                                                                                                                     ==================== ===== ====================                                                                                                                                                                                                                                                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
   BASIC WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING                                                                                                                                                                                                                                     172                                                                                                                                                                                                                                                             145  
                                                                                                                                                                                                                                                                                     ==================== ===== ====================                                                                                                                                                                                                                                                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
   DILUTED WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING                                                                                                                                                                                                                                   650                                                                                                                                                                                                                                                             650  
                                                                                                                                                                                                                                                                                     ==================== ===== ====================                                                                                                                                                                                                                                                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
(1) Represents the aggregate consolidating adjustments
necessary to produce consolidated financial statements for PAGP.
                                                                                                                                                       
PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)                                                                                      
---------------------------------------------------- -------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- --------------------------------------------------------------------- -------------------- -------------------- --------------------------------
                                                                                                                                                                                                                                                                                                                                    
CONDENSED CONSOLIDATING BALANCE SHEET DATA
----------------------------------------------------
(in millions)
                                                                                                                                                                                                                                   December 31, 2014
                                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   PAA                                                                                               Consolidating                                                                                               PAGP
                                                                                                                                                                                                                                    Adjustments (1)
                                                                                                                    ------------------------------                                                                 ----------------------------------------------                                                                  ------------------------------
ASSETS
Current assets                                                                                                                         $      4,179                                                                                   $      2                                                                                                        $      4,181
Property and equipment, net                                                                                                                  12,272                                                                                         20                                                                                                              12,292
Goodwill                                                                                                                                      2,465                                                                                          -                                                                                                               2,465
Investments in unconsolidated entities                                                                                                        1,735                                                                                          -                                                                                                               1,735
Deferred tax asset                                                                                                                                -                                                                                      1,705                                                                                                               1,705
Linefill and base gas                                                                                                                           930                                                                                          -                                                                                                                 930
Long-term inventory                                                                                                                             186                                                                                          -                                                                                                                 186
Other, net                                                                                                                   489                                                                       -                                                                           489
                                                                                                                    -------------------- ----------                                                                -------------------- ------ --------------------                                                                -------------------- ----------
      Total assets                                                                                                                     $     22,256                                                                                   $  1,727                                                                                     $     23,983
                                                                                                                    ==================== ==========                                                                ==================== ====== ====================                                                                ==================== ==========
                                                                                                                                                                                                                                                                                                                                    
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities                                                                                                                    $      4,755                                                                                   $      1                                                                                                        $      4,756
Senior notes, net of unamortized discount                                                                                                     8,757                                                                                          -                                                                                                               8,757
Other long-term debt                                                                                                                              5                                                                                        536                                                                                                                 541
Other long-term liabilities and deferred credits                                                                             548                                                                       -                                                                           548
                                                                                                                    -------------------- ----------                                                                -------------------- ------ --------------------                                                                -------------------- ----------
   Total liabilities                                                                                                                         14,065                                                                                        537                                                                                                              14,602
                                                                                                                                                                                                                                                                                                                                    
Partners’ capital excluding noncontrolling interests                                                                                          8,133                                                                                     (6,476 )                                                                                                             1,657
Noncontrolling interests                                                                                                      58                                                                   7,666                                                                         7,724
                                                                                                                    -------------------- ----------                                                                -------------------- ------ --------------------                                                                -------------------- ----------
   Total partners’ capital                                                                                                 8,191                                                                   1,190                                                                         9,381
                                                                                                                    -------------------- ----------                                                                -------------------- ------ --------------------                                                                -------------------- ----------
      Total liabilities and partners’ capital                                                                                          $     22,256                                                                                   $  1,727                                                                                     $     23,983
                                                                                                                    ==================== ==========                                                                ==================== ====== ====================                                                                ==================== ==========
                                                                                                                                                                                                                                                                                                                                    
(1) Represents the aggregate consolidating adjustments
necessary to produce consolidated financial statements for PAGP.
                                                                   
PLAINS GP HOLDINGS AND SUBSIDIARIES
DISTRIBUTION SUMMARY (unaudited)                                     
--------------------------------------------------------------- -------------------- -------------------- ----------------------------------------------------
                                                                                                           
Q4 2014 PAGP DISTRIBUTION SUMMARY
---------------------------------------------------------------
(in millions, except per unit and per share data)
                                                                                                           
                                                                                                                               Q4 2014(1)
                                                                                                          -------------------------------------------------
PAA Distribution/LP Unit                                                                                                     $    0.6750
GP Distribution/LP Unit                                                                                                      $    0.3614  
                                                                                                          -------------------- --------- --------------------
Total Distribution/LP Unit                                                                                                   $    1.0364  
                                                                                                          ==================== ========= ====================
                                                                                                           
PAA LP Units Outstanding at 1/30/15                                                                                                  376
                                                                                                           
Gross GP Distribution                                                                                                        $       141
   Less: IDR Reduction                                                                                             (6 )
                                                                                                          -------------------- --------- --------------------
Net Distribution from PAA to AAP (2)                                                                                         $       136
   Less: Debt Service                                                                                                                 (2 )
   Less: G&A Expense                                                                                               (1 )
                                                                                                          -------------------- --------- --------------------
Cash Available for Distribution by AAP                                                                                       $       133  
                                                                                                          -------------------- --------- --------------------
                                                                                                           
Distributions to AAP Partners
   Direct AAP Owners & AAP Management (68.2% economic interest)                                                              $        91
   PAGP (31.8% economic interest)                                                                                  42  
                                                                                                          -------------------- --------- --------------------
Total distributions to AAP Partners                                                                                          $       133  
                                                                                                          ==================== ========= ====================
                                                                                                           
Distribution to PAGP Investors                                                                                               $        42  
                                                                                                          -------------------- --------- --------------------
PAGP Class A Shares Outstanding at 1/30/15                                                                        207  
                                                                                                          -------------------- --------- --------------------
PAGP Distribution/Class A Share                                                                                              $   0.20300  
                                                                                                          ==================== ========= ====================
                                                                                                           
(1) Amounts may not recalculate due to rounding.
(2) Plains AAP, L.P. ("AAP") is the general partner of
PAA.
                                                                                                                    
PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)                                                                      
------------------------------------------------------------------------ -------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- --------------------------------
                                                                                                                                                                                                                                        
COMPUTATION OF BASIC AND DILUTED NET
INCOME PER CLASS A SHARE
------------------------------------------------------------------------
(in millions, except per share data)
                                                                                                                                               Three Months Ended                                                                             Twelve Months Ended
                                                                                                                                                December 31, 2014                                                                              December 31, 2014
                                                                                                                                        --------------------------------                                                               --------------------------------
Basic Net Income per Class A Share
   Net income attributable to PAGP                                                                                                                         $         24                                                                                   $         70
   Basic weighted average Class A shares outstanding                                                                                                                172                                                                                            145
                                                                                                                                                                                                                                        
   Basic net income per Class A share                                                                                                                      $       0.14                                                                                   $       0.48
                                                                                                                                        ==================== ==========                                                                ==================== ==========
                                                                                                                                                                                                                                        
Diluted Net Income per Class A Share
   Numerator for diluted net income per Class A share:
      Net income attributable to PAGP                                                                                                                      $         24                                                                                   $         70
                                                                                                                                                  58                                                                         235
      Incremental net income attributable to PAGP resulting from assumed
      conversion of AAP units and AAP Management units
                                                                                                                                        -------------------- ----------                                                                -------------------- ----------
      Total                                                                                                                                                $         82                                                                                   $        305
                                                                                                                                                                                                                                        
   Denominator for diluted net income per Class A share:
      Basic weighted average number of Class A shares outstanding                                                                                                   172                                                                                            145
      Dilutive shares resulting from assumed conversion of AAP units and                                                                                            478                                                                                            505
      AAP Management units
      Effect of dilutive securities: Weighted average LTIP shares (1)                                                                              -                                                                           -
                                                                                                                                        -------------------- ----------                                                                -------------------- ----------
   Diluted weighted average number of Class A shares outstanding                                                                                                    650                                                                                            650
                                                                                                                                                                                                                                        
   Diluted net income per Class A share                                                                                                                    $       0.13                                                                                   $       0.47
                                                                                                                                        ==================== ==========                                                                ==================== ==========
                                                                                                                                                                                                                                        
(1) As of December 31, 2014, there were less than 0.1
million weighted average dilutive LTIP shares outstanding.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150204006477r1&sid=cmtx6&distro=nx&lang=en

SOURCE: Plains All American Pipeline, L.P. and Plains GP Holdings

Plains All American Pipeline, L.P. and Plains GP Holdings 
Ryan Smith, (866) 809-1291 
Director, Investor Relations 
or 
Al Swanson, (800) 564-3036 
Executive Vice President, CFO


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