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 Plains All American Pipeline, L.P. and Plains GP Holdings Report Fourth-Quarter and Full-Year 2015 Results
   Monday, February 08, 2016 4:08:02 PM ET

Plains All American Pipeline, L.P. (PAA ) and Plains GP Holdings (PAGP ) today reported fourth-quarter and full-year 2015 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,
                                                                                               -----------------------------------------                                                  -----------------------------------------
                                                                               2015                           2014                            %                           2015                           2014                                  %
                                                                                                                                                              Change                                                                                           Change
----------------------------------------------------                                           --------                       --------                       ------                       --------                       --------                       -------------------
Net income attributable to PAA                                                                   $   247                        $   389                      (37 )%                         $   903                        $ 1,384                             (35 )%
Diluted net income per common unit                                                               $  0.24                        $  0.67                      (64 )%                         $  0.77                        $  2.38                             (68 )%
Diluted weighted average common units outstanding                                                    399                            375                        6 %                              396                            369                               7 %
EBITDA                                                                                           $   506                        $   664                      (24 )%                         $ 1,870                        $ 2,289                             (18 )%
----------------------------------------------------                                           --- -----                      --- -----                      --- ---                      --- -----                      --- -----                      ---------- ---------
                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                         
                                                                                                          Three Months Ended                                                                         Twelve Months Ended
                                                                                                             December 31,                                                                               December 31,
                                                                                               -----------------------------------------                                                  -----------------------------------------
                                                                               2015                           2014                            %                           2015                           2014                                  %
                                                                                                                                                              Change                                                                                           Change
----------------------------------------------------                                           --------                       --------                       ------                       --------                       --------                       -------------------
Adjusted net income attributable to PAA                                                          $   304                        $   362                      (16 )%                         $ 1,191                        $ 1,347                             (12 )%
Diluted adjusted net income per common unit                                                      $  0.38                        $  0.60                      (37 )%                         $  1.48                        $  2.28                             (35 )%
Adjusted EBITDA                                                                                  $   563                        $   594                       (5 )%                         $ 2,168                        $ 2,200                              (1 )%
----------------------------------------------------                                           --- -----                      --- -----                      --- ---                      --- -----                      --- -----                      ---------- ---------
Distribution per common unit declared for the period                                             $ 0.700                        $ 0.675                      3.7 %
----------------------------------------------------                                           --- -----                      --- -----                      --- ---
                                                                                                                                                                                                                                                         
(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.
                          


"PAA reported fourth-quarter and full-year 2015 results with adjusted EBITDA of $563 million and $2.17 billion, respectively, which were slightly below the low end of our guidance ranges issued last November," said Greg Armstrong, Chairman and CEO of Plains All American. "Our fourth-quarter results were negatively impacted by approximately $15 million associated with deficiencies on minimum volume commitments and an approximate $15 million shift in earnings recognition on certain NGL sales activities from the fourth quarter of 2015 to the first quarter of 2016. This earnings shift is primarily the result of delayed inventory draws due to unseasonably warm temperatures in certain parts of the U.S. and Canada as well as impacts of inventory pricing during the fourth quarter. Additionally, severe weather in West Texas and the Mid-continent resulted in volume shortfalls impacting results by approximately $5 million."

Armstrong stated that the partnership is well positioned to manage through near-term challenges and to grow meaningfully in the intermediate and long-term as industry conditions improve.

"The $1.6 billion of proceeds from our recent preferred equity placement satisfies PAA’s equity financing needs for 2016 and substantially all of 2017 and enables PAA to complete its multi-year, multi-billion dollar capital expansion program, while maintaining substantial liquidity and a solid balance sheet."

Armstrong continued, "PAA has visibility for incremental cash flow contributions over the next 24 months from the completion of these projects, the majority of which are backed by minimum volume commitments and other contractual support. These projects enhance PAA’s existing footprint and provide further significant leverage to a sustained increase in U.S. production levels with little to no incremental investment."

The following table summarizes selected PAA financial information by segment for the fourth quarter and full year of 2015:

                                                                                                                                                                                                                                                                                                                          
Summary of Selected Financial Data by
Segment (1) (unaudited)
-----------------------------------------------------------------------------------------------------------------------------------------------------
(in millions)                                                      
                                                                                                                                                                                            Three Months Ended                                                                                                                                                                                             Three Months Ended
                                                                                                                                                                                             December 31, 2015                                                                                                                                                                                              December 31, 2014
                                                                                                          ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           Transportation                                                         Facilities                                                         Supply and                                                                   Transportation                                     Facilities                                                 Supply and
                                                                                                                                                                                                                                                                      Logistics                                                                                                                                                                                  Logistics
                                                                                                          ----------------------------------------------                        -------------------------------------------                        -------------------------------------------                                             ---------------------------                       -------------------------                       ----------------------------------------------
Reported segment profit                                                                                                      $    236                                                              $ 147                                                              $ 123                                                                                   $     267                                         $   149                                         $    249
Selected items impacting comparability of segment profit (2)                                                    20                            3                           34                                                     3                            2                           (76 )
                                                                                                          -------------------- ------ --------------------                      -------------------- --- --------------------                      -------------------- --- --------------------                                           -------------------- -------                      -------------------- -----                      -------------------- ------ --------------------
Adjusted segment profit                                                                                                      $    256                                           $ 150                                           $ 157                                                                $     270                                         $   151                                         $    173  
                                                                                                          ==================== ====== ====================                      ==================== === ====================                      ==================== === ====================                                           ==================== =======                      ==================== =====                      ==================== ====== ====================
Percentage change in adjusted segment profit versus 2014 period                                                 (5 )%                                           (1 )%                                           (9 )%
                                                                                                          ==================== ====== ====================                      ==================== === ====================                      ==================== === ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                            Twelve Months Ended                                                                                                                                                                                            Twelve Months Ended
                                                                                                                                                                                             December 31, 2015                                                                                                                                                                                              December 31, 2014
                                                                                                          ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           Transportation                                                         Facilities                                                         Supply and                                                                   Transportation                                     Facilities                                                 Supply and
                                                                                                                                                                                                                                                                      Logistics                                                                                                                                                                                  Logistics
                                                                                                          ----------------------------------------------                        -------------------------------------------                        -------------------------------------------                                             ---------------------------                       -------------------------                       ----------------------------------------------
Reported segment profit                                                                                                      $    917                                                              $ 579                                                              $ 381                                                                                   $     925                                         $   584                                         $    782
Selected items impacting comparability of segment profit (2)                                                    94                            9                          187                                                    25                           13                          (131 )
                                                                                                          -------------------- ------ --------------------                      -------------------- --- --------------------                      -------------------- --- --------------------                                           -------------------- -------                      -------------------- -----                      -------------------- ------ --------------------
Adjusted segment profit                                                                                                      $  1,011                                           $ 588                                           $ 568                                                                $     950                                         $   597                                         $    651  
                                                                                                          ==================== ====== ====================                      ==================== === ====================                      ==================== === ====================                                           ==================== =======                      ==================== =====                      ==================== ====== ====================
Percentage change in adjusted segment profit versus 2014 period                                                  6 %                                            (2 )%                                          (13 )%
                                                                                                          ==================== ====== ====================                      ==================== === ====================                      ==================== === ====================
     
(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 2015 Transportation adjusted segment profit decreased 5% versus comparable 2014 results. This decrease was primarily driven by lower pipeline loss allowance revenue due to a lower realized average price per barrel during fourth-quarter 2015, partially offset by higher equity earnings from our 50% interest in the BridgeTex pipeline.

Fourth-quarter 2015 Facilities adjusted segment profit decreased 1% versus comparable 2014 results. This decrease was primarily due to lower revenues associated with our rail and natural gas storage activities, partially offset by increased storage revenue at our west coast terminals.

Fourth-quarter 2015 Supply and Logistics adjusted segment profit decreased by 9% relative to comparable 2014 results. This decrease was primarily driven by lower volumes and margins associated with our crude oil lease gathering due to less favorable market conditions as a result of increased competition. This decrease was partially offset by increased margins on NGL sales.

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:

                                                                                                            
                                                                                                                           Q4 2015                                                     Q3 2015                                                                 Q4 2014
                                                                                                                         ----------                                          ---------------------------                                          --------------------------------
Distribution per Class A share declared for the period                                                                     $ 0.231                                                              $ 0.231                                                              $      0.203
                                                                                                                                                                             -------------------- -----                                           -------------------- ----------
Q4 2015 distribution percentage growth from prior periods                                                                                                                         -%                                                  13.8%
                                                                                                                                                                             ==================== =====                                           ==================== ==========
                                                                                                                                                                                                                                                   

Conference Call

PAA and PAGP will hold a conference call on February 9, 2016 (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 2016. 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 11:00 a.m. ET on Tuesday, February 9, 2016 to discuss the following items:

1. PAA’s fourth-quarter and full-year 2015 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 2016; 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, under the "Investor Relations" section of the website (Navigate to: Investor Relations / either "PAA" or "PAGP" / News & Events / Quarterly Earnings). 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) 230-1092. International callers should dial (612) 288-0329. 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 383078. The replay will be available beginning Tuesday, February 9, 2016, at approximately 1:00 p.m. ET and will continue until 11:59 p.m. ET on March 9, 2016.

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), gains and losses on derivatives that are related to investing activities (such as the purchase of linefill) and inventory valuation adjustments, as applicable, (iii) long-term inventory costing 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 "PAA" under the "Investor Relations" tab on the home page, select the "Financial Information" tab and navigate to the "Non-GAAP Reconciliations" link.

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, 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 assets, 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; the effects of competition; failure to implement or capitalize, or delays in implementing or capitalizing, on expansion projects; 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 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; the currency exchange rate of the Canadian dollar; 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; non-utilization of our assets and facilities; weather interference with business operations or project construction, including the impact of extreme weather events or conditions; 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; increased costs, or lack of availability, of insurance; 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; 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 assets, including our ability to satisfy our contractual obligations to our customers; inability to recognize current revenue attributable to deficiency payments received from customers who fail to ship or move more than minimum contracted volumes until the related credits expire or are used; 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 4.4 million barrels per day of crude oil and NGL in its Transportation segment. 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 (1)
    ------------------------------------------------------
    (in millions, except per unit data)
                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                       Three Months Ended                                                                                                                                               Twelve Months Ended
                                                                                                                                                          December 31,                                                                                                                                                     December 31,
                                                                                                     -----------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------------------------
                                                                                                                           2015                                                                  2014                                                                                       2015                                                                  2014
                                                                                                     -------------------------------------------------                     -------------------------------------------------                                          -------------------------------------------------                     -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                             
    REVENUES                                                                                                            $  4,996                                                              $  9,459                                                                                   $ 23,152                                                              $ 43,464
                                                                                                                                                                                                                                                                                                                                             
    COSTS AND EXPENSES
    Purchases and related costs                                                                                            4,135                                                                 8,384                                                                                     19,726                                                                39,500
    Field operating costs                                                                                                    343                                                                   378                                                                                      1,454                                                                 1,456
    General and administrative expenses                                                                                       61                                                                    67                                                                                        278                                                                   325
    Depreciation and amortization                                                                         113                              98                                                  432                             384  
                                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------
       Total costs and expenses                                                                                            4,652                                                                 8,927                                                                                     21,890                                                                41,665
                                                                                                                                                                                                                                                                                                                                             
    OPERATING INCOME                                                                                                         344                                                                   532                                                                                      1,262                                                                 1,799
                                                                                                                                                                                                                                                                                                                                             
    OTHER INCOME/(EXPENSE)
    Equity earnings in unconsolidated entities                                                                                49                                                                    35                                                                                        183                                                                   108
    Interest expense, net                                                                                                   (111 )                                                                 (95 )                                                                                     (432 )                                                                (348 )
    Other expense, net                                                                                      -                              (1 )                                                                    (7 )                                               (2 )
                                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                             
    INCOME BEFORE TAX                                                                                                        282                                                                   471                                                                                      1,006                                                                 1,557
    Current income tax expense                                                                                               (12 )                                                                  (9 )                                                                                      (84 )                                                                 (71 )
    Deferred income tax expense                                                                           (22 )                                              (72 )                                                                   (16 )                                             (100 )
                                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                             
    NET INCOME                                                                                                               248                                                                   390                                                                                        906                                                                 1,386
       Net income attributable to noncontrolling interests                                                 (1 )                                               (1 )                                                                    (3 )                                               (2 )
                                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------
    NET INCOME ATTRIBUTABLE TO PAA                                                                                      $    247                                           $    389                                                                $    903                                           $  1,384  
                                                                                                     ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                             
    NET INCOME PER COMMON UNIT:
                                                                                                                                                                                                                                                                                                                                             
       NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS                                                                    $     95                                           $    251                                                                $    305                                           $    878  
                                                                                                     ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                             
       BASIC NET INCOME PER COMMON UNIT                                                                                 $   0.24                                           $   0.67                                                                $   0.78                                           $   2.39  
                                                                                                     ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                             
       DILUTED NET INCOME PER COMMON UNIT                                                                               $   0.24                                           $   0.67                                                                $   0.77                                           $   2.38  
                                                                                                     ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                             
       BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING                                                    398                             373                                                  394                             367  
                                                                                                     ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                             
       DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING                                                  399                             375                                                  396                             369  
                                                                                                     ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                             
(1)
          The 2014 periods have been retroactively adjusted to reflect the
          reclassification of the amortization of debt issuance costs from
          "Depreciation and amortization" to "Interest expense, net" as a
          result of our adoption of revised debt issuance costs guidance
          issued by the FASB.
                                                                                                                                               
    ------------------------------------------------------ -------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- -------------------------------------------------
    ADJUSTED RESULTS
    ------------------------------------------------------
    (in millions, except per unit data)                                                                                                                Three Months Ended                                                                                                                                               Twelve Months Ended
                                                                                                                                                          December 31,                                                                                                                                                     December 31,
                                                                                                     -----------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------------------------
                                                                                                                           2015                                                                  2014                                                                                       2015                                                                  2014
                                                                                                     -------------------------------------------------                     -------------------------------------------------                                          -------------------------------------------------                     -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                             
    ADJUSTED NET INCOME ATTRIBUTABLE TO PAA                                                                             $    304                                           $    362                                                                $  1,191                                           $  1,347  
                                                                                                     ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                             
    DILUTED ADJUSTED NET INCOME PER COMMON UNIT                                                                         $   0.38                                           $   0.60                                                                $   1.48                                           $   2.28  
                                                                                                     ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                             
    ADJUSTED EBITDA                                                                                                     $    563                                           $    594                                                                $  2,168                                           $  2,200  
                                                                                                     ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ====== ====================                      ==================== ====== ====================
 
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL
SUMMARY (unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                         
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(1)
------------------------------------------------------------------
(in millions)
                                                                                                             December 31,                                                                    December 31,
                                                                                                                 2015                                                                            2014
                                                                                                             ------------                                                                --------------------
ASSETS
Current assets                                                                                                    $ 2,969                                                                             $ 4,179
Property and equipment, net                                                                                        13,474                                                                              12,272
Goodwill                                                                                                            2,405                                                                               2,465
Investments in unconsolidated entities                                                                              2,027                                                                               1,735
Linefill and base gas                                                                                                 898                                                                                 930
Long-term inventory                                                                                                   129                                                                                 186
Other long-term assets, net                                                                                           386                                                                                 431
                                                                                                             ------------                                                                --------------------
   Total assets                                                                                                  $ 22,288                                                                            $ 22,198
                                                                                                             ============                                                                ====================
                                                                                                                                                                                          
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities                                                                                               $ 3,407                                                                             $ 4,755
Senior notes, net of unamortized discounts and debt issuance costs                                                  9,698                                                                               8,699
Other long-term debt                                                                                                  677                                                                                   5
Other long-term liabilities and deferred credits                                                                      567                                                                                 548
                                                                                                             ------------                                                                --------------------
   Total liabilities                                                                                               14,349                                                                              14,007
                                                                                                                                                                                          
Partners’ capital excluding noncontrolling interests                                                                7,881                                                                               8,133
Noncontrolling interests                                                                                               58                                                                                  58
                                                                                                             ------------                                                                --------------------
   Total partners’ capital                                                                                          7,939                                                                               8,191
                                                                                                             ------------                                                                --------------------
      Total liabilities and partners’ capital                                                                    $ 22,288                                                                            $ 22,198
                                                                                                             ============                                                                ====================
                                                                                                                                                                                          
DEBT CAPITALIZATION RATIOS (1)
------------------------------------------------------------------
(in millions)
                                                                                                             December 31,                                                                    December 31,
                                                                                                                 2015                                                                            2014
                                                                                                             ------------                                                                --------------------
Short-term debt                                                                                                     $ 999                                                                             $ 1,287
Long-term debt                                                                                                     10,375                                                                               8,704
                                                                                                             ------------                                                                --------------------
   Total debt                                                                                                    $ 11,374                                                                             $ 9,991
                                                                                                             ============                                                                ====================
                                                                                                                                                                                          
Long-term debt                                                                                                   $ 10,375                                                                             $ 8,704
Partners’ capital                                                                                                   7,939                                                                               8,191
                                                                                                             ------------                                                                --------------------
   Total book capitalization                                                                                     $ 18,314                                                                            $ 16,895
                                                                                                             ============                                                                ====================
Total book capitalization, including short-term debt                                                             $ 19,313                                                                            $ 18,182
                                                                                                             ============                                                                ====================
                                                                                                                                                                                          
Long-term debt-to-total book capitalization                                                                           57%                                                                                 52%
Total debt-to-total book capitalization, including short-term debt                                                    59%                                                                                 55%
                                                                                                                                                                                          
(1)       The 2014 period has been retroactively adjusted to reflect the
                             reclassification of certain debt issuance costs from "Other
                             long-term assets, net" to "Senior notes, net of unamortized
                             discounts and debt issuance costs" as a result of our adoption of
                             revised debt issuance costs guidance issued by the FASB.
                                                                                                                                                                                                                                                                                                                                    
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, 2015                                                                                                                                                                                                                       December 31, 2014
                                                                                      -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                     -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                      Supply and                                                                                                                                                                                                                              Supply and
                                                                                                       Transportation                                                          Facilities                                                              Logistics                                                                               Transportation                                                          Facilities                                                              Logistics
                                                                                      -------------------------------------------------                     -------------------------------------------------                     --------------------------------------------------                                          -------------------------------------------------                     -------------------------------------------------                     --------------------------------------------------
Revenues (1)                                                                                             $    391                                                              $    261                                                              $   4,706                                                                                   $    433                                                              $    270                                                              $   9,129
Purchases and related costs (1)                                                                               (23 )                                                                  (7 )                                                               (4,464 )                                                                                      (35 )                                                                  (8 )                                                               (8,711 )
Field operating costs (1) (2)                                                                                (159 )                                                                 (94 )                                                                  (94 )                                                                                     (142 )                                                                 (97 )                                                                 (141 )
Equity-indexed compensation (expense)/benefit - operations                                                      -                                                                     1                                                                      -                                                                                         (1 )                                                                   -                                                                      -
Segment general and administrative expenses (2) (3)                                                           (22 )                                                                 (14 )                                                                  (24 )                                                                                      (20 )                                                                 (14 )                                                                  (26 )
Equity-indexed compensation expense - general and administrative                                                -                                                                     -                                                                     (1 )                                                                                       (3 )                                                                  (2 )                                                                   (2 )
Equity earnings in unconsolidated entities                                                  49                               -                                -                                                   35                               -                                -  
                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------
Reported segment profit                                                                                  $    236                                                              $    147                                                              $     123                                                                                        267                                                                   149                                                                    249
   Selected items impacting comparability of segment profit (4)                             20                               3                               34                                                    3                               2                              (76 )
                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------
Adjusted segment profit                                                                                  $    256                                           $    150                                           $     157                                                                $    270                                           $    151                                           $     173  
                                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================                                           ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Maintenance capital                                                                                      $     43                                           $     20                                           $       3                                                                $     54                                           $     17                                           $       2  
                                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================                                           ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                            Twelve Months Ended                                                                                                                                                                                                                     Twelve Months Ended
                                                                                                                                                                             December 31, 2015                                                                                                                                                                                                                       December 31, 2014
                                                                                      -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                     -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                      Supply and                                                                                                                                                                                                                              Supply and
                                                                                                       Transportation                                                          Facilities                                                              Logistics                                                                               Transportation                                                          Facilities                                                              Logistics
                                                                                      -------------------------------------------------                     -------------------------------------------------                     --------------------------------------------------                                          -------------------------------------------------                     -------------------------------------------------                     --------------------------------------------------
Revenues (1)                                                                                             $  1,594                                                              $  1,050                                                              $  21,945                                                                                   $  1,655                                                              $  1,127                                                              $  42,150
Purchases and related costs (1)                                                                              (108 )                                                                 (24 )                                                              (21,018 )                                                                                     (151 )                                                                 (55 )                                                              (40,752 )
Field operating costs (1) (2)                                                                                (652 )                                                                (377 )                                                                 (433 )                                                                                     (560 )                                                                (404 )                                                                 (481 )
Equity-indexed compensation expense - operations                                                               (5 )                                                                   -                                                                      -                                                                                        (15 )                                                                  (4 )                                                                   (2 )
Segment general and administrative expenses (2) (3)                                                           (89 )                                                                 (65 )                                                                 (102 )                                                                                      (83 )                                                                 (60 )                                                                 (105 )
Equity-indexed compensation expense - general and administrative                                               (6 )                                                                  (5 )                                                                  (11 )                                                                                      (29 )                                                                 (20 )                                                                  (28 )
Equity earnings in unconsolidated entities                                                 183                               -                                -                                                  108                               -                                -  
                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------
Reported segment profit                                                                                  $    917                                                              $    579                                                              $     381                                                                                   $    925                                                              $    584                                                              $     782
   Selected items impacting comparability of segment profit (4)                             94                               9                              187                                                   25                              13                             (131 )
                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------
Adjusted segment profit                                                                                  $  1,011                                           $    588                                           $     568                                                                $    950                                           $    597                                           $     651  
                                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================                                           ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Maintenance capital                                                                                      $    144                                           $     68                                           $       8                                                                $    165                                           $     52                                           $       7  
                                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================                                           ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================
     
(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,
                                                                                        -----------------------------------                     -------------------------------------------------
                                                                                         2015                        2014                        2015                               2014
                                                                                        ------                      ------                      ------                      --------------------
                                                                                                                                                                             
Transportation segment (average daily volumes in thousands of
barrels per day):
Volumes from tariff activities
    Crude oil pipelines (by region):
        Permian Basin (2)                                                                1,963                       1,552                       1,849                                     1,512
        South Texas / Eagle Ford (2)                                                       331                         262                         306                                       227
        Western                                                                            190                         265                         215                                       260
        Rocky Mountain (2)                                                                 433                         460                         440                                       426
        Gulf Coast                                                                         537                         587                         532                                       492
        Central                                                                            362                         457                         413                                       450
        Canada                                                                             377                         419                         392                                       399
                                                                                        ------                      ------                      ------                      --------------------
    Crude oil pipelines                                                                  4,193                       4,002                       4,147                                     3,766
    NGL pipelines                                                                          189                         190                         193                                       186
                                                                                        ------                      ------                      ------                      --------------------
Total volumes from tariff activities                                                     4,382                       4,192                       4,340                                     3,952
    Trucking                                                                               109                         122                         113                                       127
                                                                                        ------                      ------                      ------                      --------------------
Total Transportation segment volumes                                                     4,491                       4,314                       4,453                                     4,079
                                                                                        ======                      ======                      ======                      ====================
                                                                                                                                                                             
Facilities segment (average monthly volumes):
    Crude oil, refined products and NGL terminalling and storage
      (average monthly capacity in millions of barrels)                                    103                          95                         100                                        95
                                                                                        ======                      ======                      ======                      ====================
    Rail load / unload volumes
      (average volumes in thousands of barrels per day)                                    172                         229                         210                                       231
                                                                                        ======                      ======                      ======                      ====================
    Natural gas storage
      (average monthly working capacity in billions of cubic feet)                          97                          97                          97                                        97
                                                                                        ======                      ======                      ======                      ====================
    NGL fractionation
      (average volumes in thousands of barrels per day)                                    111                         103                         103                                        96
                                                                                        ======                      ======                      ======                      ====================
    Total Facilities segment volumes
      (average monthly volumes in millions of barrels) ((3))                               128                         122                         126                                       121
                                                                                        ======                      ======                      ======                      ====================
                                                                                                                                                                             
Supply and Logistics segment (average daily volumes in thousands
of barrels per day):
    Crude oil lease gathering purchases                                                    899                         999                         943                                       949
    NGL sales                                                                              266                         268                         223                                       208
    Waterborne cargos                                                                        2                           -                           2                                         -
                                                                                        ------                      ------                      ------                      --------------------
        Total Supply and Logistics segment volumes                                       1,167                       1,267                       1,168                                     1,157
                                                                                        ======                      ======                      ======                      ====================
     
(1)                      Average volumes are calculated as total volumes for the period
                         (attributable to our interest) divided by the number of days or
                         months in the period.
(2)                      Area systems include volumes (attributable to our interest) from
                         pipelines owned by unconsolidated entities.
(3)                      Facilities segment 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 COMMON UNIT
-----------------------------------------------------------------------
(in millions, except per unit data)
                                                                                                                                                                    Three Months Ended                                                                                                                          Twelve Months Ended
                                                                                                                                                                       December 31,                                                                                                                                December 31,
                                                                                                                  -----------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------
                                                                                                                                        2015                                                                  2014                                                                  2015                                                                  2014
                                                                                                                  -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
Basic Net Income per Common Unit
Net income attributable to PAA                                                                                                       $    247                                                              $    389                                                              $    903                                                              $  1,384
   Less: Distributions to general partner (1)                                                                                            (155 )                                                                (136 )                                                                (608 )                                                                (502 )
   Less: Distributions to participating securities (1)                                                                                     (1 )                                                                  (2 )                                                                  (6 )                                                                  (6 )
   Less: Undistributed (earnings)/loss allocated to general partner and                                                  4                               -                              16                               2  
   participating securities (1)
                                                                                                                  -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Net income attributable to common unitholders in accordance with                                                                     $     95                                           $    251                                           $    305                                           $    878  
application of the two-class method for MLPs
                                                                                                                  ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                     
Basic weighted average common units outstanding                                                                                           398                                                                   373                                                                   394                                                                   367
                                                                                                                                                                                                                                                                                                                                     
Basic net income per common unit                                                                                                     $   0.24                                           $   0.67                                           $   0.78                                           $   2.39  
                                                                                                                  ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                     
Diluted Net Income per Common Unit
Net income attributable to PAA                                                                                                       $    247                                                              $    389                                                              $    903                                                              $  1,384
   Less: Distributions to general partner (1)                                                                                            (155 )                                                                (136 )                                                                (608 )                                                                (502 )
   Less: Distributions to participating securities (1)                                                                                     (1 )                                                                  (2 )                                                                  (6 )                                                                  (6 )
   Less: Undistributed (earnings)/loss allocated to general partner and                                                  4                               -                              16                               2  
   participating securities (1)
                                                                                                                  -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Net income attributable to common unitholders in accordance with                                                                     $     95                                           $    251                                           $    305                                           $    878  
application of the two-class method for MLPs
                                                                                                                  ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                     
Basic weighted average common units outstanding                                                                                           398                                                                   373                                                                   394                                                                   367
   Effect of dilutive securities: Weighted average LTIP units (2)                                                        1                               2                               2                               2  
                                                                                                                  -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Diluted weighted average common units outstanding                                                                      399                             375                             396                             369  
                                                                                                                  ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                     
Diluted net income per common unit                                                                                                   $   0.24                                           $   0.67                                           $   0.77                                           $   2.38  
                                                                                                                  ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
     
(1)                      We calculate net income attributable to common unitholders 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, common unitholders 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,
                                                                                                                                       -----------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------
                                                                                                                                          2015                            2014                            2015                            2014   
                                                                                                                                       -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Selected Items Impacting Comparability - Income/(Loss)
(1):
Gains/(losses) from derivative activities net of inventory valuation                                                                                      $      2                                                              $    166                                                              $   (110 )                                                            $    243
adjustments (2)
Long-term inventory costing adjustments (3)                                                                                                                    (37 )                                                                 (85 )                                                                 (99 )                                                                 (85 )
Line 901 incident                                                                                                                                              (18 )                                                                   -                                                                   (83 )                                                                   -
Equity-indexed compensation expense (4)                                                                                                                         (5 )                                                                  (8 )                                                                 (27 )                                                                 (56 )
Deferred income tax expense (5)                                                                                                                                  -                                                                     -                                                                   (22 )                                                                   -
Net gain/(loss) on foreign currency revaluation                                                                                                                  1                                                                    (3 )                                                                  21                                                                   (13 )
Tax effect on selected items impacting comparability                                                                                          -                             (43 )                                               32                             (52 )
                                                                                                                                       -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
   Selected items impacting comparability of net income attributable to                                                                                   $    (57 )                                                            $     27                                           $   (288 )                                                            $     37  
   PAA
                                                                                                                                       ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                          
Impact to basic net income per common unit                                                                                                                $  (0.14 )                                                            $   0.07                                           $  (0.71 )                                                            $   0.10  
                                                                                                                                       ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
Impact to diluted net income per common unit                                                                                                              $  (0.14 )                                                            $   0.07                                           $  (0.71 )                                                            $   0.10  
                                                                                                                                       ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
     
(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 and other gains and losses resulting from
                         derivative instruments that are related to underlying activities
                         in another period (or the reversal of mark-to-market gains and
                         losses from a prior period), gains and losses on derivatives that
                         are related to investing activities (such as the purchase of
                         linefill) and inventory valuation adjustments, as applicable.
(3)                      Includes the impact of changes in the average cost of long-term
                         inventory that result from fluctuations in market prices and
                         writedowns of such inventory that result from price declines.
                         Long-term inventory consists of minimum working inventory
                         requirements in third-party assets and other working inventory
                         needed for our commercial operations. We consider this inventory
                         necessary to conduct our operations and we intend to carry this
                         inventory for the foreseeable future. Therefore, we classify this
                         inventory as long-term on our balance sheet and do not hedge the
                         inventory with derivative instruments (similar to linefill in our
                         own assets).
(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 the initial cumulative effect of the recent change in
                         Canadian tax legislation.
                                                                                                                                                                                                                                      
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)                                                                                                                                                  
----------------------------------------------------------------------- -------------------- -------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                          
COMPUTATION OF ADJUSTED BASIC AND DILUTED
NET INCOME PER COMMON UNIT
-----------------------------------------------------------------------
(in millions, except per unit data)
                                                                                                                                                                                         Three Months Ended                                                                                                                          Twelve Months Ended
                                                                                                                                                                                            December 31,                                                                                                                                December 31,
                                                                                                                                       -----------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------
                                                                                                                                          2015                            2014                            2015                            2014   
                                                                                                                                       -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Basic Adjusted Net Income per Common Unit
Net income attributable to PAA                                                                                                                            $    247                                                              $    389                                                              $    903                                                              $  1,384
   Selected items impacting comparability of net income attributable to                                                                      57                             (27 )                                              288                             (37 )
   PAA (1)
                                                                                                                                       -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjusted net income attributable to PAA                                                                                                                        304                                                                   362                                                                 1,191                                                                 1,347
   Less: Distributions to general partner (2)                                                                                                                 (155 )                                                                (136 )                                                                (608 )                                                                (502 )
   Less: Distributions to participating securities (2)                                                                                                          (1 )                                                                  (2 )                                                                  (6 )                                                                  (6 )
   Less: Undistributed (earnings)/loss allocated to general partner and                                                                       3                               1                              11                               3  
   participating securities (2)
                                                                                                                                       -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjusted net income attributable to common unitholders in accordance                                                                                      $    151                                           $    225                                           $    588                                           $    842  
with application of the two-class method for MLPs
                                                                                                                                       ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                          
Basic weighted average common units outstanding                                                                                                                398                                                                   373                                                                   394                                                                   367
                                                                                                                                                                                                                                                                                                                                                          
Basic adjusted net income per common unit                                                                                                                 $   0.38                                           $   0.60                                           $   1.49                                           $   2.29  
                                                                                                                                       ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                          
Diluted Adjusted Net Income per Common Unit
Net income attributable to PAA                                                                                                                            $    247                                                              $    389                                                              $    903                                                              $  1,384
   Selected items impacting comparability of net income attributable to                                                                      57                             (27 )                                              288                             (37 )
   PAA (1)
                                                                                                                                       -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjusted net income attributable to PAA                                                                                                                        304                                                                   362                                                                 1,191                                                                 1,347
   Less: Distributions to general partner (2)                                                                                                                 (155 )                                                                (136 )                                                                (608 )                                                                (502 )
   Less: Distributions to participating securities (2)                                                                                                          (1 )                                                                  (2 )                                                                  (6 )                                                                  (6 )
   Less: Undistributed (earnings)/loss allocated to general partner and                                                                       3                               1                              11                               3  
   participating securities (2)
                                                                                                                                       -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjusted net income attributable to common unitholders in accordance                                                                                      $    151                                           $    225                                           $    588                                           $    842  
with application of the two-class method for MLPs
                                                                                                                                       ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                          
Diluted weighted average common units outstanding                                                                                                              399                                                                   375                                                                   396                                                                   369
                                                                                                                                                                                                                                                                                                                                                          
Diluted adjusted net income per common unit                                                                                                               $   0.38                                           $   0.60                                           $   1.48                                           $   2.28  
                                                                                                                                       ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
     
(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 attributable to common
                         unitholders 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, common unitholders 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,
                                                                        -----------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------
                                                                                              2015                                                                  2014                                                                  2015                                                                  2014
                                                                        -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
    Net Income to Earnings Before Interest, Taxes, Depreciation and
    Amortization ("EBITDA") and
    Excluding Selected Items Impacting Comparability ("Adjusted
    EBITDA") Reconciliations
    Net Income                                                                             $    248                                                              $    390                                                              $    906                                                              $  1,386
       Add: Interest expense, net                                                               111                                                                    95                                                                   432                                                                   348
       Add: Income tax expense                                                                   34                                                                    81                                                                   100                                                                   171
       Add: Depreciation and amortization                                    113                              98                             432                             384  
                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
    EBITDA                                                                                 $    506                                                              $    664                                                              $  1,870                                                              $  2,289
       Selected items impacting comparability of EBITDA (1)                   57                             (70 )                                              298                             (89 )
                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
    Adjusted EBITDA                                                                        $    563                                           $    594                                           $  2,168                                           $  2,200  
                                                                        ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                           
(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,
                                                                        -----------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------
                                                                                              2015                                                                  2014                                                                  2015                                                                  2014
                                                                        -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
    Adjusted EBITDA to Implied Distributable Cash Flow ("DCF")
    Reconciliation
    Adjusted EBITDA                                                                        $    563                                                              $    594                                                              $  2,168                                                              $  2,200
       Interest expense (1)                                                                    (107 )                                                                 (92 )                                                                (417 )                                                                (334 )
       Maintenance capital                                                                      (66 )                                                                 (73 )                                                                (220 )                                                                (224 )
       Current income tax expense                                                               (12 )                                                                  (9 )                                                                 (84 )                                                                 (71 )
       Equity earnings in unconsolidated entities, net of distributions                           6                                                                    (4 )                                                                  31                                                                    (3 )
       Distributions to noncontrolling interests (2)                          (1 )                                               (1 )                                               (4 )                                               (3 )
                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
    Implied DCF (3)                                                                        $    383                                           $    415                                           $  1,474                                           $  1,565  
                                                                        ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                           
(1)
       Excludes certain non-cash items impacting interest expense such as
       amortization of debt issuance costs and terminated interest rate
       swaps.
(2)
       Includes distributions that pertain to the current period’s net
       income, which are paid in the subsequent period.
(3)
       Including costs related to our Line 901 incident that occurred
       during May 2015, Implied DCF would have been $365 million and
       $1,391 million for the three and twelve months ended December 31,
       2015, respectively.
                                                                                                                                                                                                                                                                                           
                                                                                                                          Three Months Ended                                                                                                                          Twelve Months Ended
                                                                                                                             December 31,                                                                                                                                December 31,
                                                                        -----------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------
                                                                                              2015                                                                  2014                                                                  2015                                                                  2014
                                                                        -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
    Net Cash Provided by Operating Activities Reconciliation
    EBITDA                                                                                 $    506                                                              $    664                                                              $  1,870                                                              $  2,289
       Current income tax expense                                                               (12 )                                                                  (9 )                                                                 (84 )                                                                 (71 )
       Interest expense, net                                                                   (111 )                                                                 (95 )                                                                (432 )                                                                (348 )
       Net change in assets and liabilities, net of acquisitions                               (261 )                                                                 158                                                                   (37 )                                                                  36
    Other items to reconcile to net cash provided by operating
    activities:
       Equity-indexed compensation expense                                     -                               8                              27                              98  
                                                                        -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
    Net cash provided by operating activities                                              $    122                                           $    726                                           $  1,344                                           $  2,004  
                                                                        ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                             
PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)                                                                                                                                                                                                   
------------------------------------------------------ -------------------- -------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
CONDENSED CONSOLIDATING STATEMENTS OF
OPERATIONS (1)
------------------------------------------------------
(in millions, except per share data)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                           Three Months Ended                                                                                                                                                                                                                     Three Months Ended
                                                                                                                                                                                                            December 31, 2015                                                                                                                                                                                                                      December 31, 2014
                                                                                                                      ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                             PAA                                                              Consolidating                                                             PAGP                                                                                        PAA                                                              Consolidating                                                             PAGP
                                                                                                                                                                                                             Adjustments (2)                                                                                                                                                                                                                        Adjustments (2)
                                                                                                                      ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                                             ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
REVENUES                                                                                                                                 $  4,996                                                              $      -                                                              $  4,996                                                                                   $  9,459                                                              $      -                                                              $  9,459
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
COSTS AND EXPENSES
Purchases and related costs                                                                                                                 4,135                                                                     -                                                                 4,135                                                                                      8,384                                                                     -                                                                 8,384
Field operating costs                                                                                                                         343                                                                     -                                                                   343                                                                                        378                                                                     -                                                                   378
General and administrative expenses                                                                                                            61                                                                     1                                                                    62                                                                                         67                                                                     3                                                                    70
Depreciation and amortization                                                                                              113                               -                             113                                                   98                               -                              98  
                                                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
   Total costs and expenses                                                                                                                 4,652                                                                     1                                                                 4,653                                                                                      8,927                                                                     3                                                                 8,930
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
OPERATING INCOME                                                                                                                              344                                                                    (1 )                                                                 343                                                                                        532                                                                    (3 )                                                                 529
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
OTHER INCOME/(EXPENSE)
Equity earnings in unconsolidated entities                                                                                                     49                                                                     -                                                                    49                                                                                         35                                                                     -                                                                    35
Interest expense, net                                                                                                                        (111 )                                                                  (3 )                                                                (114 )                                                                                      (95 )                                                                  (3 )                                                                 (98 )
Other expense, net                                                                                                           -                               -                               -                                                   (1 )                                                -                              (1 )
                                                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
INCOME BEFORE TAX                                                                                                                             282                                                                    (4 )                                                                 278                                                                                        471                                                                    (6 )                                                                 465
Current income tax expense                                                                                                                    (12 )                                                                   -                                                                   (12 )                                                                                       (9 )                                                                   -                                                                    (9 )
Deferred income tax expense                                                                                                (22 )                                              (28 )                                              (50 )                                                                   (72 )                                              (14 )                                              (86 )
                                                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
NET INCOME                                                                                                                                    248                                                                   (32 )                                                                 216                                                                                        390                                                                   (20 )                                                                 370
   Net income attributable to noncontrolling interests                                                                      (1 )                                             (190 )                                             (191 )                                                                    (1 )                                             (345 )                                             (346 )
                                                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
NET INCOME ATTRIBUTABLE TO PAGP                                                                                                          $    247                                           $   (222 )                                                            $     25                                                                $    389                                           $   (365 )                                                            $     24  
                                                                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
BASIC NET INCOME PER CLASS A SHARE                                                                                                                                                                                                                                                   $   0.11                                                                                                                                                                                                            $   0.14  
                                                                                                                                                                                                                                                                  ==================== ====== ====================                                                                                                                                                                                       ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
DILUTED NET INCOME PER CLASS A SHARE                                                                                                                                                                                                                                                 $   0.11                                                                                                                                                                                                            $   0.13  
                                                                                                                                                                                                                                                                  ==================== ====== ====================                                                                                                                                                                                       ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
BASIC WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING                                                                                                                                                                                                                      228                                                                                                                                                                                              172  
                                                                                                                                                                                                                                                                  ==================== ====== ====================                                                                                                                                                                                       ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
DILUTED WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING                                                                                                                                                                                                                    228                                                                                                                                                                                              650  
                                                                                                                                                                                                                                                                  ==================== ====== ====================                                                                                                                                                                                       ==================== ====== ====================
     
(1)                      The 2014 periods have been retroactively adjusted to reflect the
                         reclassification of the amortization of debt issuance costs from
                         "Depreciation and amortization" to "Interest expense, net" as a
                         result of our adoption of revised debt issuance costs guidance
                         issued by the FASB.
(2)                      Represents the aggregate consolidating adjustments necessary to
                         produce consolidated financial statements for PAGP.
                                                                                                                                                                                                                                                                                                                             
PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)                                                                                                                                                                                                   
------------------------------------------------------ -------------------- -------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
CONDENSED CONSOLIDATING STATEMENTS OF
OPERATIONS (1)
------------------------------------------------------
(in millions, except per share data)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                           Twelve Months Ended                                                                                                                                                                                                                    Twelve Months Ended
                                                                                                                                                                                                            December 31, 2015                                                                                                                                                                                                                      December 31, 2014
                                                                                                                      ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                             PAA                                                              Consolidating                                                             PAGP                                                                                        PAA                                                              Consolidating                                                             PAGP
                                                                                                                                                                                                             Adjustments (2)                                                                                                                                                                                                                        Adjustments (2)
                                                                                                                      ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                                             ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
REVENUES                                                                                                                                 $ 23,152                                                              $      -                                                              $ 23,152                                                                                   $ 43,464                                                              $      -                                                              $ 43,464
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
COSTS AND EXPENSES
Purchases and related costs                                                                                                                19,726                                                                     -                                                                19,726                                                                                     39,500                                                                     -                                                                39,500
Field operating costs                                                                                                                       1,454                                                                     -                                                                 1,454                                                                                      1,456                                                                     -                                                                 1,456
General and administrative expenses                                                                                                           278                                                                     3                                                                   281                                                                                        325                                                                     6                                                                   331
Depreciation and amortization                                                                                              432                               1                             433                                                  384                               2                             386  
                                                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
   Total costs and expenses                                                                                                                21,890                                                                     4                                                                21,894                                                                                     41,665                                                                     8                                                                41,673
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
OPERATING INCOME                                                                                                                            1,262                                                                    (4 )                                                               1,258                                                                                      1,799                                                                    (8 )                                                               1,791
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
OTHER INCOME/(EXPENSE)
Equity earnings in unconsolidated entities                                                                                                    183                                                                     -                                                                   183                                                                                        108                                                                     -                                                                   108
Interest expense, net                                                                                                                        (432 )                                                                 (11 )                                                                (443 )                                                                                     (348 )                                                                  (9 )                                                                (357 )
Other expense, net                                                                                                          (7 )                                                -                              (7 )                                                                    (2 )                                                -                              (2 )
                                                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
INCOME BEFORE TAX                                                                                                                           1,006                                                                   (15 )                                                                 991                                                                                      1,557                                                                   (17 )                                                               1,540
Current income tax expense                                                                                                                    (84 )                                                                   -                                                                   (84 )                                                                                      (71 )                                                                   -                                                                   (71 )
Deferred income tax expense                                                                                                (16 )                                              (82 )                                              (98 )                                                                  (100 )                                              (41 )                                             (141 )
                                                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
NET INCOME                                                                                                                                    906                                                                   (97 )                                                                 809                                                                                      1,386                                                                   (58 )                                                               1,328
   Net income attributable to noncontrolling interests                                                                      (3 )                                             (688 )                                             (691 )                                                                    (2 )                                           (1,256 )                                           (1,258 )
                                                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
NET INCOME ATTRIBUTABLE TO PAGP                                                                                                          $    903                                           $   (785 )                                                            $    118                                                                $  1,384                                           $ (1,314 )                                                            $     70  
                                                                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
BASIC NET INCOME PER CLASS A SHARE                                                                                                                                                                                                                                                   $   0.53                                                                                                                                                                                                            $   0.48  
                                                                                                                                                                                                                                                                  ==================== ====== ====================                                                                                                                                                                                       ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
DILUTED NET INCOME PER CLASS A SHARE                                                                                                                                                                                                                                                 $   0.53                                                                                                                                                                                                            $   0.47  
                                                                                                                                                                                                                                                                  ==================== ====== ====================                                                                                                                                                                                       ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
BASIC WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING                                                                                                                                                                                                                      222                                                                                                                                                                                              145  
                                                                                                                                                                                                                                                                  ==================== ====== ====================                                                                                                                                                                                       ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
DILUTED WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING                                                                                                                                                                                                                    222                                                                                                                                                                                              650  
                                                                                                                                                                                                                                                                  ==================== ====== ====================                                                                                                                                                                                       ==================== ====== ====================
     
(1)                      The 2014 periods have been retroactively adjusted to reflect the
                         reclassification of the amortization of debt issuance costs from
                         "Depreciation and amortization" to "Interest expense, net" as a
                         result of our adoption of revised debt issuance costs guidance
                         issued by the FASB.
(2)                      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
(1)
------------------------------------------------------------------
(in millions)
                                                                                                                                                                                                       December 31, 2015                                                                                                                                                                                  December 31, 2014
                                                                                                                                  -----------------------------------------------------------------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                 PAA                                                     Consolidating                                  PAGP                                                                     PAA                                                   Consolidating                                  PAGP
                                                                                                                                                                                                        Adjustments (2)                                                                                                                                                                                  Adjustments (2)
                                                                                                                                  ------------------------------                       ----------------------------------------------   -------------------- ------------------------------                                            --------------------------                       ----------------------------------------------   -------------------- ------------------------------
ASSETS
Current assets                                                                                                                                       $      2,969                                         $      3                                                              $      2,972                                                              $  4,179                                         $      2                                                              $      4,181
Property and equipment, net                                                                                                                                13,474                                               19                                                                    13,493                                                                12,272                                               20                                                                    12,292
Goodwill                                                                                                                                                    2,405                                                -                                                                     2,405                                                                 2,465                                                -                                                                     2,465
Investments in unconsolidated entities                                                                                                                      2,027                                                -                                                                     2,027                                                                 1,735                                                -                                                                     1,735
Deferred tax asset                                                                                                                                              -                                            1,835                                                                     1,835                                                                     -                                            1,705                                                                     1,705
Linefill and base gas                                                                                                                                         898                                                -                                                                       898                                                                   930                                                -                                                                       930
Long-term inventory                                                                                                                                           129                                                -                                                                       129                                                                   186                                                -                                                                       186
Other long-term assets, net                                                                                                                386                            (3 )                                                  383                                                431                            (2 )                                                  429
                                                                                                                                  -------------------- ----------                      -------------------- ------ --------------------                      -------------------- ----------                                           -------------------- ------                      -------------------- ------ --------------------                      -------------------- ----------
   Total assets                                                                                                                                      $     22,288                                         $  1,854                                           $     24,142                                                              $ 22,198                                         $  1,725                                           $     23,923
                                                                                                                                  ==================== ==========                      ==================== ====== ====================                      ==================== ==========                                           ==================== ======                      ==================== ====== ====================                      ==================== ==========
                                                                                                                                                                                                                                                                                                                                                                                                                                                               
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities                                                                                                                                  $      3,407                                         $      2                                                              $      3,409                                                              $  4,755                                         $      1                                                              $      4,756
Senior notes, net of unamortized discounts and debt issuance costs                                                                                          9,698                                                -                                                                     9,698                                                                 8,699                                                -                                                                     8,699
Other long-term debt, net of unamortized debt issuance costs                                                                                                  677                                              557                                                                     1,234                                                                     5                                              534                                                                       539
Other long-term liabilities and deferred credits                                                                                           567                             -                                 567                                                548                             -                                 548
                                                                                                                                  -------------------- ----------                      -------------------- ------ --------------------                      -------------------- ----------                                           -------------------- ------                      -------------------- ------ --------------------                      -------------------- ----------
   Total liabilities                                                                                                                                       14,349                                              559                                                                    14,908                                                                14,007                                              535                                                                    14,542
                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Partners’ capital excluding noncontrolling interests                                                                                                        7,881                                           (6,119 )                                                                   1,762                                                                 8,133                                           (6,476 )                                                                   1,657
Noncontrolling interests                                                                                                                    58                         7,414                               7,472                                                 58                         7,666                               7,724
                                                                                                                                  -------------------- ----------                      -------------------- ------ --------------------                      -------------------- ----------                                           -------------------- ------                      -------------------- ------ --------------------                      -------------------- ----------
   Total partners’ capital                                                                                                               7,939                         1,295                               9,234                                              8,191                         1,190                               9,381
                                                                                                                                  -------------------- ----------                      -------------------- ------ --------------------                      -------------------- ----------                                           -------------------- ------                      -------------------- ------ --------------------                      -------------------- ----------
      Total liabilities and partners’ capital                                                                                                        $     22,288                                         $  1,854                                           $     24,142                                                              $ 22,198                                         $  1,725                                           $     23,923
                                                                                                                                  ==================== ==========                      ==================== ====== ====================                      ==================== ==========                                           ==================== ======                      ==================== ====== ====================                      ==================== ==========
     
(1)                      The 2014 period has been retroactively adjusted to reflect the
                         reclassification of certain debt issuance costs from "Other
                         long-term assets, net" to "Senior notes, net of unamortized
                         discounts and debt issuance costs" and "Other long-term debt, net
                         of unamortized debt issuance costs" as a result of our adoption of
                         revised debt issuance costs guidance issued by the FASB.
(2)                      Represents the aggregate consolidating adjustments necessary to
                         produce consolidated financial statements for PAGP.
                                                               
PLAINS GP HOLDINGS AND SUBSIDIARIES
DISTRIBUTION SUMMARY (unaudited)                                 
---------------------------------------------------------------------------------- -------------------------------------------------
 
Q4 2015 PAGP DISTRIBUTION SUMMARY
------------------------------------------------------------
(in millions, except per unit and per share data)
                                                                                    
                                                                                                      Q4 2015 (1)
                                                                                   -------------------------------------------------
PAA Distribution/Common Unit                                                                          $ 0.7000
GP Distribution/Common Unit                                                                           $ 0.3885  
                                                                                   -------------------- ------ --------------------
Total Distribution/Common Unit                                                                        $ 1.0885  
                                                                                   ==================== ====== ====================
                                                                                    
PAA Common Units Outstanding at 1/29/16                                                                    398
                                                                                    
Gross GP Distribution                                                                                 $    160
   Less: IDR Reduction                                                                   (5 )
                                                                                   -------------------- ------ --------------------
Net Distribution from PAA to AAP (2)                                                                  $    155
   Less: Debt Service                                                                                       (3 )
   Less: G&A Expense                                                                     (1 )
                                                                                   -------------------- ------ --------------------
Cash Available for Distribution by AAP                                                                $    151  
                                                                                   -------------------- ------ --------------------
                                                                                    
Distributions to AAP Partners
   Direct AAP Owners & AAP Management (63% economic interest)                                         $     96
   PAGP (37% economic interest)                                                          55  
                                                                                   -------------------- ------ --------------------
Total distributions to AAP Partners                                                                   $    151  
                                                                                   ==================== ====== ====================
                                                                                    
Distribution to PAGP Investors                                                                        $     55  
                                                                                   -------------------- ------ --------------------
PAGP Class A Shares Outstanding at 1/29/16                                              239  
                                                                                   -------------------- ------ --------------------
PAGP Distribution/Class A Share                                                                       $  0.231  
                                                                                   ==================== ====== ====================
     
(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,                                                                                                                   December 31,
                                                                                                                                          -------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------
                                                                                                                                                        2015                                                 2014                                                                      2015                                                 2014
                                                                                                                                          --------------------------------                     --------------------------------                                          --------------------------------                     --------------------------------
Basic Net Income per Class A Share
   Net income attributable to PAGP                                                                                                                           $         25                                         $         24                                                              $        118                                         $         70
   Basic weighted average Class A shares outstanding                                                                                                                  228                                                  172                                                                       222                                                  145
                                                                                                                                                                                                                                                                                                                               
   Basic net income per Class A share                                                                                                                        $       0.11                                         $       0.14                                                              $       0.53                                         $       0.48
                                                                                                                                          ==================== ==========                      ==================== ==========                                           ==================== ==========                      ==================== ==========
                                                                                                                                                                                                                                                                                                                               
Diluted Net Income per Class A Share
   Net income attributable to PAGP                                                                                                                           $         25                                         $         24                                                              $        118                                         $         70
      Incremental net income attributable to PAGP resulting from assumed
      exchange of AAP units and AAP
         Management Units                                                                                                                            -                                58                                                      -                               235
                                                                                                                                          -------------------- ----------                      -------------------- ----------                                           -------------------- ----------                      -------------------- ----------
   Net income attributable to PAGP including incremental net income
   from assumed exchange of AAP units
      and AAP Management Units                                                                                                                               $         25                                         $         82                                                              $        118                                         $        305
                                                                                                                                          ==================== ==========                      ==================== ==========                                           ==================== ==========                      ==================== ==========
                                                                                                                                                                                                                                                                                                                               
   Basic weighted average Class A shares outstanding                                                                                                                  228                                                  172                                                                       222                                                  145
      Dilutive shares resulting from assumed exchange of AAP units and AAP                                                                           -                               478                                                      -                               505
      Management Units
                                                                                                                                          -------------------- ----------                      -------------------- ----------                                           -------------------- ----------                      -------------------- ----------
   Diluted weighted average Class A shares outstanding                                                                                             228                               650                                                    222                               650
                                                                                                                                          ==================== ==========                      ==================== ==========                                           ==================== ==========                      ==================== ==========
                                                                                                                                                                                                                                                                                                                               
   Diluted net income per Class A share                                                                                                                      $       0.11                                         $       0.13                                                              $       0.53                                         $       0.47
                                                                                                                                          ==================== ==========                      ==================== ==========                                           ==================== ==========                      ==================== ==========

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160208006295r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160208006295/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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