Investor Presentaiton

Large Footprint with Strong History of / Opportunities for Accretive Optimization ■ With maturation of the industry, Plains' commercial focus shifted from large capital projects to aligning assets with natural owners, partners & shippers ■ Efforts have lead to multiple opportunities: - - ~$4.5B in cumulative asset sales since 2016 (combination of non-core sales & strategic JVs) 15+ strategic JVs, including multiple large-scale pipeline combinations О W2W, Saddlehorn, White Cliffs, EF JV, Stack JV - Recent creative win-win deals include: 。 Asset swap of crude pipeline for increased interest in Empress O Permian Oryx JV - cashless, debt-free transaction aligning interests of two large-scale Permian footprints, provides increased connectivity, flexibility & access to markets ■ Continue to advance additional optimization opportunities, including high-return, brownfield & emerging energy 13

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