Deal Description: On September 8, 2025, Plains All American Pipeline, L.P. (“Plains”) (Nasdaq: PAA) and PAA Finance Corp., a wholly owned Plains subsidiary (together with Plains, the “Partnership”), closed a public offering of $700,000,000 aggregate principal amount of 4.700% senior unsecured notes due 2031 and $550,000,000 aggregate principal amount of 5.600% senior unsecured notes due 2036 (the “Notes”). The Partnership commenced and priced the offering on September 3, 2025.

The Partnership intends to use the net proceeds from the offering to redeem its 4.65% Senior Notes due October 2025 and to use the remaining net proceeds to fund a portion of the purchase price for the acquisition by a wholly owned subsidiary of the Partnership of a 55% non-operated interest in EPIC Crude Holdings, LP, a Delaware limited partnership, and, pending such uses, for general partnership purposes, which may include, among other things, intra-group lending and related transactions, repayment of indebtedness, acquisitions, capital expenditures and additions to working capital.

BofA Securities, Inc., Barclays Capital Inc., PNC Capital Markets LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC acted as joint book running managers in connection with the offering of the Notes.

Plains is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (NGL). Plains owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, Plains handles over 8 million barrels per day of crude oil and NGL. Plains is headquartered in Houston, Texas.

For more information, please see the Partnership’s press release.

Baker Botts L.L.P. represented the underwriters in the offering.

Baker Botts Lawyers/Office Involved:

Corporate: Doug Getten (Partner, Houston); Andrew Schulte (Partner, Houston); Josh Davidson (Senior Counsel, Houston); Parker Hinman (Senior Associate, Houston); Shelby Brown (Associate, Houston); Blake Vick (Associate, Houston); Adrienne Murr (Associate, Houston)

Tax: T. Chuck Campbell (Special Counsel, Houston)

Environmental: Elizabeth Singleton (Special Counsel, Houston)

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