HOUSTON, November 11, 2025 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, represented the underwriters in a $750 million public offering by Plains All American Pipeline, L.P. (Nasdaq: PAA) and its wholly owned subsidiary, PAA Finance Corp.

The offering consists of $300 million aggregate principal amount of 4.700% Senior Notes due 2031 and $450 million aggregate principal amount of 5.600% Senior Notes due 2036, each issued as additional notes to existing series of notes that were issued on September 8, 2025. The offering priced on November 10, 2025 and is expected to close on or about November 14, 2025, subject to the satisfaction of customary closing conditions.

Citigroup Global Markets Inc., CIBC World Markets Corp., RBC Capital Markets, LLC, and SMBC Nikko Securities America, Inc. are acting as joint book-running managers for the offering.

PAA 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). PAA 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, PAA handles over 9 million barrels per day of crude oil and NGL. PAA is headquartered in Houston, Texas.

Additional information on the offering can be found in PAA’s release here.

Baker Botts Lawyers/Offices 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); Akash Kurupassery (Associate, Houston)

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

Environmental: Elizabeth Singleton (Special Counsel, Houston)

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