Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Data (Unaudited)

	First		Second			Third		Fourth
	Quarter		Quarter			Quarter		Quarter		Total (1)
	(in millions, except per unit data)
2015
Total revenues	$	5,942	$	6,663		$	5,551	$	4,996	$	23,152
Gross margin (2)(3)	$	450	$	290		$	395	$	405	$	1,540
Operating income (3)	$	372	$	211		$	335	$	344	$	1,262
Net income	$	284	$	124		$	250	$	248	$	906
Net income attributable to PAA	$	283	$	124		$	249	$	247	$	903
Basic net income/(loss) per common unit	$	0.36	$	(0.06	)	$	0.25	$	0.24	$	0.78
Diluted net income/(loss) per common unit	$	0.35	$	(0.06	)	$	0.24	$	0.24	$	0.77
Cash distributions per common unit (4)	$	0.6750	$	0.6850		$	0.6950	$	0.7000	$	2.7550

2014
Total revenues	$	11,684	$	11,195		$	11,127	$	9,459	$	43,464
Gross margin (2)(3)	$	584	$	457		$	484	$	599	$	2,124
Operating income (3)	$	495	$	367		$	406	$	532	$	1,799
Net income	$	385	$	288		$	324	$	390	$	1,386
Net income attributable to PAA	$	384	$	287		$	323	$	389	$	1,384
Basic net income per common unit	$	0.74	$	0.45		$	0.52	$	0.67	$	2.39
Diluted net income per common unit	$	0.73	$	0.45		$	0.52	$	0.67	$	2.38
Cash distributions per common unit (4)	$	0.6150	$	0.6300		$	0.6450	$	0.6600	$	2.5500

(1)

The sum of the four quarters may not equal the total year due to rounding.

(2)

Gross margin is calculated as Total revenues less (i) Purchases and related costs, (ii) Field operating costs and (iii) Depreciation and amortization.

(3)

Amounts reported in prior periods have been retroactively restated to reflect the impact of our adoption of revised debt issuance costs guidance issued by the FASB. See Note 2 for additional information.

(4)

Represents cash distributions declared and paid in the period presented.