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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Financial Data | The following tables reflect certain financial data from continuing operations for each segment (in millions):
| Crude Oil |  | NGL |  | Intersegment Elimination |  | Total |
Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |
Revenues (1): |  |  |  |  |  |  |  |
Product sales | $ | 10,178 |  |  | $ | 24 |  |  | $ | (5) |  |  | $ | 10,197 |  |
Services | 444 |  |  | 2 |  |  | (1) |  |  | 445 |  |
Total revenues | 10,622 |  |  | 26 |  |  | (6) |  |  | 10,642 |  |
Significant segment expenses: |  |  |  |  |  |  |  |
Purchases and related costs (1) | (9,742) |  |  | (22) |  |  | 6 |  |  | (9,758) |  |
Field operating costs | (279) |  |  | (7) |  |  | — |  |  | (286) |  |
Segment general and administrative expenses | (75) |  |  | (7) |  |  | — |  |  | (82) |  |
Total significant segment expenses | (10,096) |  |  | (36) |  |  | 6 |  |  | (10,126) |  |
Equity earnings in unconsolidated entities | 94 |  |  | — |  |  |  |  |  |
Other segment items (2): |  |  |  |  |  |  |  |
Depreciation and amortization of unconsolidated entities (3) | 20 |  |  | — |  |  |  |  |  |
Derivative activities and inventory valuation adjustments (4) | 52 |  |  | — |  |  |  |  |  |
Long-term inventory costing adjustments (5) | 17 |  |  | — |  |  |  |  |  |
Deficiencies under minimum volume commitments, net (6) | (9) |  |  | — |  |  |  |  |  |
Equity-indexed compensation expense (7) | 8 |  |  | — |  |  |  |  |  |
Foreign currency revaluation (8) | 9 |  |  | — |  |  |  |  |  |
Transaction-related expenses (9) | 3 |  |  | — |  |  |  |  |  |
Segment amounts attributable to noncontrolling interests (10) | (140) |  |  | — |  |  |  |  |  |
Total other segment items | (40) |  |  | — |  |  |  |  |  |
Segment Adjusted EBITDA | $ | 580 |  |  | $ | (10) |  |  |  |  |  |
Investment and acquisition capital expenditures (11) (12) | $ | 218 |  |  | $ | — |  |  |  |  | $ | 218 |  |
Maintenance capital expenditures (12) | $ | 43 |  |  | $ | 1 |  |  |  |  | $ | 44 |  |
As of June 30, 2025 |  |  |  |  |  |  |  |
Investments in unconsolidated entities | $ | 2,709 |  |  | $ | — |  |  |  |  | $ | 2,709 |  |
| Crude Oil |  | NGL |  | Intersegment Elimination |  | Total |
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |
Revenues (1): |  |  |  |  |  |  |  |
Product sales | $ | 21,185 |  |  | $ | 66 |  |  | $ | (8) |  |  | $ | 21,243 |  |
Services | 876 |  |  | 1 |  |  | (1) |  |  | 876 |  |
Total revenues | 22,061 |  |  | 67 |  |  | (9) |  |  | 22,119 |  |
Significant segment expenses: |  |  |  |  |  |  |  |
Purchases and related costs (1) | (20,231) |  |  | (55) |  |  | 9 |  |  | (20,277) |  |
Field operating costs | (571) |  |  | (14) |  |  | — |  |  | (585) |  |
Segment general and administrative expenses | (155) |  |  | (13) |  |  | — |  |  | (168) |  |
Total significant segment expenses | (20,957) |  |  | (82) |  |  | 9 |  |  | (21,030) |  |
Equity earnings in unconsolidated entities | 196 |  |  | — |  |  |  |  |  |
Other segment items (2): |  |  |  |  |  |  |  |
Depreciation and amortization of unconsolidated entities (3) | 40 |  |  | — |  |  |  |  |  |
Derivative activities and inventory valuation adjustments (4) | 28 |  |  | — |  |  |  |  |  |
Long-term inventory costing adjustments (5) | 18 |  |  | — |  |  |  |  |  |
Deficiencies under minimum volume commitments, net (6) | (16) |  |  | — |  |  |  |  |  |
Equity-indexed compensation expense (7) | 18 |  |  | — |  |  |  |  |  |
Foreign currency revaluation (8) | 9 |  |  | — |  |  |  |  |  |
Transaction-related expenses (9) | 8 |  |  | — |  |  |  |  |  |
Segment amounts attributable to noncontrolling interests (10) | (265) |  |  | — |  |  |  |  |  |
Total other segment items | (160) |  |  | — |  |  |  |  |  |
Segment Adjusted EBITDA | $ | 1,140 |  |  | $ | (15) |  |  |  |  |  |
Investment and acquisition capital expenditures (11) (12) | $ | 1,002 |  |  | $ | — |  |  |  |  | $ | 1,002 |  |
Maintenance capital expenditures (12) | $ | 74 |  |  | $ | 3 |  |  |  |  | $ | 77 |  |
As of June 30, 2025 |  |  |  |  |  |  |  |
Investments in unconsolidated entities | $ | 2,709 |  |  | $ | — |  |  |  |  | $ | 2,709 |  |
| Crude Oil |  | NGL |  | Intersegment Elimination |  | Total |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |
Revenues (1): |  |  |  |  |  |  |  |
Product sales | $ | 12,330 |  |  | $ | 23 |  |  | $ | (2) |  |  | $ | 12,351 |  |
Services | 405 |  |  | 2 |  |  | (1) |  |  | 406 |  |
Total revenues | 12,735 |  |  | 25 |  |  | (3) |  |  | 12,757 |  |
Significant segment expenses: |  |  |  |  |  |  |  |
Purchases and related costs (1) | (11,820) |  |  | (21) |  |  | 3 |  |  | (11,838) |  |
Field operating costs | (272) |  |  | (8) |  |  | — |  |  | (280) |  |
Segment general and administrative expenses | (72) |  |  | (7) |  |  | — |  |  | (79) |  |
Total significant segment expenses | (12,164) |  |  | (36) |  |  | 3 |  |  | (12,197) |  |
Equity earnings in unconsolidated entities | 106 |  |  | — |  |  |  |  |  |
Other segment items (2): |  |  |  |  |  |  |  |
Depreciation and amortization of unconsolidated entities (3) | 17 |  |  | — |  |  |  |  |  |
Derivative activities and inventory valuation adjustments (4) | (4) |  |  | — |  |  |  |  |  |
Long-term inventory costing adjustments (5) | 4 |  |  | — |  |  |  |  |  |
Deficiencies under minimum volume commitments, net (6) | 7 |  |  | — |  |  |  |  |  |
Equity-indexed compensation expense (7) | 10 |  |  | — |  |  |  |  |  |
Foreign currency revaluation (8) | (2) |  |  | — |  |  |  |  |  |
Segment amounts attributable to noncontrolling interests (10) | (133) |  |  | — |  |  |  |  |  |
Total other segment items | (101) |  |  | — |  |  |  |  |  |
Segment Adjusted EBITDA | $ | 576 |  |  | $ | (11) |  |  |  |  |  |
Investment and acquisition capital expenditures (11) (12) | $ | 79 |  |  | $ | — |  |  |  |  | $ | 79 |  |
Maintenance capital expenditures (12) | $ | 41 |  |  | $ | 2 |  |  |  |  | $ | 43 |  |
As of December 31, 2024 |  |  |  |  |  |  |  |
Investments in unconsolidated entities | $ | 2,811 |  |  | $ | — |  |  |  |  | $ | 2,811 |  |
| Crude Oil |  | NGL |  | Intersegment Elimination |  | Total |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |
Revenues (1): |  |  |  |  |  |  |  |
Product sales | $ | 23,505 |  |  | $ | 84 |  |  | $ | (5) |  |  | $ | 23,584 |  |
Services | 812 |  |  | 2 |  |  | (2) |  |  | 812 |  |
Total revenues | 24,317 |  |  | 86 |  |  | (7) |  |  | 24,396 |  |
Significant segment expenses: |  |  |  |  |  |  |  |
Purchases and related costs (1) | (22,484) |  |  | (66) |  |  | 7 |  |  | (22,543) |  |
Field operating costs | (538) |  |  | (15) |  |  | — |  |  | (553) |  |
Segment general and administrative expenses | (146) |  |  | (14) |  |  | — |  |  | (160) |  |
Total significant segment expenses | (23,168) |  |  | (95) |  |  | 7 |  |  | (23,256) |  |
Equity earnings in unconsolidated entities | 201 |  |  | — |  |  |  |  |  |
Other segment items (2): |  |  |  |  |  |  |  |
Depreciation and amortization of unconsolidated entities (3) | 37 |  |  | — |  |  |  |  |  |
Derivative activities and inventory valuation adjustments (4) | 34 |  |  | — |  |  |  |  |  |
Long-term inventory costing adjustments (5) | (25) |  |  | — |  |  |  |  |  |
Deficiencies under minimum volume commitments, net (6) | (5) |  |  | — |  |  |  |  |  |
Equity-indexed compensation expense (7) | 19 |  |  | — |  |  |  |  |  |
Foreign currency revaluation (8) | (19) |  |  | — |  |  |  |  |  |
Segment amounts attributable to noncontrolling interests (10) | (261) |  |  | — |  |  |  |  |  |
Total other segment items | (220) |  |  | — |  |  |  |  |  |
Segment Adjusted EBITDA | $ | 1,130 |  |  | $ | (9) |  |  |  |  |  |
Investment and acquisition capital expenditures (11) (12) | $ | 261 |  |  | $ | — |  |  |  |  | $ | 261 |  |
Maintenance capital expenditures (12) | $ | 87 |  |  | $ | 3 |  |  |  |  | $ | 90 |  |
As of December 31, 2024 |  |  |  |  |  |  |  |
Investments in unconsolidated entities | $ | 2,811 |  |  | $ | — |  |  |  |  | $ | 2,811 |  |
(1)Segment revenues include intersegment amounts that are eliminated in purchases and related costs. Intersegment activities are conducted at posted tariff rates where applicable, or otherwise at rates similar to those charged to third parties or rates that we believe approximate market at the time the agreement is executed or renegotiated. (2)Represents adjustments utilized by our CODM in the evaluation of segment results. (3)Includes our proportionate share of the depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities. (4)We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results, we identify differences in the timing of earnings from the derivative instruments and the underlying transactions and exclude the related gains and losses in determining Segment Adjusted EBITDA such that the earnings from the derivative instruments and the underlying transactions impact Segment Adjusted EBITDA in the same period. In addition, we exclude gains and losses on derivatives that are related to (i) investing activities, such as the purchase of linefill, and (ii) purchases of long-term inventory. We also exclude the impact of corresponding inventory valuation adjustments, as applicable. (5)We carry crude oil and NGL inventory that is comprised of minimum working inventory requirements in third-party assets and other working inventory that is 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). We exclude the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and write-downs of such inventory that result from price declines from Segment Adjusted EBITDA. (6)We, and certain of our equity method investees, have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty’s make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty’s ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue or equity earnings, as a selected item impacting comparability. Our CODM views the inclusion of the contractually committed revenues associated with that period as meaningful to Segment Adjusted EBITDA as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results. (7)Our total equity-indexed compensation expense includes expense associated with awards that will be settled in units and awards that will be settled in cash. The awards that will be settled in units are included in our diluted net income per unit calculation when the applicable performance criteria have been met. We exclude compensation expense associated with these awards in determining Segment Adjusted EBITDA as the dilutive impact of the outstanding awards is included in our diluted net income per unit calculation, as applicable. The portion of compensation expense associated with awards that will be settled in cash is not excluded in determining Segment Adjusted EBITDA. See Note 17 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for a discussion regarding our equity-indexed compensation plans. (8)During the periods presented, there were fluctuations in the value of CAD to USD, resulting in the realization of foreign exchange gains and losses on the settlement of foreign currency transactions as well as the revaluation of monetary assets and liabilities denominated in a foreign currency. These gains and losses are not integral to our core operating performance and were therefore excluded in determining Segment Adjusted EBITDA. (9)Primarily related to acquisitions completed during the first half of 2025. See Note 12 for information regarding these transactions. (10)Reflects amounts attributable to noncontrolling interests in the Permian JV, Cactus II and Red River. (11)Investment capital and acquisition capital expenditures, including investments in unconsolidated entities. (12)These amounts combined represent total capital expenditures.
Schedule of Reconciliation of Segment Adjusted EBITDA to Net Income Attributable to PAA | The following table reconciles Segment Adjusted EBITDA to Income from continuing operations, net of tax (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Segment Adjusted EBITDA | $ | 570 |  |  | $ | 565 |  |  | $ | 1,125 |  |  | $ | 1,121 |
Total other segment items (1) | 40 |  |  | 101 |  |  | 160 |  |  | 220 |
Depreciation and amortization | (235) |  |  | (226) |  |  | (466) |  |  | (449) |
Losses on asset sales, net | (42) |  |  | (2) |  |  | (29) |  |  | (3) |
Gain on investments in unconsolidated entities, net | — |  |  | — |  |  | 31 |  |  | — |
Interest expense, net | (133) |  |  | (111) |  |  | (260) |  |  | (205) |
Other income, net | 31 |  |  | 23 |  |  | 57 |  |  | 18 |
Income from continuing operations before tax | 231 |  |  | 350 |  |  | 618 |  |  | 702 |
Income tax expense from continuing operations | (4) |  |  | (52) |  |  | (11) |  |  | (63) |
Income from continuing operations, net of tax | $ | 227 |  |  | $ | 298 |  |  | $ | 607 |  |  | $ | 639 |
(1)See footnotes to the segment financial data tables above for a more detailed discussion of Other segment items.

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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