Net Income Per Common Unit (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Computation of Basic and Diluted Net Income per Common Unit

The following table sets forth the computation of basic and diluted net income per common unit (in millions, except per unit data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic and Diluted Net Income per Common Unit
Continuing Operations:
Income from continuing operations, net of tax	$	453	$	198	$	1,061	$	837
Net income attributable to noncontrolling interests	(88)		(92)		(249)		(257)
Net income from continuing operations attributable to PAA	365		106		812		580
Distributions to Series A preferred unitholders	(36)		(44)		(110)		(131)
Distributions to Series B preferred unitholders	(18)		(19)		(53)		(59)
Amounts allocated to participating securities	(1)		(1)		(10)		(9)
Impact from repurchase of Series A preferred units (1)	—		—		(43)		—
Other	1		1		3		3
Net income from continuing operations allocated to common unitholders - Basic and Diluted (2)	$	311	$	43	$	599	$	384

Discontinued Operations:
Net income from discontinued operations allocated to common unitholders - Basic and Diluted (3)	$	76	$	114	$	281	$	156

Net income allocated to common unitholders — Basic and Diluted	$	387	$	157	$	880	$	540

Basic and diluted weighted average common units outstanding	704		702		704		702

Basic and diluted net income per common unit:
Continuing operations	$	0.44	$	0.06	$	0.85	$	0.55
Discontinued operations	0.11		0.16		0.40		0.22
Basic and diluted net income per common unit	$	0.55	$	0.22	$	1.25	$	0.77

(1)We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. See Note 7 for additional information. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of net income allocated to common unitholders.

(2)We calculate net income from continuing operations allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings (i.e., undistributed loss), if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.

(3)Net income from discontinued operations allocated to common unitholders is Income from discontinued operations, net of tax as presented on our Condensed Consolidated Statements of Operations.