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Partners' Capital and Distributions (Tables)

3 Months Ended

Mar. 31, 2021

Partners' Capital and Distributions

Schedule of activity for Class A shares, Class B shares and Class C shares

The following tables present the activity for our Class A shares, Class B shares and Class C shares:

			Class A Shares						Class B Shares						Class C Shares
Outstanding at December 31, 2020			194,051,436						50,640,192						547,717,762
Conversion of AAP Management Units (1)			—						414,608						—
Exchange Right exercises (1)			46,879						(46,879)						—
Redemption Right exercises (1)			—						(229,931)						229,931
Repurchase of common units by a subsidiary under Common Equity Repurchase Program (2)			—						—						(350,000)
Other			—						—						25,431
Outstanding at March 31, 2021			194,098,315						50,777,990						547,623,124

			Class A Shares						Class B Shares						Class C Shares
Outstanding at December 31, 2019			182,138,592						65,785,702						549,538,139
Conversion of AAP Management Units (1)			—						559,768						—
Exchange Right exercises (1)			2,101,487						(2,101,487)						—
Redemption Right exercises (1)			—						(1,206,599)						1,206,599
Other			—						—						24,431
Outstanding at March 31, 2020			184,240,079						63,037,384						550,769,169

(1)See Note 12 to our Consolidated Financial Statements included in Part IV of our 2020 Annual Report on Form 10-K for information regarding conversions of AAP Management Units, Exchange Rights and Redemption Rights.

(2)Trades for these units were executed in late December 2020, but settled in early January 2021.

AAP

Partners' Capital and Distributions

Schedule of distributions

The following table details the distributions to AAP’s partners paid during or pertaining to the first three months of 2021 from distributions received from PAA (in millions):

						Distributions to AAP’s Partners
Distribution Payment Date						Noncontrolling Interests						PAGP						Total Cash Distribution
May 14, 2021 (1)						$	9					$	35					$	44
February 12, 2021						$	9					$	35					$	44

(1)Payable to unitholders of record at the close of business on April 30, 2021 for the period from January 1, 2021 through March 31, 2021.

Class A Shares

Partners' Capital and Distributions

Schedule of distributions

The following table details distributions to our Class A shareholders paid during or pertaining to the first three months of 2021 (in millions, except per share data):

Distribution Payment Date						Distributions to Class A Shareholders						Distributions per Class A Share
May 14, 2021 (1)						$	35					$	0.18
February 12, 2021						$	35					$	0.18

(1)Payable to shareholders of record at the close of business on April 30, 2021 for the period from January 1, 2021 through March 31, 2021.

Series A Preferred Units | PAA

Partners' Capital and Distributions

Schedule of distributions

The following table details distributions to PAA’s Series A preferred unitholders paid during or pertaining to the first three months of 2021 (in millions, except per unit data):

						Series A Preferred Unitholders
Distribution Payment Date						Cash Distribution									Distribution per Unit
May 14, 2021 (1)						$	37								$	0.525
February 12, 2021						$	37								$	0.525

(1)Payable to unitholders of record at the close of business on April 30, 2021 for the period from January 1, 2021 through March 31, 2021. At March 31, 2021, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet.

Series B Preferred Units | PAA

Partners' Capital and Distributions

Schedule of distributions

The following table details distributions to be paid to PAA’s Series B preferred unitholders (in millions, except per unit data):

						Series B Preferred Unitholders
Distribution Payment Date						Cash Distribution									Distribution per Unit
May 17, 2021 (1)						$	24.5								$	30.625

(1)Payable to unitholders of record at the close of business on May 3, 2021 for the period from November 15, 2020 through May 14, 2021.

Common Units | PAA

Partners' Capital and Distributions

Schedule of distributions

The following table details distributions to PAA’s common unitholders paid during or pertaining to the first three months of 2021 (in millions, except per unit data):

						Distributions																					Cash Distribution  per Common Unit
						Common Unitholders												Total Cash Distribution
Distribution Payment Date						Public						AAP
May 14, 2021 (1)						$	86					$	44					$	130								$	0.18
February 12, 2021						$	86					$	44					$	130								$	0.18

(1)Payable to unitholders of record at the close of business on April 30, 2021 for the period from January 1, 2021 through March 31, 2021.

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