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Partners' Capital and Distributions | 6 Months Ended
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Jun. 30, 2026
Partners' Capital Notes [Abstract] |
Partners' Capital and Distributions | Partners’ Capital and Distributions Shares Outstanding The following tables present the activity for our Class A, Class B and Class C shares:
| Class A Shares |  | Class B Shares |  | Class C Shares
Outstanding at December 31, 2025 | 197,904,124 |  |  | 35,096,306 |  |  | 530,932,175 |
Other | — |  |  | — |  |  | 10,986 |
Outstanding at March 31, 2026 | 197,904,124 |  |  | 35,096,306 |  |  | 530,943,161 |
Other | — |  |  | — |  |  | 34,777 |
Outstanding at June 30, 2026 | 197,904,124 |  |  | 35,096,306 |  |  | 530,977,938 |
| Class A Shares |  | Class B Shares |  | Class C Shares
Outstanding at December 31, 2024 | 197,465,699 |  |  | 35,390,231 |  |  | 542,004,838 |
Exchange Right exercises (1) | 277,925 |  |  | (277,925) |  |  | — |
Repurchase of Series A preferred units by a subsidiary |  |  |  |  | (12,678,560) |
Other | — |  |  | — |  |  | 5,650 |
Outstanding at March 31, 2025 | 197,743,624 |  |  | 35,112,306 |  |  | 529,331,928 |
Repurchase and cancellation of common units by a subsidiary under the Common Equity Repurchase Program |  |  |  |  | (476,695) |
Other | — |  |  | — |  |  | 5,197 |
Outstanding at June 30, 2025 | 197,743,624 |  |  | 35,112,306 |  |  | 528,860,430 |
(1)See Note 12 to our Consolidated Financial Statements included in Part IV of our 2025 Annual Report on Form 10-K for information regarding conversions of AAP Management Units, Exchange Rights and Redemption Rights. Distributions to Our Shareholders The following table details distributions to our Class A shareholders paid during or pertaining to the first six months of 2026 (in millions, except per share data):
|  |  |  |  |  | Class A Shareholders
Distribution Payment Date |  | Record Date (1) |  | Distribution Period |  | Cash Distribution |  |  | Distribution per Unit
August 14, 2026 |  | July 31, 2026 |  | April 1, 2026 through June 30, 2026 |  | $ | 83 |  |  |  | $ | 0.4175 |
May 15, 2026 |  | May 1, 2026 |  | January 1, 2026 through March 31, 2026 |  | $ | 83 |  |  |  | $ | 0.4175 |
February 13, 2026 |  | January 30, 2026 |  | October 1, 2025 through December 31, 2025 |  | $ | 83 |  |  |  | $ | 0.4175 |
(1)Payable to shareholders of record at the close of business on the applicable Record Date. Consolidated Subsidiaries Noncontrolling Interests in Subsidiaries As of June 30, 2026, noncontrolling interests in our subsidiaries consisted of (i) limited partner interests in PAA including a 69% interest PAA’s common units and PAA’s Series A preferred units combined and 100% of PAA’s Series B preferred units, (ii) an approximate 15% limited partner interest in AAP, (iii) a 35% interest in Plains Oryx Permian Basin LLC (the “Permian JV”), (iv) a 30% interest in Cactus II Pipeline LLC (“Cactus II”) and (v) a 33% interest in Red River Pipeline Company LLC (“Red River”). Subsidiary Distributions PAA Series A Preferred Unit Distributions. Distributions on PAA’s Series A preferred units accumulate and are payable quarterly within 45 days following the end of each quarter. See Note 12 to our Consolidated Financial Statements included in Part IV of our 2025 Annual Report on Form 10-K for additional information regarding the PAA Series A preferred unit distributions. The following table details distributions to PAA’s Series A preferred unitholders paid during or pertaining to the first six months of 2026 (in millions, except per unit data):
|  |  |  |  |  | PAA Series A Preferred Unitholders
Distribution Payment Date |  | Record Date (1) |  | Distribution Period |  | Cash Distribution |  |  | Distribution per Unit
August 14, 2026 (2) |  | July 31, 2026 |  | April 1, 2026 through June 30, 2026 |  | $ | 36 |  |  |  | $ | 0.615 |
May 15, 2026 |  | May 1, 2026 |  | January 1, 2026 through March 31, 2026 |  | $ | 36 |  |  |  | $ | 0.615 |
February 13, 2026 |  | January 30, 2026 |  | October 1, 2025 through December 31, 2025 |  | $ | 36 |  |  |  | $ | 0.615 |
(1)Payable to unitholders of record at the close of business on the applicable Record Date. (2)At June 30, 2026, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet. PAA Series B Preferred Unit Distributions. Distributions on PAA’s Series B preferred units accumulate and are payable quarterly in arrears on the 15th day of February, May, August and November (or the immediately succeeding Business Day). See Note 12 to our Consolidated Financial Statements included in Part IV of our 2025 Annual Report on Form 10-K for additional information regarding the PAA Series B preferred unit distributions. The following table details distributions paid or to be paid to PAA’s Series B preferred unitholders (in millions, except per unit data):
|  |  |  |  |  | PAA Series B Preferred Unitholders
Distribution Payment Date |  | Record Date (1) |  | Distribution Period |  | Cash Distribution |  |  | Distribution per Unit
August 17, 2026 (2) |  | August 3, 2026 |  | May 15, 2026 through August 14, 2026 |  | $ | 16 |  |  |  | $ | 20.50 |
May 15, 2026 |  | May 1, 2026 |  | February 15, 2026 through May 14, 2026 |  | $ | 16 |  |  |  | $ | 19.84 |
February 17, 2026 |  | February 2, 2026 |  | November 15, 2025 through February 14, 2026 |  | $ | 17 |  |  |  | $ | 21.02 |
(1)Payable to unitholders of record at the close of business on the applicable Record Date. (2)At June 30, 2026, approximately $8 million of accrued distributions payable to PAA’s Series B preferred unitholders was included in “Other current liabilities” on our Condensed Consolidated Balance Sheet. PAA Common Unit Distributions. The following table details distributions to PAA’s common unitholders paid during or pertaining to the first six months of 2026 (in millions, except per unit data):
|  |  |  |  |  | Distributions |  |  | Distribution per Common Unit
Distribution Payment Date |  | Record Date (1) |  | Distribution Period |  | PAA Common Unitholders |  | Total Cash Distribution |  |
|  |  | Public |  | AAP |  |  |
August 14, 2026 |  | July 31, 2026 |  | April 1, 2026 through June 30, 2026 |  | $ | 198 |  |  | $ | 97 |  |  | $ | 295 |  |  |  | $ | 0.4175 |
May 15, 2026 |  | May 1, 2026 |  | January 1, 2026 through March 31, 2026 |  | $ | 198 |  |  | $ | 97 |  |  | $ | 295 |  |  |  | $ | 0.4175 |
February 13, 2026 |  | January 30, 2026 |  | October 1, 2025 through December 31, 2025 |  | $ | 198 |  |  | $ | 97 |  |  | $ | 295 |  |  |  | $ | 0.4175 |
(1)Payable to unitholders of record at the close of business on the applicable Record Date. AAP Distributions. The following table details the distributions to AAP’s partners paid during or pertaining to the first six months of 2026 from distributions received from PAA (in millions):
|  |  |  |  |  | Distributions to AAP’s Partners
Distribution Payment Date |  | Record Date (1) |  | Distribution Period |  | Noncontrolling Interests |  | PAGP |  | Total Cash Distribution
August 14, 2026 |  | July 31, 2026 |  | April 1, 2026 through June 30, 2026 |  | $ | 14 |  |  | $ | 83 |  |  | $ | 97 |
May 15, 2026 |  | May 1, 2026 |  | January 1, 2026 through March 31, 2026 |  | $ | 14 |  |  | $ | 83 |  |  | $ | 97 |
February 13, 2026 |  | January 30, 2026 |  | October 1, 2025 through December 31, 2025 |  | $ | 14 |  |  | $ | 83 |  |  | $ | 97 |
Consolidated Joint Venture Distributions. The following table details distributions paid to noncontrolling interests in consolidated joint ventures during the periods presented (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2026 |  | 2025 |  | 2026 |  | 2025 |  |
Permian JV | $ | 81 |  |  | $ | 78 |  |  | $ | 165 |  |  | $ | 183 |  |  |
Cactus II | 17 |  |  | 16 |  |  | 32 |  |  | 38 |  |  |
Red River | 4 |  |  | 3 |  |  | 8 |  |  | 8 |  |  |
| $ | 102 |  |  | $ | 97 |  |  | $ | 205 |  |  | $ | 229 |  |  |

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S45 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480100/505-10-S45-8 + Details
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