Plains to acquire 55% stake in EPIC Crude Holdings for ~$1.57B

PLAINS GP HOLDINGS LP

• Base purchase price ~$1.57B, including ~$600M debt; earnout of $193M if pipeline expansion to 900k bpd sanctioned by 2027.
• Acquisition includes ~800-mile EPIC crude pipeline, >600k bpd capacity, 7M bbl storage, and >200k bpd export capacity.
• Remaining 45% interest held by Ares Management portfolio company, which will continue as operator.
• Expected to close in Q1 2026, subject to HSR clearance and customary conditions.
• Plains expects deal to be immediately accretive to distributable cash flow with mid-teens unlevered returns.