Plains All American closes $3.76B sale of Canadian NGL business to Keyera Corp.

PLAINS ALL AMERICAN PIPELINE LP

• Sale of Canadian NGL business to Keyera Corp. for CAD $5.13B (~USD $3.76B) closed May 12, 2026.
• Net proceeds of ~$3.3B after taxes/expenses to repay commercial paper, term loan, and 4.50% notes due 2026.
• Leverage ratio expected to trend toward middle of targeted 3.25–3.75x range post-closing.
• No special distribution expected; tax liability mitigated by bonus depreciation from Cactus III acquisition.
• PAA terminates $1.1B term loan agreement effective May 14, 2026 upon mandatory prepayment triggered by sale.

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