PLAINS ALL AMERICAN PIPELINE LP

Note 9—Related Party Transactions

See Note 17 to our Consolidated Financial Statements included in Part IV of our 2025 Annual Report on Form 10-K for a complete discussion of related parties, including the determination of our related parties and nature of involvement with such related parties.

Promissory Notes with our General Partner

We and certain Plains entities have issued promissory notes to facilitate financing. During the second quarter of 2026, we and certain Plains entities effectively settled promissory notes with a total face value of CAD$500 million (approximately $366 million) through a non-cash transaction upon the close of the Canadian NGL Business divestiture. See Note 2 for additional information about the Canadian NGL Business divestiture. Our outstanding related party notes receivable and related party notes payable balances were as follows (in millions):

(1)We have elected to present our related party notes with the same counterparty on a net basis on our Condensed Consolidated Balance Sheets because there is a legal right to offset and we intend to offset with the counterparty.

Accrued and unpaid interest receivable/payable was $5 million and $30 million as of September 30, 2026 and December 31, 2025, respectively. Interest income/expense on the related party notes totaled $15 million, and $56 million for the three and nine months ended September 30, 2026, respectively, and $23 million and $65 million for the three and nine months ended September 30, 2025, respectively.

Transactions with Other Related Parties

During the three and nine months ended September 30, 2026 and 2025, we recognized sales and transportation revenues, purchased petroleum products and utilized transportation and storage services from related parties. These transactions were conducted at posted tariff rates or prices that we believe approximate market.

The impact to our Condensed Consolidated Statements of Operations from these transactions is included below (in millions):

Our receivable and payable amounts with these related parties as reflected on our Condensed Consolidated Balance Sheets were as follows (in millions):

(1)Primarily includes amounts related to transportation and storage services.

(2)We have agreements to store crude oil at facilities and transport crude oil or utilize capacity on pipelines that are owned by equity method investees. A portion of our commitment to transport is supported by crude oil buy/sell or other agreements with third parties with commensurate quantities.

EMG. Certain funds affiliated with EMG and subsidiaries of EMG, which is associated with a member of the board of directors of PAGP GP, were associated with activity involving our Series A preferred units and recent acquisitions, respectively. See Note 7 and Note 12 for additional information.