
	Limited Partners
	Series A Preferred Units	Series B Preferred Units	Common Units
Outstanding at December 31, 2025	58,411,908	800,000	705,520,697

Issuances of common units under equity-indexed compensation plans	—	—	10,986
Outstanding at March 31, 2026	58,411,908	800,000	705,531,683


	Limited Partners
	Series A Preferred Units	Series B Preferred Units	Common Units
Outstanding at December 31, 2024	71,090,468	800,000	703,770,300
Repurchase of Series A preferred units	(12,678,560)	—	—

Issuances of common units under equity-indexed compensation plans	—	—	5,650
Outstanding at March 31, 2025	58,411,908	800,000	703,775,950

Series A Preferred Unit Distributions. Distributions on the 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 Series A preferred unit distributions. The following table details distributions to our Series A preferred unitholders paid during or pertaining to the first three months of 2026 (in millions, except per unit data):


			Series A Preferred Unitholders
Distribution Payment Date	Record Date (1)	Distribution Period	Cash Distribution		Distribution per Unit


May 15, 2026 (2)	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

(2)At March 31, 2026, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet.

Series B Preferred Unit Distributions. Distributions on the 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 Series B preferred unit distributions. The following table details distributions paid or to be paid to our Series B preferred unitholders (in millions, except per unit data):


			Series B Preferred Unitholders
Distribution Payment Date	Record Date (1)	Distribution Period	Cash Distribution		Distribution per Unit


May 15, 2026 (2)	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

(2)At March 31, 2026, approximately $8 million of accrued distributions payable to our Series B preferred unitholders was included in “Other current liabilities” on our Condensed Consolidated Balance Sheet.

Common Unit Distributions. The following table details distributions to our common unitholders paid during or pertaining to the first three months of 2026 (in millions, except per unit data):


			Distributions						Distribution per Common Unit
Distribution Payment Date	Record Date (1)	Distribution Period	Common Unitholders				Total Cash Distribution
			Public		AAP


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

As of March 31, 2026, noncontrolling interests in our subsidiaries consisted of (i) a 35% interest in Plains Oryx Permian Basin LLC (the “Permian JV”), (ii) a 30% interest in Cactus II Pipeline LLC (“Cactus II”) and (iii) a 33% interest in Red River Pipeline Company LLC (“Red River”).

The following table details distributions paid to noncontrolling interests during the periods presented (in millions):