
	Three Months Ended March 31,
	2026		2025
Basic and Diluted Net Income/(Loss) per Common Unit
Continuing Operations:
Income from continuing operations, net of tax	$	334	$	380
Net income attributable to noncontrolling interests	(79)		(73)
Net income from continuing operations attributable to PAA	255		307
Distributions to Series A preferred unitholders	(36)		(39)
Distributions to Series B preferred unitholders	(16)		(18)
Amounts allocated to participating securities	(1)		(1)
Impact from repurchase of Series A preferred units (1)	—		(43)
Other	1		1
Net income from continuing operations allocated to common unitholders - Basic and Diluted (2)	$	203	$	207

Discontinued Operations:
Net income/(loss) from discontinued operations allocated to common unitholders - Basic and Diluted (3)	$	(103)	$	136

Net income allocated to common unitholders — Basic and Diluted	$	100	$	343

Basic and diluted weighted average common units outstanding	706		704

Basic and diluted net income/(loss) per common unit:
Continuing operations	$	0.29	$	0.30
Discontinued operations	(0.15)		0.19
Basic and diluted net income per common unit	$	0.14	$	0.49

(1)We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. See Note 12 to our Consolidated Financial Statements included in Part IV of our 2025 Annual Report on Form 10-K for additional information. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of net income from continuing operations allocated to common unitholders.

(2)We calculate net income from continuing operations allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings (i.e., undistributed loss), if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.