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Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
 
Debt consisted of the following (in millions):

June 30,
2026		December 31,
2025
SHORT-TERM DEBT
PAA commercial paper notes, bearing a weighted-average interest rate of 3.9% (1)
$— $554 
Other9 9 
Total short-term debt9 563 
LONG-TERM DEBT
PAA senior notes, net of unamortized discounts and debt issuance costs of $60 and $65, respectively (2)
8,373 9,118 
PAA commercial paper notes, bearing a weighted-average interest rate of 3.9% (3)
— 416 
PAA term loan, net of debt issuance costs of $1, and bearing a weighted-average interest rate of 5.0%
— 1,099 
Other59 63 
Total long-term debt8,432 10,696 
Total debt (4)
$8,441 $11,259 
(1)We classified these PAA commercial paper notes as short-term as of December 31, 2025, as these notes were primarily designated as working capital borrowings, were required to be repaid within one year and were primarily for hedged inventory and NYMEX and ICE margin deposits.
(2)As of December 31, 2025, PAA classified its $750 million, 4.50% senior notes due December 2026 as long-term based on its ability and intent to refinance the notes on a long-term basis at that time. PAA redeemed these senior notes on June 25, 2026.
(3)As of December 31, 2025, PAA classified a portion of its commercial paper notes as long-term based on its ability and intent to refinance such amounts on a long-term basis.
(4)PAA’s fixed-rate senior notes had a face value of approximately $8.4 billion and $9.2 billion at June 30, 2026 and December 31, 2025, respectively. We estimated the aggregate fair value of these notes as of June 30, 2026 and December 31, 2025 to be approximately $8.2 billion and $9.0 billion, respectively. PAA’s fixed-rate senior notes are traded among institutions, and these trades are routinely published by a reporting service. Our determination of fair value is based on reported trading activity near the end of the reporting period. We estimate that the carrying value of outstanding borrowings under PAA’s commercial paper program and term loan approximate fair value as interest rates reflect current market rates. The fair value estimates for PAA’s senior notes, commercial paper program and term loan are based upon observable market data and are classified in Level 2 of the fair value hierarchy.
Credit Agreements

In June 2026, PAA entered into a new credit agreement that provides for a senior unsecured revolving credit facility with a committed borrowing capacity of $2.7 billion, of which $800 million is available for the issuance of letters of credit and $225 million is available for the swing line loans. The new credit agreement replaced PAA’s previous credit agreements that provided for a $1.35 billion senior secured hedged inventory facility and a $1.35 billion senior unsecured revolving credit facility, which were scheduled to mature in August 2027 and August 2029, respectively. Subject to obtaining additional or increased lender commitments and other terms and conditions, the committed capacity may be increased to $4.0 billion. Borrowings accrue interest based, at our selection, on certain floating rate indices, in each case, plus an applicable margin. The new credit agreement has an initial maturity date of June 2031 and provides for one or more one-year extensions, subject to applicable approval and other terms and conditions. The covenants and events of default under this new credit agreement remain substantially unchanged from the previous agreements.

In conjunction with the closing of the new credit agreement in June 2026, we repaid in full and terminated all outstanding obligations under the $1.35 billion senior secured hedged inventory facility and $1.35 billion senior unsecured revolving credit facility. See Note 11 to our Consolidated Financial Statements included in Part IV of our 2025 Annual Report on Form 10-K for additional information regarding these agreements.

Term Loan Agreement

On November 26, 2025, PAA entered into a term loan agreement that provided for a $1.1 billion senior unsecured term loan. The closing of the Canadian NGL Business divestiture triggered mandatory prepayment of all amounts outstanding under the term loan agreement. See Note 2 for additional information about the Canadian NGL Business divestiture. Effective May 14, 2026, PAA terminated the term loan agreement and repaid all amounts outstanding thereunder.

Senior Notes

On June 25, 2026, PAA redeemed its $750 million, 4.50% senior notes that were due December 2026. PAA repaid these senior notes with proceeds from the sale of the Canadian NGL Business.

Borrowings and Repayments
 
Total borrowings under the PAA credit facilities and commercial paper program for the six months ended June 30, 2026 and 2025 were approximately $37.1 billion and $27.6 billion, respectively. Total repayments under the PAA credit facilities and the PAA commercial paper program were approximately $38.1 billion and $27.5 billion for the six months ended June 30, 2026 and 2025, respectively. The variance in total gross borrowings and repayments is impacted by various business and financial factors including, but not limited to, the timing, average term and method of general partnership borrowing activities.

Letters of Credit
 
In connection with our merchant activities, we provide certain suppliers with irrevocable standby letters of credit to secure our obligation for the purchase and transportation of crude oil. Additionally, we issue letters of credit to support insurance programs, derivative transactions, including hedging-related margin obligations, and construction activities. At June 30, 2026 and December 31, 2025, we had outstanding letters of credit of $63 million and $95 million, respectively.