v3.26.1
Partners' Capital and Distributions
 6 Months Ended
Jun. 30, 2026
Partners' Capital Notes [Abstract]  
Partners' Capital and Distributions Partners’ Capital and Distributions
 
Shares Outstanding
 
The following tables present the activity for our Class A, Class B and Class C shares:

Class A SharesClass B SharesClass C Shares
Outstanding at December 31, 2025197,904,124 35,096,306 530,932,175 
Other— — 10,986 
Outstanding at March 31, 2026197,904,124 35,096,306 530,943,161 
Other— — 34,777 
Outstanding at June 30, 2026197,904,124 35,096,306 530,977,938 
 
Class A SharesClass B SharesClass C Shares
Outstanding at December 31, 2024197,465,699 35,390,231 542,004,838 
Exchange Right exercises (1)
277,925 (277,925)— 
Repurchase of Series A preferred units by a subsidiary(12,678,560)
Other— — 5,650 
Outstanding at March 31, 2025197,743,624 35,112,306 529,331,928 
Repurchase and cancellation of common units by a subsidiary under the Common Equity Repurchase Program(476,695)
Other— — 5,197 
Outstanding at June 30, 2025197,743,624 35,112,306 528,860,430 
(1)See Note 12 to our Consolidated Financial Statements included in Part IV of our 2025 Annual Report on Form 10-K for information regarding conversions of AAP Management Units, Exchange Rights and Redemption Rights.
Distributions to Our Shareholders

The following table details distributions to our Class A shareholders paid during or pertaining to the first six months of 2026 (in millions, except per share data):

Class A Shareholders
Distribution Payment Date
Record Date (1)
Distribution PeriodCash DistributionDistribution per Unit
August 14, 2026July 31, 2026April 1, 2026 through June 30, 2026$83 $0.4175 
May 15, 2026May 1, 2026January 1, 2026 through March 31, 2026$83 $0.4175 
February 13, 2026January 30, 2026October 1, 2025 through December 31, 2025$83 $0.4175 
(1)Payable to shareholders of record at the close of business on the applicable Record Date.

Consolidated Subsidiaries

Noncontrolling Interests in Subsidiaries

As of June 30, 2026, noncontrolling interests in our subsidiaries consisted of (i) limited partner interests in PAA including a 69% interest PAA’s common units and PAA’s Series A preferred units combined and 100% of PAA’s Series B preferred units, (ii) an approximate 15% limited partner interest in AAP, (iii) a 35% interest in Plains Oryx Permian Basin LLC (the “Permian JV”), (iv) a 30% interest in Cactus II Pipeline LLC (“Cactus II”) and (v) a 33% interest in Red River Pipeline Company LLC (“Red River”).
Subsidiary Distributions

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

PAA Series A Preferred Unitholders
Distribution Payment Date
Record Date (1)
Distribution PeriodCash DistributionDistribution per Unit
August 14, 2026 (2)
July 31, 2026April 1, 2026 through June 30, 2026$36 $0.615 
May 15, 2026May 1, 2026
January 1, 2026 through March 31, 2026
$36 $0.615 
February 13, 2026January 30, 2026
October 1, 2025 through December 31, 2025
$36 $0.615 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.
(2)At June 30, 2026, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet.

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

PAA Series B Preferred Unitholders
Distribution Payment Date
Record Date (1)
Distribution Period
Cash Distribution Distribution per Unit
August 17, 2026 (2)
August 3, 2026May 15, 2026 through August 14, 2026$16 $20.50 
May 15, 2026May 1, 2026
February 15, 2026 through May 14, 2026
$16 $19.84 
February 17, 2026February 2, 2026
November 15, 2025 through February 14, 2026
$17 $21.02 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.
(2)At June 30, 2026, approximately $8 million of accrued distributions payable to PAA’s Series B preferred unitholders was included in “Other current liabilities” on our Condensed Consolidated Balance Sheet.
PAA Common Unit Distributions. The following table details distributions to PAA’s common unitholders paid during or pertaining to the first six months of 2026 (in millions, except per unit data):
Distributions
Distribution per Common Unit
Distribution Payment Date
Record Date (1)
Distribution Period
PAA Common Unitholders
Total Cash Distribution
PublicAAP
August 14, 2026July 31, 2026April 1, 2026 through June 30, 2026$198 $97 $295 $0.4175 
May 15, 2026May 1, 2026
January 1, 2026 through March 31, 2026
$198 $97 $295 $0.4175 
February 13, 2026January 30, 2026
October 1, 2025 through December 31, 2025
$198 $97 $295 $0.4175 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.

AAP Distributions. The following table details the distributions to AAP’s partners paid during or pertaining to the first six months of 2026 from distributions received from PAA (in millions):

Distributions to AAP’s Partners
Distribution Payment Date
Record Date (1)
Distribution PeriodNoncontrolling InterestsPAGPTotal Cash Distribution
August 14, 2026July 31, 2026April 1, 2026 through June 30, 2026$14 $83 $97 
May 15, 2026May 1, 2026
January 1, 2026 through March 31, 2026
$14 $83 $97 
February 13, 2026January 30, 2026
October 1, 2025 through December 31, 2025
$14 $83 $97 

Consolidated Joint Venture Distributions. The following table details distributions paid to noncontrolling interests in consolidated joint ventures during the periods presented (in millions):

Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Permian JV$81 $78 $165 $183 
Cactus II
17 16 32 38 
Red River4 3 8 8 
$102 $97 $205 $229