
	June 30, 2026		December 31, 2025
SHORT-TERM DEBT
PAA commercial paper notes, bearing a weighted-average interest rate of 3.9% (1)	$	—	$	554


Other	9		9
Total short-term debt	9		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
Other	59		63
Total long-term debt	8,432		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.

(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.