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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________
FORM 10-Q
________________________________________________________________________________________________________________________________
 
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2023
 
or
 
      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission File Number: 1-14569
________________________________________________________________

PLAINS ALL AMERICAN PIPELINE, L.P.
(Exact name of registrant as specified in its charter)
Delaware 76-0582150
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

333 Clay Street, Suite 1600
Houston, Texas 77002
(Address of principal executive offices) (Zip code)
(713) 646-4100
(Registrant’s telephone number, including area code)
________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common UnitsPAANasdaq
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  ☐ No
 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
 Emerging growth company
 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes   No
As of October 31, 2023, there were 700,992,512 Common Units outstanding.



PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
TABLE OF CONTENTS
 Page
 
 
 
  
  
 

2

PART I. FINANCIAL INFORMATION 
Item 1.    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except unit data)
September 30,
2023
December 31,
2022
 (unaudited)
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents$260 $401 
Trade accounts receivable and other receivables, net4,253 3,907 
Inventory617 729 
Other current assets201 318 
Total current assets5,331 5,355 
PROPERTY AND EQUIPMENT20,853 20,020 
Accumulated depreciation(5,264)(4,770)
Property and equipment, net15,589 15,250 
OTHER ASSETS  
Investments in unconsolidated entities2,830 3,084 
Intangible assets, net1,969 2,145 
Linefill957 961 
Long-term operating lease right-of-use assets, net315 349 
Long-term inventory327 284 
Other long-term assets, net417 464 
Total assets$27,735 $27,892 
LIABILITIES AND PARTNERS’ CAPITAL  
CURRENT LIABILITIES  
Trade accounts payable$4,145 $4,044 
Short-term debt710 1,159 
Other current liabilities751 688 
Total current liabilities5,606 5,891 
LONG-TERM LIABILITIES  
Senior notes, net7,241 7,237 
Other long-term debt, net55 50 
Long-term operating lease liabilities280 308 
Other long-term liabilities and deferred credits1,002 1,081 
Total long-term liabilities8,578 8,676 
COMMITMENTS AND CONTINGENCIES (NOTE 9)
PARTNERS’ CAPITAL  
Series A preferred unitholders (71,090,468 and 71,090,468 units outstanding, respectively)
1,508 1,505 
Series B preferred unitholders (800,000 and 800,000 units outstanding, respectively)
787 787 
Common unitholders (700,992,512 and 698,354,498 units outstanding, respectively)
7,990 7,765 
Total partners’ capital excluding noncontrolling interests10,285 10,057 
Noncontrolling interests3,266 3,268 
Total partners’ capital13,551 13,325 
Total liabilities and partners’ capital$27,735 $27,892 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per unit data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023202220232022
 (unaudited)(unaudited)
REVENUES    
Product sales revenues$11,581 $14,001 $34,726 $43,390 
Services revenues490 335 1,288 1,000 
Total revenues12,071 14,336 36,014 44,390 
COSTS AND EXPENSES    
Purchases and related costs11,106 13,071 32,972 41,181 
Field operating costs372 318 1,062 971 
General and administrative expenses92 83 263 243 
Depreciation and amortization260 238 776 711 
(Gains)/losses on asset sales and asset impairments, net7 — (144)(46)
Total costs and expenses11,837 13,710 34,929 43,060 
OPERATING INCOME234 626 1,085 1,330 
OTHER INCOME/(EXPENSE)    
Equity earnings in unconsolidated entities99 105 277 306 
Gain on investment in unconsolidated entities29 1 28 1 
Interest expense (net of capitalized interest of $3, $1, $8, and $3, respectively)
(97)(99)(290)(305)
Other income/(expense), net— (82)85 (237)
INCOME BEFORE TAX265 551 1,185 1,095 
Current income tax expense(22)(12)(104)(60)
Deferred income tax (expense)/benefit
36 (97)22 (117)
NET INCOME279 442 1,103 918 
Net income attributable to noncontrolling interests(76)(58)(185)(144)
NET INCOME ATTRIBUTABLE TO PAA$203 $384 $918 $774 
NET INCOME PER COMMON UNIT (NOTE 3):    
Net income allocated to common unitholders — Basic and Diluted$140 $333 $728 $621 
Basic and diluted weighted average common units outstanding700 698 699 702 
Basic and diluted net income per common unit$0.20 $0.48 $1.04 $0.89 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

4

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(in millions)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023202220232022
 (unaudited)(unaudited)
Net income$279 $442 $1,103 $918 
Other comprehensive income/(loss)(35)(173)50 (150)
Comprehensive income244 269 1,153 768 
Comprehensive income attributable to noncontrolling interests
(76)(58)(185)(144)
Comprehensive income attributable to PAA$168 $211 $968 $624 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.


PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
(in millions)

 
Derivative
Instruments
Translation
Adjustments
OtherTotal
 (unaudited)
Balance at December 31, 2022$(107)$(846)$(1)$(954)
Reclassification adjustments8 — — 8 
Unrealized gain on hedges40 — — 40 
Currency translation adjustments— 2 — 2 
Total period activity48 2 — 50 
Balance at September 30, 2023$(59)$(844)$(1)$(904)

Derivative
Instruments
Translation
Adjustments
OtherTotal
 (unaudited)
Balance at December 31, 2021$(208)$(642)$(3)$(853)
Reclassification adjustments5 — — 5 
Unrealized gain on hedges88 — — 88 
Currency translation adjustments— (241)— (241)
Other— — (2)(2)
Total period activity93 (241)(2)(150)
Balance at September 30, 2022$(115)$(883)$(5)$(1,003)
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

5

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Nine Months Ended
September 30,
 20232022
 (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$1,103 $918 
Reconciliation of net income to net cash provided by operating activities:  
Depreciation and amortization776 711 
Gains on asset sales and asset impairments, net(144)(46)
Deferred income tax expense/(benefit)(22)117 
Gains on sales of linefill(2)(35)
(Gain)/loss on foreign currency revaluation(4)42 
Settlement of terminated interest rate hedging instruments (Note 7)80 42 
Change in fair value of Preferred Distribution Rate Reset Option (Note 7)(58)196 
Equity earnings in unconsolidated entities(277)(306)
Distributions on earnings from unconsolidated entities351 344 
Gain on investment in unconsolidated entities(28)(1)
Other55 42 
Changes in assets and liabilities, net of acquisitions(114)50 
Net cash provided by operating activities1,716 2,074 
CASH FLOWS FROM INVESTING ACTIVITIES  
Cash paid in connection with acquisitions, net of cash acquired(289)(68)
Investments in unconsolidated entities(28)(3)
Additions to property, equipment and other(404)(312)
Cash paid for purchases of linefill(19)(69)
Proceeds from sales of assets286 58 
Cash received from sales of linefill9 72 
Other investing activities1 31 
Net cash used in investing activities(444)(291)
CASH FLOWS FROM FINANCING ACTIVITIES  
Repayments of senior notes (Note 5)(400)(750)
Repurchase of common units— (74)
Distributions paid to Series A preferred unitholders (Note 6)(123)(112)
Distributions paid to Series B preferred unitholders (Note 6)(55)(25)
Distributions paid to common unitholders (Note 6)(560)(432)
Distributions paid to noncontrolling interests (Note 6)(237)(194)
Contributions from noncontrolling interests53 26 
Other financing activities(87)(47)
Net cash used in financing activities(1,409)(1,608)
Effect of translation adjustment(4)(5)
Net increase/(decrease) in cash and cash equivalents and restricted cash(141)170 
Cash and cash equivalents and restricted cash, beginning of period401 453 
Cash and cash equivalents and restricted cash, end of period$260 $623 
Cash paid for:  
Interest, net of amounts capitalized$247 $268 
Income taxes, net of amounts refunded$28 $85 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL
(in millions)

 Limited PartnersPartners’
Capital Excluding Noncontrolling Interests
Noncontrolling InterestsTotal
Partners’
Capital
Preferred UnitholdersCommon
Unitholders
Series ASeries B
 (unaudited)
Balance at December 31, 2022$1,505 $787 $7,765 $10,057 $3,268 $13,325 
Net income129 56 733 918 185 1,103 
Distributions (Note 6)(129)(56)(560)(745)(237)(982)
Other comprehensive income— — 50 50 — 50 
Contributions from noncontrolling interests— — — — 53 53 
Other3 — 2 5 (3)2 
Balance at September 30, 2023$1,508 $787 $7,990 $10,285 $3,266 $13,551 
Limited PartnersPartners’
Capital Excluding Noncontrolling Interests
Noncontrolling InterestsTotal
Partners’
Capital
Preferred UnitholdersCommon
Unitholders
Series ASeries B
(unaudited)
Balance at June 30, 2023$1,507 $787 $8,085 $10,379 $3,223 $13,602 
Net income44 19 140 203 76 279 
Distributions (Note 6)(44)(19)(187)(250)(86)(336)
Other comprehensive loss— — (35)(35)— (35)
Contributions from noncontrolling interests— — — — 53 53 
Other1 — (13)(12)— (12)
Balance at September 30, 2023$1,508 $787 $7,990 $10,285 $3,266 $13,551 

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL
(continued)
(in millions)

 Limited PartnersPartners’
Capital Excluding Noncontrolling Interests
Noncontrolling InterestsTotal
Partners’
Capital
Preferred UnitholdersCommon
Unitholders
Series ASeries B
 (unaudited)
Balance at December 31, 2021$1,505 $787 $7,680 $9,972 $2,838 $12,810 
Net income112 37 625 774 144 918 
Distributions(112)(37)(432)(581)(194)(775)
Other comprehensive loss— — (150)(150)— (150)
Repurchase of common units— — (74)(74)— (74)
Contributions from noncontrolling interests— — — — 26 26 
Other— — 3 3 (15)(12)
Balance at September 30, 2022$1,505 $787 $7,652 $9,944 $2,799 $12,743 
Limited PartnersPartners’
Capital Excluding Noncontrolling Interests
Noncontrolling InterestsTotal
Partners’
Capital
Preferred UnitholdersCommon
Unitholders
Series ASeries B
(unaudited)
Balance at June 30, 2022$1,505 $787 $7,639 $9,931 $2,788 $12,719 
Net income37 12 335 384 58 442 
Distributions(37)(12)(152)(201)(73)(274)
Other comprehensive loss— — (173)(173)— (173)
Contributions from noncontrolling interests— — — — 26 26 
Other— — 3 3 — 3 
Balance at September 30, 2022$1,505 $787 $7,652 $9,944 $2,799 $12,743 

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 
Note 1—Organization and Basis of Consolidation and Presentation
 
Organization
 
Plains All American Pipeline, L.P. (“PAA”) is a Delaware limited partnership formed in 1998. Our operations are conducted directly and indirectly through our primary operating subsidiaries. As used in this Form 10-Q and unless the context indicates otherwise, the terms “Partnership,” “we,” “us,” “our,” “ours” and similar terms refer to PAA and its subsidiaries.
 
Our business model integrates large-scale supply aggregation capabilities with the ownership and operation of critical midstream infrastructure systems that connect major producing regions to key demand centers and export terminals. As one of the largest midstream service providers in North America, we own an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and natural gas liquids (“NGL”) producing basins (including the Permian Basin) and transportation corridors and at major market hubs in the United States and Canada. Our assets and the services we provide are primarily focused on and conducted through two operating segments: Crude Oil and NGL. See Note 10 for further discussion of our operating segments.
 
Our non-economic general partner interest is held by PAA GP LLC (“PAA GP”), a Delaware limited liability company, whose sole member is Plains AAP, L.P. (“AAP”), a Delaware limited partnership. In addition to its ownership of PAA GP, as of September 30, 2023, AAP also owned a limited partner interest in us through its ownership of approximately 239.0 million of our common units (approximately 31% of our total outstanding common units and Series A preferred units combined). Plains All American GP LLC (“GP LLC”), a Delaware limited liability company, is AAP’s general partner. Plains GP Holdings, L.P. (“PAGP”) is the sole and managing member of GP LLC, and, at September 30, 2023, owned an approximate 82% limited partner interest in AAP. PAA GP Holdings LLC (“PAGP GP”) is the general partner of PAGP.
 
As the sole member of GP LLC, PAGP has responsibility for conducting our business and managing our operations; however, the board of directors of PAGP GP has ultimate responsibility for managing the business and affairs of PAGP, AAP and us. GP LLC employs our domestic officers and personnel; our Canadian officers and personnel are employed by our subsidiary, Plains Midstream Canada ULC.

References to our “general partner,” as the context requires, include any or all of PAGP GP, PAGP, GP LLC, AAP and PAA GP. 
9

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Definitions
 
Additional defined terms are used in this Form 10-Q and shall have the meanings indicated below:

AOCI=Accumulated other comprehensive income/(loss)
ASC=Accounting Standards Codification
ASU=Accounting Standards Update
Bcf=Billion cubic feet
Btu=British thermal unit
CAD=Canadian dollar
CODM=Chief Operating Decision Maker
EBITDA=Earnings before interest, taxes, depreciation and amortization
EPA=United States Environmental Protection Agency
FASB=Financial Accounting Standards Board
GAAP=Generally accepted accounting principles in the United States
ICE=Intercontinental Exchange
ISDA=International Swaps and Derivatives Association
LTIP=Long-term incentive plan
Mcf=Thousand cubic feet
MMbls=Million barrels
NGL=Natural gas liquids, including ethane, propane and butane
NYMEX=New York Mercantile Exchange
SEC=United States Securities and Exchange Commission
SOFR=Secured Overnight Financing Rate
TWh=Terawatt hour
USD=United States dollar
WTI=West Texas Intermediate

Basis of Consolidation and Presentation
 
The accompanying unaudited condensed consolidated interim financial statements and related notes thereto should be read in conjunction with our 2022 Annual Report on Form 10-K. The accompanying condensed consolidated financial statements include the accounts of PAA and all of its wholly owned subsidiaries and those entities that it controls. Investments in entities over which we have significant influence but not control are accounted for by the equity method. We apply proportionate consolidation for pipelines and other assets in which we own undivided joint interests. The financial statements have been prepared in accordance with the instructions for interim reporting as set forth by the SEC. The condensed consolidated balance sheet data as of December 31, 2022 was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the three and nine months ended September 30, 2023 should not be taken as indicative of results to be expected for the entire year. All adjustments (consisting only of normal recurring adjustments) that in the opinion of management were necessary for a fair statement of the results for the interim periods have been reflected. All significant intercompany balances and transactions have been eliminated in consolidation, and certain reclassifications have been made to information from previous years to conform to the current presentation.

Subsequent Events

Subsequent events have been evaluated through the financial statements issuance date and have been included in the following footnotes where applicable.

10

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Recent Accounting Pronouncements

Except as discussed below and in our 2022 Annual Report on Form 10-K, there have been no new accounting pronouncements that have become effective or have been issued during the nine months ended September 30, 2023 that are of significance or potential significance to us.

In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which requires a newly-formed joint venture to apply a new basis of accounting to its contributed net assets, resulting in the joint venture initially measuring its contributed net assets at fair value on the formation date. This guidance is effective prospectively for all joint ventures with a formation date on or after January 1, 2025, with early adoption permitted. We will adopt this guidance for joint venture formations on January 1, 2025.

Note 2—Revenues and Accounts Receivable

Revenue Recognition

We disaggregate our revenues by segment and type of activity. See Note 3 to our Consolidated Financial Statements included in Part IV of our 2022 Annual Report on Form 10-K for additional information regarding our types of revenues and policies for revenue recognition.

Revenues from Contracts with Customers. The following tables present our revenues from contracts with customers disaggregated by segment and type of activity (in millions):

Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Crude Oil segment revenues from contracts with customers
Sales$11,525 $13,362 $33,843 $41,796 
Transportation333 185 839 515 
Terminalling, Storage and Other99 90 284 270 
Total Crude Oil segment revenues from contracts with customers$11,957 $13,637 $34,966 $42,581 

Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
NGL segment revenues from contracts with customers
Sales$283 $417 $1,168 $1,761 
Transportation7 7 23 23 
Terminalling, Storage and Other23 21 74 66 
Total NGL segment revenues from contracts with customers$313 $445 $1,265 $1,850 

11

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Reconciliation to Total Revenues of Reportable Segments. The following disclosures only include information regarding revenues associated with consolidated entities; revenues from entities accounted for by the equity method are not included. The following tables present the reconciliation of our revenues from contracts with customers to total revenues of reportable segments and total revenues as disclosed in our Condensed Consolidated Statements of Operations (in millions):

Three Months Ended September 30, 2023Crude OilNGLTotal
Revenues from contracts with customers$11,957 $313 $12,270 
Other revenues(23)(71)(94)
Total revenues of reportable segments$11,934 $242 $12,176 
Intersegment revenues elimination(105)
Total revenues$12,071 
Three Months Ended September 30, 2022Crude OilNGLTotal
Revenues from contracts with customers$13,637 $445 $14,082 
Other revenues38 325 363 
Total revenues of reportable segments$13,675 $770 $14,445 
Intersegment revenues elimination(109)
Total revenues$14,336 
Nine Months Ended September 30, 2023Crude OilNGLTotal
Revenues from contracts with customers$34,966 $1,265 $36,231 
Other items in revenues22 47 69 
Total revenues of reportable segments$34,988 $1,312 $36,300 
Intersegment revenues(286)
Total revenues$36,014 
Nine Months Ended September 30, 2022Crude OilNGLTotal
Revenues from contracts with customers$42,581 $1,850 $44,431 
Other items in revenues113 225 338 
Total revenues of reportable segments$42,694 $2,075 $44,769 
Intersegment revenues(379)
Total revenues$44,390 

Minimum Volume Commitments. We have certain agreements that require counterparties to transport or throughput a minimum volume over an agreed upon period. The following table presents counterparty deficiencies associated with contracts with customers and buy/sell arrangements that include minimum volume commitments for which we had remaining performance obligations and the customers still had the ability to meet their obligations (in millions):

Counterparty DeficienciesFinancial Statement ClassificationSeptember 30,
2023
December 31,
2022
Billed and collectedOther current liabilities$80 $104 
Unbilled (1)
N/A1 1 
Total$81 $105 
(1)Amounts were related to deficiencies for which the counterparties had not met their contractual minimum commitments and are not reflected in our Condensed Consolidated Financial Statements as we had not yet billed or collected such amounts.

12

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Contract Balances. Our contract balances consist of amounts received associated with services or sales for which we have not yet completed the related performance obligation. The following table presents the changes in the liability balance associated with contracts with customers (in millions):

 Contract Liabilities
Balance at December 31, 2022$229 
Amounts recognized as revenue(40)
Additions45 
Balance at September 30, 2023$234 

Remaining Performance Obligations. The information below includes the amount of consideration allocated to partially and wholly unsatisfied remaining performance obligations under contracts that existed as of the end of the periods and the timing of revenue recognition of those remaining performance obligations. Certain contracts meet the requirements for the presentation as remaining performance obligations. These contracts include a fixed minimum level of service, typically a set volume of service, and do not contain any variability other than expected timing within a limited range. The following table presents the amount of consideration associated with remaining performance obligations for the population of contracts with external customers meeting the presentation requirements as of September 30, 2023 (in millions):

Remainder of 202320242025202620272028 and Thereafter
Pipeline revenues supported by minimum volume commitments and capacity agreements (1)
$89 $357 $319 $148 $103 $266 
Terminalling, storage and other agreement revenues69 220 137 107 95 747 
Total$158 $577 $456 $255 $198 $1,013 
(1)Calculated as volumes committed under contracts multiplied by the current applicable tariff rate.

The presentation above does not include (i) expected revenues from legacy shippers not underpinned by minimum volume commitments, including pipelines where there are no or limited alternative pipeline transportation options, (ii) intersegment revenues and (iii) the amount of consideration associated with certain income generating contracts, which include a fixed minimum level of service, that are either not within the scope of ASC 606 or do not meet the requirements for presentation as remaining performance obligations. The following are examples of contracts that are not included in the table above because they are not within the scope of ASC 606 or do not meet the requirements for presentation:

Minimum volume commitments on certain of our joint venture pipeline systems;
Acreage dedications;
Buy/sell arrangements with future committed volumes;
Short-term contracts and those with variable consideration, due to the election of practical expedients;
Contracts within the scope of ASC Topic 842, Leases; and
Contracts within the scope of ASC Topic 815, Derivatives and Hedging.

Trade Accounts Receivable and Other Receivables, Net

At September 30, 2023 and December 31, 2022, substantially all of our trade accounts receivable were less than 30 days past their invoice date. Our expected credit losses are immaterial. Although we consider our credit procedures to be adequate to mitigate any significant credit losses, the actual amount of current and future credit losses could vary significantly from estimated amounts.

13

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following is a reconciliation of trade accounts receivable from revenues from contracts with customers to total Trade accounts receivable and other receivables, net as presented on our Condensed Consolidated Balance Sheets (in millions):
September 30,
2023
December 31,
2022
Trade accounts receivable arising from revenues from contracts with customers
$4,449 $4,141 
Other trade accounts receivables and other receivables (1)
8,278 7,216 
Impact due to contractual rights of offset with counterparties(8,474)(7,450)
Trade accounts receivable and other receivables, net$4,253 $3,907 
(1)The balance is comprised primarily of accounts receivable associated with buy/sell arrangements that are not within the scope of ASC 606.

Note 3—Net Income Per Common Unit
 
We calculate basic and diluted net income per common unit by dividing net income attributable to PAA (after deducting amounts allocated to the preferred unitholders and participating securities) by the basic and diluted weighted average number of common units outstanding during the period.

The diluted weighted average number of common units is computed based on the weighted average number of common units plus the effect of potentially dilutive securities outstanding during the period, which include (i) our Series A preferred units and (ii) our equity-indexed compensation plan awards. See Note 12 and Note 18 to our Consolidated Financial Statements included in Part IV of our 2022 Annual Report on Form 10-K for a discussion of our Series A preferred units and equity-indexed compensation plan awards. When applying the if-converted method prescribed by FASB guidance, the possible conversion of approximately 71 million Series A preferred units, on a weighted-average basis, were excluded from the calculation of diluted net income per common unit for each of the three and nine months ended September 30, 2023 and 2022 as the effect was antidilutive. Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive during the period are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

The following table sets forth the computation of basic and diluted net income per common unit (in millions, except per unit data):

 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023202220232022
Basic and Diluted Net Income per Common Unit    
Net income attributable to PAA$203 $384 $918 $774 
Distributions to Series A preferred unitholders
(44)(37)(129)(112)
Distributions to Series B preferred unitholders
(19)(12)(56)(37)
Amounts allocated to participating securities(1)(2)(8)(4)
Other
1 — 3 — 
Net income allocated to common unitholders (1)
$140 $333 $728 $621 
Basic and diluted weighted average common units outstanding700 698 699 702 
Basic and diluted net income per common unit$0.20 $0.48 $1.04 $0.89 
14

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(1)We calculate net income 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.

Note 4—Inventory, Linefill and Long-term Inventory
 
Inventory, linefill and long-term inventory consisted of the following (barrels in thousands and carrying value in millions):

 September 30, 2023December 31, 2022
 VolumesUnit of
Measure
Carrying
Value
Price/
Unit (1)
VolumesUnit of
Measure
Carrying
Value
Price/
Unit (1)
Inventory        
Crude oil4,491 barrels$366 $81.50 6,713 barrels$452 $67.33 
NGL9,107 barrels242 $26.57 7,285 barrels270 $37.06 
OtherN/A 9 N/AN/A 7 N/A
Inventory subtotal  617    729  
Linefill        
Crude oil15,255 barrels891 $58.41 15,480 barrels906 $58.53 
NGL2,195 barrels66 $30.07 1,876 barrels55 $29.32 
Linefill subtotal  957    961  
Long-term inventory        
Crude oil3,254 barrels290 $89.12 3,102 barrels246 $79.30 
NGL1,326 barrels37 $27.90 1,066 barrels38 $35.65 
Long-term inventory subtotal  327    284  
Total  $1,901    $1,974  
(1)Price per unit of measure is comprised of a weighted average associated with various grades, qualities and locations. Accordingly, these prices may not coincide with any published benchmarks for such products.

15

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 5—Debt
 
Debt consisted of the following (in millions):

September 30,
2023
December 31,
2022
SHORT-TERM DEBT  
Senior notes:
2.85% senior notes due January 2023
$— $400 
3.85% senior notes due October 2023
700 700 
Other10 59 
Total short-term debt710 1,159 
LONG-TERM DEBT
Senior notes, net of unamortized discounts and debt issuance costs of $42 and $46, respectively
7,241 7,237 
Other55 50 
Total long-term debt7,296 7,287 
Total debt (1)
$8,006 $8,446 
(1)Our fixed-rate senior notes had a face value of approximately $8.0 billion and $8.4 billion as of September 30, 2023 and December 31, 2022, respectively. We estimated the aggregate fair value of these notes as of September 30, 2023 and December 31, 2022 to be approximately $7.1 billion and $7.6 billion, respectively. Our 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. The fair value estimate for our senior notes is based upon observable market data and is classified in Level 2 of the fair value hierarchy.

Credit Facilities

In August 2023, we extended the maturity dates of our senior secured hedged inventory facility and senior unsecured revolving credit facility by one year to August 2026 and August 2028, respectively, for each extending lender. The maturity date with respect to the non-extending lender under our senior unsecured revolving credit facility (which represents a commitment of approximately $64 million out of total commitments of $1.35 billion from all lenders) remains August 2027.

Borrowings and Repayments
 
Total borrowings under our credit facilities and commercial paper program for the nine months ended September 30, 2023 and 2022 were approximately $4.9 billion and $19.3 billion, respectively. Total repayments under our credit facilities and commercial paper program were approximately $4.9 billion and $19.3 billion for the nine months ended September 30, 2023 and 2022, 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.

On January 31, 2023, we redeemed our 2.85%, $400 million senior notes due January 2023. On October 16, 2023, we redeemed our 3.85%, $700 million senior notes due October 2023.

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 and NGL. Additionally, we issue letters of credit to support insurance programs, derivative transactions, including hedging-related margin obligations, and construction activities. At September 30, 2023 and December 31, 2022, we had outstanding letters of credit of $147 million and $102 million, respectively.

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PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 6—Partners’ Capital and Distributions
 
Units Outstanding
 
The following tables present the activity for our preferred and common units:

 Limited Partners
 Series A Preferred UnitsSeries B Preferred UnitsCommon Units
Outstanding at December 31, 202271,090,468 800,000 698,354,498 
Issuances of common units under equity-indexed compensation plans— — 35,508 
Outstanding at March 31, 2023 and June 30, 20