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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, 2022
 
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, 2022, there were 698,332,685 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,
2022
December 31,
2021
 (unaudited)
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents$623 $449 
Trade accounts receivable and other receivables, net4,101 4,705 
Inventory603 783 
Other current assets247 200 
Total current assets5,574 6,137 
PROPERTY AND EQUIPMENT19,310 19,257 
Accumulated depreciation(4,745)(4,354)
Property and equipment, net14,565 14,903 
OTHER ASSETS  
Investments in unconsolidated entities3,684 3,805 
Intangible assets, net1,785 1,960 
Linefill954 907 
Long-term operating lease right-of-use assets, net338 393 
Long-term inventory301 253 
Other long-term assets, net256 251 
Total assets$27,457 $28,609 
LIABILITIES AND PARTNERS’ CAPITAL  
CURRENT LIABILITIES  
Trade accounts payable$3,995 $4,810 
Short-term debt459 822 
Other current liabilities879 600 
Total current liabilities5,333 6,232 
LONG-TERM LIABILITIES  
Senior notes, net7,934 8,329 
Other long-term debt, net52 69 
Long-term operating lease liabilities300 339 
Other long-term liabilities and deferred credits1,095 830 
Total long-term liabilities9,381 9,567 
COMMITMENTS AND CONTINGENCIES (NOTE 10)
PARTNERS’ CAPITAL  
Series A preferred unitholders (71,090,468 and 71,090,468 units outstanding, respectively)
1,505 1,505 
Series B preferred unitholders (800,000 and 800,000 units outstanding, respectively)
787 787 
Common unitholders (698,332,685 and 704,991,540 units outstanding, respectively)
7,652 7,680 
Total partners’ capital excluding noncontrolling interests9,944 9,972 
Noncontrolling interests2,799 2,838 
Total partners’ capital12,743 12,810 
Total liabilities and partners’ capital$27,457 $28,609 
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,
 2022202120222021
 (unaudited)(unaudited)
REVENUES    
Product sales revenues$14,001 $10,515 $43,390 $28,221 
Services revenues335 261 1,000 868 
Total revenues14,336 10,776 44,390 29,089 
COSTS AND EXPENSES    
Purchases and related costs13,071 10,074 41,181 26,743 
Field operating costs318 274 971 746 
General and administrative expenses83 67 243 205 
Depreciation and amortization238 178 711 551 
(Gains)/losses on asset sales and asset impairments, net 221 (46)592 
Total costs and expenses13,710 10,814 43,060 28,837 
OPERATING INCOME/(LOSS)626 (38)1,330 252 
OTHER INCOME/(EXPENSE)    
Equity earnings in unconsolidated entities105 69 306 190 
Gain on investment in unconsolidated entities1 — 1 — 
Interest expense (net of capitalized interest of $1, $4, $3 and $14, respectively)
(99)(106)(305)(319)
Other income/(expense), net(82)(10)(237)13 
INCOME/(LOSS) BEFORE TAX551 (85)1,095 136 
Current income tax expense(12)(8)(60)(11)
Deferred income tax (expense)/benefit(97)38 (117)27 
NET INCOME/(LOSS)442 (55)918 152 
Net income attributable to noncontrolling interests(58)(4)(144)(9)
NET INCOME/(LOSS) ATTRIBUTABLE TO PAA$384 $(59)$774 $143 
NET INCOME/(LOSS) PER COMMON UNIT (NOTE 4):    
Net income/(loss) allocated to common unitholders — Basic and Diluted$333 $(109)$621 $(7)
Basic and diluted weighted average common units outstanding698 715 702 719 
Basic and diluted net income/(loss) per common unit$0.48 $(0.15)$0.89 $(0.01)
 
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,
 2022202120222021
 (unaudited)(unaudited)
Net income/(loss)$442 $(55)$918 $152 
Other comprehensive income/(loss)(173)(44)(150)64 
Comprehensive income/(loss)269 (99)768 216 
Comprehensive income attributable to noncontrolling interests
(58)(4)(144)(9)
Comprehensive income/(loss) attributable to PAA$211 $(103)$624 $207 
 
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, 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)

Derivative
Instruments
Translation
Adjustments
OtherTotal
 (unaudited)
Balance at December 31, 2020$(258)$(657)$(3)$(918)
Reclassification adjustments28 — — 28 
Unrealized gain on hedges36 — — 36 
Currency translation adjustments— 1 — 1 
Other— — (1)(1)
Total period activity64 1 (1)64 
Balance at September 30, 2021$(194)$(656)$(4)$(854)
 
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,
 20222021
 (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$918 $152 
Reconciliation of net income to net cash provided by operating activities:  
Depreciation and amortization711 551 
(Gains)/losses on asset sales and asset impairments, net(46)592 
Deferred income tax expense/(benefit)117 (27)
Gains on sales of linefill(35)— 
Loss on foreign currency revaluation42 3 
Settlement of terminated interest rate hedging instruments42 — 
Change in fair value of Preferred Distribution Rate Reset Option (Note 8)196 (13)
Equity earnings in unconsolidated entities(306)(190)
Distributions on earnings from unconsolidated entities344 322 
Other41 39 
Changes in assets and liabilities, net of acquisitions50 (68)
Net cash provided by operating activities2,074 1,361 
CASH FLOWS FROM INVESTING ACTIVITIES  
Cash paid in connection with acquisitions, net of cash acquired(68)(32)
Investments in unconsolidated entities(3)(78)
Additions to property, equipment and other(312)(257)
Cash paid for purchases of linefill(69)(36)
Proceeds from sales of assets58 878 
Cash received from sales of linefill72 3 
Other investing activities31 — 
Net cash (used in)/provided by investing activities(291)478 
CASH FLOWS FROM FINANCING ACTIVITIES  
Net repayments under commercial paper program (Note 6)— (546)
Net repayments under senior secured hedged inventory facility (Note 6)— (167)
Repayment of GO Zone term loans— (200)
Repayments of senior notes (Note 6)(750)— 
Repurchase of common units (Note 7)(74)(117)
Distributions paid to Series A preferred unitholders (Note 7)(112)(112)
Distributions paid to Series B preferred unitholders (Note 7)(25)(25)
Distributions paid to common unitholders (Note 7)(432)(389)
Distributions paid to noncontrolling interests (Note 7)(194)(10)
Contributions from noncontrolling interests (Note 7)26 1 
Other financing activities(47)(142)
Net cash used in financing activities(1,608)(1,707)
Effect of translation adjustment(5)2 
Net increase in cash and cash equivalents and restricted cash170 134 
Cash and cash equivalents and restricted cash, beginning of period453 60 
Cash and cash equivalents and restricted cash, end of period$623 $194 
Cash paid for:  
Interest, net of amounts capitalized$268 $265 
Income taxes, net of amounts refunded$85 $32 
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, 2021$1,505 $787 $7,680 $9,972 $2,838 $12,810 
Net income112 37 625 774 144 918 
Distributions (Note 7)(112)(37)(432)(581)(194)(775)
Other comprehensive loss— — (150)(150)— (150)
Repurchase of common units (Note 7)— — (74)(74)— (74)
Contributions from noncontrolling interests (Note 7)— — — — 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 (Note 7)(37)(12)(152)(201)(73)(274)
Other comprehensive loss— — (173)(173)— (173)
Contributions from noncontrolling interests (Note 7)— — — — 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.













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, 2020$1,505 $787 $7,301 $9,593 $145 $9,738 
Net income/(loss)112 37 (6)143 9 152 
Distributions(112)(37)(389)(538)(10)(548)
Other comprehensive income— — 64 64 — 64 
Repurchase of common units (Note 7)— — (117)(117)— (117)
Contributions from noncontrolling interests— — — — 1 1 
Other— — 7 7 — 7 
Balance at September 30, 2021$1,505 $787 $6,860 $9,152 $145 $9,297 
Limited PartnersPartners’
Capital Excluding Noncontrolling Interests
Noncontrolling InterestsTotal
Partners’
Capital
Preferred UnitholdersCommon
Unitholders
Series ASeries B
(unaudited)
Balance at June 30, 2021$1,505 $787 $7,203 $9,495 $145 $9,640 
Net income/(loss)37 12 (108)(59)4 (55)
Distributions(37)(12)(129)(178)(4)(182)
Other comprehensive loss— — (44)(44)— (44)
Repurchase of common units (Note 7)— — (64)(64)— (64)
Other— — 2 2 — 2 
Balance at September 30, 2021$1,505 $787 $6,860 $9,152 $145 $9,297 

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 11 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, 2022, AAP also owned a limited partner interest in us through its ownership of approximately 241.5 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, 2022, owned an approximate 81% 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
LIBOR=London Interbank Offered Rate
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
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 2021 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, 2021 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, 2022 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 transactions have been eliminated in consolidation, and certain reclassifications have been made to information from previous years to conform to the current presentation, including the reclassifications discussed below.

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

Reclassification of Prior Period Information

During the fourth quarter of 2021, we effected changes in the primary financial information provided to our CODM (our Chief Executive Officer) for assessing performance and allocating resources to present two operating segments, Crude Oil and NGL. Prior to the fourth quarter of 2021, this information was organized into three operating segments: Transportation, Facilities and Supply and Logistics. See Note 11 for further discussion of our operating segments. In connection with this change, we changed the presentation of Revenues on our Condensed Consolidated Statements of Operations. “Product sales revenues” include amounts that were previously presented as “Supply and Logistics segment revenues,” while “Services revenues” includes amounts previously presented as “Transportation segment revenues” and “Facilities segment revenues.”

Note 2—Summary of Significant Accounting Policies
 
Recent Accounting Pronouncements

Except as discussed below and in our 2021 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, 2022 that are of significance or potential significance to us.

In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity, by eliminating two of the three models that require separate accounting for embedded conversion features and the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification. This guidance is effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted. We adopted this guidance effective January 1, 2022, and our adoption did not have a material impact on our financial position, results of operations or cash flows.
11

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

Note 3—Revenues and Accounts Receivable

Revenue Recognition

We disaggregate our revenues by segment and type of activity. These categories depict how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. See Note 3 to our Consolidated Financial Statements included in Part IV of our 2021 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,
2022202120222021
Crude Oil segment revenues from contracts with customers
Sales$13,362 $10,427 $41,796 $27,776 
Transportation185 122 515 325 
Terminalling, Storage and Other90 99 270 345 
Total Crude Oil segment revenues from contracts with customers$13,637 $10,648 $42,581 $28,446 

Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
NGL segment revenues from contracts with customers
Sales$417 $386 $1,761 $1,514 
Transportation7 6 23 17 
Terminalling, Storage and Other21 22 66 64 
Total NGL segment revenues from contracts with customers$445 $414 $1,850 $1,595 
12

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, 2022Crude OilNGLTotal
Revenues from contracts with customers$13,637 $445 $14,082 
Other items in revenues38 325 363 
Total revenues of reportable segments$13,675 $770 $14,445 
Intersegment revenue elimination(109)
Total revenues$14,336 
Three Months Ended September 30, 2021Crude OilNGLTotal
Revenues from contracts with customers$10,648 $414 $11,062 
Other items in revenues53 (248)(195)
Total revenues of reportable segments$10,701 $166 $10,867 
Intersegment revenue elimination(91)
Total revenues$10,776 
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(