PLAINS ALL AMERICAN PIPELINE LP 10-K

Item 5. Market for Registrant’s Common Units, Related Unitholder Matters and Issuer Purchases of Equity Securities Market Information, Holders and Distributions Our common units are listed and traded on Nasdaq under the symbol “PAA.” As of February 20, 2026, there were 705,531,683 common units outstanding and approximately 117,900 record holders and beneficial owners (held in street name). The following table presents cash distributions per common unit pertaining to the quarter presented, which were declared and paid in the following calendar quarter (see the “Cash Distribution Policy” section below for a discussion of our policy regarding distribution payments): First Quarter Second Quarter Third Quarter Fourth Quarter 2025 $ 0.3800 $ 0.3800 $ 0.3800 $ 0.4175 2024 $ 0.3175 $ 0.3175 $ 0.3175 $ 0.3800 Our common units are also used as a form of compensation to our employees. See Note 18 to our Consolidated Financial Statements for additional information regarding our equity-indexed compensation plans. Performance Graph The following graph compares the total unitholder return performance of our common units with the performance of: (i) the Standard & Poor’s 500 Stock Index (“S&P 500”) and (ii) the Alerian Midstream Energy Index (“AMNA”). The AMNA is a broad-based composite of North American energy infrastructure companies that provides investors with a comprehensive benchmark for this asset class. The graph assumes that $100 was invested in our common units and each comparison index beginning on December 31, 2020 and that all distributions were reinvested on a quarterly basis. 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 PAA $ 100.00 $ 122.18 $ 165.74 $ 230.75 $ 280.34 $ 320.92 S&P 500 $ 100.00 $ 128.68 $ 105.36 $ 133.03 $ 166.28 $ 195.98 AMNA $ 100.00 $ 138.42 $ 168.22 $ 191.80 $ 277.21 $ 291.01 68 Table of Contents Index to Financial Statements This information shall not be deemed to be “soliciting material” or to be “filed” with the Commission or subject to Regulation 14A or 14C under the Exchange Act, other than as provided in Item 201(e) of Regulation S-K, or to the liabilities of Section 18 of the Exchange Act, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that we specifically request that such information be treated as soliciting material or specifically incorporate it by reference into a filing under the Securities Act or the Exchange Act. Recent Sales of Unregistered Securities None. Issuer Purchases of Equity Securities None. Cash Distribution Policy In accordance with our partnership agreement, after making distributions to holders of our outstanding preferred units, we distribute the remainder of our available cash to our common unitholders of record within 45 days following the end of each quarter. Available cash is generally defined as, for any quarter ending prior to liquidation, all of our cash and cash equivalents on hand at the end of each quarter less reserves established in the reasonable discretion of our general partner to: • provide for the proper conduct of our business and the business of our operating partnerships (including reserves for future capital expenditures and for our anticipated future credit needs); • comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation; or • provide funds for future distributions to our Series A and Series B preferred unitholders or distributions to our common unitholders for any one or more of the next four calendar quarters. Our available cash also includes cash on hand resulting from borrowings made after the end of the quarter. Under the terms of the agreements governing our debt, we are prohibited from declaring or paying any distribution to unitholders if a default or event of default (as defined in such agreements) exists. No such default has occurred. See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Credit Agreements, Commercial Paper Program, Term Loan and Indentures.” Under the terms of our partnership agreement, our Series A preferred units and our Series B preferred units rank senior to all classes or series of equity securities in us with respect to distribution rights. Item 6. Reserved