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Delaware						90-1005472
(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)

Registrant’s telephone number, including area code: (713) 646-4100

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Class A Shares, Representing Limited Partner Interests

PAGP

Nasdaq

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 ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Portions of the registrant’s definitive Proxy Statement to be filed pursuant to Regulation 14A pertaining to the 2022 Annual Meeting of Shareholders are incorporated by reference into Part III hereof. The registrant intends to file such Proxy Statement no later than 120 days after the end of the fiscal year covered by this Form 10-K.

						Page
			PART I			5
Items 1 and 2.			Business and Properties			5
Item 1A.			Risk Factors			44
Item 1B.			Unresolved Staff Comments			70
Item 3.			Legal Proceedings			70
Item 4.			Mine Safety Disclosures			70
			PART II			71
Item 5.			Market for Registrant’s Shares, Related Shareholder Matters and Issuer Purchases of Equity Securities			71
Item 6.			Reserved			73
Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			73
Item 7A.			Quantitative and Qualitative Disclosures About Market Risk			100
Item 8.			Financial Statements and Supplementary Data			101
Item 9.			Changes in and Disagreements With Accountants on Accounting and Financial Disclosure			101
Item 9A.			Controls and Procedures			101
Item 9B.			Other Information			102
			PART III			103
Item 10.			Directors and Executive Officers of Our General Partner and Corporate Governance			103
Item 11.			Executive Compensation			103
Item 12.			Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters			103
Item 13.			Certain Relationships and Related Transactions, and Director Independence			104
Item 14.			Principal Accountant Fees and Services			104
			PART IV			105
Item 15.			Exhibits and Financial Statement Schedules			105
Item 16.			Form 10-K Summary			110

•our ability to pay distributions to our Class A shareholders;

•our expected receipt of, and amounts of, distributions from Plains AAP, L.P.;

•declines in global crude oil demand and crude oil prices (whether due to the COVID-19 pandemic, future pandemics or other factors) that correspondingly lead to a significant reduction of North American crude oil and natural gas liquids (“NGL”) production (whether due to reduced producer cash flow to fund drilling activities or the inability of producers to access capital, or both, the unavailability of pipeline and/or storage capacity, the shutting-in of production by producers, government-mandated pro-ration orders, or other factors), which in turn could result in significant declines in the actual or expected volume of crude oil and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets and/or the reduction of commercial opportunities that might otherwise be available to us;

•the effects of competition and capacity overbuild in areas where we operate, including downward pressure on rates and margins, contract renewal risk and the risk of loss of business to other midstream operators who are willing or under pressure to aggressively reduce transportation rates in order to capture or preserve customers;

•negative societal sentiment regarding the hydrocarbon energy industry and the continued development and consumption of hydrocarbons, which could influence consumer preferences and governmental or regulatory actions that adversely impact our business;

•unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof);

•general economic, market or business conditions in the United States and elsewhere (including the potential for a recession or significant slowdown in economic activity levels, the risk of persistently high inflation and continued supply chain issues, the impact of coronavirus variants on demand and growth, and the timing, pace and extent of economic recovery) that impact (i) demand for crude oil, drilling and production activities and therefore the demand for the midstream services we provide, and (ii) commercial opportunities available to us;

•the impact of current and future laws, rulings, governmental regulations, executive orders, trade policies, accounting standards and statements, and related interpretations, including legislation, executive orders or regulatory initiatives that arise out of pandemic related concerns, that prohibit, restrict or regulate hydraulic fracturing or that prohibit the development of oil and gas resources and the related infrastructure on lands dedicated to or served by our pipelines;

•environmental liabilities, litigation or other events that are not covered by an indemnity, insurance or existing reserves;

•loss of key personnel and inability to attract and retain new talent;

•fluctuations in refinery capacity in areas supplied by our mainlines and other factors affecting demand for various grades of crude oil and NGL and resulting changes in pricing conditions or transportation throughput requirements;

•the availability of, and our ability to consummate, divestitures, joint ventures, acquisitions or other strategic opportunities;

•the successful operation of joint ventures and joint operating arrangements we enter into from time to time, whether relating to assets operated by us or by third parties, and the successful integration and future performance of acquired assets or businesses;

•maintenance of PAA’s credit rating and ability to receive open credit from its suppliers and trade counterparties;

•the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event that materially impacts our operations, including cyber or other attacks on our electronic and computer systems;

•weather interference with business operations or project construction, including the impact of extreme weather events or conditions;

•significant under-utilization of our assets and facilities;

•the refusal or inability of PAA’s customers or counterparties to perform their obligations under their contracts with PAA (including commercial contracts, asset sale agreements and other agreements), whether justified or not and whether due to financial constraints (such as reduced creditworthiness, liquidity issues or insolvency), market constraints, legal constraints (including governmental orders or guidance), the exercise of contractual or common law rights that allegedly excuse their performance (such as force majeure or similar claims) or other factors;

•PAA’s inability to perform its obligations under its contracts, whether due to non-performance by third parties, including PAA’s customers or counterparties, market constraints, third-party constraints, supply chain issues, legal constraints (including governmental orders or guidance), or other factors or events;

•the incurrence of costs and expenses related to unexpected or unplanned capital expenditures, third-party claims or other factors;

•disruptions to futures markets for crude oil, NGL and other petroleum products, which may impair our ability to execute our commercial or hedging strategies;

•failure to implement or capitalize, or delays in implementing or capitalizing, on investment capital projects, whether due to permitting delays, permitting withdrawals or other factors;

•shortages or cost increases of supplies, materials or labor;

•tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, investment capital projects, working capital requirements and the repayment or refinancing of indebtedness;

•the amplification of other risks caused by volatile financial markets, capital constraints, liquidity concerns and inflation;

•the use or availability of third-party assets upon which our operations depend and over which we have little or no control;

•the currency exchange rate of the Canadian dollar to the United States dollar;

•inability to recognize current revenue attributable to deficiency payments received from customers who fail to ship or move more than minimum contracted volumes until the related credits expire or are used;

•increased costs, or lack of availability, of insurance;

•the effectiveness of our risk management activities;

•fluctuations in the debt and equity markets, including the price of PAA’s units at the time of vesting under its long-term incentive plans;

•risks related to the development and operation of our assets; and

•other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, as well as in the processing, transportation, fractionation, storage and marketing of NGL.

Items 1 and 2.  Business and Properties

(1)Each Class C share represents a non-economic limited partner interest in us. The number of Class C shares that PAA owns is equal to the number of outstanding PAA common units and Series A Preferred units (“PAA Common Unit Equivalents”) that are entitled to vote, pro rata with the holders of our Class A and Class B shares, for the election of eligible PAGP GP directors. The Class C shares function as a “pass-through” voting mechanism through which PAA votes at the direction of and as proxy for the PAA common unitholders and Series A preferred unitholders in such director elections. PAA common units held by AAP and PAA Series B preferred units are not entitled to vote in the election of directors.

(2)PAA holds (i) direct and indirect ownership interests in consolidated operating subsidiaries including, but not limited to, Plains Marketing, L.P., Plains Pipeline, L.P., Plains Midstream Canada ULC (“PMCULC”), Plains Oryx Permian Basin LLC (the “Permian JV”) and Red River Pipeline Company LLC (“Red River”) and (ii) indirect equity interests in unconsolidated entities including, but not limited to, BridgeTex Pipeline Company, LLC, Cactus II Pipeline LLC, Capline Pipeline Company LLC, Diamond Pipeline LLC, Eagle Ford Pipeline LLC, Eagle Ford Terminals Corpus Christi LLC, Saddlehorn Pipeline Company, LLC, White Cliffs Pipeline, L.L.C. and Wink to Webster Pipeline LLC.

•Focusing on operational excellence, continuous improvement and running a safe, reliable, environmentally and socially responsible operation;

•Using its well positioned network of midstream infrastructure in conjunction with its commercial capabilities to provide its customers with market access, flexibility and value chain solutions, capture market opportunities, address physical market imbalances, mitigate risks and generate sustainable cash flow and margin;

•Optimizing its asset portfolio and operations (including for emerging energy opportunities) to maximize returns on invested capital; and

•PAA owns a strategically located, geographically diverse and interconnected large-scale asset base that provides operational flexibility and commercial optionality. The majority of PAA’s primary transportation assets are in crude oil service, are located in well-established crude oil producing regions (with PAA’s largest asset presence in the Permian Basin) and other transportation corridors and are connected, directly or indirectly, with PAA’s terminals and facilities assets. The majority of PAA’s terminal and facilities assets are located at major trading locations and premium markets that serve as gateways to major North American refinery and distribution markets and key export terminals where PAA has strong business relationships. In addition, PAA’s pipeline, rail, truck and storage assets provide PAA’s customers and PAA with significant flexibility and optionality to satisfy demand and balance markets, and participate in emerging energy opportunities.

•PAA’s full-service integrated model and long-term focus attracts broad, diverse and high-quality customer base that supports sustainable fee-based cash flow generation. PAA’s strategically located and interconnected asset base enables it to provide its customers with a wide variety of services, including supply aggregation, quality segregation, flow assurance and market access. PAA focuses on building long-term relationships and alignment of interests with its customers. PAA believes this approach has helped it build a high-quality portfolio of customers and contracts (including long-term, third-party transportation contracts and acreage dedication contracts) that provide long-term volume support for its assets and, in turn, support long-term fee-based cash flow generation from its assets.

•PAA possesses specialized crude oil and NGL market knowledge.  We believe PAA’s business relationships with participants in various phases of the crude oil and NGL distribution chain, from producers to refiners, as well as PAA’s own industry expertise (including PAA’s knowledge of North American crude oil and NGL flows), provide PAA with extensive market insight and an understanding of the North American physical crude oil and NGL markets that enables PAA to provide value chain solutions for its customers.

•PAA’s merchant activities provide it with the opportunity to realize incremental margins. We believe the variety of its merchant activities provides PAA with a low-risk opportunity to generate incremental margin, the amount of which may vary depending on market conditions (such as differentials and certain competitive factors).

•PAA has the financial, strategic and technical skills needed to execute strategic transactions that support its business and financial objectives, including joint ventures, joint ownership arrangements, acquisitions and divestitures. Since 2016, PAA has consummated over 10 joint venture and/or joint ownership arrangements, including the Permian JV formation completed in October 2021, and completed over $4.5 billion of divestitures of non-core assets and/or strategic sales of partial interests in selected assets. In addition, although acquisitions and capital projects are not the primary focus of PAA’s current capital allocation priorities, since the completion of its initial public offering in 1998, PAA has completed and integrated over 90 acquisitions with an aggregate purchase price of approximately $13.7 billion and implemented investment capital projects totaling approximately $16.9 billion.

•PAA has an experienced management team whose interests are aligned with those of its unitholders. PAA’s executive management team has an average of 30+ years of experience spanning across all sectors of the energy industry, as well as investment banking, and an average of 15 years with PAA or its predecessors and affiliates. In addition, through their ownership of PAA common units and grants of phantom units, PAA’s management team has a vested interest in PAA’s continued success.

•a leverage multiple averaging between 3.75x to 4.25x, which is calculated as total debt plus 50% of preferred units, divided by Adjusted EBITDA attributable to PAA (See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Non-GAAP Financial Measures” for our definition of Adjusted EBITDA and a reconciliation to Adjusted EBITDA attributable to PAA.);

◦this is roughly equivalent to a long-term debt-to-Adjusted EBITDA attributable to PAA multiple of between 3.0x and 3.5x;

•an average long-term debt-to-total capitalization ratio of approximately 50% or less;

•an average total debt-to-total capitalization ratio of approximately 60% or less; and

•an average Adjusted EBITDA-to-interest coverage multiple of approximately 3.3x or better.

•74 million barrels of commercial crude oil storage capacity at our terminalling and storage locations;

•38 million barrels of active, above-ground tank capacity used to facilitate pipeline throughput and help maintain product quality segregation;

•four marine facilities in the United States;

•a condensate processing facility located in the Eagle Ford area of South Texas with an aggregate processing capacity of 120,000 barrels per day;

•seven crude oil rail terminals and 2,100 crude oil railcars; and

•640 trucks and 1,275 trailers.

•15 million barrels of crude oil linefill in pipelines and tanks owned by us; and

•3 million barrels of crude oil utilized as linefill in pipelines owned by third parties or otherwise required as long-term inventory.

Region						Ownership Percentage						Approximate System Miles (1)						2021 Average Net Barrels per Day (2)
																		(in thousands)
Permian Basin:
Gathering pipelines (3)						40% - 65%						4,895						1,643
Intra-basin pipelines (4)						50% - 100%						815						1,740
Long-haul pipelines (4)						16% - 100%						1,620						1,029
												7,330						4,412
South Texas/Eagle Ford						50% - 100%						825						326
Mid-Continent						50% - 100%						2,485						455
Gulf Coast						54% - 100%						1,170						158
Rocky Mountain						21% - 100%						3,370						332
Western						100%						545						236
Canada						100%						2,575						286
Total												18,300						6,205

(1)Includes total mileage of pipelines in which we own less than 100%.

(2)Represents average daily volumes for the entire year attributable to our interest for pipelines owned by unconsolidated entities or through undivided joint interests. Average daily volumes are calculated as the total volumes (attributable to our interest) for the year divided by the number of days in the year. Volumes reflect tariff movements and thus may be included multiple times as volumes move through our integrated system. Volumes associated with acquisitions represent total volumes for the number of days we actually owned the assets divided by the number of days in the period.

(3)All of our gathering pipelines in the Permian Basin are owned by the Permian JV, a consolidated entity in which we own a 65% interest. The Permian JV has a 40% interest in an unconsolidated entity that owns one of the gathering pipelines in the Permian Basin.

(4)Includes pipelines operated by a third party.

•gathering pipelines that move crude oil from wellhead or central battery connections to regional market hubs;

•intra-basin pipelines that are used as a hub system allowing for a significant amount of flexibility by creating connections between regional hub locations; and

•long-haul pipelines that move crude oil from (i) regional market hubs to major market hubs such as Cushing, Oklahoma or to export facilities, including our Corpus Christi terminal, or (ii) a refinery or other major market hubs, such as the Houston market.

Permian Basin. We operate approximately 4,900 miles of gathering pipelines in both the Midland Basin and the Delaware Basin that in aggregate represent approximately 3.7 million barrels per day of pipeline capacity. This gathering capacity includes pipeline capacity that delivers volumes to regional market hubs. Approximately 75% of the capacity of our gathering systems is in the Delaware Basin. All of our gathering pipelines in the Permian Basin are owned by the Permian JV, a consolidated entity in which we own a 65% interest.

South Texas/Eagle Ford. We own and operate various gathering systems in the Eagle Ford that connect into our Eagle Ford joint venture pipeline system that can deliver crude oil into markets in the Corpus Christi area, or to third-party pipelines with access to Houston area refiners.

Mid-Continent. We own and operate gathering pipelines that source crude oil from Western and Central Oklahoma and Southwest Kansas for transportation and delivery into our terminal facilities at Cushing, Oklahoma.

Rocky Mountain. We own and operate pipelines that provide gathering services in the Bakken and the Powder River Basin.

Western. We own and operate a pipeline in the San Joaquin Valley that gathers locally produced crude oil, which is then delivered via our Line 63 pipeline system and/or Line 2000 pipeline for transportation to Los Angeles area refiners.

Canada. We own and operate gathering systems that source crude oil from truck terminals and pipeline-connected facilities to deliver to the Enbridge Mainline system at our Kerrobert and Regina terminals in Saskatchewan.

Permian Basin. Our intra-basin pipeline system in the Permian Basin has a capacity of approximately 3.1 million barrels per day and connects gathering pipelines and truck injection volumes to our owned and operated as well as third-party mainline pipelines that transport crude oil to major market hubs. This interconnected pipeline system is designed to provide shippers flow assurance, flexibility and access to multiple markets. A majority of the intra-basin pipeline system is owned by the Permian JV, a consolidated entity in which we own a 65% interest.

Canada. We own and operate intra-basin pipelines with capacity of approximately 300,000 barrels per day that deliver crude from northern and southern Alberta to the Edmonton, Alberta market hub. These pipelines provide shippers with flexibility to access the Enbridge and TransMountain long-haul pipelines along with the Imperial Oil Refinery. In addition, we have one cross-border pipeline that has the flexibility to move up to 40,000 barrels per day of Canadian crude oil to our Rocky Mountain area long-haul pipelines.

Permian Basin. We own interests in multiple long-haul pipeline systems that, on a combined basis, represent approximately 1.7 million barrels per day of currently operational takeaway capacity (net to our ownership interests) out of the Permian Basin to major market hubs in Corpus Christi and Houston, Texas and Cushing, Oklahoma. Below is a description of some of our most significant long-haul pipeline systems within the Permian Basin region.

•Sunrise II Pipeline. We operate the Sunrise II Pipeline and, through a UJI arrangement, own an 80% UJI, which equates to 400,000 barrels of the capacity of the pipeline. Our Sunrise II Pipeline transports crude oil from Midland and Colorado City to connecting carriers at Wichita Falls.

•BridgeTex Pipeline (Permian to Houston). We own a 20% interest in the legal entity that owns the BridgeTex Pipeline. The pipeline, operated by a subsidiary of Magellan Midstream Partners, L.P., originates at Colorado City, Texas and extends to Houston, Texas. The BridgeTex pipeline has a capacity of 440,000 barrels per day and is capable of receiving supply from both our Basin and Midland South (formerly Sunrise) pipelines.

•Cactus Pipeline (Permian to Corpus Christi). We own and operate the Cactus Pipeline, which has a capacity of 390,000 barrels per day, originates at McCamey, Texas and extends to Gardendale, Texas. The Cactus Pipeline connects to our Eagle Ford joint venture pipeline system at Gardendale for access to the Corpus Christi, Texas market. Movements to Corpus Christi are made on a joint tariff with the Eagle Ford joint venture pipeline.

•Cactus II Pipeline (Permian to Corpus Christi). We own a 65% interest in the legal entity that owns the Cactus II Pipeline (“Cactus II”), which we operate. Cactus II is a Permian mainline system that extends directly to the Corpus Christi market, and has a capacity of 670,000 barrels per day.

•Wink to Webster Pipeline. We own a 16% interest in the legal entity that owns the Wink to Webster Pipeline (“W2W Pipeline”), which in turn owns 100% of certain segments of the W2W Pipeline and a 71% UJI in the segment from Midland, Texas to Webster, Texas. The W2W Pipeline originates in the Permian Basin in West Texas and transports crude oil to multiple destinations in the Houston and Galveston market areas. The pipeline system will provide approximately 1.5 million barrels per day of crude oil capacity (1.1 million barrels per day, net to the UJI interest) and is supported by long-term shipper commitments. Phase one of the pipeline system from Midland, Texas to Webster, Texas is currently in service. Phase two, which increases the pipeline system to 1.5 million barrels per day of capacity, was placed in service in the first quarter of 2022, at which time long-term shipper commitments became effective. The third phase of the project, which includes the segments from Wink, Texas to Midland, Texas and from Webster, Texas to Baytown, Texas, has been deferred by the partners until the fourth quarter of 2023.

South Texas/Eagle Ford. We own a 50% interest in the legal entity that owns the Eagle Ford Pipeline through a joint venture with a subsidiary of Enterprise. We serve as the operator of the Eagle Ford Pipeline, which has a total capacity of approximately 660,000 barrels per day and connects Permian and Eagle Ford area production to Corpus Christi, Texas refiners and terminals. Additionally, the Eagle Ford Pipeline has connectivity to Houston, Texas via a connection with Enterprise’s pipeline at Lyssy, Texas.

Mid-Continent. We own and operate various pipeline systems that extend from our Cushing terminal in Oklahoma to various refineries and/or crude oil hubs. Below is a description of some of our most significant pipeline systems in the Mid-Continent region.

•Diamond Pipeline (Cushing to Memphis). We own a 50% interest in the legal entity that owns the Diamond Pipeline through a joint venture with Valero Energy Corporation (“Valero”). We operate the Diamond Pipeline, which extends from our Cushing Terminal to Valero’s refinery in Memphis, Tennessee. The Diamond Pipeline is underpinned by a long-term minimum volume commitment and currently has a total capacity of 200,000 barrels per day.

Gulf Coast. We own an approximate 54% interest in the legal entity that owns the Capline Pipeline. Upon completion of its reversal project in 2021, the Capline Pipeline extends from Patoka, Illinois to various terminals in St. James, Louisiana. The Capline Pipeline is supported by long-term shipper commitments, and a subsidiary of Marathon Petroleum Corporation serves as the operator.

Rocky Mountain. Our pipeline systems in the Rocky Mountain region provide access to our terminal in Cushing, Oklahoma as well as other major market hubs. We own and operate the Bakken North pipeline system that accommodates bidirectional flow and can move crude oil from the Bakken to the Enbridge Mainline system at Regina, Saskatchewan or from the Enbridge Mainline system to our terminal in Trenton, North Dakota. We own a UJI in the Western Corridor pipeline system that extends from the Canadian border to our terminal in Guernsey, Wyoming. This pipeline system receives crude oil from our Rangeland Pipeline in Canada. In addition to these assets, our largest Rocky Mountain area systems include the following joint venture pipelines, both of which connect to our terminal in Cushing, Oklahoma.

•White Cliffs Pipeline. We own an approximate 36% interest in the entity that owns the White Cliffs Pipeline system through a joint venture with three other partners. The White Cliffs Pipeline system consists of one crude oil pipeline with approximately 100,000 barrels per day of capacity that extends from the DJ Basin to Cushing, Oklahoma and one NGL pipeline with approximately 90,000 barrels per day of capacity that extends from the DJ Basin to a tie-in location with the Southern Hills Pipeline in Oklahoma. The NGL pipeline is supported by a long-term capacity lease and long-term throughput agreements. A subsidiary of Energy Transfer LP serves as the operator of the pipelines.

Western. We own and operate the Line 63 and Line 2000 pipelines in California. Line 2000 is a mainline system that has the capacity to transport approximately 110,000 barrels per day from the San Joaquin Valley to refineries and terminal facilities in the Los Angeles area. Line 63 is used as a gathering and distribution system. The pipeline gathers crude oil in the San Joaquin Valley for delivery to Line 2000 and local refiners. In the Los Angeles area, the Line 63 distribution lines are used to move crude oil from Line 2000 to local refiners.

Crude Oil Storage Facilities						Total Capacity (MMBbls)
Cushing						27
St. James						15
Patoka						7
Permian Basin Area						8
Mobile and Ten Mile						5
Corpus Christi (1)						1
Other (2)						11
						74

(1)We own 50% of this storage capacity through our investment in Eagle Ford Terminals Corpus Christi LLC.

(2)Amount includes approximately 2 million barrels of storage capacity associated with our crude oil rail terminal operations.

•four natural gas processing plants;

•nine fractionation plants located throughout Canada and the United States with an aggregate useable capacity of approximately 200,100 barrels per day;

•NGL storage facilities with approximately 28 million barrels of capacity;

•approximately 1,620 miles of active NGL transportation pipelines and an additional 55 miles of pipeline that support our NGL storage facilities;

•16 NGL rail terminals and approximately 3,900 NGL rail cars; and

•approximately 220 trailers.

Additionally, our assets include the linefill associated with our commercial activities, including approximately:

•2 million barrels of NGL linefill in pipelines and tanks owned by us; and

•1 million barrels of NGL utilized as linefill in pipelines owned by third parties or otherwise required as long-term inventory.

Natural Gas Processing Facilities

Ownership Interest

Gas Processing Capacity  (Bcf/d) (1)

Average Inlet Volume (2) (Bcf/d)

Empress

66-100%

5.5

2.7

NGL Fractionation Facilities						Ownership Interest						Fractionation Capacity (Bbls/d) (1)						Average Volume (2) (Bbls/d)
Empress						100		%				23,300						22,200
Fort Saskatchewan						21-100%						61,700						41,400
Sarnia						62-84%						75,000						52,500
Other						82-100%						40,100						13,400
												200,100						129,500

NGL Storage Facilities						Storage Capacity (1) (MMBbls)
Fort Saskatchewan						11
Sarnia						7
Empress						4
Other						6
						28

						Ownership Interest						Approximate System Miles (3)						Average Volumes (2) (MBbls/d)
NGL Pipelines						21-100%						1,620						179

						Ownership Interest						Number of Rack Spots						Number of Storage Spots
NGL Rail Facilities						75-100%						277						1,527

(1)Represents total average annual capacity of the facilities, net to our ownership interest.

(2)Average daily volumes are calculated as the total volumes for the year, net to our share, divided by the number of days in the year.

(3)Includes total mileage of pipelines in which we own less than 100%.

Entity

Type of Operation

JV Ownership Percentage

BridgeTex Pipeline Company, LLC

Crude Oil Pipeline

20%

Cactus II Pipeline LLC

Crude Oil Pipeline (1)

65%

Capline Pipeline Company LLC

Crude Oil Pipeline

54%

Diamond Pipeline LLC

Crude Oil Pipeline (1)

50%

Eagle Ford Pipeline LLC

Crude Oil Pipeline (1)

50%

Eagle Ford Terminals Corpus Christi LLC

Crude Oil Terminal and Dock (1)

50%

Plains Oryx Permian Basin LLC (2) (3)

Crude Oil Pipelines and Related Assets (1)

65%

Red River Pipeline Company LLC (2) (4)

Crude Oil Pipeline (1)

67%

Saddlehorn Pipeline Company, LLC (4)

Crude Oil Pipeline

30%

White Cliffs Pipeline, LLC

Crude Oil Pipeline

36%

Wink to Webster Pipeline LLC (4)

Crude Oil Pipeline

16%

(1)Assets are operated by Plains.

(2)We consolidate the entity based on control, with our partner’s interest accounted for as a noncontrolling interest.

(3)Entity owns a 40% interest in OMOG JV LLC, an unconsolidated entity that owns a crude oil pipeline.

(4)Entity owns a UJI in the crude oil pipeline.

Asset

Type of Operation

UJI Ownership Percentage

Basin Pipeline (1)

Crude Oil Pipeline

87%

Empress Processing (1)

NGL Facility

66% to 92%

Fort Saskatchewan NGL Storage and Fractionation (2)

NGL Facility

21% to 48%

Western Corridor System (2)

Crude Oil Pipeline

21% to 58%

Sarnia NGL Storage and Fractionation (2)

NGL Facility

62% to 84%

Sunrise II Pipeline (1)

Crude Oil Pipeline

80%

(1)Asset is operated by Plains.

(2)Certain of these assets are operated by Plains.

Federal Regulations. Large emitters of GHG have been required to report their emissions under the Canadian Greenhouse Gas Emissions Reporting Program since 2004. Effective January 1, 2018, the Federal Department of Environment and Climate Change lowered the reporting threshold for all facilities from 50 thousand tonnes per year (“kt/y”) to 10 kt/y GHG emissions. This has resulted in one additional facility (for a total of four locations) being currently required to prepare annual reports of their emissions. The associated cost with this reporting requirement is not considered to be material.

In 2018, the Ontario government introduced an updated Sulphur Dioxide (“SO2”) standard which requires the reduction of SO2 from the current one hour average emission rate of 690 micrograms per cubic meter of air (“µg/m3”) to the new one hour standard of 100 µg/m3 by 2023 at industrial facilities. The introduction of this reduction measure requires evaluation of current emissions and may require equipment upgrades at our Sarnia facility. The evaluation process has not been concluded and the impact of the standard is still under review.

Alberta. The Alberta Climate Change and Emissions Management Act (2003) provided a framework for managing GHG emissions with the intent of reducing specified gas emissions to 50% of 1990 levels by December 31, 2020. The Specified Gas Emitters Regulation (2007) (“SGER”) was the initial program introduced which imposed GHG emission limits on large emitters and required reduction in GHG emission intensity. In January 2018, the SGER was replaced with the Carbon Competitive Incentive Regulation (2018) (“CCIR”) for compliance years 2018 and 2019. In January 2020, Alberta implemented the newly adopted Technology Innovation and Emissions Reduction (“TIER”) regulation, which brought in yet another version of a GHG reduction program to replace the GHG program under CCIR. Compliance options under TIER are similar to those under the previous CCIR program such that a GHG fund credit purchase will be required if reduction targets identified under the program are not attained. As was the case under SGER and CCIR, our Fort Saskatchewan and Empress VI facilities are mandatory participants under TIER. For economic reasons, Empress I - V and five of our other Canadian facilities opted in to be part of the TIER program for 2021. Under TIER, Alberta’s price on carbon was initially set at $30/tonne and was subsequently increased to $50/tonne for 2022 through Alberta Minister of Environment and Park’s Ministerial Order 87/2021. The price increase aligns with the carbon pricing established by the federal Greenhouse Gas Pollution Pricing Act.

Part of our operations cross land that has historically been apportioned to various Native American/First Nations tribes (“Indigenous Peoples”), who may exercise significant jurisdiction and sovereignty over their lands. Indigenous Peoples may also have certain treaty rights and rights to consultation on projects that may affect such lands. Our operations may be impacted to the extent these tribal governments are found to have and choose to act upon such jurisdiction over lands where we operate. For example, in 2020, the Supreme Court ruled in McGirt v. Oklahoma that the Muscogee (Creek) Nation reservation in Eastern Oklahoma has not been disestablished (i.e., officially unrecognized). Prior to the court’s ruling, the prevailing view was that all reservations within Oklahoma had been disestablished prior to statehood in 1907. Although the court’s ruling indicates that it is limited to criminal law as applied within the Muscogee (Creek) Nation reservation, the ruling has significant potential implications for civil law within the Muscogee (Creek) Nation reservation, as well as other reservations that may similarly be found to not have been disestablished. Later in 2020, state courts in Oklahoma, applying the analysis in McGirt, ruled that the Cherokee, Chickasaw, Seminole, and Choctaw reservations likewise had not been disestablished.

We make available, free of charge on our Internet website at www.plains.com, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after we electronically file the material with, or furnish it to, the Securities and Exchange Commission (“SEC”). The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov. Our website includes a significant amount of information about us, including financial and other information that could be deemed material to investors. Investors and others are encouraged to review the information posted on our website. The information posted on our website is not incorporated by reference into this Annual Report on Form 10-K or any of our other filings with the SEC.

•our cash flow will be entirely dependent upon the ability of PAA to make cash distributions to AAP, and the ability of AAP to make cash distributions to us;

•the distributions AAP is entitled to receive may fluctuate, which may reduce cash distributions to our Class A shareholders;

•if distributions on our Class A shares are not paid with respect to any fiscal quarter, our Class A shareholders will not be entitled to receive that quarter’s payments in the future;

•the amount of cash that we and PAA distribute each quarter may limit our ability to grow;

•the Class B shareholders own a significant number of shares, which may make the removal of our general partner difficult; and

•Our general partner may cause us to issue additional Class A shares or other equity securities, including equity securities that are senior to our Class A shares, or cause AAP to issue additional securities, in each case without shareholder approval, which may adversely affect our shareholders.

•pandemics, epidemics or other public health emergencies, such as the COVID-19 pandemic;

•changes in supply and demand for the products PAA handles, which can be caused by a variety of factors outside of its control;

•natural disasters, catastrophes, terrorist attacks (including eco-terrorist attacks), process safety failures, equipment failures or other events, including pipeline or facility accidents and cyber or other attacks on PAA’s electronic and computer systems, could interrupt its operations, hinder PAA’s ability to fulfil its contractual obligations and/or result in severe personal injury, property damage and environmental damage;

•cybersecurity attacks, data breaches and other disruptions affecting PAA or its service providers could materially and adversely affect its business, operations, reputation and financial results;

•societal and political pressures from various groups, including opposition to the development or operation of PAA’s pipelines and facilities;

•increased scrutiny from institutional investors with respect to the perceived social and environmental cost of PAA’s industry and its governance structure;

•the overall forward market for crude oil and NGL, and certain market structures, the absence of pricing volatility and other market factors;

•an inability to fully implement or realize expected returns or other anticipated benefits associated with joint venture and joint ownership arrangements, divestitures, acquisitions and other projects;

•loss of PAA’s investment grade credit rating or the ability to receive open credit;

•the credit risk of PAA’s customers and other counterparties it transacts with in the ordinary course of business activities;

•tightened capital markets or other factors that increase PAA’s cost of capital or otherwise limit its access to capital;

•the insufficiency of, or non-compliance with, PAA’s risk policies;

•PAA’s insurance coverage may not fully cover its losses and it may in the future encounter increased costs related to, and lack of availability of, insurance;

•PAA’s current or future debt levels, or inability to borrow additional funds or capitalize on business opportunities;

•changes in currency exchange rates;

•difficulties recruiting and retaining PAA’s workforce;

•an impairment of long-term assets;

•significant under-utilization of certain assets due to fixed costs incurred to obtain the right to use such assets;

•many of PAA’s assets have been in service for many years and require significant expenditures to maintain them. As a result, PAA’s maintenance or repair costs may increase in the future;

•PAA does not own all of the land on which its pipelines and facilities are located, which could result in disruptions to its operations; and

•failure to obtain materials or commodities in the quantity and the quality PAA needs, and at commercially acceptable prices, whether due to supply disruptions, inflation, tariffs, quotas or other factors.

•cash distributions are not guaranteed and may fluctuate with PAA’s performance and the establishment of financial reserves; and

•PAA’s preferred units have rights, preferences and privileges that are not held by, and are preferential to the rights of, holders of PAA’s common units.

•the tax treatment of PAA depends on its status as a partnership for U.S. federal income tax purposes and not being subject to a material amount of entity-level taxation. The cash available for distribution to us from PAA may be substantially reduced if PAA were to become subject to entity-level taxation as a result of the Internal Revenue Service (“IRS”) treating PAA as a corporation or legislative, judicial or administrative changes, and may also be reduced by any audit adjustments if imposed directly on PAA. Additionally, the treatment of PAA as a corporation would increase the portion of our distributions treated as taxable dividends; and

•our current tax treatment may change, which could affect the value of our Class A shares or reduce our cash available for distribution, and any decrease in our Class A share price could adversely affect our amount of cash available for distribution.

•our payment of any income taxes;

•restrictions on distributions contained in PAA’s credit facilities and any future debt agreements entered into by AAP, PAA or us; and

•reserves our general partner establishes for the proper conduct of our business, to comply with applicable law or any agreement binding on us or our subsidiaries (exclusive of PAA and its subsidiaries), which reserves are not subject to a limit pursuant to our partnership agreement.

Our shareholders have only limited voting rights on matters affecting our business and, therefore, limited ability to influence management’s decisions regarding our business. If our Class A shareholders are dissatisfied with the performance of our general partner, they may be unable to remove our general partner. Our general partner may only be removed by vote of the holders of at least 66 2/3% of our outstanding shares (including both Class A and Class B shares). At December 31, 2021, the Legacy Owners owned approximately 19% of our outstanding Class A and Class B shares. This ownership level may make it difficult for our Class A shareholders to remove our general partner without the support of the Legacy Owners.

•each shareholder’s proportionate ownership interest in us may decrease;

•the amount of cash available for distribution on each Class A share may decrease;

•the relative voting strength of each previously outstanding Class A share may be diminished;

•the ratio of taxable income to distributions may increase; and

•the market price of the Class A shares may decline.

We currently manage our investment in PAA through our membership interest in GP LLC, the general partner of AAP. PAA’s partnership agreement, however, gives unitholders of PAA the right to remove PAA GP upon the affirmative vote of holders of 66 2/3% of PAA’s outstanding units. If PAA GP withdraws as general partner in compliance with PAA’s partnership agreement or is removed as general partner of PAA where cause (as defined in PAA’s partnership agreement) does not exist and a successor general partner is elected in accordance with PAA’s partnership agreement, AAP will receive cash in exchange for its general partner interest. If PAA GP withdraws in circumstances other than those described in the preceding sentence and a successor general partner is elected in accordance with PAA’s partnership agreement, the successor general partner will purchase the general partner interest for its fair market value. If PAA GP’s interests are not purchased in accordance with the foregoing theory, they would be converted into common units based on an independent valuation. In each case, PAA GP would also lose its ability to manage PAA.

•PAA’s operating and financial performance and prospects and the trading price of its common units;

•the level of PAA’s quarterly distributions and our quarterly distributions;

•quarterly variations in the rate of growth of our financial indicators, such as distributable cash flow per Class A share, net income and revenues;

•changes in revenue or earnings and distribution estimates or publication of research reports by analysts;

•speculation by the press or investment community;

•sales of our Class A shares by our shareholders;

•the exercise by the Legacy Owners of their exchange rights with respect to any retained AAP units;

•announcements by PAA or its competitors of significant contracts, acquisitions, strategic partnerships, joint ventures, securities offerings or capital commitments;

•general market conditions, including conditions in financial markets;

•changes in accounting standards, policies, guidance, interpretations or principles;

•adverse changes in tax laws or regulations;

•domestic and international economic, legal and regulatory factors related to PAA’s performance; and

•other factors described in these “Risk Factors.”

•permits our general partner to make a number of decisions in its individual capacity, as opposed to in its capacity as our general partner. This entitles our general partner to consider only the interests and factors that it desires, and it has no duty or obligation to give any consideration to any interest of, or factors affecting, us, the Legacy Owners, our affiliates or any limited partner. Examples include its right to vote membership interests in our general partner held by us, the exercise of its limited call right, its rights to transfer or vote any shares it may own, and its determination whether or not to consent to any merger or consolidation of our partnership or amendment to our partnership agreement;

•generally provides that our general partner will not have any liability to us or our shareholders for decisions made in its capacity as a general partner so long as it acted in good faith which, pursuant to our partnership agreement, requires a subjective belief that the determination, or other action or anticipated result thereof is in, or not opposed to, our best interests;

•generally provides that any resolution or course of action adopted by our general partner and its affiliates in respect of a conflict of interest will be permitted and deemed approved by all of our partners, and will not constitute a breach of our partnership agreement or any duty stated or implied by law or equity if the resolution or course of action in respect of such conflict of interest is:

◦approved by a majority of the members of our general partner’s conflicts committee after due inquiry, based on a subjective belief that the course of action or determination that is the subject of such approval is fair and reasonable to us;

◦approved by majority vote of our Class A shares and Class B shares (excluding Class C shares and excluding shares owned by our general partner and its affiliates, but including shares owned by the Legacy Owners) voting together as a single class;

◦ determined by our general partner (after due inquiry) to be on terms no less favorable to us than those generally being provided to or available from unrelated third parties; or

◦ determined by our general partner (after due inquiry) to be fair and reasonable to us, which determination may be made taking into account the circumstances and the relationships among the parties involved (including our short-term or long-term interests and other arrangements or relationships that could be considered favorable or advantageous to us).

•provides that, to the fullest extent permitted by law, in connection with any action or inaction of, or determination made by, our general partner or the conflicts committee of our general partner’s board of directors with respect to any matter relating to us, it shall be presumed that our general partner or the conflicts committee of our general partner’s board of directors acted in a manner that satisfied the contractual standards set forth in our partnership agreement, and in any proceeding brought by any limited partner or by or on behalf of such limited partner or any other limited partner or our partnership challenging any such action or inaction of, or determination made by, our general partner, the person bringing or prosecuting such proceeding shall have the burden of overcoming such presumption; and

•provides that our general partner and its officers and directors will not be liable for monetary damages to us, our limited partners or assignees for any acts or omissions unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that our general partner or those other persons acted in bad faith or engaged in fraud or willful misconduct or, in the case of a criminal matter, acted with knowledge that such person’s conduct was criminal.

The long term impacts of the COVID-19 pandemic remain highly uncertain and depend on a wide variety of factors that are outside of PAA’s control, including the development, deployment and effectiveness of vaccines domestically and worldwide; treatments and testing protocols; mutations of the virus resulting in increased transmissibility or severity of the disease or reduced effectiveness of vaccines or treatments; the capacity of our healthcare systems and public health infrastructure to manage current and future outbreaks; and various political and economic considerations. It is unknown how new developments in the pandemic will impact future consumption of petroleum products. As a result, PAA is unable to predict how market conditions will impact future levels of drilling and production activities in the United States and Canada.

Natural disasters, catastrophes, terrorist attacks (including eco-terrorist attacks), process safety failures, equipment failures or other events, including pipeline or facility accidents and cyber or other attacks on PAA’s electronic and computer systems, could interrupt its operations, hinder its ability to fulfil its contractual obligations and/or result in severe personal injury, property damage and environmental damage, which could have a material adverse effect on its financial position, results of operations and cash flows.

•PAA may be unable to realize its forecasted commercial, operational or administrative synergies in connection with its joint ventures and joint ownership arrangements, including the Plains Oryx Permian Basin LLC joint venture;

•Joint ventures and other joint ownership arrangements may demand substantial internal resources and may divert resources and attention from other areas of PAA’s business;

•PAA may construct pipelines, facilities or other assets in anticipation of market demand that dissipates or market growth that never materializes;

•Despite the fact that PAA will expend significant amounts of capital during the construction phase of growth or expansion projects, revenues associated with these organic growth projects will not materialize until the projects have been completed and placed into commercial service, and the amount of revenue generated from these projects could be significantly lower than anticipated for a variety of reasons;

•As these projects are undertaken, required approvals, permits and licenses may not be obtained, may be delayed, may be obtained with conditions that materially alter the expected return associated with the underlying projects or may be granted and then subsequently withdrawn;

•PAA may face opposition to its planned projects from environmental groups, landowners, local groups and other advocates, including lawsuits or other actions designed to disrupt or delay PAA’s planned projects;

•PAA may not be able to obtain, or PAA may be significantly delayed in obtaining, all of the rights of way or other real property interests it needs to complete such projects, or the costs PAA incurs in order to obtain such rights of way or other interests may be greater than PAA anticipated;

•Due to unavailability or costs of materials, supplies, power, labor or equipment, including increased costs associated with any import duties or requirements to source certain supplies or materials from U.S. suppliers or manufacturers, the cost of completing these projects could turn out to be significantly higher than PAA budgeted and the time it takes to complete construction of these projects and place them into commercial service could be significantly longer than planned; and

•The completion or success of PAA’s projects may depend on the completion or success of third-party facilities over which PAA has no control.

•performance from the acquired businesses or assets that is below the forecasts PAA used in evaluating the acquisition;

•a significant increase in PAA’s indebtedness and working capital requirements;

•the inability to timely and effectively integrate the operations of recently acquired businesses or assets;

•the incurrence of substantial unforeseen environmental and other liabilities arising out of the acquired businesses or assets for which PAA is either not fully insured or indemnified, including liabilities arising from the operation of the acquired businesses or assets prior to PAA’s acquisition;

•risks associated with operating in lines of business that are distinct and separate from PAA’s historical operations;

•customer or key employee loss from the acquired businesses; and

•the diversion of management’s attention from other business concerns.

While PAA maintains insurance coverage at levels that it believes to be reasonable and prudent, PAA can provide no assurance that its current levels of insurance will be sufficient to cover any losses that it has incurred or may incur in the future, whether due to deductibles, coverage challenges or other limitations. In addition, over the last several years, as the scale and scope of PAA’s business activities has expanded, the breadth and depth of available insurance markets has contracted. As a result of these factors and other market conditions, as well as the fact that PAA has experienced several incidents in the past, premiums and deductibles for certain insurance policies have increased substantially. Accordingly, PAA can give no assurance that it will be able to maintain adequate insurance in the future at rates or on other terms PAA considers commercially reasonable. In addition, although PAA believes that it currently maintains adequate insurance coverage, insurance will not cover many types of interruptions or events that might occur and will not cover all risks associated with its operations. In addition, the proceeds of any such insurance may not be paid in a timely manner and may be insufficient if such an event were to occur. The occurrence of a significant event, the consequences of which are either not covered by insurance or not fully insured, or a significant delay in the payment of a major insurance claim, could materially and adversely affect PAA’s financial position, results of operations and cash flows.

•a significant portion of PAA’s cash flow will be dedicated to the payment of principal and interest on its indebtedness and may not be available for other purposes, including the payment of distributions on its units and capital expenditures;

•credit rating agencies may view PAA’s debt level negatively;

•covenants contained in PAA’s existing debt arrangements will require it to continue to meet financial tests that may adversely affect its flexibility to plan for and react to changes in its business;

•PAA’s ability to obtain additional financing for working capital, capital expenditures, acquisitions and general partnership purposes may be limited;

•PAA may be at a competitive disadvantage relative to similar companies that have less debt; and

•PAA may be more vulnerable to adverse economic and industry conditions as a result of its significant debt level.

If the IRS makes audit adjustments to PAA’s income tax returns for tax years beginning after December 31, 2017, it (and some states) may assess and collect any taxes (including any applicable penalties and interest) resulting from such audit adjustments directly from PAA, in which case PAA’s cash distribution to AAP and our cash available for distribution to our shareholders might be substantially reduced.

Item 3.  Legal Proceedings

Item 4. Mine Safety Disclosures

Item 5.  Market for Registrant’s Shares, Related Shareholder Matters and Issuer Purchases of Equity Securities

			First Quarter						Second Quarter						Third Quarter						Fourth Quarter
2021			$	0.18					$	0.18					$	0.18					$	0.18
2020			$	0.18					$	0.18					$	0.18					$	0.18

			12/31/2016						12/31/2017						12/31/2018						12/31/2019						12/31/2020						12/31/2021
PAGP			$	100.00					$	67.87					$	65.51					$	65.69					$	32.07					$	41.34
S&P 500			$	100.00					$	121.83					$	116.49					$	153.17					$	181.35					$	233.41
AMZX			$	100.00					$	93.48					$	81.87					$	87.24					$	62.21					$	87.20
AMNA			$	100.00					$	97.59					$	84.62					$	104.97					$	80.45					$	111.35

•comply with applicable law or any agreement binding upon us or our subsidiaries (exclusive of PAA and its subsidiaries);

•provide funds for distributions to shareholders;

•provide for future capital expenditures, debt service and other credit needs as well as any federal, state, provincial or other income tax that may affect us in the future; or

•provide for the proper conduct of our business, including with respect to the matters described under our partnership agreement.

Item 6. Reserved

Item 7.   Management’s Discussion and Analysis of Financial Condition and Results of Operations

•Results of Operations

•Liquidity and Capital Resources

•Critical Accounting Policies and Estimates

•Recent Accounting Pronouncements

World Liquid Fuels Production and Consumption Balance (1)

(1)Barrels produced and consumed per quarter.

																								Variance
			Year Ended December 31,																					2021-2020												2020-2019
			2021						2020						2019									$						%						$						%
Product sales revenues			$	40,883					$	22,058					$	32,272								$	18,825					85		%				$	(10,214)					(32)		%
Services revenues			1,195						1,232						1,397									(37)						(3)		%				(165)						(12)		%
Purchases and related costs			(38,504)						(20,431)						(29,452)									(18,073)						(88)		%				9,021						31		%
Field operating costs			(1,065)						(1,076)						(1,303)									11						1		%				227						17		%
General and administrative expenses			(298)						(276)						(302)									(22)						(8)		%				26						9		%
Depreciation and amortization			(777)						(656)						(604)									(121)						(18)		%				(52)						(9)		%
Gains/(losses) on asset sales and asset impairments, net			(592)						(719)						(28)									127						18		%				(691)						**
Goodwill impairment losses			—						(2,515)						—									2,515						100		%				(2,515)						N/A
Equity earnings in unconsolidated entities			274						355						388									(81)						(23)		%				(33)						(9)		%
Gain on/(impairment of) investments in unconsolidated entities, net			2						(182)						271									184						101		%				(453)						(167)		%
Interest expense, net			(425)						(436)						(425)									11						3		%				(11)						(3)		%
Other income, net			19						39						24									(20)						(51)		%				15						63		%
Income tax (expense)/benefit			(112)						167						(176)									(279)						(167)		%				343						195		%
Net income/(loss)			600						(2,440)						2,062									3,040						125		%				(4,502)						(218)		%
Net (income)/loss attributable to noncontrolling interests			(540)						1,872						(1,731)									(2,412)						(129)		%				3,603						208		%
Net income/(loss) attributable to PAGP			$	60					$	(568)					$	331								$	628					111		%				$	(899)					(272)		%
Basic net income/(loss) per Class A share			$	0.31					$	(3.06)					$	1.97								$	3.37					**						$	(5.03)					**
Diluted net income/(loss) per Class A share			$	0.31					$	(3.07)					$	1.96								$	3.38					**						$	(5.03)					**
Basic weighted average Class A shares outstanding			194						186						168									8						**						18						**
Diluted weighted average Class A shares outstanding			194						246						170									(52)						**						76						**

						NYMEX WTI Crude Oil Price
During the Year Ended December 31,						Low						High						Average
2021						$	48					$	85					$	68
2020						$	(38)					$	63					$	39
2019						$	46					$	66					$	57

•our weighted average debt balances;

•the level and maturity of fixed rate debt and interest rates associated therewith;

•market interest rates and our interest rate hedging activities; and

												Average LIBOR						Weighted Average Interest Rate (1)
Interest expense for the year ended December 31, 2019						$	425					2.2		%				4.4		%
Impact of lower capitalized interest						10
Impact of borrowings under credit facilities and commercial paper program						3
Impact of issuance and retirement of senior notes						(4)
Other						2
Interest expense for the year ended December 31, 2020						$	436					0.5		%				4.1		%
Impact of issuance and retirement of senior notes						(13)
Impact of borrowings under credit facilities and commercial paper program						(4)
Impact of lower capitalized interest						6
Interest expense for the year ended December 31, 2021						$	425					0.1		%				4.2		%