Plains All American Pipeline, L.P. and Plains GP Holdings Announce Results of Leverage & Distribution Review

Conference Call Scheduled for This Afternoon – Friday, August 25,
at 4:30 p.m. ET (3:30 p.m. CT)

HOUSTON–(BUSINESS WIRE)–Plains All American Pipeline, L.P. (NYSE:PAA)
and Plains GP Holdings (NYSE: PAGP)
today announced planned actions related to their leverage and
distribution review and will host a conference call to discuss these
actions at 4:30 p.m. ET this afternoon.

“We are taking significant steps to strengthen our financial position
and enhance PAA’s long-term franchise value for all stakeholders,”
stated Greg Armstrong, Chairman and CEO of PAA. “PAA has leading crude
oil midstream positions in nearly all U.S. regions and trading hubs and
the premier network in the Permian Basin. Additionally, we continue to
generate meaningful year-over-year growth in our fee-based segments and
believe PAA has very attractive long-term growth opportunities.

“We believe the steps we are taking represent a solid, executable and
measurable plan that will reduce debt by approximately $1.4 billion and
enable us to reach our targeted credit metrics within the next 6
quarters. Additionally, these actions will minimize, if not eliminate
common equity issuance to fund our current and future routine capital
projects and position PAA for sustainable multi-year distribution growth
in 2019, underpinned by healthy fee-based distribution coverage.”

At a meeting held on Thursday, August 24, PAA’s Board of Directors
endorsed the following:

Please join us for a conference call webcast and Q&A session this
afternoon at 4:30 p.m. ET (3:30 p.m. CT), where several members of PAA’s
management team will further discuss these actions and the expected
results therefrom.

Armstrong acknowledged the inconvenience of a Friday afternoon press
release and conference call, but noted that the timing was driven by a
desire to timely communicate this information to the market following
the board’s Thursday afternoon meeting and avoid potential delays
associated with Hurricane Harvey. The forecast is calling for severe
weather conditions and imminent flooding in Houston over the weekend and
into early next week.

Webcast Access Instructions

The conference call will be webcast live and is accessible through
either of the addresses below. Registering for the webcast in advance is
recommended.

www.plainsallamerican.com
(Navigate to: Investor Relations/ either “PAA” or “PAGP”/ News & Events/
Conference Calls)

or

https://event.webcasts.com/starthere.jsp?ei=1160565&tp_key=234de45208

Webcast Replay Instructions

An audio replay in MP3 format will be available approximately two hours
after the end of the call at www.plainsallamerican.com
under the “Investor Relations” sections of the website (Navigate to:
Investor Relations/ either “PAA” or “PAGP”/ News & Events/ Conference
Calls).

Forward Looking Statements

Except for the historical information contained herein, the matters
discussed in this release consist of forward-looking statements that
involve certain risks and uncertainties that could cause actual results
or outcomes to differ materially from results or outcomes anticipated in
the forward-looking statements. These risks and uncertainties include,
among other things, declines in the volume of crude oil and NGL shipped,
processed, purchased, stored, fractionated and/or gathered at or through
the use of our assets, whether due to declines in production from
existing oil and gas reserves, reduced demand, failure to develop or
slowdown in the development of additional oil and gas reserves, whether
from reduced cash flow to fund drilling or the inability to access
capital, or other factors; the effects of competition; market
distortions caused by producer over-commitments to new or recently
constructed infrastructure projects, which impacts volumes, margins,
returns and overall earnings; unanticipated changes in crude oil and NGL
market structure, grade differentials and volatility (or lack thereof);
maintenance of our credit rating and ability to receive open credit from
our suppliers and trade counterparties; environmental liabilities or
events that are not covered by an indemnity, insurance or existing
reserves; fluctuations in refinery capacity in areas supplied by our
mainlines and other factors affecting demand for various grades of crude
oil, refined products and natural gas and resulting changes in pricing
conditions or transportation throughput requirements; the occurrence of
a natural disaster, catastrophe, terrorist attack (including
eco-terrorist attacks) or other event, including attacks on our
electronic and computer systems; failure to implement or capitalize, or
delays in implementing or capitalizing, on expansion projects, whether
due to permitting delays, permitting withdrawals or other factors;
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, expansion projects,
working capital requirements and the repayment or refinancing of
indebtedness; the successful integration and future performance of
acquired assets or businesses and the risks associated with operating in
lines of business that are distinct and separate from our historical
operations; the failure to consummate, or significant delay in
consummating, sales of assets or interests as part of our strategic
divestiture program; the currency exchange rate of the Canadian dollar;
continued creditworthiness of, and performance by, our counterparties,
including financial institutions and trading companies with which we do
business; 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; non-utilization of our assets and facilities; increased costs,
or lack of availability, of insurance; weather interference with
business operations or project construction, including the impact of
extreme weather events or conditions; the availability of, and our
ability to consummate, acquisition or combination opportunities; the
effectiveness of our risk management activities; shortages or cost
increases of supplies, materials or labor; the impact of current and
future laws, rulings, governmental regulations, accounting standards and
statements, and related interpretations; fluctuations in the debt and
equity markets, including the price of our units at the time of vesting
under our long-term incentive plans; risks related to the development
and operation of our assets, including our ability to satisfy our
contractual obligations to our customers; factors affecting demand for
natural gas and natural gas storage services and rates; general
economic, market or business conditions and the amplification of other
risks caused by volatile financial markets, capital constraints and
pervasive liquidity concerns; and other factors and uncertainties
inherent in the transportation, storage, terminalling and marketing of
crude oil and refined products, as well as in the storage of natural gas
and the processing, transportation, fractionation, storage and marketing
of natural gas liquids as discussed in the Partnerships' filings with
the Securities and Exchange Commission.

Plains All American Pipeline, L.P. is a publicly traded master limited
partnership that owns and operates midstream energy infrastructure and
provides logistics services for crude oil, NGLs, natural gas and refined
products. PAA owns an extensive network of pipeline transportation,
terminalling, storage and gathering assets in key crude oil and NGL
producing basins and transportation corridors and at major market hubs
in the United States and Canada. On average, PAA handles over 5 million
barrels per day of crude oil and NGL in its Transportation segment. PAA
is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.

Plains GP Holdings is a publicly traded entity that owns an indirect,
non-economic controlling general partner interest in PAA and an indirect
limited partner interest in PAA, one of the largest energy
infrastructure and logistics companies in North America. PAGP is
headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.

Contacts

Plains All American Pipeline, L.P. and Plains GP Holdings
Roy
Lamoreaux, (866) 809-1291
VP, Investor Relations & Communications
or
Brett
Magill, (866) 809-1291
Manager, Investor Relations