Plains All American, Plains GP complete Canadian NGL divestiture

Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) completed the previously announced sale of all of the issued and outstanding shares of Plains Midstream Canada ULC, the PAA subsidiary that owns substantially all of PAA’s natural gas liquids business to Keyera Corp. (KEYUF), pursuant to the terms of a definitive Share Purchase Agreement dated as of June 17, 2025. Net cash proceeds from the sale were approximately $3.3B and will be used to repay certain outstanding indebtedness and for other general partnership purposes. Post closing, Plains expects its leverage ratio to trend toward the middle of its targeted range of 3.25 to 3.75x. As previously disclosed, Plains does not anticipate paying a special distribution following the closing as the tax liability to unitholders resulting from the NGL divestiture is expected to be mitigated by bonus depreciation from the Cactus III acquisition.