Plains All American Pipeline LP 2025年度报告

Form10-K (Mark One)☑ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF1934 OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF1934 Commission file number1-14569 NameofEachExchangeonWhichRegistered Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes☑No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act. Yes☐No☑ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12months (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 past90days.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 emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule12b-2 of theExchange Act. Large accelerated filer☑ Non-acceleratedfiler☐ 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 revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ 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 overfinancial 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.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflectthe correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any ofthe registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☑ The aggregate market value of the approximately 463.8million Common Units held by non-affiliates of the registrant (treating all executive officers and directors ofthe registrant and holders of 10% or more of the Common Units outstanding, for this purpose, as if they are affiliates of the registrant) on June 30, 2025 wasapproximately $8.5billion, based on a closing price of $18.32 per Common Unit as reported on the Nasdaq Global Select Market on such date. As of February20, 2026, there were 705,531,683 Common Units outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement to be filed pursuant to Regulation 14A pertaining to the 2026 Annual Meeting of Unitholders are incorporatedby 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. Table of ContentsIndex to Financial Statements PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFORM10-K—2025 ANNUAL REPORTTable of Contents PARTI Items1 and 2.Business and PropertiesItem1A.Risk FactorsItem1B.Unresolved Staff CommentsItem 1C.CybersecurityItem3.Legal ProceedingsItem 4.Mine Safety Disclosures PARTII Item5.Market for Registrant’s Common Units, Related Unitholder Matters and Issuer Purchases ofEquitySecurities68Item6.Reserved69Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations69Item7A.Quantitative and Qualitative Disclosures About Market Risk94Item8.Financial Statements and Supplementary Data95Item9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure95Item9A.Controls and Procedures96Item9B.Other Information96Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections96 PARTIII Item10.Directors and Executive Officers of Our General Partner and Corporate Governance97Item11.Executive Compensation97Item12.Security Ownership of Certain Beneficial Owners and Management and Related UnitholderMatters97Item13.Certain Relationships and Related Transactions, and Director Independence98Item14.Principal Accountant Fees and Services98 PARTIV Item15.Exhibits and Financial Statement Schedules99Item 16.Form 10-K Summary105 FORWARD-LOOKING STATEMENTS All statements included in this report, other than statements of historical fact, are forward-looking statements, including butnot limited to statements incorporating the words “anticipate,” “believe,” “estimate,” “expect,” “plan,” “intend” and “