Plains All American Pipeline LP 2026年季度报告

FORM10-Q________________________________________________________________________________________________________________________________ QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-14569________________________________________________________________ PLAINS ALL AMERICAN PIPELINE, L.P. (Exact name of registrant as specified in its charter)Delaware76-0582150(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 333 Clay Street, Suite 1600Houston, Texas 77002(Address of principal executive offices) (Zip code)(713) 646-4100(Registrant’s telephone number, including area code)________________________________________________________________ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12 months (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 past 90 days.☑Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).☑Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Acceleratedfiler☐Smallerreportingcompany☐Emerging growthcompany☐ 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 forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).☐Yes☑NoAs of May1, 2026, there were 705,531,683 Common Units outstanding. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESTABLE OF CONTENTS PARTI. FINANCIAL INFORMATIONItem1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:Condensed Consolidated Balance Sheets: As of March 31, 2026and December31, 2025Condensed Consolidated Statements of Operations: For the three months ended March 31, 2026 and2025Condensed Consolidated Statements of Comprehensive Income: For the three months ended March 31, 2026and2025Condensed Consolidated Statements of Changes in Accumulated Other Comprehensive Income/(Loss): For the threemonths ended March 31, 2026 and 2025Condensed Consolidated Statements of Cash Flows: For the three months ended March 31, 2026 and 2025Condensed Consolidated Statements of Changes in Partners’ Capital: For the three months ended March 31,2026and2025Notes to the Condensed Consolidated Financial Statements:1. Organization and Basis of Consolidation and Presentation2. Discontinued Operations3. Revenues and Accounts Receivable4. Net Income Per Common Unit5. Inventory, Linefill and Long-term Inventory6. Debt7. Partners’ Capital and Distributions8. Derivatives and Risk Management Activities9. Related Party Transactions10. Commitments and Contingencies11. Segment Information Item2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSOFOPERATIONSItem3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKItem4. CONTROLS AND PROCEDURES PARTII. OTHER INFORMATIONItem1. LEGAL PROCEEDINGSItem1A. RISK FACTORSItem2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDSItem3. DEFAULTS UPON SENIOR SECURITIESItem4. MINE SAFETY DISCLOSURESItem5. OTHER INFORMATIONItem6. EXHIBITSSIGNATURES PARTI. FINANCIAL INFORMATION Item 1.UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS PLAINS ALL AMERICAN PIPELINE,L.P. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(in millions, except unit data) Cash and cash equivalents$171$328Trade accounts receivable and other receivables, net4,8213,598Inventory380211Current assets of discontinued operations (Note 2)602479Other current assets190117Total current assets6,1644,733 PROPERTY AND EQUIPMENT22,68722,536Accumulated depreciation(5,814)(5,676)Property and equipment, net16,87316,860 Investments in unconsolidated entities2,8382,846Intangible assets, net1,6861,754Linefill876900Long-term operating lease right-of-use assets, net197198Long-term inventory315214Long-term assets of discontinued operations (Note 2)2,5372,557Other long-term assets, net150107Total assets$31,636$30,169 Senior notes, net9,1209,118Other long-term debt, net1,8361,578Long-term operating lease liabilities