Partners' Capital and Distributions (Tables)

12 Months Ended

Dec. 31, 2025

Partners Capital and Distribution [Line Items]

Schedule of Activity for Preferred Units and Common Units

The following table presents the activity for our preferred and common units:


	Limited Partners
	Series A Preferred Units	Series B Preferred Units	Common Units
Outstanding at December 31, 2022	71,090,468	800,000	698,354,498




Issuances of common units under equity-indexed compensation plans	—	—	2,654,251
Outstanding at December 31, 2023	71,090,468	800,000	701,008,749

Issuances of common units under equity-indexed compensation plans	—	—	2,761,551
Outstanding at December 31, 2024	71,090,468	800,000	703,770,300
Repurchase of Series A preferred units	(12,678,560)	—	—
Repurchase and cancellation of common units under the Common Equity Repurchase Program	—	—	(476,695)
Issuances of common units under equity-indexed compensation plans	—	—	2,227,092
Outstanding at December 31, 2025	58,411,908	800,000	705,520,697

Schedule of Distributions to Noncontrolling Interests

The following table details distributions paid to noncontrolling interests during the years presented (in millions):


	2025		2024		2023
Permian JV	$	360	$	322	$	249
Cactus II	72		77		63
Red River	15		26		21
	$	447	$	425	$	333

Series A Preferred Units

Partners Capital and Distribution [Line Items]

Schedule of Distributions

Series A Preferred Unit Distributions. The following table details distributions paid to our Series A preferred unitholders during the years presented (in millions, except unit data):


	Series A Preferred Unitholders


Year	Cash Distribution		Distribution per Unit
2025 (1)	$	154		$	2.46
2024	$	175		$	2.46
2023	$	166		$	2.34

(1)In connection with our repurchase of approximately 12.7 million of our outstanding Series A preferred units in January 2025, we paid accrued and unpaid distributions through January 30, 2025 of approximately $10 million.

Series B Preferred Units

Partners Capital and Distribution [Line Items]

Schedule of Distributions

Series B Preferred Unit Distributions. The following table details distributions paid to our Series B preferred unitholders during the years presented (in millions, except unit data):


	Series B Preferred Unitholders


Year	Cash Distribution		Distribution per Unit
2025	$	71	$	88.38
2024	$	79	$	98.14
2023	$	75	$	93.43

Common Units

Partners Capital and Distribution [Line Items]

Schedule of Distributions

The following table details distributions paid to common unitholders during the years presented (in millions, except per unit data):


	Distributions Paid						Distributions per Common Unit
Year	Public		AAP		Total
2025	$	716	$	354	$	1,070	$	1.5200
2024	$	595	$	296	$	891	$	1.2700
2023	$	492	$	256	$	748	$	1.0700

PLAINS ALL AMERICAN PIPELINE LP 10-K