PLAINS ALL AMERICAN PIPELINE LP 10-K

Derivatives and Risk Management Activities (Tables)

12 Months Ended

Dec. 31, 2025

Derivatives and Risk Management Activities

Schedule of Impact of Derivative Activities Recognized in Earnings

The following table summarizes the impact of our commodity derivatives recognized in earnings (in millions):


	Year Ended December 31,
	2025		2024		2023
Product sales revenues	$	(20)	$	(24)	$	(10)
Field operating costs	2		(8)		19
Net gain/(loss) from commodity derivative activity	$	(18)	$	(32)	$	9

Schedule of Net Broker Receivable (Payable)

The following table provides the components of our net broker receivable (in millions):


	December 31,
	2025		2024
Initial margin	$	16	$	16
Variation margin posted	4		15
Letters of credit	(1)		(9)
Net broker receivable	$	19	$	22

Schedule of Derivative Assets and Liabilities on Consolidated Balance Sheets on a Gross Basis

The following table reflects the Consolidated Balance Sheet line items that include the fair values of our commodity derivative assets and liabilities and the effect of the collateral netting. Such amounts are presented on a gross basis, before the effects of counterparty netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our Consolidated Balance Sheet when the legal right of offset exists. Amounts in the table below are presented in millions.


	December 31, 2025								December 31, 2024
					Effect of Collateral Netting		Net Carrying Value Presented on the Balance Sheet						Effect of Collateral Netting		Net Carrying Value Presented on the Balance Sheet
	Commodity Derivatives								Commodity Derivatives
	Assets		Liabilities						Assets		Liabilities
Derivative Assets
Other current assets	$	18	$	(24)	$	19	$	13	$	25	$	(24)	$	22	$	23
Other long-term assets, net	1		—		—		1		—		—		—		—
Derivative Liabilities
Other current liabilities	(1)		—		—		(1)		(5)		5		—		—
Other long-term liabilities and deferred credits	10		(8)		—		2		2		(6)		—		(4)
Total	$	28	$	(32)	$	19	$	15	$	22	$	(25)	$	22	$	19

Schedule of Net Deferred Gain/(Loss) Recognized in AOCI for Derivatives

The following table summarizes the net unrealized gain recognized in AOCI for derivatives (in millions):

Schedule of Derivative Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis, by Level within the Fair Value Hierarchy

The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis (in millions):


	Fair Value as of December 31, 2025						Fair Value as of December 31, 2024
Recurring Fair Value Measures (1)	Level 1		Level 2		Total			Level 1		Level 2		Total
Commodity derivatives	$	(2)	$	(2)	$	(4)		$	11	$	(14)	$	(3)
Interest rate derivatives	—		—		—			—		27		27

Foreign currency derivatives	—		8		8			—		—		—
Total net derivative asset/(liability)	$	(2)	$	6	$	4		$	11	$	13	$	24

(1)Derivative assets and liabilities are presented above on a net basis but do not include related cash margin deposits.

Year Ended December 31,

Interest rate derivatives, net