Plains All American Pipeline, Plains GP Holdings Proposed Canadian NGL Operations Sale To Keyera Challenged By Canadian Competition Bureau

Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (NASDAQ:PAGP) (collectively, "Plains") today provided an update on the expected timing for completion of the Canadian NGL business divestiture to Keyera Corp ("Keyera").

PAA and certain of its affiliates have received a filing from the Canadian Competition Bureau challenging the proposed transaction. This filing and the associated proceeding do not enjoin, prohibit, make illegal or otherwise prevent the parties from closing the transaction, and Keyera and PAA intend to close the transaction in May 2026.

Completion of the NGL divestiture will transform Plains to a pure play crude oil midstream company with integrated assets spanning from Canada to the U.S. Gulf Coast.