Plains All American Pipeline LP VP & CAO Russell Lee Montgomery Files Initial Form 3 Holdings Report

Executive Summary

On September 10, 2026, Russell Lee Montgomery, Vice President of Accounting and Chief Accounting Officer (CAO) of Plains All American Pipeline LP ($PAA), filed an initial Form 3 statement of beneficial ownership with the SEC effective as of September 1, 2026.

Reported Ownership Breakdown

1. Non-Derivative Holdings:

   • Common Units: 162,050 units held directly (D).

2. Derivative Holdings (Table II):

   • 19,150 Phantom Units (vesting tied to August 2027 distribution date / performance metrics).
   • 19,250 Phantom Units (vesting tied to August 2028 distribution date / performance metrics).
   • 17,100 Phantom Units (vesting tied to August 2029 distribution date / performance metrics).
   • Total Phantom Units: 55,500 units, convertible 1-for-1 into Common Units subject to performance and service criteria under the Long-Term Incentive Plan.

Market & Governance Context

As an initial Form 3 filing, this document establishes the baseline holdings for Mr. Montgomery following his designation as a Section 16 reporting officer (VP, Acctg & CAO). Form 3 filings do not reflect open-market buying or selling activity and carry Low market trading significance.