Plains All American Pipeline Oryx Permian Basin JV 2021

Plains All American Pipeline (PAA) presents a joint venture with Oryx Midstream Holdings to merge Permian Basin crude oil gathering, transportation, and storage assets. The 65% PAA / 35% Oryx structure creates a debt-free entity with cashless transaction mechanics and tiered distribution sharing, targeted to close in Q4 2021. The combination aligns partners' long-term strategic interests while remaining accretive in various oil price environments.