Companies Plains ALL American Pipeline LP
Plains ALL American Pipeline (PAA): executive pay, fiscal 2025
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CEO pay, last three years
- $7,453,919FY2023
- $8,511,945FY2024
- $12,295,167FY2025
CEO total pay was $12,295,167 in fiscal 2025, up from $8,511,945 in fiscal 2024.
FY2025: salary $887,500 · bonus $0 · stock awards $8,435,827 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Willie Chiang | $887,500 | $0 | $8,435,827 | $0 | $2,950,000 | $0 | $21,840 | $12,295,167 |
| Chairman, Chief Executive Officer and President | ||||||||
| Jeremy Goebel | 618,750 | 0 | 9,746,168 | 0 | 1,230,000 | 0 | 21,840 | 11,616,758 |
| Executive Vice President and Chief Commercial Officer | ||||||||
| Chris Chandler | 618,750 | 0 | 7,187,300 | 0 | 1,230,000 | 0 | 21,840 | 9,057,890 |
| Executive Vice President and Chief Operating Officer | ||||||||
| Richard McGee | 580,000 | 0 | 1,495,429 | 0 | 1,160,000 | 0 | 21,840 | 3,257,269 |
| Executive Vice President, General Counsel and Secretary | ||||||||
| Al Swanson | 565,000 | 0 | 1,444,984 | 0 | 1,125,000 | 0 | 21,840 | 3,156,824 |
| Executive Vice President and Chief Financial Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Willie Chiang | $12,295,167 | $8,511,945 | $7,453,919 | ↑ +3,783,222 |
| Jeremy Goebel | 11,616,758 | 3,809,702 | 3,446,639 | ↑ +7,807,056 |
| Chris Chandler | 9,057,890 | 3,809,702 | 3,446,639 | ↑ +5,248,188 |
| Richard McGee | 3,257,269 | 3,077,700 | 2,903,658 | ↑ +179,569 |
| Al Swanson | 3,156,824 | 3,127,700 | 2,903,658 | ↑ +29,124 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
Our executive compensation philosophy emphasizes pay for performance, at both an individual and entity level, and places a significant portion of each Named Executive Officer's compensation at risk. We believe this approach aligns the interests of our executive officers with the interests of our equity holders and at the same time allows us to attract, motivate and retain key executives.
| CEO STI target (% of salary) | 250% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Meridian |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Chris Chandler | RSU | 2025-08-14 | — | — | 327,350 | — | $5,263,752 |
| Richard McGee | PSU | 2025-08-14 | — | 56,325 | 56,325 | 112,650 | 1,495,429 |
| Chris Chandler | PSU | 2025-08-14 | — | 72,450 | 72,450 | 144,900 | 1,923,548 |
| Al Swanson | PSU | 2025-08-14 | — | 54,425 | 54,425 | 108,850 | 1,444,984 |
| Jeremy Goebel | PSU | 2025-08-14 | — | 72,450 | 72,450 | 144,900 | 1,923,548 |
| Willie Chiang | PSU | 2025-08-14 | — | 208,675 | 208,675 | 417,350 | 5,540,322 |
| Willie Chiang | PSU | 2025-08-14 | — | — | — | — | 2,895,505 |
| Jeremy Goebel | RSU | 2025-08-14 | — | — | 545,550 | — | 7,822,621 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Chris Chandler | $5,263,752 | $1,923,548 | $0 | 26.8% |
| Richard McGee | 0 | 1,495,429 | 0 | 100.0% |
| Al Swanson | 0 | 1,444,984 | 0 | 100.0% |
| Jeremy Goebel | 7,822,621 | 1,923,548 | 0 | 19.7% |
| Willie Chiang | 0 | 8,435,827 | 0 | 100.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Al Swanson | RSU | 51,075 | — | $917,307 |
| Al Swanson | PSU | 51,075 | — | 917,307 |
| Richard McGee | RSU | 51,075 | — | 917,307 |
| Richard McGee | PSU | 51,075 | — | 917,307 |
| Al Swanson | RSU | 54,000 | — | 969,840 |
| Al Swanson | PSU | 54,000 | — | 969,840 |
| Richard McGee | RSU | 54,000 | — | 969,840 |
| Richard McGee | PSU | 54,000 | — | 969,840 |
| Al Swanson | RSU | 54,425 | — | 977,473 |
| Al Swanson | PSU | 54,425 | — | 977,473 |
| Richard McGee | RSU | 56,325 | — | 1,011,597 |
| Richard McGee | PSU | 56,325 | — | 1,011,597 |
| Chris Chandler | RSU | 65,825 | — | 1,182,217 |
| Chris Chandler | PSU | 65,825 | — | 1,182,217 |
| Jeremy Goebel | RSU | 65,825 | — | 1,182,217 |
| Jeremy Goebel | PSU | 65,825 | — | 1,182,217 |
| Chris Chandler | RSU | 71,550 | — | 1,285,038 |
| Chris Chandler | PSU | 71,550 | — | 1,285,038 |
| Jeremy Goebel | RSU | 71,550 | — | 1,285,038 |
| Jeremy Goebel | PSU | 71,550 | — | 1,285,038 |
| Chris Chandler | RSU | 72,450 | — | 1,301,202 |
| Chris Chandler | PSU | 72,450 | — | 1,301,202 |
| Jeremy Goebel | RSU | 72,450 | — | 1,301,202 |
| Jeremy Goebel | PSU | 72,450 | — | 1,301,202 |
| Willie Chiang | RSU | 162,050 | — | 2,910,418 |
| Willie Chiang | PSU | 162,050 | — | 2,910,418 |
| Willie Chiang | RSU | 178,875 | — | 3,212,595 |
| Willie Chiang | PSU | 178,875 | — | 3,212,595 |
| Willie Chiang | RSU | 208,675 | — | 3,747,803 |
| Willie Chiang | PSU | 208,675 | — | 3,747,803 |
| Chris Chandler | RSU | 250,000 | — | 4,490,000 |
| Chris Chandler | PSU | 250,000 | — | 4,490,000 |
| Jeremy Goebel | RSU | 250,000 | — | 4,490,000 |
| Jeremy Goebel | PSU | 250,000 | — | 4,490,000 |
| Chris Chandler | RSU | 327,350 | — | 5,879,206 |
| Willie Chiang | PSU | 500,000 | — | 8,980,000 |
| Jeremy Goebel | RSU | 545,550 | — | 9,798,078 |
Director compensation
No director compensation table is on file for fiscal year 2025.
Board fee structure and ownership guideline
| Annual cash retainer | $115,000 |
|---|---|
| Annual equity retainer | $145,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 30,000 / 20,000 / 20,000 |
| Stock ownership guideline | $575,000 |
Peer group, and who names Plains ALL American Pipeline as a peer
Companies that benchmark against PAA
4 companies name PAA as a compensation peer
- DT Midstream, Inc.DTMFY2025
- FEDEX CORPFDXFY2026
- Kinetik Holdings Inc.KNTKFY2025
- Targa Resources Corp.TRGPFY2025
Each company listed discloses PAA in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named PAA in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Peer reciprocity
The companies Plains ALL American Pipeline LP names as compensation peers that name it back in their own disclosed peer groups.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Targa Resources Corp. | 2025 | Matthew Meloy | $1,170,667 | $16,275,993 | $0 | $0 | $21,470,708 |
| 2 | Energy Transfer LP | 2025 | Marshall McCrea | 1,553,100 | 15,779,384 | 0 | 2,718,000 | 20,076,651 |
| 3 | Equitrans Midstream Corporation | 2023 | Thomas Karam | 790,250 | 5,364,344 | 0 | 1,715,880 | 15,457,854 |
| 4 | Kinder Morgan Inc. | 2025 | Kimberly Dang | 523,077 | 11,750,027 | 0 | 0 | 12,331,566 |
| 5 | Plains ALL American Pipeline LP | 2025 | Willie Chiang | 887,500 | 8,435,827 | 0 | 2,950,000 | 12,295,167 |
| 6 | Oneok Inc. | 2025 | Pierce Norton II | 1,000,000 | 8,771,279 | — | 1,578,000 | 12,003,335 |
| 7 | The Williams Companies Inc. | 2025 | Chad Zamarin | 829,788 | 5,999,962 | 0 | 1,492,255 | 8,682,793 |
| 8 | Kinetik Holdings Inc. | 2025 | Jamie Welch | 276,923 | 5,140,841 | 0 | 487,500 | 6,156,243 |
| — | EnLink Midstream LLC | — | — | — | — | — | — | not in coverage universe |
| — | Enterprise Products Partners LP | — | — | — | — | — | — | not in coverage universe |
| — | Genesis Energy LP | — | — | — | — | — | — | not in coverage universe |
| — | Western Midstream Partners LP | — | — | — | — | — | — | not in coverage universe |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Plains ALL American Pipeline LP | 131% | RSU 50 · PSU 50 | Yes — Relative TSR with Negative TSR Modifier | Meridian |
| Energy Transfer LP | not disclosed | RSU 75 · CRSU 25 | not disclosed | Meridian Compensation Partners, LLC |
| EnLink Midstream LLC | not disclosed | not disclosed | not disclosed | not disclosed |
| Enterprise Products Partners LP | not disclosed | not disclosed | not disclosed | not disclosed |
| Equitrans Midstream Corporation | 181% | PSU 55 · RSU 45 | Yes — Relative TSR | Pay Governance |
| Genesis Energy LP | not disclosed | not disclosed | not disclosed | not disclosed |
| Kinder Morgan Inc. | 102.5% | not disclosed | No | None retained in 2025 (used Equilar Insight benchmarking software platform instead of a compensation consultant) |
| Kinetik Holdings Inc. | 65% | PSU 50 · RSU 50 | Yes — Annualized TSR | Meridian Compensation Partners |
| Oneok Inc. | 105.2% | PSU 70 · RSU 30 | Yes — Total Shareholder Return (TSR) | Meridian Compensation Partners |
| Targa Resources Corp. | 190% | PSU 50 · RSU 50 | Yes — Relative TSR vs. Alerian US Midstream Index (AMUS) | Meridian Compensation Partners |
| The Williams Companies Inc. | 136% | PSU 60 · RSU 40 | Yes — Relative TSR | FW Cook |
| Western Midstream Partners LP | not disclosed | not disclosed | not disclosed | not disclosed |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-20 | 188,931,812 | 121,666,547 | 1,474,133 | 60.83% | Passed |
| 2025 | 2025-05-21 | 299,540,725 | 6,294,888 | 1,403,714 | 97.94% | Passed |
| 2024 | 2024-05-22 | 311,770,899 | 5,540,122 | 1,770,603 | 98.25% | Passed |
| 2023 | 2023-05-24 | 305,972,882 | 3,281,877 | 2,163,481 | 98.94% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-05-20 | 60.83%a |
| 2025 | 2025-05-21 | 97.94%b |
| 2024 | 2024-05-22 | 98.25%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 91 : 1 |
|---|---|
| CEO total compensation | $12,295,167 |
| Median employee compensation | $135,058 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (29 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Willie Chiang. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 42. As printed: 12,295,167. View filing ↗
- Section 01, Jeremy Goebel. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table”. As printed: 11,616,758. View filing ↗
- Section 01, Chris Chandler. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table”. As printed: 9,057,890. View filing ↗
- Section 01, Richard McGee. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table”. As printed: 3,257,269. View filing ↗
- Section 01, Al Swanson. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table”. As printed: 3,156,824. View filing ↗
- Section 03, Chris Chandler RSU. DEF 14A, filed 2026-04-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Richard McGee PSU. DEF 14A, filed 2026-04-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Chris Chandler PSU. DEF 14A, filed 2026-04-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Al Swanson PSU. DEF 14A, filed 2026-04-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Jeremy Goebel PSU. DEF 14A, filed 2026-04-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Willie Chiang PSU. DEF 14A, filed 2026-04-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Willie Chiang PSU. DEF 14A, filed 2026-04-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Jeremy Goebel RSU. DEF 14A, filed 2026-04-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-04-10. Section “CEO Pay Ratio”. As printed: 91 : 1. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-22. Item 5.07 · say-on-pay result. As reported: 60.83% (votes for as printed: 188,931,812). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-05-23. Item 5.07 · say-on-pay result. As reported: 97.94% (votes for as printed: 299,540,725). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-05-28. Item 5.07 · say-on-pay result. As reported: 98.25% (votes for as printed: 311,770,899). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Targa Resources Corp., Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in Targa Resources Corp.'s own proxy. As printed: 21,470,708. View filing ↗
- Energy Transfer LP, Section 10b CEO total. 10-K, filed 2026-02-19. CEO total compensation as printed in Energy Transfer LP's own proxy. As printed: 20,076,651. View filing ↗
- Equitrans Midstream Corporation, Section 10b CEO total. DEF 14A, filed 2024-03-04. CEO total compensation as printed in Equitrans Midstream Corporation's own proxy. As printed: 15,457,854. View filing ↗
- Kinder Morgan Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Kinder Morgan Inc.'s own proxy. As printed: 12,331,566. View filing ↗
- Plains ALL American Pipeline LP (subject), Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Plains ALL American Pipeline LP's own proxy. As printed: 12,295,167. View filing ↗
- Oneok Inc., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in Oneok Inc.'s own proxy. As printed: 12,003,335. View filing ↗
- The Williams Companies Inc., Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in The Williams Companies Inc.'s own proxy. As printed: 8,682,793. View filing ↗
- Kinetik Holdings Inc., Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Kinetik Holdings Inc.'s own proxy. As printed: 6,156,243. View filing ↗
- Section 10a, Targa Resources Corp. reciprocity. DEF 14A. Targa Resources Corp. names Plains ALL American Pipeline LP in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Kinetik Holdings Inc. reciprocity. DEF 14A. Kinetik Holdings Inc. names Plains ALL American Pipeline LP in its own disclosed peer group (read from its most recent proxy). View filing ↗