CEO Willie Chiang was paid $12,295,167 in fiscal year 2025, ↑ up 44.4% from fiscal year 2024, the 43rd percentile of its disclosed peer group (SEC filing 0001104659-26-041710 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
$12,295,167 ↑ Willie Chiang total, FY2025 | 43rd CEO pay percentile vs peers | 91:1 CEO-to-median pay ratio | 60.83% Say-on-pay support, latest vote |
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PAA's next annual pay disclosure, estimated April 9, 2027.est. Filing ↗
| 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.
| 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.
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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.
One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2025 total |
|---|---|---|
| Alexandra D. Pruner | Independent Director | — |
| Bobby S. Shackouls | Independent Director | — |
| Christopher M. Temple | Independent Director | — |
| Ellen R. DeSanctis | Independent Director | — |
| Gary R. Petersen | Independent Director | — |
| Greg L. Armstrong | Independent Director | — |
| Harry N. Pefanis | Director | — |
| John T. Raymond | Independent Director | — |
| Kevin S. McCarthy | Independent Director | — |
| Lawrence M. Ziemba | Independent Director | — |
| Victor Burk | Independent Director | — |
No insider equity transactions reported since the proxy statement.
| 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 |
| 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.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Jeremy Goebel | RSU | 71,550 | — | $1,285,038 |
| Al Swanson | PSU | 51,075 | — | 917,307 |
| Chris Chandler | PSU | 72,450 | — | 1,301,202 |
| Jeremy Goebel | PSU | 72,450 | — | 1,301,202 |
| Al Swanson | RSU | 51,075 | — | 917,307 |
| Richard McGee | RSU | 51,075 | — | 917,307 |
| Jeremy Goebel | PSU | 71,550 | — | 1,285,038 |
| Chris Chandler | RSU | 71,550 | — | 1,285,038 |
| Jeremy Goebel | PSU | 250,000 | — | 4,490,000 |
| Richard McGee | PSU | 56,325 | — | 1,011,597 |
| Richard McGee | PSU | 54,000 | — | 969,840 |
| Willie Chiang | PSU | 162,050 | — | 2,910,418 |
| Willie Chiang | RSU | 208,675 | — | 3,747,803 |
| Chris Chandler | RSU | 250,000 | — | 4,490,000 |
| Chris Chandler | PSU | 250,000 | — | 4,490,000 |
| Al Swanson | RSU | 54,000 | — | 969,840 |
| Al Swanson | RSU | 54,425 | — | 977,473 |
| Jeremy Goebel | RSU | 545,550 | — | 9,798,078 |
| Chris Chandler | RSU | 327,350 | — | 5,879,206 |
| Willie Chiang | PSU | 208,675 | — | 3,747,803 |
| Willie Chiang | PSU | 178,875 | — | 3,212,595 |
| Jeremy Goebel | RSU | 65,825 | — | 1,182,217 |
| Al Swanson | PSU | 54,425 | — | 977,473 |
| Jeremy Goebel | PSU | 65,825 | — | 1,182,217 |
| Willie Chiang | PSU | 500,000 | — | 8,980,000 |
| Jeremy Goebel | RSU | 250,000 | — | 4,490,000 |
| Willie Chiang | RSU | 178,875 | — | 3,212,595 |
| Willie Chiang | RSU | 162,050 | — | 2,910,418 |
| Jeremy Goebel | RSU | 72,450 | — | 1,301,202 |
| Chris Chandler | RSU | 65,825 | — | 1,182,217 |
| Chris Chandler | PSU | 71,550 | — | 1,285,038 |
| Chris Chandler | PSU | 65,825 | — | 1,182,217 |
| Richard McGee | PSU | 51,075 | — | 917,307 |
| Richard McGee | RSU | 54,000 | — | 969,840 |
| Chris Chandler | RSU | 72,450 | — | 1,301,202 |
| Richard McGee | RSU | 56,325 | — | 1,011,597 |
| Al Swanson | PSU | 54,000 | — | 969,840 |
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 |
| 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.
| 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.
| Ratio (CEO : median employee) | 91 : 1 |
|---|---|
| CEO total compensation | — |
| Median employee compensation | $135,058 |
| Annual cash retainer | $115,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 |
| Stock ownership guideline | $575,000 |
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies Plains All American Pipeline LP names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Plains All American Pipeline LP.
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.
| 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.
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.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Willie Chiang | DEF 14A | 2026-04-10 | 0001104659-26-041710 | Section “Summary Compensation Table”. As printed: 12,295,167. Filing ↗machine: r1 · c43 · span 1080751–1080761 |
| 2 | Section 01, Jeremy Goebel | DEF 14A | 2026-04-10 | 0001104659-26-041710 | Section “Summary Compensation Table”. As printed: 11,616,758. Filing ↗machine: r17 · c43 · span 1182801–1182811 |
| 3 | Section 01, Chris Chandler | DEF 14A | 2026-04-10 | 0001104659-26-041710 | Section “Summary Compensation Table”. As printed: 9,057,890. Filing ↗machine: r13 · c43 · span 1157288–1157297 |
| 4 | Section 01, Richard McGee | DEF 14A | 2026-04-10 | 0001104659-26-041710 | Section “Summary Compensation Table”. As printed: 3,257,269. Filing ↗machine: r9 · c43 · span 1131771–1131780 |
| 5 | Section 01, Al Swanson | DEF 14A | 2026-04-10 | 0001104659-26-041710 | Section “Summary Compensation Table”. As printed: 3,156,824. Filing ↗machine: r5 · c43 · span 1106258–1106267 |
| 6 | Section 03, Chris Chandler RSU | DEF 14A | 1900-01-01 | 0001104659-26-041710 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗ |
| 7 | Section 03, Richard McGee PSU | DEF 14A | 1900-01-01 | 0001104659-26-041710 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1301313–1301322 |
| 8 | Section 03, Chris Chandler PSU | DEF 14A | 1900-01-01 | 0001104659-26-041710 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1329321–1329330 |
| 9 | Section 03, Al Swanson PSU | DEF 14A | 1900-01-01 | 0001104659-26-041710 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1273306–1273315 |
| 10 | Section 03, Jeremy Goebel PSU | DEF 14A | 1900-01-01 | 0001104659-26-041710 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1366482–1366491 |
| 11 | Section 03, Willie Chiang PSU | DEF 14A | 1900-01-01 | 0001104659-26-041710 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1236352–1236361 |
| 12 | Section 03, Willie Chiang PSU | DEF 14A | 1900-01-01 | 0001104659-26-041710 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗ |
| 13 | Section 03, Jeremy Goebel RSU | DEF 14A | 1900-01-01 | 0001104659-26-041710 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗ |
| 14 | Section 07, pay ratio | DEF 14A | 2026-04-10 | 0001104659-26-041710 | Section “CEO Pay Ratio”. As printed: 91 : 1. Filing ↗machine: span 1675640–1675642 |
| 15 | Section 06, 2026 vote | Form 8-K | 2026-05-22 | 0001104659-26-065738 | Item 5.07 · say-on-pay result. As reported: 60.83% (votes for as printed: 188,931,812). Filing ↗ |
| 16 | Section 06, 2025 vote | Form 8-K | 2025-05-23 | 0001104659-25-052094 | Item 5.07 · say-on-pay result. As reported: 97.94% (votes for as printed: 299,540,725). Filing ↗ |
| 17 | Section 06, 2024 vote | Form 8-K | 2024-05-28 | 0001104659-24-065666 | Item 5.07 · say-on-pay result. As reported: 98.25% (votes for as printed: 311,770,899). Filing ↗ |
| 18 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 19 | 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).machine: formula: sums + PSU ratio |
| 20 | Targa Resources Corp., Section 10b CEO total | DEF 14A | 2026-03-26 | 0001193125-26-126280 | CEO total compensation as printed in Targa Resources Corp.'s own proxy. As printed: 21,470,708. Filing ↗machine: span 963425–963435 |
| 21 | Energy Transfer LP, Section 10b CEO total | DEF 14A | 2026-02-19 | 0001276187-26-000013 | CEO total compensation as printed in Energy Transfer LP's own proxy. As printed: 20,076,651. Filing ↗machine: r5 · c54 · span 2802013–2802023 |
| 22 | Equitrans Midstream Corporation, Section 10b CEO total | DEF 14A | 2024-03-04 | 0001104659-24-030225 | CEO total compensation as printed in Equitrans Midstream Corporation's own proxy. As printed: 15,457,854. Filing ↗machine: r1 · c43 · span 963653–963663 |
| 23 | Kinder Morgan Inc., Section 10b CEO total | DEF 14A | 2026-04-02 | 0001506307-26-000024 | CEO total compensation as printed in Kinder Morgan Inc.'s own proxy. As printed: 12,331,566. Filing ↗machine: t55 · r2 · c18 · span 515403–515413 |
| 24 | Plains All American Pipeline LP (subject), Section 10b CEO total | DEF 14A | 2026-04-10 | 0001104659-26-041710 | CEO total compensation as printed in Plains All American Pipeline LP's own proxy. As printed: 12,295,167. Filing ↗machine: r1 · c43 · span 1080751–1080761 |
| 25 | ONEOK Inc., Section 10b CEO total | DEF 14A | 2026-04-01 | 0001039684-26-000010 | CEO total compensation as printed in ONEOK Inc.'s own proxy. As printed: 12,003,335. Filing ↗machine: t163 · r2 · c27 · span 1318193–1318203 |
| 26 | The Williams Companies Inc., Section 10b CEO total | DEF 14A | 2026-03-18 | 0001193125-26-112643 | CEO total compensation as printed in The Williams Companies Inc.'s own proxy. As printed: 8,682,793. Filing ↗machine: r5 · c17 · span 4189334–4189344 |
| 27 | Kinetik Holdings Inc., Section 10b CEO total | DEF 14A | 2026-04-08 | 0001692787-26-000086 | CEO total compensation as printed in Kinetik Holdings Inc.'s own proxy. As printed: 6,156,243. Filing ↗machine: r4 · c21 · span 711505–711514 |
| 28 | Section 10a, Energy Transfer LP reciprocity | DEF 14A | — | 0001276187-26-000013 | Energy Transfer LP's most recent proxy was read; its disclosed peer group does not include Plains All American Pipeline LP. Filing ↗ |
| 29 | Section 10a, The Williams Companies Inc. reciprocity | DEF 14A | — | 0001193125-26-112643 | The Williams Companies Inc.'s most recent proxy was read; its disclosed peer group does not include Plains All American Pipeline LP. Filing ↗ |
| 30 | Section 10a, ONEOK Inc. reciprocity | DEF 14A | — | 0001039684-26-000010 | ONEOK Inc.'s most recent proxy was read; its disclosed peer group does not include Plains All American Pipeline LP. Filing ↗ |
| 31 | Section 10a, Targa Resources Corp. reciprocity | DEF 14A | — | 0001193125-26-126280 | Targa Resources Corp. names Plains All American Pipeline LP in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 32 | Section 10a, Equitrans Midstream Corporation reciprocity | DEF 14A | — | 0001104659-24-030225 | Equitrans Midstream Corporation's most recent proxy was read; its disclosed peer group does not include Plains All American Pipeline LP. Filing ↗ |
| 33 | Section 10a, Kinder Morgan Inc. reciprocity | DEF 14A | — | 0001506307-26-000024 | Kinder Morgan Inc.'s most recent proxy was read; its disclosed peer group does not include Plains All American Pipeline LP. Filing ↗ |
| 34 | Section 10a, Kinetik Holdings Inc. reciprocity | DEF 14A | — | 0001692787-26-000086 | Kinetik Holdings Inc. names Plains All American Pipeline LP in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
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