PLAINS ALL AMERICAN PIPELINE (PAA) Company Report

Plains All American Pipeline, L.P. (PAA) entered into a $1.1 billion senior unsecured term loan agreement on November 26, 2025, with funding expected on or prior to December 2, 2025.
The term loan has a two-year maturity from the closing date and allows for prepayment without premium or penalty.
Interest accrues based on Term SOFR or the Base Rate, with an applicable rate of 1.125% for Term SOFR Loans and 0.125% for Base Rate Loans until the first anniversary, increasing thereafter.
A mandatory prepayment of all outstanding amounts will be triggered upon the closing of PAA's sale of its Canadian natural gas liquids business to Keyera Corp..
The agreement includes a financial covenant limiting the Consolidated Leverage Ratio to no greater than 5.00 to 1.00, which can increase to 5.50 to 1.00 during an Acquisition Period.

6 days ago

8-K

Plains All American Pipeline LP completes $750 million debt offering

PAA

Debt Issuance

Plains All American Pipeline, L.P. (PAA) and PAA Finance Corp. completed a public offering of $750 million aggregate principal amount of debt securities on November 14, 2025.
The offering consisted of $300 million of 4.700% Senior Notes due 2031 and $450 million of 5.600% Senior Notes due 2036.
The 2031 Notes mature on January 15, 2031, and the 2036 Notes mature on January 15, 2036, with interest payable semi-annually beginning January 15, 2026.
The net proceeds from the offering were $297,816,000 for the 2031 Notes and $449,406,000 for the 2036 Notes.
As of September 30, 2025, the Partnership's total debt was approximately $11.3 billion.

Nov 14, 2025, 7:18 PM

8-K

Plains All American Pipeline, L.P. Enters into Multiple Purchase Agreements

PAA

M&A

New Projects/Investments

Debt Issuance

Plains BK Holdco LLC, a buyer parented by Plains All American Pipeline, L.P., entered into a Purchase and Sale Agreement on August 30, 2025, with Altus Midstream Processing LP, Kinetik EC Holdco LLC, Rattler Midstream Operating LLC, and Rattler OMOG LLC.
Additionally, Plains BK Holdco LLC signed an Equity Purchase Agreement on November 3, 2025, with EPIC Crude Parent, L.P..
The company intends to file financial statements for the acquired businesses and pro forma financial information within 71 calendar days after the November 6, 2025 filing of this 8-K report.
The document outlines various financial covenants, including a limit on additional Indebtedness not exceeding the greater of $220,000,000 and 100% of LTM Consolidated Adjusted EBITDA, and a limit on certain Investments not exceeding the greater of $110,000,000 and 50% of LTM Consolidated Adjusted EBITDA.

Nov 6, 2025, 8:42 PM

8-K

Plains Announces Q3 2025 Financial Results

PAA

Earnings

M&A

Dividends

Plains (PAA) reported Adjusted EBITDA attributable to PAA of $669 million for Q3 2025.
Adjusted Net Income Attributable to PAA for Q3 2025 was $332 million.
The company's Implied Distributable Cash Flow for Q3 2025 was $431 million.
Adjusted Free Cash Flow after Distributions for Q3 2025 was $(18) million.
The potential sale of the Canadian NGL Business is not anticipated to close until the first quarter of 2026.

Nov 5, 2025, 3:00 PM

Presentation

PAA Reports Q3 2025 Results and Acquires EPIC Crude Pipeline

PAA

Earnings

M&A

Guidance Update

Plains All American (PAA) reported solid third-quarter adjusted EBITDA attributable to Plains of $669 million.
The company announced the acquisition of 100% ownership of the EPIC Crude pipeline for approximately $1.3 billion, inclusive of $500 million of debt, expecting a 2026 adjusted EBITDA multiple of approximately 10x. This acquisition is highly strategic and expected to generate mid-teens unlevered returns.
The NGL asset sale is on schedule to complete by early 2026, with the majority of proceeds effectively redeployed through the EPIC acquisition.
Full year 2025 adjusted EBITDA guidance was narrowed to $2.84 billion to $2.89 billion.
PAA anticipates its leverage ratio will temporarily exceed its target range until the NGL divestiture is finalized, at which point it expects to trend towards the midpoint of its 3.5x target range.

Nov 5, 2025, 3:00 PM

Transcript

Plains All American Pipeline, L.P. Reports Q3 2025 Results and Completes EPIC Acquisition

PAA

Earnings

M&A

Guidance Update

For Q3 2025, Plains All American Pipeline, L.P. reported net income attributable to PAA of $441 million and Adjusted EBITDA attributable to PAA of $669 million.
The company completed the acquisition of a 100% equity interest in EPIC Crude Holdings, LP through transactions in October and November 2025, expecting mid-teens returns and a 2026 EBITDA multiple of ~10x from the acquisition.
Plains All American raised $1.25 billion in senior unsecured notes in September 2025 and forecasts full-year 2025 Adjusted EBITDA attributable to Plains to be in the range of $2.84 to $2.89 billion, including $40 million from the EPIC acquisition.
The company exited Q3 2025 with a 3.3x leverage ratio and anticipates it will be toward the midpoint of the target range (~3.5x) following the announced acquisitions and expected NGL divestiture by the end of Q1 2026.

Nov 5, 2025, 1:40 PM

8-K

Plains All American Reports Lower Q2 Profit, Announces Canadian NGL Business Sale

PAA

Earnings

M&A

Share Buyback

Plains All American Pipeline reported lower net income of $297 million and a 17% decline in revenue to $10.64 billion for the second quarter of 2025, though its adjusted earnings per unit of 36 cents exceeded analyst expectations of 32 cents.
The company agreed to sell its Canadian natural gas liquids (NGL) assets for approximately $3.75 billion USD, with the transaction expected to close in the first quarter of 2026. Plains plans to use approximately $3.0 billion net USD from the sale proceeds for bolt-on mergers and acquisitions, preferred unit repurchases, and opportunistic common unit repurchases.
On July 22, 2025, Plains acquired an additional 20% interest in the BridgeTex Pipeline Company, LLC, increasing its total stake to 40% to strengthen its position in the Permian Basin.
Plains exited the quarter with a leverage ratio of 3.3x, which is toward the low-end of its target range of 3.25x to 3.75x.

Aug 8, 2025, 11:41 AM

Morningstar

Plains All American Pipeline Reports Q1 2025 Results

PAA

Earnings

Dividends

M&A

Reported net income of $443 million, net cash provided by operating activities of $639 million, and Adjusted EBITDA of $754 million, with a quarterly cash distribution of $0.38 per unit (~9% yield).
Key developments include the acquisition of the remaining 50% interest in Cheyenne Pipeline, the purchase of Black Knight Midstream’s Permian Basin gathering business for approximately $55 million, and the commissioning of the Fort Saskatchewan fractionation complex project.