John Mackay

Manav Gupta

Michael Blum

Spiro Dounis

Andrew John O'Donnell

Jeremy Tonet

Neal Dingmann

Sunil Sibal

Brandon Bingham

Indraneel Mitra

Keith Stanley

Theresa Chen

Gabriel Moreen

Jean Ann Salisbury

Tristan Richardson

- 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.  **[1070423_f088ed587fe140d6bd468aaaa4f2032c]** 
- 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**.  **[1070423_f088ed587fe140d6bd468aaaa4f2032c]**  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.  **[1070423_f088ed587fe140d6bd468aaaa4f2032c]** 
- 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.  **[1070423_f088ed587fe140d6bd468aaaa4f2032c]** 
- 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**.  **[1070423_f088ed587fe140d6bd468aaaa4f2032c]**

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

- 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).  **[1070423_0001070423-25-000010_paa05092025exhibit991.htm:0]** **[1070423_0001070423-25-000010_paa05092025exhibit991.htm:1]** 
- 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.  **[1070423_0001070423-25-000010_paa05092025exhibit991.htm:0]**

Plains All American Pipeline Reports Q1 2025 Results

PLAINS ALL AMERICAN PIPELINE (PAA)