PLAINS ALL AMERICAN PIPELINE (PAA) Company Report

Plains All American Pipeline (PAA) reported Q4 2025 Adjusted EBITDA of $738 million and full-year 2025 Adjusted EBITDA of $2.833 billion, and provided 2026 Adjusted EBITDA guidance of $2.75 billion at the midpoint.
The company is transitioning to a pure-play crude company, highlighted by the sale of its NGL business (expected to close near the end of Q1 2026) and the acquisition of the EPIC Pipeline, now renamed Cactus III.
PAA is targeting $100 million of identified annual savings through 2027, with approximately 50% ($50 million) expected to be realized in 2026.
The company announced a 10% increase in the quarterly distribution, bringing the annual distribution to $1.67 per unit, and reduced its distribution coverage ratio threshold from 160% to 150%.
For 2026, PAA expects to invest approximately $350 million of growth capital and $165 million of maintenance capital net to PAA, and anticipates generating approximately $1.8 billion of adjusted free cash flow.

11 hours ago

Transcript

Plains All American Pipeline Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance, and Updates Capital Allocation Strategy

PAA

Earnings

Guidance Update

M&A

Plains All American Pipeline reported Q4 2025 Adjusted EBITDA of $738 million and full-year 2025 Adjusted EBITDA of $2.833 billion.
For 2026, the company provided Adjusted EBITDA guidance of $2.75 billion at the midpoint, with the oil segment expected to grow 13% year-over-year to $2.64 billion.
Strategic initiatives include the planned NGL divestiture (expected to close near the end of Q1 2026) and the integration of the recently acquired Cactus 3 Pipeline, alongside a target of $100 million in annual savings through 2027.
The company announced a 10% increase in its quarterly distribution, bringing the annual distribution to $1.67 per unit, and reduced its distribution coverage ratio threshold from 160% to 150%.
Plains expects to invest approximately $350 million in growth capital and $165 million in maintenance capital net to PAA in 2026.

12 hours ago

Transcript

Plains All American Pipeline Reports Q4 2025 Results, Provides 2026 Guidance, and Announces Distribution Increase

PAA

Earnings

Guidance Update

M&A

Plains All American Pipeline reported Q4 2025 Adjusted EBITDA of $738 million and full-year 2025 Adjusted EBITDA of $2.833 billion.
The company provided 2026 Adjusted EBITDA guidance of $2.75 billion (midpoint) net to Plains, with the oil segment expected to grow 13% year-over-year to $2.64 billion.
Strategic initiatives include the pending sale of its NGL business and the acquisition of the EPIC Pipeline (Cactus 3), aiming to transition to a crude-focused company.
PAA announced a 10% increase in its quarterly distribution, bringing the annual distribution to $1.67 per unit, and reduced its distribution coverage ratio threshold from 160% to 150%.
The company is targeting $100 million of identified annual savings through 2027, with approximately 50% expected in 2026, and expects to invest $350 million in growth capital and $165 million in maintenance capital in 2026.

12 hours ago

Transcript

Plains All American Pipeline Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance

PAA

Earnings

Guidance Update

Dividends

Plains All American Pipeline, L.P. (PAA) reported Net income attributable to PAA of $1.435 billion and Adjusted EBITDA attributable to PAA of $2.833 billion for the full-year 2025.
The company's full-year 2025 Net cash provided by operating activities was $2.94 billion, and its pro forma leverage ratio stood at 3.9x at year-end 2025.
PAA provided full-year 2026 guidance, expecting Adjusted EBITDA attributable to PAA midpoint of $2.75 billion +/- $75 million and Adjusted Free Cash flow generation of approximately $1.80 billion.
An annualized distribution increase of $0.15 per unit was announced, resulting in a new annualized rate of $1.67 per unit, and the Distribution Coverage ratio threshold was lowered from 160% to 150%.

14 hours ago

8-K

Plains All American Pipeline Reports Q4 2025 Results and Provides 2026 Guidance

PAA

Earnings

Guidance Update

Dividends

Plains All American Pipeline (PAA) reported $738 million in Adjusted EBITDA attributable to PAA for Q4 2025, with the full year 2025 reaching $2,833 million.
For 2026, the company projects Adjusted EBITDA attributable to PAA to be $2,750 million (+/- $75 million).
PAA increased its distribution by $0.15/unit, representing a 10% annualized increase, and lowered its coverage threshold target from 160% to 150%.
The NGL divestiture is anticipated to close by the end of Q1 2026, yielding approximately $3.2 billion in net proceeds and contributing $100 million to 2026 Adjusted EBITDA.
The company expects to achieve $100 million in annual savings through 2027 from ongoing streamlining and efficiency efforts.

15 hours ago

Presentation

Plains All American Pipeline and Plains GP Holdings Announce Q4 2025 Distributions and Earnings Release Date

PAA

Dividends

Earnings

Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) declared fourth-quarter 2025 cash distributions, with PAA Common Units and PAGP Class A Shares each receiving $0.4175 per unit/share, representing a 10% annualized increase.
PAA also announced quarterly distributions of $0.61524 per Series A Preferred Unit and $21.02 per Series B Preferred Unit.
PAGP anticipates that a portion of its Class A Share cash distribution will be taxable as a dividend for Tax Year 2026 due to a pending NGL assets sale.
Both companies are scheduled to release their fourth-quarter 2025 earnings before market open on Friday, February 6, 2026, followed by an investor conference call.

Jan 5, 2026, 11:17 PM

Press Release

Plains All American Pipeline LP secures $1.1 billion term loan

PAA

Debt Issuance

M&A

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.

Dec 3, 2025, 9:16 PM

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.