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Plains All American Pipeline (PAA) investor relations material
Plains All American Pipeline Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 adjusted EBITDA was $669 million, with net income attributable to unitholders rising to $441 million for the quarter and $1.093 billion for the nine months, reflecting strong operational performance, higher pipeline volumes, tariff escalations, and recent acquisitions including full ownership of EPIC Crude Holdings.
The pending sale of the Canadian NGL Business for approximately $3.75 billion, expected to close in Q1 2026, will further concentrate the portfolio on crude oil operations and enhance cash flow stability.
Completed several strategic acquisitions, including Ironwood Midstream, Medallion Midstream, Black Knight Midstream, and 100% of EPIC Pipeline, strengthening the Permian and Eagle Ford Basin presence and expected to deliver mid-teens returns and significant cost and operational synergies.
Raised $1.25 billion in senior unsecured notes to refinance maturing debt and partially fund acquisitions.
Repurchased 12.7 million Series A preferred units in January 2025, impacting adjusted net income allocation.
Financial highlights
Q3 2025 net income attributable to PAA was $441 million, with adjusted net income of $332 million and adjusted EBITDA of $669 million; for the nine months, net income was $1.342 billion and adjusted EBITDA was $2.499 billion.
Crude Oil segment adjusted EBITDA for Q3 2025 was $593 million, driven by higher volumes, acquisitions, and tariff escalations, partially offset by contract rate resets and lower commodity prices.
NGL segment adjusted EBITDA for Q3 2025 was $70 million, down sequentially due to lower sales volumes and third-party downtime; discontinued Canadian NGL operations contributed $80 million in Q3 2025.
Implied distributable cash flow (DCF) available to common unitholders for Q3 2025 was $431 million, with a coverage ratio of 1.61x; adjusted free cash flow after distributions was negative $18 million for the quarter.
Distribution per common unit declared for Q3 2025 was $0.38, a 20% increase year-over-year.
Outlook and guidance
Full-year 2025 adjusted EBITDA guidance is $2.84–$2.89 billion, including a $40 million contribution from the EPIC acquisition.
2025 growth capital spending forecast is $490 million net, with maintenance capital trending to $215 million net; 2026 guidance to be provided in February.
Leverage ratio expected to move toward 3.5x after NGL divestiture closes in Q1 2026.
Long-term bullish outlook on North American oil growth, especially in the Permian and Canada, despite near-term volatility.
Anticipates meaningful cost savings and synergy capture from full ownership of EPIC, with improving EBITDA multiples over the next few years.
EPIC: What drives returns improvement post-2026?
US NGL retention strategy post-Canada divestiture?
Leverage ratio at 3.5x: Capital allocation flexibility?
What drives EPIC's return improvement post-2026?
How will leverage impact future bolt-on M&A?
Canadian crude egress: What is Plains' role?
EPIC: How will unlevered return improve post-2026?
Post-NGL sale, what's the prefs retirement priority?
Permian 2026: What drives long-term bullishness?
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Next Plains All American Pipeline earnings date
Q4 202513 Feb, 2026
Next Plains All American Pipeline earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
American Pipelines
Plains All American Pipeline, L.P. is an American company engaged in the transportation, storage, terminalling, and marketing of crude oil, natural gas liquids (NGLs), and natural gas, the company operates a vast network of pipelines, storage facilities, and supply and logistics services. It plays a crucial role in the North American energy infrastructure, managing assets across key oil-producing regions. The company is headquartered in Houston, Texas, and its shares are listed on the Nasdaq.
From 1981 to Today
What would later go on to become the company known as Plains All American was founded in 1981 as a small exploration and production company focused on oil and gas. The company steadily grew over the next two decades, and in 1998 acquired the company All American Pipeline System. Following the acquisition, the company went public and continued its growth journey through several large M&A deals.
Transportation Experts
Plains All American Pipeline specializes in the transportation and storage of crude oil and NGLs. Operating primarily in the United States and Canada, the company manages an extensive network of pipelines, transporting products from major oil-producing regions to refineries, storage facilities, and distribution centers. Additionally, Plains All American is involved in the terminalling and storage of these products, offering key logistic services in major energy hubs. The company also engages in marketing activities, playing a pivotal role in the movement and trade of energy commodities.
An Important Cog in American Infrastructure
Due to its extensive pipeline network, Plains All American Pipeline is a significant player in the American energy industry. With its strategic assets located in key oil-producing regions, the company facilitates the efficient movement of energy resources across the United States. It ensures a steady flow of raw materials to refineries and distribution centers, thus playing a vital role in maintaining the energy supply chain and supporting the overall energy infrastructure in the US. However, they’re not the only company of its kind and some similar businesses are Energy Transfer, Kinder Morgan, and The Williams Companies.
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