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Investor Relations14 Oct 2025
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Plains All American Pipeline (PAA) investor relations material
Plains All American Pipeline Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary8 Aug, 2025
Executive summary
Q2 2025 adjusted EBITDA was $672M, with crude oil contributing $580M and NGL $87M; NGL business is now classified as discontinued operations following the announced $3.75B USD (CAD $5.15B) sale expected to close in Q1 2026.
The NGL divestiture streamlines operations, enhances financial flexibility, and shifts focus to core crude oil midstream business.
Net income attributable to unitholders rose 27% year-over-year to $653M for the first half of 2025, driven by higher pipeline volumes, tariff escalations, and acquisitions.
Acquired an additional 20% interest in BridgeTex Pipeline, increasing total JV stake to 40%.
Completed several bolt-on acquisitions in 2025, including Ironwood, Medallion, Black Knight, and BridgeTex, totaling $800M YTD and $1.4B since 2H22.
Financial highlights
Q2 2025 adjusted EBITDA: $672M; crude oil segment up sequentially and year-over-year due to Permian volume growth, acquisitions, and higher throughput; NGL segment down due to seasonality and lower spreads.
Net income for the six months ended June 30, 2025, was $813M, up 19% year-over-year; net income attributable to unitholders was $653M.
Adjusted free cash flow for Q2 2025 was $694M; full-year 2025 guidance is $870M, excluding changes in assets and liabilities.
Net debt as of June 30, 2025, was $8.2B–$8.68B, with liquidity of $2.7B.
Distribution per common unit increased 20% year-over-year to $0.38 for Q2; coverage ratio was 1.74x.
Outlook and guidance
2025 adjusted EBITDA guidance: $2.8B–$2.95B, expected in the lower half of the range; Permian growth outlook also in the lower half.
Growth capital guidance for 2025 increased to $475M, driven by new projects and scope changes; maintenance capital trending toward $230M–$250M.
Proceeds from NGL sale (~$3B net USD) to be used for bolt-on M&A, preferred and common unit repurchases, and capital structure optimization.
Targeting $0.25/unit annual distribution increase in 2025, with $1.52/unit for 2026+ and ~15% annual growth until 160% coverage.
Pending NGL sale subject to regulatory approvals and expected to close in Q1 2026.
What's the status of the NGL business divestiture?
Assess impact of bolt-on acquisitions on DCF.
How did tariff volumes affect crude EBITDA?
How will proceeds from the NGL sale be redeployed?
Explain the increased 2025 growth capital guidance.
What is the outlook for demand in the refining sector?
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Next Plains All American Pipeline earnings date
Q3 20255 Nov, 2025
Next Plains All American Pipeline earnings date
Q3 20255 Nov, 2025
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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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