01—Abstract
Summary
Summary of the 10-Q filed November 7, 2025. Cited figures are marked; the original filing is the authoritative source.
Plains All American Pipeline, L.P.
(PAA) reported net income attributable to PAA of $441 milliona for the third quarter of 2025 versus $220 million a year earlier, and $1.093 billion for the nine months ended September 30, 2025 versus $736 million. Income from continuing operations, net of tax, was $1.061 billion for the nine months versus $837 million in the prior-year period. Adjusted EBITDA was $806 million for the quarter and $2.499 billion for the nine months, and Implied DCF was $1.528 billion for the nine months.
Net cash provided by operating activities was $2.150 billionb for the nine months, against $1.763 billion a year earlier. The filing describes the pending sale of the Canadian NGL Business to Keyera Corp. for approximately CAD$5.15 billion (about $3.75 billion), expected to close in the first quarter of 2026. That business is presented as discontinued operations and is classified as held for sale.
The partnership also agreed in October and November 2025 to acquire 100% of EPIC Crude Holdings, which owns the EPIC Crude Oil Pipeline, for aggregate consideration of approximately $2.9 billionc including about $1.1 billion of assumed debt. The filing states that $1.8 billion was initially funded through commercial paper, credit facility borrowings and cash on hand. Total liquidity was approximately $3.9 billion at September 30, 2025, including $1.180 billion of cash.
Total debt rose to $9.449 billiond from $7.618 billion at December 31, 2024. Short-term debt was $1.010 billion, including a $1.0 billion 4.65% senior note due October 2025 that was redeemed on October 3, 2025.
The partnership issued $1.0 billion of 5.95% senior notes in January 2025 and $1.25 billion of senior notes in September 2025. Distributions to common unitholders of $0.38 per unit were declared for the third quarter, payable November 14, 2025.
02—Key points
Key Highlights
- Net income attributable to PAA was $441 million for Q3 2025 versus $220 million in Q3 2024, and $1.093 billion for the nine months versus $736 million.
- Adjusted EBITDA was $806 million in Q3 2025 versus $805 million in Q3 2024, and $2.499 billion for the nine months versus $2.459 billion.
- Total revenues were $11.578 billion for Q3 2025 versus $12.456 billion in Q3 2024, reflecting lower commodity prices.
- Pending sale of the Canadian NGL Business to Keyera Corp. for approximately CAD$5.15 billion (about $3.75 billion) is expected to close in Q1 2026 and is presented as discontinued operations.
- EPIC Crude Oil Pipeline acquired for approximately $2.9 billion, including about $1.1 billion of assumed debt, with the equity portion funded by about $1.8 billion of commercial paper, credit facility borrowings and cash on hand.
- Total debt increased to $9.449 billion at September 30, 2025 from $7.618 billion at December 31, 2024, and liquidity was approximately $3.9 billion.
- Net cash provided by operating activities was $2.150 billion for the nine months versus $1.763 billion a year earlier.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, Plains All American Pipeline kept $0.04.
- Revenue$11.58B100.0%
- Cost of revenue−$10.59B91.4%
- Gross profit$993.0M8.6%
- Operating costs−$509.0M4.4%
- Operating income$484.0M4.2%
- Interest, other & tax−$43.0M0.4%
- Net income$441.0M3.8%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 7, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $11.58B$12.46B | −7.0% |
| Cost of Revenue | $10.59B$11.54B | −8.3% |
| Gross Profit | $993.00M$916.00M | +8.4% |
| Operating Expenses | $11.09B$12.26B | −9.5% |
| Operating Income | $484.00M$196.00M | +146.9% |
| Net Income | $441.00M$220.00M | +100.5% |
05—Questions
Frequently Asked Questions
How did Plains All American's earnings change in the third quarter of 2025?
Net income attributable to PAA was $441 million for the third quarter of 2025, compared with $220 million in the third quarter of 2024. Net income per common unit was $0.55 versus $0.22. Operating income rose to $484 million from $196 million, while Adjusted EBITDA was roughly flat at $806 million.
What is the status of the Canadian NGL Business sale?
On June 17, 2025, the partnership agreed to sell Plains Midstream Canada ULC to Keyera Corp. for approximately CAD$5.15 billion (about $3.75 billion), subject to post-closing adjustments. The transaction is expected to close in the first quarter of 2026, subject to customary conditions including regulatory approvals. The business is presented as discontinued operations and classified as held for sale.
What did the EPIC acquisition involve and how was it financed?
The partnership bought a 55% interest in EPIC Crude Holdings on October 31, 2025, and the remaining 45% effective November 1, 2025, for aggregate consideration of approximately $2.9 billion including about $1.1 billion of assumed debt. The filing states the equity portion of about $1.8 billion was initially funded through commercial paper and credit facility borrowings and cash on hand. The partnership also agreed to a potential earnout of up to $350 million tied to future expansions.
How has the debt position changed?
Total debt was $9.449 billion at September 30, 2025, up from $7.618 billion at December 31, 2024. The partnership issued $1.0 billion of 5.95% senior notes due 2035 in January 2025 and $1.25 billion of senior notes in September 2025. Commercial paper outstanding was zero at September 30, 2025, compared with $393 million at year-end 2024. The $1.0 billion 4.65% senior notes due October 2025 were redeemed on October 3, 2025.
What are the upcoming distributions to unitholders?
On November 14, 2025, the partnership will pay a quarterly cash distribution of $0.38 per common unit to common unitholders of record on October 31, 2025. Series A preferred unitholders will receive approximately $0.615 per unit on the same date. Series B preferred unitholders will receive approximately $21.93 per unit on November 17, 2025.
06—Continue