PAA · Plains All American Pipeline

662 filings

PAA SEC Filings

Plains All American Pipeline - 662 total filings

Filing record · 2016–202610-K1110-Q338-K168

Showing 1–50 of 662 filings

Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2026

Plains All American Pipeline (PAA) reported a significant increase in net income attributable to PAA for the nine months ended September 30, 2026, reaching $2.345 billion compared to $1.093 billion in the prior year period. This substantial growth was primarily driven by the divestiture of the Canadian NGL Business, which closed in May 2026, resulting in a large gain from discontinued operations. Excluding discontinued operations, income from continuing operations saw a slight decrease, but operational highlights include increased crude oil pipeline volumes, particularly in the Permian Basin. Financially, PAA has strengthened its balance sheet by completing a substantial offering of junior subordinated notes and using the proceeds to repurchase all outstanding Series A and Series B preferred units. This strategic move simplifies the capital structure and removes significant preferred distribution obligations. The company also renewed its revolving credit facility, enhancing its liquidity. Despite positive operational trends in crude oil, investors should note the slight decline in continuing operations income and the ongoing risks associated with commodity price volatility and environmental matters.

Nov 9, 2026 8-K

Plains All American Pipeline 8-K Report, Financial Results (Nov 6, 2026)

Plains All American Pipeline (PAA) reported its third-quarter 2026 results, highlighting a net income of $363 million and operating cash flow of $669 million. A key focus for investors is the company's strengthened balance sheet following the issuance of $1.5 billion in Junior Subordinated notes and the redemption of $2.3 billion in preferred units, which is projected to increase distributable cash flow by approximately $60 million annually. The company also maintained its quarterly cash distribution of $0.4175 per unit, yielding approximately 7%. Operationally, PAA announced an expansion of its Permian JV gathering system, securing 10-year agreements for an additional 270,000 dedicated acres with expected volumes of 225 mbbl/d starting in Q4 2027, alongside the recent acquisition of the Silver Creek gathering system in the Powder River Basin. The company remains on track to meet its full-year 2026 Adjusted EBITDA guidance of $2.880 billion +/- $50 million and is executing on its key initiatives for the year, including synergies from the Cactus III acquisition and organizational efficiencies.

Nov 6, 2026 8-K

Plains All American Pipeline 8-K Report, Executive Changes (Sep 29, 2026)

Plains All American Pipeline, L.P. (PAA) and Plains GP Holdings, L.P. (PAGP) announced on September 29, 2026 the appointment of Dean Liollio as Executive Vice President and Chief Operating Officer, effective October 2, 2026. He succeeds Chris Chandler, who provided notice on September 25, 2026 that he will resign effective October 2, 2026, to pursue other interests and not due to any disagreement with the company's operations, policies or practices. Mr. Liollio, age 67, has served as Senior Vice President, Special Projects, of Plains since June 2024. His prior roles include President of Plains Midstream Canada (2020 to 2024), President of PAA Natural Gas Storage (2008 to 2020) and President of Plains Gas Solutions (2016 to 2020). Under his new role, he will receive an annual base salary of $625,000, an annual bonus target of 150% of base salary, and a time-based promotional LTIP grant of 150,000 phantom units vesting in August 2029. The filing also furnishes a press release under Item 7.01, in which Chairman, CEO and President Willie Chiang said Mr. Liollio has been a member of the executive committee and instrumental in executing recent initiatives. The filing states there is no family relationship between Mr. Liollio and any Plains executive officer or director.

Sep 29, 2026 8-K

Plains All American Pipeline 8-K Report, Material Agreement (Sep 14, 2026)

On September 14, 2026, Plains All American Pipeline, L.P. (PAA) completed a public offering of two series of junior subordinated notes due 2056: $700,000,000 of 6.750% Series A Junior Subordinated Notes and $800,000,000 of 7.000% Series B Junior Subordinated Notes. The notes were issued under a Subordinated Indenture with U.S. Bank Trust Company, National Association, as trustee, as supplemented by First and Second Supplemental Indentures, each dated September 14, 2026. The offering was made under the company's Form S-3 shelf registration (No. 333-281967) and described in a prospectus supplement dated September 9, 2026. Underwriters are represented by J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc. and Truist Securities, Inc., under an underwriting agreement dated September 9, 2026. The notes mature on December 15, 2056, with semiannual interest payable on June 15 and December 15, beginning June 15, 2027. The Series A rate resets on December 15, 2031, and the Series B rate resets on December 15, 2036, and every five years thereafter, based on the then-applicable Five-Year U.S. Treasury Rate plus a spread. Resets cannot take the rate below the initial coupon. PAA may redeem the Series A and Series B notes during the 90 days before the applicable first reset date and on any applicable interest payment date thereafter, and may redeem at other times as permitted by the indenture. The notes are unsecured and junior in right of payment to PAA's existing and future senior indebtedness, rank equally with any future unsecured debt that is expressly structured to rank equally, and are not guaranteed by any subsidiaries. The filing incorporates the full terms by reference to the indenture exhibits.

Sep 14, 2026 8-K

Plains All American Pipeline 8-K Report, Corporate Update (Sep 10, 2026)

Plains All American Pipeline, L.P. (PAA) reported in this Form 8-K, dated September 9, 2026, that it priced an underwritten public offering of junior subordinated notes due 2056. The offering consists of $700 million of 6.75% Series A Junior Subordinated Notes and $800 million of 7.00% Series B Junior Subordinated Notes. The offering is being made under an effective Form S-3 shelf registration and is expected to close on September 14, 2026, subject to customary closing conditions. PAA intends to use the net proceeds, together with cash on hand and commercial paper borrowings, to redeem all 58,411,908 outstanding Series A Preferred Units and all 800,000 outstanding Series B Preferred Units. On September 9, 2026, PAA issued redemption notices for both series. The Series A Preferred Units will be redeemed at 110% of their $26.25 par value, or $28.875 per unit, on or about September 14, 2026. The Series B Preferred Units will be redeemed at 100% of their $1,000 par value on or about October 9, 2026. Both redemption prices include accrued and unpaid distributions through the applicable redemption date. The filing states that the note offering and the preferred unit redemptions are not conditioned on each other. The filing also notes that it is not itself an offer to purchase the preferred units or a notice of redemption. Its forward-looking statements point to risk factors in PAA's 2025 Form 10-K and subsequent filings.

Sep 10, 2026 8-K

Plains All American Pipeline 8-K Report, Financial Results (Sep 9, 2026)

Plains All American Pipeline, L.P. (PAA) filed this Form 8-K on September 9, 2026 to provide unaudited pro forma condensed combined financial information for the year ended December 31, 2025, reflecting its acquisition of EPIC Crude Holdings, LP, the entity that owns and operates the Cactus III Pipeline (formerly the EPIC Crude Oil Pipeline). The EPIC 55% interest was purchased on October 1, 2025 (completed October 31, 2025 per the exhibit notes), and the remaining 45% interest was purchased effective November 1, 2025 from a subsidiary of Ares Management LLC. The two transactions are presented as a single business combination, as if they had occurred on January 1, 2025. As a result, PAA now indirectly owns 100% of EPIC Crude Holdings and its general partner and serves as operator of record of the Cactus III Pipeline. On a pro forma basis, PAA's 2025 revenues would have been $44,464 million compared with $44,262 million historically, a difference of $202 million reflecting EPIC's contribution. Pro forma operating income is $1,524 million versus $1,434 million historically, and pro forma net income attributable to PAA from continuing operations is $975 million versus $1,052 million historically. The decline in net income is driven mainly by roughly $94 million of incremental interest expense on $1,901 million of acquisition financing (assumed at one-month SOFR plus 1.125%) and about $102 million of incremental depreciation and amortization from the acquired assets. Pro forma net income per common unit from continuing operations is $1.01, compared with $1.12 historically. The filing notes that the pro forma figures exclude anticipated synergies, integration costs and cost savings, and are illustrative only; they are not indicative of future results. Because the transaction is fully reflected in PAA's audited December 31, 2025 balance sheet in its Form 10-K, no pro forma balance sheet is included.

Sep 9, 2026 10-Q

Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2026

Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $1.983 billion for the six months ended June 30, 2026, compared with $653 million in the first six months of 2025, driven largely by income from discontinued operations of $1.548 billion. The results reflect the May 12, 2026 sale of the Canadian NGL Business to Keyera Corp., which is presented as discontinued operations and included a gain on sale of approximately $1.605 billion for the six months. Income from continuing operations, net of tax, was flat at $608 million versus $607 million, as higher revenues and lower G&A were offset by higher interest expense of $320 million versus $260 million and higher current income tax expense of $322 million versus $6 million, which the filing ties to restructuring activities connected with the divestiture. Operating results from the Crude Oil segment improved, with Segment Adjusted EBITDA of $1.272 billion for the six months versus $1.140 billion, attributed to the Cactus III acquisition, volume growth in the Permian Basin and market optimization, partly offset by Permian long-haul contract rates resetting to market. Consolidated Adjusted EBITDA was $1.731 billion for the six months versus $1.693 billion. Total debt fell to $8.441 billion at June 30, 2026 from $11.259 billion at December 31, 2025, after the company repaid its term loan, commercial paper borrowings and a $750 million senior note, and entered a new $2.7 billion senior unsecured revolving credit facility maturing June 2031. At June 30, 2026, the company reported cash and cash equivalents of $1.059 billion, a working capital surplus of $678 million and approximately $3.7 billion of liquidity. Common unit distributions paid were $589 million for the six months, and the company declared a $0.4175 per common unit distribution payable August 14, 2026. The filing also discloses an estimated Line 901 incident cost of approximately $870 million, a pending Canadian Competition Bureau lawsuit related to the divestiture, and a Line 63 release in May 2026 with estimated remediation costs of about $40 million.

Aug 10, 2026 8-K

Plains All American Pipeline 8-K Report, Acquisition Completed (Aug 7, 2026)

Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) reported second-quarter 2026 results on August 7, 2026. The headline GAAP figure is net income attributable to PAA of $1.830 billion for the quarter, versus $210 million a year earlier, driven by a net gain of approximately $1.6 billion from the sale of the Canadian NGL Business to Keyera Corp., which closed on May 12, 2026. Net cash provided by operating activities was $956 million, and Adjusted EBITDA attributable to PAA was $738 million, up from $672 million. Management states that Adjusted EBITDA from Crude Oil rose 19% year over year, while Adjusted EBITDA from NGL fell 54% due to the divestiture. Management reports pro forma leverage of 3.3x at quarter-end after roughly $2.9 billion of debt reduction funded with divestiture proceeds, near the low end of its 3.25x to 3.75x target range. The quarterly distribution was $0.4175 per unit ($1.67 annualized), which the company describes as a current yield of about 7%. Management also raised 2026 organic growth capital to $400 to $450 million from $350 million, including a 75 Mb/d expansion of the Cactus III pipeline, and cut maintenance capital guidance by $10 million to $175 million. The company reiterated that it is on track to meet full-year Adjusted EBITDA guidance and to capture $50 million of Cactus III synergies and $50 million of targeted cost reductions through year-end 2026. The filing notes that results include discontinued operations for the Canadian NGL Business, and the release identifies the bulk of second-quarter Adjusted EBITDA attributable to PAA as coming from crude oil.

Aug 7, 2026 8-K

Plains All American Pipeline 8-K Report, Material Agreement (Jun 17, 2026)

Plains All American Pipeline, L.P. reported in a Form 8-K dated June 17, 2026 that on June 12, 2026 it entered into a new unsecured Credit Agreement (the "Revolving Credit Agreement") with Bank of America, N.A. as Administrative Agent and Swing Line Lender, and with Bank of America, N.A., PNC Bank, National Association and Wells Fargo Bank, National Association as L/C Issuers. The Partnership, Plains Marketing, L.P. and Plains Canada Liquid Pipelines ULC are Borrowers, and certain subsidiaries may be designated as Designated Borrowers. The committed borrowing capacity is $2.7 billion, expandable at the Partnership's option to $4.0 billion subject to additional lender commitments, with a scheduled maturity of June 12, 2031 and provisions for one-year extensions. The facility replaces the Partnership's Credit Agreement dated August 20, 2021 (as amended), referred to as the Existing Revolving Credit Agreement, and PMLP's Fourth Amended and Restated Credit Agreement dated August 20, 2021 (as amended), referred to as the Hedged Inventory Facility. On June 12, 2026, in conjunction with closing, the Partnership, PCLP and PMLP repaid in full and terminated all obligations under both of those agreements. The new facility is described as customary for investment grade, senior unsecured bank credit agreements. It includes covenants restricting liens, indebtedness (including capital leases), asset sales or mergers, and affiliate transactions, and it prohibits distributions or equity repurchases while a Default or Event of Default exists. The quarterly financial covenant caps Consolidated Funded Indebtedness to adjusted Consolidated EBITDA at 5.00 to 1.00, rising to 5.50 to 1.00 during an Acquisition Period. Pricing depends on the Partnership's credit rating.

Jun 17, 2026 8-K

Plains All American Pipeline 8-K Report, Executive Changes (Jun 2, 2026)

Plains All American Pipeline, L.P. (PAA) filed a Current Report on Form 8-K dated June 2, 2026, under Item 5.02 (Departure of Directors or Certain Officers; Compensatory Arrangements of Certain Officers). The filing reports that on June 1, 2026, PAA and Plains GP Holdings, L.P. (PAGP) announced a leadership transition in the accounting function. Effective September 1, 2026, Russ Montgomery will be promoted to Vice President, Accounting and Chief Accounting Officer of Plains All American GP LLC and PAA GP Holdings LLC, the general partners of PAA and PAGP, respectively. Chris Herbold, who previously served as Senior Vice President, Finance and Chief Accounting Officer of PAA and PAGP, is retiring from the company effective August 31, 2026. The filing provides no compensation or contract terms for either executive. Mr. Montgomery, age 50, has served as Vice President, Controller of PAA since 2019, and previously held Controller from 2010 to 2019, Director of Operational Accounting from 2008 to 2010, Manager of Crude Oil Accounting from 2005 to 2008, and SEC and Financial Reporting Senior Analyst from 2002 to 2005. He joined PAA in September 2002 after four years at Arthur Andersen LLP. The change is an internal succession and does not involve any reported financial results or operational developments.

Jun 2, 2026 8-K

Plains All American Pipeline 8-K Report, Shareholder Vote Results (May 22, 2026)

Plains All American Pipeline, L.P. (PAA) reported in a Form 8-K dated May 22, 2026, the results of its 2026 annual meeting of common and Series A Convertible Preferred unitholders, held May 20, 2026. Unitholders other than Plains AAP, L.P. voted on how PAA should vote the Class C shares of Plains GP Holdings, L.P. (PAGP) that PAA owns at PAGP's annual meeting. The matters were the election of four Class I directors to the board of PAA GP Holdings LLC, ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal 2026, and a non-binding advisory vote on 2025 named executive officer compensation. About 83.2%, or 441,976,013 of the 530,943,161 units entitled to vote, were represented in person or by proxy. All four director nominees received majority support from votes cast, at percentages between 97.7% and 98.3%. The PricewaterhouseCoopers ratification received 99.0% of votes cast in favor. The advisory say-on-pay proposal received 60.5% of votes cast in favor, with 188,931,812 for, 121,666,547 against and 1,474,133 abstaining. The filing is a voting-results report. It does not describe any transaction, financial result or change in control, and it discloses no new financial figures beyond the vote tallies.

May 22, 2026 8-K

Plains All American Pipeline 8-K Report, Executive Changes (May 13, 2026)

On May 11, 2026, the Board of Directors of PAA GP Holdings LLC, the general partner of Plains All American Pipeline, L.P. (PAA), appointed Cynthia B. Taylor as an independent Class III director. She will also serve on the Compensation Committee and the Health, Safety, Environmental and Sustainability Committee. The filing and the accompanying press release describe her as having over 30 years of energy industry experience, most recently as Chief Executive Officer and President of Oil States International, Inc. and as a member of its board, a role she held from May 2007 until her retirement in May 2026. Ms. Taylor's background also includes serving as President and Chief Operating Officer of Oil States from May 2006 to May 2007, Chief Financial Officer of L.E. Simmons & Associates from 1999 to 2000, and Vice President—Controller of Cliffs Drilling Company, plus earlier roles at Ernst & Young LLP. She has been a director of AT&T Inc. since 2013 and chairs its audit committee, and she was a director of the Federal Reserve Bank of Dallas from January 2020 through December 31, 2025. She is a Certified Public Accountant. Compensation is set under the non-employee director program: an annual cash retainer of $120,000 and an annual grant of phantom Class A Shares of Plains GP Holdings, L.P. (PAGP) with a market value of approximately $160,000 on the grant date. These grants vest one year after the grant date and include distribution equivalent rights. The filing is a governance update and does not report any financial results or changes to the partnership's operations.

May 13, 2026 8-K

Plains All American Pipeline 8-K Report, Agreement Terminated (May 12, 2026)

Plains All American Pipeline, L.P. (Nasdaq: PAA) reported on May 12, 2026 that it completed the previously announced sale of Plains Midstream Canada ULC, the subsidiary owning substantially all of its natural gas liquids (NGL) business, to Keyera Corp. The sale was made under a Share Purchase Agreement dated June 17, 2025, as amended. The Seller received cash consideration of approximately CAD $5.13 billion (approximately USD $3.76 billion), subject to post-closing adjustments. Net proceeds of approximately $3.3 billion, after taxes and expenses, will be used to reduce leverage, including repaying commercial paper borrowings, the term loan, and the 4.50% senior notes due December 2026, and for other general partnership purposes. PAA also disclosed that the sale closing triggers mandatory prepayment of its $1.1 billion senior unsecured term loan, which was funded December 1, 2025, within seven business days of closing. PAA intends to terminate the Term Loan Agreement effective May 14, 2026 and repay all outstanding amounts. Transition services agreements between PAA and Keyera were entered into to support the transition of the business. In its accompanying press release, Plains said the sale completes its transformation into a pure play crude oil midstream company and expects its leverage ratio to trend toward the middle of its targeted range of 3.25 to 3.75x. Plains does not anticipate paying a special distribution, as the tax liability to unitholders from the divestiture is expected to be mitigated by bonus depreciation from the Cactus III acquisition. The NGL business is presented as discontinued operations in PAA's prior financial statements.

May 12, 2026 10-Q

Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2026

Plains All American Pipeline, L.P. reported net income attributable to PAA of $152 million for the three months ended March 31, 2026, compared with $443 million in the first quarter of 2025. Net income attributable to PAA was $100 million allocated to common unitholders, or $0.14 per basic and diluted common unit, versus $0.49 a year earlier. Results from continuing operations were $334 million of income, versus $380 million, while discontinued operations (the Canadian NGL Business) reported a loss of $103 million, versus income of $136 million. Total revenues rose to $12.47 billion from $11.48 billion, driven by higher crude oil sales volumes and commodity prices, and Crude Oil segment Adjusted EBITDA increased to $582 million from $559 million, benefiting from recent acquisitions and volume growth in the Permian Basin. The filing centers on the pending sale of the Canadian NGL Business to Keyera Corp. under a June 17, 2025 agreement, expected to close in May 2026 for approximately CAD$5.15 billion (about $3.75 billion). The company expects net proceeds of approximately $3.3 billion after taxes and expenses, to be used to reduce leverage, including commercial paper and term loan borrowings. The term loan must be mandatorily prepaid within seven business days of closing. Income tax expense of $216 million in current tax and an offsetting deferred tax benefit were recorded in continuing operations as part of restructuring tied to the divestiture. As of March 31, 2026, the company reported a working capital deficit of $380 million and approximately $1.8 billion of liquidity, and stated it was in compliance with its debt covenants. Cash and cash equivalents were $171 million, total debt was $11.38 billion, and the company reported Implied DCF of $484 million and Adjusted EBITDA of $852 million for the quarter, both including discontinued operations. Distributions of $0.4175 per common unit were declared for payment on May 15, 2026.

May 8, 2026 8-K

Plains All American Pipeline 8-K Report, Financial Results (May 8, 2026)

Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) reported first-quarter 2026 results on May 8, 2026 and raised full-year 2026 Adjusted EBITDA guidance. First-quarter Net income attributable to PAA was $152 million, down from $443 million, and Adjusted EBITDA attributable to PAA was $730 million, compared with $754 million a year earlier. Net cash provided by operating activities was $418 million versus $639 million. Results include both continuing and discontinued operations, since the Canadian NGL business sold to Keyera Corp. is classified as held for sale and discontinued operations. The company reported a pro forma leverage ratio of 4.1x at quarter-end and expects to move toward the midpoint of its 3.25x to 3.75x target range after the NGL divestiture closes. Management raised the midpoint of 2026 Adjusted EBITDA attributable to PAA guidance by $130 million to $2.880 billion, plus or minus $75 million, citing a strong oil macro environment and NGL contribution into May 2026. Full-year Adjusted Free Cash Flow guidance was increased to approximately $1.850 billion, excluding changes in assets and liabilities and anticipated NGL divestiture proceeds. Maintenance capital guidance increased to $185 million, while growth capital remains at $350 million. First-quarter Adjusted EBITDA from Crude Oil rose 4% to $582 million, while Adjusted EBITDA from NGL fell 23% to $145 million, due to lower frac spreads and reduced sales volumes from warmer weather. The quarterly distribution was $0.4175 per unit. The filing states the company expects the NGL divestiture to close in May 2026 and describes the transition to a pure-play crude oil midstream provider.

May 8, 2026 8-K

Plains All American Pipeline 8-K Report, Material Agreement (Mar 3, 2026)

Plains All American Pipeline, L.P. ("PAA") reported in a Form 8-K dated March 3, 2026 that on February 26, 2026 it and certain subsidiaries entered into two amendments with Bank of America, N.A., as administrative agent, to its credit facilities: a Third Amendment to Credit Agreement (the "Revolver") and a Third Amendment to Fourth Amended and Restated Credit Agreement (the "Hedged Inventory Facility"). The amendments are filed as Exhibits 10.1 and 10.2. The core change is a borrower substitution: Plains Midstream Canada ULC ("PMCULC") is replaced by Plains Canada Liquid Pipelines ULC ("PCLPULC") under each facility. PMCULC's commitments were terminated, it was released from its loan document obligations, and, for the Hedged Inventory Facility, its collateral liens were released. PCLPULC assumed the borrower obligations and, for the Hedged Inventory Facility, joined the security documents and granted a security interest in the collateral. PAA confirmed its guaranty of borrower obligations under the Hedged Inventory Facility remains in full force and effect. The filing states that, other than the borrower substitution, the amendments did not change aggregate lender commitments, maturity dates, pricing, covenants or other material economic terms of either facility.

Mar 3, 2026 10-K

Plains All American Pipeline Annual Report, Year Ended Dec 31, 2025

Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $1.435 billion for 2025, up from $772 million in 2024, with consolidated total revenues of $44.26 billion and Adjusted EBITDA of $3.374 billion (Adjusted EBITDA attributable to PAA of $2.833 billion). The results include both continuing and discontinued operations, with the Canadian NGL Business classified as held for sale and presented as discontinued operations following a June 2025 agreement to sell it to Keyera Corp. for approximately $3.75 billion USD (CAD$5.15 billion). The sale is expected to close around the end of the first quarter of 2026, and the company expects net proceeds of approximately $3.2 billion after taxes and expenses, which will be used to reduce leverage. The company describes its strategy as transitioning to a crude oil pure play business upon completion of that divestiture. The company's crude oil segment drove results, with Segment Adjusted EBITDA of $2.344 billion, up from $2.276 billion, supported by higher Permian Basin tariff volumes, acquisitions (including the EPIC/Cactus III pipeline acquired in October and November 2025 for total consideration of $2.016 billion), and tariff escalations, partially offset by fewer market-based opportunities and certain Permian long-haul contract rates resetting to market. Total debt was $11.259 billion at year-end 2025 versus $7.618 billion a year earlier, reflecting the EPIC acquisition funding and $3.0 billion of senior notes issued during 2025. The company reported over $2.0 billion of liquidity and stated it was in compliance with its debt covenants. Cash flow and distributions remained a focus. Net cash provided by operating activities was $2.936 billion, while Adjusted Free Cash Flow was negative $875 million after investing outflows, and Adjusted Free Cash Flow after Distributions was negative $2.170 billion. Implied DCF was $2.063 billion. The common unit distribution for the fourth quarter of 2025 was $0.4175 per unit, up from $0.3800 in the prior quarter's comparable period, with the company noting a 2026 investment capital plan of approximately $440 million and maintenance capital of approximately $185 million.

Feb 27, 2026 8-K

Plains All American Pipeline 8-K Report, Financial Results (Feb 6, 2026)

Plains All American Pipeline, L.P. (Nasdaq: PAA) reported fourth-quarter and full-year 2025 results on February 6, 2026, alongside 2026 guidance. For the full year 2025, net income attributable to PAA was $1.435 billion (versus $772 million in 2024, up 86%), and Adjusted EBITDA attributable to PAA was $2.833 billion (up 2% from $2.779 billion). Fourth-quarter net income attributable to PAA was $342 million and Adjusted EBITDA attributable to PAA was $738 million. The pro forma leverage ratio was 3.9x at year-end 2025, with management expecting a return toward the midpoint of its 3.25x to 3.75x target range after the anticipated closing of the Canadian NGL divestiture toward the end of the first quarter of 2026. The Canadian NGL business is presented as discontinued operations. For 2026, the company guides to full-year Adjusted EBITDA attributable to PAA with a midpoint of $2.75 billion, plus or minus $75 million, assuming one quarter of NGL contribution of $100 million. Management cites roughly $100 million of cost savings through 2027 (about half realized in 2026) and $50 million of expected synergies on the Cactus III acquisition, against an expectation of a relatively flat Permian production profile. Anticipated 2026 Adjusted Free Cash Flow is approximately $1.80 billion, with Growth Capital of plus or minus $350 million and Maintenance Capital of plus or minus $165 million net to Plains. On distributions, the company announced an annualized distribution increase of $0.15 per unit, payable February 13, 2026, bringing the new annualized rate to $1.67 per unit, a 10% aggregate increase versus 2025 levels. The Distribution Coverage ratio threshold was lowered from 160% to 150%. Full-year 2025 Adjusted Free Cash Flow was negative $875 million, reflecting a net cash outflow of $2.651 billion for acquisitions, including Cactus III, which was completed in the fourth quarter of 2025.

Feb 6, 2026 8-K

Plains All American Pipeline 8-K/A Report, Exhibit Filing (Jan 16, 2026)

Plains All American Pipeline, L.P. (PAA) filed this Form 8-K/A to supplement its November 6, 2025 Current Report on the EPIC Crude Oil Pipeline acquisition. The filing adds the audited 2024 and 2023 financial statements of EPIC Crude Holdings, LP, unaudited financial statements for the nine months ended September 30, 2025, and unaudited pro forma condensed combined financial information for PAA. PAA completed the purchase of a 55% non-operated equity interest on October 31, 2025, and the remaining 45% effective November 1, 2025, so it now indirectly owns 100% of EPIC Crude Holdings and its general partner and will serve as operator of record of the roughly 900-mile pipeline. The filing puts the transaction at total consideration of $2,016 million, consisting of $1,901 million of cash and $115 million of estimated fair value for contingent earnout payments. The 55% interest was acquired for approximately $1,568 million, including about $600 million of assumed debt, and the 45% interest for approximately $1,327 million, including about $500 million of assumed debt. Earnout arrangements could add up to $193 million tied to pipeline expansions sanctioned by the end of 2027 and up to $157 million tied to further expansions sanctioned by the end of 2028. The preliminary purchase price allocation assigns $2,716 million to property and equipment and $278 million to intangible assets, with the acquired EPIC debt recorded at $1,103 million. EPIC's standalone results were modest in the periods presented. Its 2024 net loss was $47.4 million on total operating revenues of $383.0 million, while its nine-month 2025 net income was $20.6 million compared with a net loss of $29.9 million in the prior-year period. The filing also discloses a $28.5 million motion for judgment in the Mercado lawsuit, which EPIC plans to challenge through post-trial motions and appeal, and EPIC carries a $0.2 million legal reserve for that matter. On a pro forma basis, PAA's 2024 net income attributable to PAA from continuing operations is shown at $347 million, compared with $541 million on the as-adjusted historical basis, reflecting the added depreciation, amortization and interest expense from the acquisition.

Jan 16, 2026 8-K

Plains All American Pipeline 8-K Report, Material Agreement (Dec 3, 2025)

Plains All American Pipeline, L.P. (PAA) reported in this Form 8-K, dated December 3, 2025, a refinancing of acquisition debt tied to its purchase of EPIC Crude Holdings. On October 31, 2025, PAA, through a wholly-owned subsidiary, acquired 100% of the equity interests in EPIC Crude Holdings, LP and the membership interests in EPIC Crude Holdings GP, LLC, which own and operate the EPIC Crude Oil Pipeline. The EPIC Credit Agreement provided a $1.2 billion term loan and a $125.0 million revolving credit facility, with approximately $1.1 billion outstanding under the term loan as of December 1, 2025 and no revolver borrowings. On December 1, 2025, PAA terminated the EPIC Credit Agreement and repaid all amounts outstanding. To fund this, PAA entered into a $1.1 billion senior unsecured term loan agreement on November 26, 2025 with PNC Bank, National Association as administrative agent. The loan is to be funded on or before December 2, 2025 and matures on the two-year anniversary of the closing date. PAA may prepay it at any time without premium or penalty. The filing states that the closing of the previously announced sale of PAA's Canadian natural gas liquids business to Keyera Corp. will trigger mandatory prepayment of all amounts outstanding within seven business days of that closing. The term loan bears interest at Term SOFR or Base Rate plus an applicable rate. For Term SOFR loans this is 1.125% until the first anniversary of closing and 1.250% thereafter. The agreement includes customary investment-grade covenants limiting liens, indebtedness, asset sales, mergers, affiliate transactions and burdensome agreements, and it restricts distributions on equity interests during any continuing default. A quarterly financial covenant limits Consolidated Funded Indebtedness to adjusted Consolidated EBITDA of no greater than 5.00 to 1.00, rising to 5.50 to 1.00 during an Acquisition Period.

Dec 3, 2025 8-K

Plains All American Pipeline 8-K Report, Material Agreement (Nov 14, 2025)

On November 14, 2025, Plains All American Pipeline, L.P. ("PAA") and PAA Finance Corp. completed a public offering of $750 million aggregate principal amount of senior notes, consisting of $300 million of 4.700% Senior Notes due 2031 and $450 million of 5.600% Senior Notes due 2036. The notes were issued as additional issuances of existing series first issued on September 8, 2025, with $700 million (2031 Notes) and $550 million (2036 Notes) originally issued that day. Following this offering, each series has $1 billion aggregate principal outstanding, and the new notes share the same CUSIP and trade interchangeably with the initial notes. The notes are PAA's senior unsecured obligations, ranking equally with its existing and future senior debt and senior to future subordinated debt, and are effectively subordinated to secured debt to the extent of collateral value. Interest is payable each January 15 and July 15, beginning January 15, 2026. The Indenture contains covenants restricting sale and leaseback transactions, liens, mergers and asset transfers, subject to exceptions, along with customary events of default, including payment defaults on other indebtedness of $150.0 million or more. The offering was made under an underwriting agreement dated November 10, 2025 with Citigroup Global Markets Inc., CIBC World Markets Corp., RBC Capital Markets, LLC, and SMBC Nikko Securities America, Inc. as representatives, and was sold under a shelf registration statement on Form S-3 filed September 6, 2024. The filing describes the terms in summary form and refers to the prospectus supplement dated November 10, 2025 for full details.

Nov 14, 2025 10-Q

Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2025

Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $441 million 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 billion 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 billion 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 billion 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.

Nov 7, 2025 8-K

Plains All American Pipeline 8-K Report, Material Agreement (Nov 6, 2025)

On October 31, 2025, a wholly-owned subsidiary of Plains All American Pipeline, L.P. (PAA) completed the purchase of an aggregate 55% non-operated equity interest in EPIC Crude Holdings, LP, owner and operator of the EPIC Crude Oil Pipeline, along with 55% of the membership interests in EPIC Crude Holdings GP, LLC, for a purchase price of approximately $1.57 billion, inclusive of approximately $600 million of debt under the EPIC Term Loan. The purchase price is subject to post-closing adjustments, and an earnout of approximately $193 million is payable if an expansion of the pipeline to at least 900,000 barrels per day is formally sanctioned before the end of 2027. Effective November 1, 2025, in a separate transaction, the subsidiary bought the remaining 45% equity interest in EPIC Crude Holdings and the remaining 45% of the membership interests in EPIC GP from a subsidiary of Ares Management LLC for approximately $1.33 billion, inclusive of approximately $500 million of EPIC Term Loan debt. An earnout of up to approximately $157 million is tied to incremental expansion capacity of up to 300,000 barrels per day above 650,000 barrels per day sanctioned before the end of 2028. As a result, PAA now indirectly owns 100% of EPIC Crude Holdings and EPIC GP and will serve as operator of record of the pipeline. The filing also describes the EPIC Credit Agreement, which provides a $1.2 billion term loan and a $125.0 million revolving credit facility. As of November 1, 2025, approximately $1.1 billion was outstanding under the term loan and nothing under the revolver. PAA does not guarantee this debt, which is secured by substantially all assets of the EPIC entities. The agreement includes a Debt Service Coverage Ratio covenant of at least 1.10 to 1.00 and a Consolidated Superpriority Leverage Ratio covenant of no more than 1.00 to 1.00, tested quarterly. PAA has guaranteed certain of the Buyer's obligations under both purchase agreements.

Nov 6, 2025 8-K

Plains All American Pipeline 8-K Report, Financial Results (Nov 5, 2025)

Plains All American Pipeline, L.P. (Nasdaq: PAA) furnished a press release reporting third-quarter 2025 results and announcing the closing of acquisitions totaling a 100% equity interest in EPIC Crude Oil Pipeline. For the quarter, PAA reported net income attributable to PAA of $441 million, net cash provided by operating activities of $817 million, and Adjusted EBITDA attributable to PAA of $669 million, with a leverage ratio of 3.3x, toward the low end of its 3.25x-3.75x target range. Results are presented on a consolidated basis including discontinued operations for the Canadian NGL Business, which is being sold to Keyera Corp. and is expected to close in the first quarter of 2026. The company completed its acquisition of a 55% EPIC interest on October 31, 2025, and effective November 1, 2025, acquired the remaining 45% operated interest from a portfolio company of Ares Private Equity funds for approximately $1.33 billion, inclusive of approximately $500 million of debt, plus a potential earnout of up to $157 million tied to certain pipeline expansions by 2028. Management expects leverage toward the midpoint of its target range (~3.5x) after the announced acquisitions and the NGL divestiture, and forecasts full-year 2025 Adjusted EBITDA attributable to Plains of $2.84 to $2.89 billion, including approximately $40 million from EPIC. Crude oil Adjusted EBITDA rose 3% year over year to $593 million in the third quarter, while NGL Adjusted EBITDA declined 4% to $70 million. Management highlighted an approximately 9.5% distribution yield and distribution coverage, and noted that the company intends to rename the EPIC system Cactus III.

Nov 5, 2025 8-K

Plains All American Pipeline 8-K Report, Material Agreement (Sep 8, 2025)

On September 8, 2025, Plains All American Pipeline, L.P. ("PAA") and PAA Finance Corp. (together, the "Issuers") completed a public offering of $1.25 billion aggregate principal amount of senior notes. The offering consisted of $700,000,000 of 4.700% Senior Notes due January 15, 2031 and $550,000,000 of 5.600% Senior Notes due January 15, 2036. Interest is payable each January 15 and July 15, beginning January 15, 2026, and the Issuers may redeem some or all of the notes before maturity at the redemption prices specified in the indenture. The notes are PAA's senior unsecured obligations. They rank equally with all of PAA's existing and future senior debt, rank senior to future subordinated debt, and are effectively subordinated to secured debt to the extent of the value of the collateral securing that debt. The indenture restricts PAA and certain subsidiaries from entering into sale and leaseback transactions, incurring liens, merging or consolidating, and transferring or selling assets, subject to a number of exceptions. Customary events of default include interest payment defaults continuing for 60 days, principal or premium payment defaults, and cross-defaults on other indebtedness of $150.0 million or more. The offering was made under an underwriting agreement dated September 3, 2025 with BofA Securities, Inc., Barclays Capital Inc., PNC Capital Markets LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC, as representatives of the underwriters, and was registered on a Form S-3 shelf registration statement (No. 333-281967). The filing identifies the prospectus supplement dated September 3, 2025 as the source of other material terms of the notes.

Sep 8, 2025 8-K

Plains All American Pipeline 8-K Report, Material Agreement (Sep 2, 2025)

Plains All American Pipeline, L.P. (Nasdaq: PAA) disclosed in an 8-K dated September 2, 2025 that a wholly-owned subsidiary entered into a definitive Purchase and Sale Agreement on August 30, 2025 to acquire a 55% non-operated interest in EPIC Crude Holdings, LP, the entity that owns and operates the EPIC Crude Oil Pipeline. The base purchase price is approximately $1.57 billion, which includes approximately $600 million of debt. The sellers are subsidiaries of Diamondback Energy, Inc. and Kinetik Holdings Inc. The remaining 45% interest is owned by a portfolio company of Ares Management Corporation, which also serves as operator. The pipeline provides long-haul crude oil takeaway from the Permian and Eagle Ford basins to the Gulf Coast market at Corpus Christi. The filing states EPIC Crude Holdings has approximately 800 miles of long-haul pipelines, operating capacity of over 600,000 barrels per day, approximately 7 million barrels of operational storage, and over 200,000 barrels per day of export capacity. A potential earnout payment of approximately $193 million is payable if an expansion to at least 900,000 barrels per day is formally sanctioned before the end of 2027. The companies expect the transaction to close in the first quarter of 2026, subject to customary conditions including regulatory approvals. Management states the deal is expected to be immediately accretive to distributable cash flow, that pro forma leverage should remain within the target range excluding NGL divestiture proceeds, and that it will be financed with cash and debt. The accompanying press release, furnished as Exhibit 99.1, also refers to Hart-Scott-Rodino clearance as a closing condition.

Sep 2, 2025 8-K

Plains All American Pipeline 8-K Report, Executive Changes (Aug 18, 2025)

On August 14, 2025, the Board of PAA GP Holdings LLC, the general partner of Plains All American Pipeline, L.P. (PAA), approved a five-year extension of the expiration date of Willie Chiang's 2018 Promotional Grant, from October 2025 to October 2030. The filing says the extension is meant to encourage Mr. Chiang to remain as Chief Executive Officer and President for up to five more years to pursue key strategic initiatives and develop potential successors. The grant's other terms, including its 500,000 phantom units and vesting conditions, are unchanged. Vesting still depends on PAA's distributable cash flow (DCF) per Common Unit reaching specified levels, and any units not vested by October 1, 2030 will expire. The Board also approved special retention grants on the same date for Jeremy Goebel, Executive Vice President and Chief Commercial Officer, and Chris Chandler, Executive Vice President and Chief Operating Officer. Mr. Goebel received a five-year award of 545,550 phantom units, vesting on the August 2030 distribution date, and Mr. Chandler received a three-year award of 327,350 phantom units, vesting on the August 2028 distribution date, in each case subject to continued service. The grants are intended to extend retention beyond August 2026, when their November 2019 special retention grants are scheduled to vest. For investors, the filing mainly signals leadership continuity and retention at the executive level. It sets out the compensation terms tied to PAA's DCF per Common Unit and distribution dates, which determine when and whether the awards pay out in PAA common units.

Aug 18, 2025 8-K

Plains All American Pipeline 8-K Report, Financial Results (Aug 8, 2025)

Plains All American Pipeline, L.P. (Nasdaq: PAA) reported second-quarter 2025 results on August 8, 2025, in a press release furnished as Exhibit 99.1. The company reported net income attributable to PAA of $210 million and net cash provided by operating activities of $694 million for the quarter, with Adjusted EBITDA attributable to PAA of $672 million. The company exited the quarter with a 3.3x leverage ratio, toward the low end of its 3.25x to 3.75x target range. For the six months ended June 30, 2025, net income attributable to PAA was $653 million, compared with $515 million in the prior-year period. The most significant development is the agreement, signed June 17, 2025, to sell substantially all of the company's Canadian NGL business to Keyera Corp. The filing describes total cash consideration of approximately $5.15 billion CAD ($3.75 billion USD), with expected closing in the first quarter of 2026, subject to regulatory approval. The company states that NGL sale proceeds of roughly $3.0 billion net USD will be prioritized toward bolt-on M&A, preferred unit repurchases and opportunistic common unit repurchases. The Canadian NGL business has been classified as held for sale and presented as discontinued operations, with prior periods restated. Other developments include the July 22, 2025 acquisition of an additional 20% interest in BridgeTex Pipeline Company, LLC, which brings PAA's total interest to 40%. Quarterly distributions declared per common unit were $0.3800, compared with $0.3175 a year earlier, and Adjusted Free Cash Flow after Distributions was $28 million for the quarter, versus $125 million in the prior-year quarter.

Aug 8, 2025 10-Q

Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2025

Plains All American Pipeline, L.P. reported net income attributable to PAA of $653 million for the six months ended June 30, 2025, compared with $515 million in the first six months of 2024. For the three months ended June 30, 2025, net income attributable to PAA was $210 million, versus $250 million a year earlier. Total revenues for the six months were $22.12 billion, against $24.40 billion, with product sales revenues down 10% as lower commodity prices were partially offset by higher crude oil sales volumes. Adjusted EBITDA for the six months was $1.69 billion, and Implied DCF was $1.04 billion, while Adjusted Free Cash Flow after Distributions was negative $612 million, as distributions paid to common and preferred unitholders exceeded free cash flow in the period. The most significant development is the pending sale of the Canadian NGL Business to Keyera Corp. under a Share Purchase Agreement dated June 17, 2025, for approximately CAD$5.15 billion (approximately $3.75 billion), expected to close in the first quarter of 2026. The Canadian NGL Business is presented as discontinued operations, and income from discontinued operations rose to $206 million for the six months from $42 million. The company also hedged the deal's currency exposure with a CAD$4.5 billion forward instrument carrying a $49 million liability, and estimated that a liability of approximately $45 million would arise from a related frac spread guarantee if the sale closed in the first quarter of 2026. Balance sheet activity included $1.0 billion of 5.95% senior notes due 2035 issued in January 2025, the repurchase of about 12.7 million Series A preferred units for approximately $333 million, and total debt rising to $8.68 billion from $7.62 billion at year-end 2024. The company reported a working capital surplus of $9 million and approximately $2.7 billion of liquidity. Line 901 remains the largest legal and environmental matter, with total estimated costs of approximately $870 million, and the company stated it has accrued adequate amounts for probable and reasonably estimable costs.

Aug 8, 2025 8-K

Plains All American Pipeline 8-K Report, Material Agreement (Jun 17, 2025)

On June 17, 2025, a wholly-owned subsidiary of Plains All American Pipeline, L.P. (PAA) entered into a definitive Share Purchase Agreement with Keyera Corp. to sell all outstanding shares of Plains Midstream Canada ULC, the PAA subsidiary that owns substantially all of its natural gas liquids (NGL) business. The cash purchase price is approximately C$5.15 billion, subject to adjustments, which the accompanying press release states is about $3.75 billion USD. PAA will retain substantially all U.S. NGL assets and all Canadian crude oil assets, and it will guarantee certain of the seller's obligations under the agreement. The transaction is expected to close in the first quarter of 2026, subject to customary conditions, including regulatory approvals. According to the press release, net proceeds are expected to be approximately $3.0 billion USD after taxes, transaction expenses and a potential one-time special distribution of an estimated $0.35 per unit, which is subject to Board approval and closing. Management states that the purchase price represents approximately 13x expected 2025 Distributable Cash Flow and that the sale will reduce commodity-related EBITDA, seasonality and working capital requirements. Proceeds are to be prioritized toward disciplined bolt-on M&A, possible repurchases of Series A and Series B Preferred units, and opportunistic common unit repurchases. Management also expects post-closing leverage at or below the low end of its target range. The closing is a taxable event expected to flow taxable income through to PAA common unitholders, with PAA estimating approximately $360 million USD of Canadian entity-level taxes. The filing states that an expected foreign tax credit, together with any passive activity loss carryforwards, should offset a significant portion of, and in some cases all of, the taxable gain passed to individual unitholders. Plains also does not anticipate paying meaningful Canadian corporate taxes for several years after closing. The NGL assets will be reclassified as discontinued operations as of June 30, 2025.

Jun 17, 2025 8-K

Plains All American Pipeline 8-K Report, Shareholder Vote Results (May 23, 2025)

Plains All American Pipeline, L.P. (PAA) reported the results of its 2025 annual meeting of common and Series A Convertible Preferred unitholders, held May 21, 2025. Unitholders, excluding Plains AAP, L.P., voted on how PAA should vote the Class C shares of Plains GP Holdings, L.P. (PAGP) that PAA owns at PAGP's annual meeting. The matters were the election of four Class II directors to the board of PAA GP Holdings LLC until the 2028 annual meeting, ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, and a non-binding advisory vote on 2024 named executive officer compensation. Approximately 82.4% of the 529,331,928 common and Series A Preferred units entitled to vote, or 436,097,919 units, were represented in person or by proxy. Each of the three matters received a high percentage of votes cast in favor. The director nominees received between 86.9% and 99.0% of votes cast in favor, the auditor ratification received 98.9%, and the advisory compensation vote received 97.5%. The filing states that these votes were cast on a pass-through basis. The filing reports voting results only and does not describe any new corporate actions, financial results, or changes in governance beyond the matters voted on. Investors can view the full proposals and nominee details in PAA's Proxy Statement dated April 11, 2025, which the filing references.

May 23, 2025 10-Q

Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2025

Plains All American Pipeline, L.P. reported net income attributable to PAA of $443 million for the three months ended March 31, 2025, up from $266 million a year earlier, and net income of $516 million compared with $351 million. The filing attributes the increase largely to fluctuations in derivative mark-to-market valuations, along with higher Segment Adjusted EBITDA from the Crude Oil and NGL segments. Consolidated Adjusted EBITDA was $881 million versus $847 million, and Adjusted EBITDA attributable to PAA was $754 million versus $718 million. Operating cash flow rose to $639 million from $419 million, but Adjusted Free Cash Flow was negative at $(308) million, compared with $70 million in the prior-year quarter, largely reflecting acquisition and capital spending. First-quarter capital activity was heavy. Total capital expenditures were $867 million, including $665 million of acquisition capital, primarily for the Ironwood Midstream gathering system (about $481 million in cash) and the Medallion Midstream acquisition ($163 million, or about $106 million net to the Partnership's 65% interest in the Permian JV). The Partnership also acquired the remaining 50% interest in Cheyenne Pipeline LLC, which produced a $31 million gain. Total debt rose to $8.68 billion from $7.62 billion after the issuance of $1.0 billion of 5.95% senior notes due 2035, which funded acquisitions and the repurchase of about 12.7 million Series A preferred units for approximately $333 million plus accrued distributions. Coverage and liquidity remain central to the investment case. Implied DCF was $526 million versus $534 million, and Implied DCF Available to Common Unitholders was $462 million versus $470 million. Common unit cash distributions of $267 million produced Implied DCF Excess of $195 million, compared with $247 million a year earlier. The Partnership reported approximately $2.6 billion of liquidity, a working capital surplus of $44 million, and a Line 901 cost estimate of approximately $870 million, of which $275 million of the $500 million 2015 insurance program has been collected.

May 9, 2025 8-K

Plains All American Pipeline 8-K Report, Financial Results (May 9, 2025)

Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) reported first-quarter 2025 results on May 9, 2025, as furnished in Exhibit 99.1. PAA reported net income attributable to PAA of $443 million, up from $266 million a year earlier, and net cash provided by operating activities of $639 million, compared with $419 million. Adjusted EBITDA attributable to PAA was $754 million, versus $718 million in the prior-year period. Management said the company exited the quarter with a 3.3x leverage ratio, toward the low end of its 3.25x to 3.75x target range, including previously announced and closed transactions. Cash flow was weighed by acquisitions. The quarter included a net cash outflow of $624 million for bolt-on acquisitions, and Adjusted Free Cash Flow was negative $308 million, compared with $70 million a year earlier. Adjusted Free Cash Flow after Distributions was negative $639 million. The filing states that the Series A preferred units repurchase and the cash distribution of $0.38 per unit (described as a current distribution yield of about 9.0%) were paid during the period. Long-term debt-to-total book capitalization rose to 46% from 42% at year-end 2024, and senior notes, net increased to $8,131 million from $7,141 million. Segment results were mixed. Crude Oil Segment Adjusted EBITDA was $559 million, roughly flat versus $553 million, as higher tariff volumes, tariff escalations and bolt-on contributions were offset by higher operating expenses and refinery downtime. NGL Segment Adjusted EBITDA rose to $189 million from $159 million, driven by higher weighted average frac spreads and NGL sales volumes. Management described its focus on efficient growth and financial discipline, and highlighted the Cheyenne Pipeline acquisition, the Black Knight Permian gathering acquisition for approximately $55 million, and the Fort Saskatchewan fractionation debottleneck placed into service.

May 9, 2025 8-K

Plains All American Pipeline 8-K Report, Executive Changes (Mar 26, 2025)

Plains All American Pipeline, L.P. filed a Form 8-K on March 26, 2025 under Item 5.02 to disclose a leadership succession plan. Harry Pefanis will retire as President of Plains All American Pipeline, L.P. and Plains GP Holdings, L.P. effective June 1, 2025. He will remain on the Board of Directors and become a Senior Advisor to Plains. Willie Chiang, Chairman of the Board and CEO, will additionally assume the role of President upon Mr. Pefanis's retirement. The company describes these changes as in line with its long-term succession plan. The accompanying press release (Exhibit 99.1) also announces Board changes effective the same date. Bobby Shackouls will be succeeded as Lead Director and Chair of the Governance Committee by John Raymond. Mr. Shackouls will succeed Mr. Raymond as Chair of the Compensation Committee, and each will remain a member of the other's committee to ensure continuity. The filing includes no financial results, guidance, or transaction terms. For investors, the filing is primarily a governance and management-transition disclosure rather than a financial event. The filing states that Mr. Pefanis has over 27 years of service with the company and more than four decades including time before the 1998 IPO, and that Mr. Chiang will hold both the Chairman/CEO and President roles afterward.

Mar 26, 2025 10-K

Plains All American Pipeline Annual Report, Year Ended Dec 31, 2024

Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $772 million for 2024, down from $1.230 billion in 2023, a decline the company attributes largely to Line 901 incident costs (including a $225 million write-off of insurance receivable in Q4 2024 and $120 million of settlements in Q3 2024), losses on asset sales and impairments, and higher Canadian withholding tax expense. Segment Adjusted EBITDA rose on the Crude Oil segment, driven by higher pipeline tariff volumes, tariff escalations and acquisitions, partly offset by a decline in NGL segment Adjusted EBITDA to $480 million from $522 million. Consolidated Adjusted EBITDA was $3.326 billion versus $3.167 billion, and Adjusted EBITDA attributable to PAA was $2.779 billion versus $2.711 billion. Liquidity was over $2.6 billion at December 31, 2024, with net cash provided by operating activities of $2.49 billion. Management targets an investment-grade credit profile and a leverage multiple averaging 3.25x to 3.75x. Total consolidated debt face value was approximately $7.7 billion. In early 2025, the company completed a $1 billion 5.95% senior notes offering, acquired two bolt-on gathering businesses for approximately $580 million net to its interest, and repurchased about 12.7 million Series A preferred units for roughly $333 million. The company expects 2025 investment capital of approximately $500 million ($400 million net to its interest) and maintenance capital of approximately $260 million ($240 million net to its interest), to be funded primarily with retained cash flow. Common unit distributions were $0.38 per unit for the fourth quarter of 2024, paid February 14, 2025.

Feb 28, 2025 8-K

Plains All American Pipeline 8-K Report, Financial Results (Feb 7, 2025)

Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) reported fourth-quarter and full-year 2024 results on February 7, 2025, and furnished the press release as Exhibit 99.1. For the fourth quarter, net income attributable to PAA was $36 million versus $312 million a year earlier, and diluted net income per common unit was $(0.04). The quarter absorbed a $225 million charge from the write-off of a receivable for Line 901 insurance proceeds and $140 million of non-cash charges tied to the write-down of two U.S. NGL terminals. Full-year 2024 net income attributable to PAA was $772 million, and Adjusted EBITDA attributable to PAA was $2.78 billion, above the top end of guidance. Full-year net cash provided by operating activities was $2.49 billion, and Adjusted Free Cash Flow was $1.17 billion excluding changes in assets and liabilities, with leverage ending the year at 3.0x. The company also described its efficient growth initiatives, including closing three bolt-on acquisitions for approximately $670 million net to PAA (including Ironwood Midstream Energy) and purchasing about 12.7 million Series A Preferred Units for roughly $330 million. For 2025, management guides to Adjusted EBITDA attributable to PAA of $2.80 to $2.95 billion, and expects Adjusted Free Cash Flow of approximately $1.15 billion, reduced by about $580 million for bolt-on transactions closed in the first quarter. Growth capital is expected at +/- $400 million and maintenance capital at +/- $240 million, net to PAA. A distribution increase of $0.25 per unit, payable February 14, 2025, implies a new annual distribution of $1.52 per unit, which the filing describes as a 20% aggregate increase. Balance sheet actions included a $1 billion senior unsecured notes offering in January 2025 at 5.95% due 2035. Management anticipates leverage at or below the low end of its 3.25x to 3.75x target range. The filing also notes that the Crude Oil segment's Adjusted EBITDA rose 1% in the quarter while the NGL segment's fell 9%, reflecting lower weighted average frac spreads.

Feb 7, 2025 8-K

Plains All American Pipeline 8-K Report, Material Agreement (Jan 15, 2025)

Plains All American Pipeline, L.P. ("PAA") and its co-issuer PAA Finance Corp. completed a public offering on January 15, 2025 of $1 billion aggregate principal amount of 5.950% Senior Notes due 2035. The notes mature on June 15, 2035, with interest payable each June 15 and December 15, commencing June 15, 2025. The Issuers may redeem some or all of the notes at any time prior to maturity at the redemption prices specified in the Indenture. The notes are PAA's senior unsecured obligations, ranking equally in right of payment with all of PAA's existing and future senior debt and senior to its future subordinated debt. They are effectively subordinated to PAA's secured debt to the extent of the value of the collateral securing that debt. The Indenture contains limitations, subject to important exceptions, on sale and leaseback transactions, liens, mergers or consolidations, and asset transfers, along with customary events of default. Notable default triggers include cross-payment defaults and accelerations on other PAA and subsidiary indebtedness totaling $150.0 million or more, and holders of at least 25% in principal amount of the notes may declare amounts due upon an event of default. The offering was made under the Issuers' Form S-3 shelf registration (No. 333-281967) filed September 6, 2024, pursuant to an underwriting agreement dated January 13, 2025 with J.P. Morgan Securities LLC, BMO Capital Markets Corp., Mizuho Securities USA LLC and Scotia Capital (USA) Inc. as representatives. The Thirty-Fourth Supplemental Indenture is filed as Exhibit 4.1, and the underwriting agreement as Exhibit 1.1.

Jan 15, 2025 8-K

Plains All American Pipeline 8-K Report, Corporate Update (Jan 10, 2025)

Plains All American Pipeline, L.P. (Nasdaq: PAA) reported on January 7, 2025, through Exhibit 99.1 to this Form 8-K, that it announced three bolt-on acquisitions, a capital structure optimization transaction, and a distribution increase. The three acquisitions total an aggregate cash consideration of approximately $670 million net to Plains: the agreed purchase of Ironwood Midstream Energy, an Eagle Ford Basin gathering system, from EnCap Flatrock Midstream for approximately $475 million (expected to close in the first quarter of 2025); the acquisition by a subsidiary of the Plains Permian Basin joint venture of Medallion Midstream's Delaware Basin crude oil gathering business for approximately $160 million ($105 million net to PAA's interest), effective January 1, 2025; and the acquisition of the remaining 50% interest in Midway Pipeline LLC from a subsidiary of CVR Energy for approximately $90 million, completed December 23, 2024. Management states these transactions enhance Plains' crude oil footprint in the Permian, Eagle Ford and Mid-Con. On the capital structure side, Plains agreed to buy approximately 12.7 million Series A Preferred Units, or 18% of the outstanding amount, at par ($26.25) for approximately $330 million plus accrued and unpaid distributions, from EnCap Flatrock Midstream, with closing expected in late January 2025. After giving effect to these transactions, the leverage ratio is expected to be at or below the low end of the 3.25x to 3.75x target range. The Board also approved an increase in the quarterly distribution payable in February 2025 for both PAA common units and PAGP Class A shares, from $0.3175 to $0.38 per unit. The filing states this represents an annualized increase of $0.25 per unit, or 20%, over the distribution paid in November 2024. The filing is signed by Richard McGee, Executive Vice President, on January 10, 2025.

Jan 10, 2025 8-K

Plains All American Pipeline 8-K Report, Regulation FD Disclosure (Dec 9, 2024)

Plains All American Pipeline, L.P. ("PAA") filed this Current Report on Form 8-K on December 9, 2024 under Item 7.01 (Regulation FD Disclosure). The filing states that representatives from PAA and Plains GP Holdings, L.P. ("PAGP") will meet with analysts and investors at a hosted event on December 9, 2024. In connection with the event, Plains intends to publish updated presentation materials on its website, www.plains.com, under "Investors — News & Events — Events & Presentations," available for viewing on December 9, 2024. The information is furnished rather than filed, so it is not deemed filed for purposes of Section 18 of the Exchange Act and is not incorporated by reference into Securities Act or Exchange Act filings unless expressly referenced. PAA and PAGP state they do not undertake to update the posted information, but may post additional information in future press releases, Forms 8-K, and periodic Exchange Act reports. The filing itself contains no financial results, guidance, or quantitative figures. Its substance is limited to notice of the investor event and the availability of presentation materials, which investors can review for the company's latest commentary. The filing was signed by Richard McGee, Executive Vice President, on behalf of Plains All American Pipeline, L.P.'s general partner structure.

Dec 9, 2024 10-Q

Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2024

Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $736 million for the first nine months of 2024, compared to $918 million in the same period of 2023, with the filing attributing the decrease to favorable 2023 items (gains on asset sales and the mark-to-market adjustment of the Preferred Distribution Rate Reset Option), higher Line 901 incident costs, and higher income tax expense. Results from the Crude Oil segment improved, with Segment Adjusted EBITDA of $1.707 billion for the nine months versus $1.600 billion a year earlier, partially offset by a decline in the NGL segment, where Segment Adjusted EBITDA fell to $326 million from $352 million. Consolidated Adjusted EBITDA rose to $2.459 billion from $2.292 billion, and Implied DCF increased to $1.493 billion from $1.423 billion. The balance sheet shows total assets of $27.155 billion and total debt of $7.977 billion at September 30, 2024. The company completed a $650 million 5.70% senior notes offering due 2034 in June 2024 and used proceeds to repay commercial paper and prepare for the redemption of its $750 million 3.60% notes due November 2024. Cash flow from operations was $1.763 billion for the nine months, and the company had approximately $3.3 billion of liquidity. Common unit distributions remained at $0.3175 per unit for the quarter. The filing also highlights the Line 901 matter, where the company estimates aggregate total costs of approximately $870 million, has recognized a $120 million charge in the nine-month period, and has a receivable of approximately $225 million for insurance recoveries. The company has initiated arbitration against insurers denying coverage of the $230 million Class Action Settlement, with a decision expected in January 2025 on $175 million of the claim.

Nov 8, 2024 8-K

Plains All American Pipeline 8-K Report, Financial Results (Nov 8, 2024)

Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) reported third-quarter 2024 results on November 8, 2024, as furnished in Exhibit 99.1. PAA reported net income attributable to PAA of $220 million for the quarter, up from $203 million a year earlier, and net cash provided by operating activities of $692 million. Adjusted EBITDA attributable to PAA was $659 million, compared with $662 million in the prior-year quarter. For the nine months, net income attributable to PAA was $736 million versus $918 million, and Adjusted EBITDA attributable to PAA was $2.051 billion versus $1.974 billion. The company ended the quarter with a 3.0x leverage ratio, below its 3.25x to 3.75x target range, and Moody's upgraded its rating from Baa3 to Baa2 with a stable outlook. The release states the company is now mid-BBB at all three credit rating agencies. The quarter also included a $120 million charge to GAAP earnings from two lawsuit settlements resolving the remaining material Line 901 claims against Plains. For full-year 2024, the company expects Adjusted EBITDA attributable to PAA toward the high end of its $2.725 to $2.775 billion guidance range, and Adjusted Free Cash Flow of approximately $1.45 billion, excluding changes in assets and liabilities. Crude Oil segment Adjusted EBITDA rose 4% in the quarter, while NGL segment Adjusted EBITDA fell 26% on lower weighted average frac spreads.

Nov 8, 2024 8-K

Plains All American Pipeline 8-K Report, Material Agreement (Aug 22, 2024)

Plains All American Pipeline, L.P. filed this Current Report on Form 8-K dated August 22, 2024 to disclose two amendments to its existing credit facilities, both entered into on August 19, 2024. The filing reports no earnings, operating results, or financial statements; its disclosure is limited to changes in the terms of its borrowing arrangements. Under the Revolving Credit Facility Amendment, the Partnership and Plains Midstream Canada ULC (PMC) amended their Credit Agreement dated August 20, 2021, with Bank of America, N.A. as administrative agent. The amendment replaces the Canadian dollar offered rate (CDOR) with rates based on the Canadian Overnight Repo Rate Average (CORRA), eliminates the requirement that lenders accept Canadian bankers' acceptances issued by PMC or other designated borrowers, and extends the maturity date from August 18, 2028 to August 17, 2029. Under the Hedged Inventory Facility Amendment, Plains Marketing, L.P. (PMLP), a wholly-owned subsidiary of the Partnership, and PMC amended their Fourth Amended and Restated Credit Agreement dated August 20, 2021, with the Partnership as guarantor. It makes the same CDOR-to-CORRA transition and bankers' acceptance change, and extends the maturity date from August 18, 2026 to August 18, 2027. The full amendments are filed as Exhibits 10.1 and 10.2.

Aug 22, 2024 10-Q

Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2024

Plains All American Pipeline, L.P. (PAA) reported total revenues of $12.93 billion for the three months ended June 30, 2024, up from $11.60 billion a year earlier, while net income attributable to PAA fell to $250 million from $293 million. For the six months, net income attributable to PAA was $515 million versus $715 million. The filing attributes the decline mainly to the 2023 period including gains on asset sales and a mark-to-market gain on the Preferred Distribution Rate Reset Option, along with a 2024 income tax expense. Non-GAAP Adjusted EBITDA rose 15% to $807 million in the second quarter and 9% to $1.65 billion for the six months. The Crude Oil segment drove the improvement, with Segment Adjusted EBITDA up to $576 million for the quarter from $529 million, and the NGL segment rising to $94 million from $62 million. Cash generation weakened on a GAAP basis. Net cash provided by operating activities was $1.072 billion for the first six months of 2024 versus $1.631 billion in 2023, which management attributes to unfavorable working capital changes, primarily margin requirements tied to hedging. Adjusted Free Cash Flow after Distributions was negative $92 million, compared with $985 million a year earlier. At June 30, 2024, the partnership reported a working capital deficit of $19 million and about $3.2 billion of liquidity. In June 2024 it issued $650 million of 5.70% senior notes due 2034, with proceeds intended to partially repay its $750 million 3.60% senior notes due November 2024. The filing highlights continuing Line 901 exposure. Management now estimates total Line 901 costs at approximately $750 million, which exceeds the $500 million 2015 insurance program limit by $250 million. The partnership has recognized a receivable of about $225 million for costs it believes are probable of recovery, and insurers have denied coverage for $185 million of the remaining $225 million of Class Action Settlement coverage. PAA has initiated arbitration against those insurers, and the filing states that an unfavorable resolution could have a material impact on results of operations.

Aug 9, 2024 8-K

Plains All American Pipeline 8-K Report, Financial Results (Aug 2, 2024)

Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) reported second-quarter 2024 results on August 2, 2024 and raised full-year 2024 Adjusted EBITDA guidance. Net income attributable to PAA was $250 million for the quarter, down from $293 million a year earlier, and net cash provided by operating activities was $653 million. Adjusted EBITDA attributable to PAA rose to $674 million from $597 million. The company raised the midpoint of its full-year 2024 Adjusted EBITDA attributable to PAA guidance by $75 million, to a range of $2.725 to $2.775 billion, and reiterated full-year Adjusted Free Cash Flow guidance of $1.55 billion. Segment results were mixed. Crude Oil Segment Adjusted EBITDA rose to $576 million from $529 million, driven mainly by higher tariff volumes, tariff escalations and acquisitions, partly offset by fewer market-based opportunities. NGL Segment Adjusted EBITDA increased to $94 million from $62 million, reflecting the absence of prior-year turnaround impacts and iso-to-normal butane spread benefits. Adjusted Free Cash Flow fell to $411 million from $650 million, though management attributed much of the decline to working capital changes, and Adjusted Free Cash Flow excluding changes in assets and liabilities was $421 million compared with $519 million. The company also priced a $650 million offering of unsecured senior notes at 5.7% due 2034. Total debt-to-total book capitalization including short-term debt was 44% at June 30, 2024, compared with 43% at December 31, 2023. The filing furnishes the results press release as Exhibit 99.1 under Items 2.02 and 7.01.

Aug 2, 2024 8-K

Plains All American Pipeline 8-K Report, Material Agreement (Jun 27, 2024)

Plains All American Pipeline, L.P. ("PAA") and its co-issuer PAA Finance Corp. completed a public offering on June 27, 2024 of $650 million aggregate principal amount of 5.700% Senior Notes due 2034. The Notes mature on September 15, 2034, with interest payable semi-annually on March 15 and September 15, beginning March 15, 2025. The Issuers may redeem some or all of the Notes before maturity at the redemption prices specified in the Indenture. The Notes are PAA's senior unsecured obligations, ranking equally with all existing and future senior debt and senior to future subordinated debt, and are effectively subordinated to secured debt to the extent of the value of the collateral. The Indenture, dated as of September 25, 2002 and supplemented by the Thirty-Third Supplemental Indenture dated June 27, 2024, restricts PAA and certain subsidiaries from entering into sale and leaseback transactions, incurring liens, merging or consolidating, and transferring or selling assets, subject to exceptions. Customary events of default apply, including a cross-default on other indebtedness of $150.0 million or more, and the Trustee or holders of at least 25% of the outstanding Notes may accelerate the Notes upon an uncured event of default. The filing also incorporates the terms into a direct financial obligation disclosure and lists exhibits including the Supplemental Indenture, the form of Notes, and a legal opinion from Vinson & Elkins L.L.P. Other material terms are described in a prospectus supplement dated June 17, 2024.

Jun 27, 2024 8-K

Plains All American Pipeline 8-K Report, Corporate Update (Jun 20, 2024)

Plains All American Pipeline, L.P. ("PAA") and its co-issuer PAA Finance Corp. entered into an underwriting agreement on June 17, 2024 with Citigroup Global Markets Inc., MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and Truist Securities, Inc., as representatives of the several underwriters, for the issuance and sale of $650 million aggregate principal amount of 5.700% Senior Notes due 2034 (the "Notes"), subject to customary terms and conditions. The Notes are being offered under the Issuers' Form S-3 shelf registration statement (Registration No. 333-259387) filed September 8, 2021, and described in a Prospectus Supplement dated June 17, 2024. The Notes will be issued under a supplemental indenture to be dated June 27, 2024, among the Issuers and U.S. Bank Trust Company National Association, as successor trustee, entered into under the Indenture dated September 25, 2002. The closing of the offering is expected to occur on June 27, 2024, subject to customary closing conditions. The Underwriting Agreement is filed as Exhibit 1.1 to the report, and the filing also includes the Cover Page Interactive Data File as Exhibit 104.

Jun 20, 2024 8-K

Plains All American Pipeline 8-K Report, Shareholder Vote Results (May 28, 2024)

Plains All American Pipeline, L.P. (PAA) reported in this Form 8-K, filed May 28, 2024, the results of its 2024 annual meeting of common and Series A Convertible Preferred unitholders, held May 22, 2024. At the meeting, unitholders (other than Plains AAP, L.P.) voted on how PAA should vote the Class C shares of Plains GP Holdings, L.P. (PAGP) that PAA owns at PAGP's annual meeting. Approximately 81.6%, or 440,132,999 units, of the 539,507,571 common and Series A Preferred units eligible to vote were represented in person or by proxy. Unitholders supported all four proposals: the election of three Class III directors to the board of PAA GP Holdings LLC (Greg Armstrong, John Raymond and Bobby Shackouls, with 99.2%, 99.0% and 96.2% of votes cast in favor), ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal 2024 (98.3% of votes cast in favor), and approval, on a non-binding advisory basis, of 2023 named executive officer compensation (97.7% of votes cast in favor). On the frequency of future advisory say-on-pay votes, the largest share of votes favored every one year (312,258,213 votes, versus 4,567,750 for every two years and 945,274 for every three years). Consistent with that result, the board of PAA GP Holdings LLC determined that the partnership will hold these advisory votes every year until the next required frequency vote, which must occur no later than the 2030 annual meeting.

May 28, 2024 10-Q

Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2024

Plains All American Pipeline, L.P. reported net income attributable to PAA of $266 million for the first quarter of 2024, compared to $422 million in the first quarter of 2023. The filing states that the 2023 period included favorable impacts from gains on asset sales and the mark-to-market adjustment of the Preferred Distribution Rate Reset Option, which contributed to the year-over-year decline. Total revenues were $11.995 billion versus $12.341 billion, and operating income was $370 million versus $473 million. Management said stronger Crude Oil segment results were substantially offset by weaker NGL segment results. Crude Oil Segment Adjusted EBITDA rose to $553 million from $517 million, while NGL Segment Adjusted EBITDA fell to $159 million from $192 million, driven mainly by lower realized frac spreads. Consolidated Adjusted EBITDA was $847 million versus $813 million. Liquidity remained substantial at approximately $2.4 billion as of March 31, 2024, although the company had a working capital deficit of $143 million. Operating cash flow was $419 million versus $743 million, with the 2024 period affected unfavorably by margin requirements related to hedging. Adjusted Free Cash Flow after Distributions was negative $217 million for the quarter. Total debt was $7.862 billion, and the company borrowed a net $107 million under its commercial paper program during the quarter. The filing also details the Line 901 incident litigation. The company estimates total Line 901 costs of approximately $750 million, has collected approximately $280 million of the $505 million it believes is probable of recovery from insurance, and has recognized a long-term receivable of approximately $225 million. Insurers have denied coverage for $185 million of the remaining claims, and the company has initiated arbitration.

May 10, 2024 8-K

Plains All American Pipeline 8-K Report, Financial Results (May 3, 2024)

Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) reported first-quarter 2024 results on May 3, 2024, and reaffirmed full-year 2024 Adjusted EBITDA guidance of $2.625 - $2.725 billion. Net income attributable to PAA was $266 million, down from $422 million a year earlier, and net cash provided by operating activities was $419 million versus $743 million. Adjusted EBITDA attributable to PAA was $718 million, roughly flat with $715 million in the prior-year quarter, and Adjusted Free Cash Flow (excluding changes in assets and liabilities) was $262 million versus $625 million. The company updated its Permian long-haul contracting. Contracted volumes were increased and contract terms extended so that the weighted average contract duration of the Permian long-haul portfolio is approximately 5 years, through 2028, including new contracts or extensions on Cactus I, Cactus II and Basin/Sunrise. Management expects underlying growth and efficient growth investments to offset lower contracted rates, resulting in broadly flat Adjusted EBITDA in 2026 compared with 2024 guidance for the Crude Oil segment. Plains also acquired an additional 10% interest in Saddlehorn Pipeline Company and a Mid-Con terminal asset for aggregate cash consideration of approximately $110 million. The distribution per common unit declared for the quarter rose to $0.3175 from $0.2675, and the annualized common distribution was increased by $0.20 to $1.27 per unit.

May 3, 2024 10-K

Plains All American Pipeline Annual Report, Year Ended Dec 31, 2023

Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $1.230 billion for 2023, up from $1.037 billion in 2022, on consolidated total revenues of $48.71 billion. The filing attributes the higher results to higher crude oil pipeline tariff volumes, tariff escalations and acquisitions, partly offset by fewer market-based merchant opportunities and lower commodity prices. Adjusted EBITDA attributable to PAA was $2.711 billion, versus $2.510 billion in 2022, and Implied DCF was $1.967 billion. The company describes a targeted investment grade credit profile, a leverage multiple of 3.25x to 3.75x, and over $2.6 billion of liquidity at year-end 2023. Net cash provided by operating activities was $2.727 billion, and Adjusted Free Cash Flow after Distributions was $809 million. Common unit distributions paid in 2023 totaled $748 million, with the quarterly distribution raised to $0.3175 per unit for the fourth quarter. Management plans 2024 investment capital of about $465 million and maintenance capital of about $250 million. The filing also highlights ongoing Line 901 exposure: estimated total costs of about $750 million, with a long-term insurance receivable of about $225 million, and insurers covering $185 million of the Class Action Settlement having formally denied coverage. Approximately 99% of long-term debt is publicly traded senior notes, and total consolidated debt face value was about $7.8 billion.

Feb 29, 2024