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Plains All American Pipeline
Plains All American Pipeline (PAA) investor relations material
Plains All American Pipeline Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Reported Q4 2025 Adjusted EBITDA of $738 million and full-year 2025 Adjusted EBITDA of $2.833 billion, with 2026 guidance at $2.75 billion (+/- $75 million); net income attributable to unitholders was $1.435 billion for 2025.
Transitioned to a pure-play crude company by selling the NGL business (expected to close by end of Q1 2026, generating ~$3.2 billion net proceeds) and acquiring the EPIC (Cactus III) Pipeline.
Announced a 10% annualized distribution increase to $1.67 per unit, with a targeted annual growth of $0.15 per unit and a reduced coverage ratio threshold of 150%.
Efficiency initiatives and Cactus III integration expected to drive $100–$150 million in annual cost savings by 2027, with half realized in 2026.
Achieved best-ever safety performance, with lowest TRIR and lost workdays.
Financial highlights
Q4 2025 crude oil segment Adjusted EBITDA was $611 million, including two months of Cactus III contribution; NGL segment Adjusted EBITDA was $122 million.
Full-year 2025 net income rose 86% year-over-year to $1.435 billion; diluted net income per unit increased 127% to $1.66.
2026 Adjusted Free Cash Flow guidance is ~$1.8 billion, excluding NGL sale proceeds.
Distribution per common unit for 2025 was $1.5575, up 17% from 2024; implied DCF per common unit for 2025 was $2.61, up 5%.
Growth CAPEX for 2026 guided at $350 million, maintenance capital at $165 million.
Outlook and guidance
2026 Adjusted EBITDA guidance is $2.75 billion at midpoint, with $2.64 billion from crude oil and $100 million from NGL (assuming Q1 2026 close).
Permian crude production expected to be flat in 2026 at ~6.6 Mb/d, with growth resuming in 2027.
Distribution coverage ratio threshold lowered to 150% to support multi-year distribution growth.
Anticipates strong Adjusted Free Cash Flow of ~$1.8 billion in 2026, excluding NGL sale proceeds.
2026 growth capital expected at ~$350 million and maintenance capital at ~$165 million.
Expected synergies from Cactus III?
What drives the multi-year distribution growth?
Impact of Permian long-haul rate resets?
How does NGL sale improve cash flow durability?
What producer actions support 2027 Permian growth?
Strategy for non-Permian crude assets growth?
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Next Plains All American Pipeline earnings date
Q1 20268 May, 2026
Plains All American Pipeline
Next Plains All American Pipeline earnings date
Q1 20268 May, 2026
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Frequently asked questions
American Pipelines
Plains All American Pipeline, L.P. is an American company engaged in the transportation, storage, terminalling, and marketing of crude oil, natural gas liquids (NGLs), and natural gas, the company operates a vast network of pipelines, storage facilities, and supply and logistics services. It plays a crucial role in the North American energy infrastructure, managing assets across key oil-producing regions. The company is headquartered in Houston, Texas, and its shares are listed on the Nasdaq.
From 1981 to Today
What would later go on to become the company known as Plains All American was founded in 1981 as a small exploration and production company focused on oil and gas. The company steadily grew over the next two decades, and in 1998 acquired the company All American Pipeline System. Following the acquisition, the company went public and continued its growth journey through several large M&A deals.
Transportation Experts
Plains All American Pipeline specializes in the transportation and storage of crude oil and NGLs. Operating primarily in the United States and Canada, the company manages an extensive network of pipelines, transporting products from major oil-producing regions to refineries, storage facilities, and distribution centers. Additionally, Plains All American is involved in the terminalling and storage of these products, offering key logistic services in major energy hubs. The company also engages in marketing activities, playing a pivotal role in the movement and trade of energy commodities.
An Important Cog in American Infrastructure
Due to its extensive pipeline network, Plains All American Pipeline is a significant player in the American energy industry. With its strategic assets located in key oil-producing regions, the company facilitates the efficient movement of energy resources across the United States. It ensures a steady flow of raw materials to refineries and distribution centers, thus playing a vital role in maintaining the energy supply chain and supporting the overall energy infrastructure in the US. However, they’re not the only company of its kind and some similar businesses are Energy Transfer, Kinder Morgan, and The Williams Companies.
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