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Plains All American Pipeline Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 Adjusted EBITDA was $669 million, with net income attributable to unitholders of $441 million for the quarter and $1.093 billion for the nine months, reflecting strong operational performance and execution of a multi-year strategy focused on crude midstream operations.
Completed the acquisition of the remaining 45% of EPIC Crude Holdings for $1.33 billion (including $500 million debt), now owning 100% of the EPIC crude pipeline, expected to deliver mid-teens returns and significant cost synergies.
Pending sale of the Canadian NGL Business for approximately $3.75 billion, expected to close by end of Q1 2026, further concentrating the portfolio on crude and providing a more stable cash flow stream.
Several strategic acquisitions, including Ironwood, Medallion, Black Knight, and additional interests in BridgeTex and Cheyenne Pipeline, enhanced Permian and Eagle Ford Basin presence.
Repurchased 12.7 million Series A preferred units in January 2025, impacting adjusted net income allocation.
Financial highlights
Q3 2025 crude oil segment Adjusted EBITDA was $593 million, driven by higher volumes, tariff escalations, and recent acquisitions, partially offset by contract rate resets and lower commodity prices.
NGL segment Adjusted EBITDA for Q3 2025 was $70 million, down sequentially due to lower sales volume and third-party downtime; discontinued Canadian NGL operations contributed $80 million.
Full-year 2025 Adjusted EBITDA guidance is $2.84–$2.89 billion, reflecting lower realized crude prices and EPIC acquisition contributions.
Gross capital spending for 2025 expected at $490 million net, with maintenance capital trending to $215 million net.
Distribution per common unit declared for Q3 2025 was $0.38, a 20% increase year-over-year, with a total of $1.14 YTD.
Outlook and guidance
EPIC acquisition expected to generate a mid-teens unlevered return, with a 2026 Adjusted EBITDA multiple of ~10x, improving over time.
2025 guidance incorporates $40 million benefit from EPIC for the remainder of the year.
Leverage ratio expected to move toward 3.5x after NGL divestiture closes in Q1 2026.
Distribution increases of $0.15 per year expected until targeted DCF coverage is reached, with continued growth anticipated beyond 2026.
Additional details on synergy capture and self-help initiatives to be provided with 2026 guidance in February.
EPIC: What drives returns improvement post-2026?
US NGL retention strategy post-Canada divestiture?
Leverage ratio at 3.5x: Capital allocation flexibility?
What drives EPIC's return improvement post-2026?
How will leverage impact future bolt-on M&A?
Canadian crude egress: What is Plains' role?
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Next Plains All American Pipeline earnings date
Q4 202513 Feb, 2026
Next Plains All American Pipeline earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
American Pipelines
Plains All American Pipeline, L.P. is an American company engaged in the transportation, storage, terminalling, and marketing of crude oil, natural gas liquids (NGLs), and natural gas, the company operates a vast network of pipelines, storage facilities, and supply and logistics services. It plays a crucial role in the North American energy infrastructure, managing assets across key oil-producing regions. The company is headquartered in Houston, Texas, and its shares are listed on the Nasdaq.
From 1981 to Today
What would later go on to become the company known as Plains All American was founded in 1981 as a small exploration and production company focused on oil and gas. The company steadily grew over the next two decades, and in 1998 acquired the company All American Pipeline System. Following the acquisition, the company went public and continued its growth journey through several large M&A deals.
Transportation Experts
Plains All American Pipeline specializes in the transportation and storage of crude oil and NGLs. Operating primarily in the United States and Canada, the company manages an extensive network of pipelines, transporting products from major oil-producing regions to refineries, storage facilities, and distribution centers. Additionally, Plains All American is involved in the terminalling and storage of these products, offering key logistic services in major energy hubs. The company also engages in marketing activities, playing a pivotal role in the movement and trade of energy commodities.
An Important Cog in American Infrastructure
Due to its extensive pipeline network, Plains All American Pipeline is a significant player in the American energy industry. With its strategic assets located in key oil-producing regions, the company facilitates the efficient movement of energy resources across the United States. It ensures a steady flow of raw materials to refineries and distribution centers, thus playing a vital role in maintaining the energy supply chain and supporting the overall energy infrastructure in the US. However, they’re not the only company of its kind and some similar businesses are Energy Transfer, Kinder Morgan, and The Williams Companies.
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