Plains All American Reports First-Quarter 2025 Results

About this update from Plains Gp Holdings, L.p.

[{"type":"text","content":"HOUSTON, May 09, 2025 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2025 results and provided the following highlights: First-Quarter Results Reported net income attributable to PAA of $443 million and net cash provided by operating activities of $639 millionDelivered Adjusted EBITDA attributable to PAA of $754 millionExited the quarter with 3.3x leverage ratio, toward the low end of our target range of 3.25x - 3.75x (includes previously announced and closed transactions)Paid a quarterly cash distribution of $0.38 per unit ($1.52 per unit annualized), representing a current distribution yield of ~9.0% Business Highlights Plains acquired the remaining 50% interest in Cheyenne Pipeline, enhancing our integration from the Guernsey market to pipelines supplying Cushing, Oklahoma, which closed on February 28, 2025Plains acquired Black Knight Midstream’s Permian Basin crude oil gathering business, for approximately $55 million, which closed effective May 1, 2025Placed into service the 30 Mb/d Fort Saskatchewan fractionation complex debottleneck project enhancing our fee-based cash flow in CanadaIncreased our 2025 C3+ spec product sales hedge profile to approximately 80% at approximately $0.70 per gallon level “Plains delivered another quarter of solid operational and financial performance,” said Willie Chiang, Chairman and CEO. “Substantial cash flow generation from our integrated Crude Oil and NGL footprints coupled with a strong balance sheet positions us well through a time of market volatility and uncertainty. Our focus on efficient growth remains consistent with the addition of two new bolt-on acquisitions and our Fort Saskatchewan fractionation complex debottleneck project now in service. Finally, our commitment to financial discipline and financial flexibility remains unchanged while continuing to return cash to unitholders through a strong distribution payout.” Plains All American Pipeline Summary Financial Information (unaudited)(in millions, except per unit data) Three Months EndedMarch 31, % GAAP Results 2025 2024 ChangeNet income attributable to PAA (1) $443 $266 67%Diluted net income per common unit $0.49 $0.29 69%Diluted weighted average common units outstanding 704 701 —%Net cash provided by operating activities $639 $419 53%Distri...

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