Business
Plains All American Reports Fourth-Quarter and Full-Year 2025 Results
HOUSTON, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported fourth-quarter and full-year 2025 results, announced 2026 guidance and provided the following highlights: Fourth Quarter and Full-Year 2025 Results Fourth-quarter and full-year 2025 Net income attributable to PAA of $342 million and $1.435 billion, respectively, and 2025 Net cash provided by operating activities of $785 million and $2.94 billion, respec
About this update from Plains Gp Holdings, L.p.
[{"type":"image","alt":"Plains All American Pipeline, L.P.; Plains GP Holdings","displaySize":"","headline":null,"caption":"Plains All American Pipeline, L.P.; Plains GP Holdings","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":116,"url":"https://media.zenfs.com/en/globenewswire.com/7d627f606b6b799a0274c879462e4e73"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/t8GTQUwyKZfCvXZt7QJmjQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTE2MjtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/7d627f606b6b799a0274c879462e4e73","width":300,"height":116}},"lazy":false},{"type":"text","content":"HOUSTON, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported fourth-quarter and full-year 2025 results, announced 2026 guidance and provided the following highlights:","length":250,"tagName":"p"},{"type":"text","content":" Fourth Quarter and Full-Year 2025 Results ","length":41,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Fourth-quarter and full-year 2025 Net income attributable to PAA of $342 million and $1.435 billion, respectively, and 2025 Net cash provided by operating activities of $785 million and $2.94 billion, respectively","length":213,"tagName":"p"}]},{"val":[{"type":"text","content":"Delivered fourth-quarter and full-year 2025 Adjusted EBITDA attributable to PAA of $738 million and $2.833 billion, respectively","length":128,"tagName":"p"}]},{"val":[{"type":"text","content":"Pro forma leverage ratio of 3.9x at year-end 2025; expect to return toward the midpoint of the target range of 3.25 to 3.75x following anticipated closing of the NGL divestiture toward the end of the first quarter 2026","length":218,"tagName":"p"}]},{"val":[{"type":"text","content":"In November, Plains successfully raised $750 million in aggregate senior unsecured notes with proceeds allocated toward the reduction of commercial paper and funding the EPIC acquisition (now Cactus III)","length":203,"tagName":"p"}]},{"val":[{"type":"text","content":"In November, Plains also paid off a $1.1 billion EPIC term loan assumed as part of the EPIC acquisition by issuing a $1.1 billion senior unsecured term loan at PAA","length":163,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":925,"olType":false},{"type":"text","content":" 2026 Outlook and Key Highlights ","length":31,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Expect full-year 2026 Adjusted EBITDA attributable to PAA midpoint of $2.75 billion +/- $75 million (assumes one quarter of NGL contribution of $100 million)","length":157,"tagName":"p"}]},{"val":[{"type":"text","content":"Capture efficiency initiatives of approximately $100 million of cost savings through 2027 (with approximately half realized in 2026); coupled with $50 million of synergies expected on Cactus III, these initiatives create self-help growth opportunities despite expectation of a relatively flat Permian production profile for 2026","length":328,"tagName":"p"}]},{"val":[{"type":"text","content":"Announced annualized distribution increase of $0.15 per unit payable February 13, 2026, representing a 10% aggregate increase in the annualized distribution rate versus 2025 levels (new annualized distribution rate of $1.67 per unit)","length":233,"tagName":"p"}]},{"val":[{"type":"text","content":"Distribution Coverage ratio threshold lowered from 160% to 150% reflecting more predictable cash flow and providing multi-year runway for targeted annual distribution growth of $0.15 per unit","length":191,"tagName":"p"}]},{"val":[{"type":"text","content":"Expect strong Adjusted Free Cash flow generation of approximately $1.80 billion (excluding changes in Assets & Liabilities and anticipated cash proceeds from the NGL divestiture)","length":182,"tagName":"p"}]},{"val":[{"type":"text","content":"Remain focused on disciplined capital investments, anticipating full-year 2026 Growth Capital of +/- $350 million and Maintenance Capital of +/- $165 million net to Plains","length":171,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1262,"olType":false},{"type":"text","content":"“Last year we took significant steps to transition the company toward becoming the premier North American pure play crude oil midstream provider, including the announced sale of our Canadian NGL business and the acquisition of Cactus III. For 2026, the team is focused on closing the pending NGL sale, realizing synergies on the Cactus III acquisition and driving efficiency initiatives throughout the organization. These self-help actions provide levers for efficient growth in an otherwise volatile near-term oil macro environment. We also remain committed to our multi-year capital allocation framework and returning cash to unitholders as evidenced by the recent $0.15 per unit increase in our annualized distribution rate, bringing the distribution yield to ~8.5%. In addition, we have elected to lower our Distribution Coverage ratio threshold from 160% to 150%, thereby paving the way for additional return of capital to unitholders. I’m pleased with the progress being made as we transition into a more focused, streamlined organization that should be well positioned for improving oil market fundamentals into the future,” said Willie Chiang, Chairman, CEO and President.","length":1180,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" Financial Reporting Considerations for Pending Sale of Canadian NGL Business ","length":76,"tagName":"p"},{"type":"text","content":"On June 17, 2025, we entered into a definitive agreement to sell substantially all of our NGL business in Canada (the “Canadian NGL Business”) to Keyera Corp. This transaction is expected to close toward the end of the first quarter of 2026 and is subject to the satisfaction or waiver of customary closing conditions, including receipt of regulatory approvals. While we will divest the Canadian NGL Business as part of the transaction, we will retain substantially all NGL assets in the United States and will also retain all crude oil assets in Canada.","length":554,"tagName":"p"},{"type":"text","content":"We have determined that the operations of the Canadian NGL Business meet the criteria for classification as held for sale and for discontinued operations reporting and have applied these changes retrospectively to all periods presented. Results throughout this release specify if they are presented from continuing operations (which exclude the results of the Canadian NGL Business) and/or discontinued operations.","length":414,"tagName":"p"},{"type":"text","content":" Plains All American Pipeline Summary Financial Information (unaudited) (in millions, except per unit data)","length":108,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"text-align:left;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:left;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"7","style":"border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Three Months Ended December 31, 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Slides will be posted prior to the call at the above referenced website.","length":315,"tagName":"p"},{"type":"text","content":" Non-GAAP Financial Measures and Selected Items Impacting Comparability ","length":70,"tagName":"p"},{"type":"text","content":"To supplement our financial information presented in accordance with GAAP, management uses additional measures known as “non-GAAP financial measures” in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow (“DCF”), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions.","length":592,"tagName":"p"},{"type":"text","content":"Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income, and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Consolidated Financial Statements and accompanying notes. In addition, we encourage you to visit the Investor Relations section of our website at www.plains.com (navigate to the “Financials” tab, then click on “Quarterly Results”), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.","length":1172,"tagName":"p"},{"type":"text","content":" Non-GAAP Financial Performance Measures ","length":39,"tagName":"p"},{"type":"text","content":"Adjusted EBITDA is defined as earnings from continuing operations and discontinued operations before (i) interest expense, (ii) income tax (expense)/benefit from continuing operations and discontinued operations, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities) from continuing operations and discontinued operations, (iv) gains and losses on asset sales, asset impairments and other, net from continuing operations and discontinued operations, (v) gains on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests. Adjusted EBITDA disaggregated by product (e.g., Adjusted EBITDA from Crude Oil and Adjusted EBITDA from NGL) excludes amounts related to Other income/(expense).","length":1095,"tagName":"p"},{"type":"text","content":"Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such ...
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