PAA
Plains All American Pipeline, L.P.17.55
-0.32-1.79%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Synergies run-rate; Permian optimism detailed.
Q&A fleshed out Cactus III synergies already at $50 million run-rate, half via Q4 G&A and OpEx cuts. Cost savings detailed as $50 million in 2026, $50 million in 2027 from NGL sale-enabled restructuring. Permian producers cautiously optimistic on efficiencies stabilizing flat 2026 volumes before 2027 growth. Distribution coverage at 150% supports multi-year 15¢ hikes. Synergies for Cactus III hit run-rate now. Venezuela widens differentials for quality optimization; recent storms recovered. Management exudes execution confidence—what investors track next is Permian rebound and savings delivery.
Key Stats
Market Cap
12.38BP/E (TTM)
17.04Basic EPS (TTM)
1.03Dividend Yield
0.09%Recent Filings
8-K
Credit facility borrower swap
Plains All American Pipeline amended its Revolver and Hedged Inventory Facility on February 26, 2026, swapping Plains Midstream Canada ULC for Plains Canada Liquid Pipelines ULC as borrower. PMCULC's commitments terminated, obligations released, and liens cleared—while PCLPULC joined with fresh collateral pledges. No changes to commitments, maturities, or covenants. Clean borrower switch.
10-K
FY2025 results
Plains All American Pipeline closed FY2025 ended December 31, 2025, with crude oil pipelines averaging 9,680 thousand barrels per day, up 8% y/y, driven by Permian Basin growth to 7,333 thousand barrels per day (9% y/y) and contributions from Q4 Cactus III acquisition. Q4 momentum accelerated via higher tariff volumes and escalations, lifting Crude Oil Segment Adjusted EBITDA 3% y/y to $2.3B despite Permian contract resets; NGL dragged results. Net income attributable to PAA hit $1.4B, up 86% y/y. Debt neared $11.3B face value, yet $2B liquidity cushions pending Q1 2026 Canadian NGL sale for ~$3.2B net proceeds to delever. Free cash flow funded $3.5B capex. Capacity overbuild pressures recontracting.
8-K
Q4 results, distribution hike
Plains All American reported Q4 2025 net income of $342M and full-year $1.435B, with Adjusted EBITDA attributable to PAA at $738M and $2.833B, up slightly from 2024 yet pressured by NGL declines. They hiked annualized distributions $0.15 to $1.67 per unit and guided 2026 Adjusted EBITDA to $2.75B midpoint, banking on $100M efficiency savings and Cactus III synergies amid flat Permian output. NGL divestiture closes Q1 2026.
8-K
PAA secures $1.1B term loan
Plains All American Pipeline entered a $1.1B senior unsecured term loan on November 26, 2025, funding by December 2 and maturing two years later, to repay EPIC Crude's $1.1B debt after its October acquisition; terminated EPIC's credit agreement December 1. Canadian NGL sale closing triggers full prepayment within seven business days. Short-term bridge with tight covenants.
8-K
PAA upsizes notes to $1B each
Plains All American Pipeline completed a $750 million notes offering on November 14, 2025, adding $300 million 4.700% senior notes due 2031 and $450 million 5.600% senior notes due 2036 to prior issuances, bringing each series to $1 billion outstanding. Notes rank equally with existing senior debt but subordinate to secured obligations. Covenants limit liens and mergers. Redemption allowed pre-maturity.
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