From GlobeNewswire: 2025-05-09 07:30:00

Plains All American Pipeline, L.P. (PAA) and Plains GP Holdings (PAGP) reported first-quarter 2025 results. PAA had a net income of $443 million and operating cash flow of $639 million. Adjusted EBITDA for PAA was $754 million, with a leverage ratio of 3.3x. PAA paid a quarterly cash distribution of $0.38 per unit.

Plains made significant business acquisitions and enhancements in the first quarter of 2025. They acquired the remaining 50% interest in Cheyenne Pipeline and Black Knight Midstream’s Permian Basin crude oil gathering business. The Fort Saskatchewan fractionation complex debottleneck project was completed, increasing fee-based cash flow in Canada.

First-quarter 2025 Crude Oil Segment Adjusted EBITDA was consistent with 2024 results. Higher tariff volumes and escalations offset by operating expenses and refinery downtime. NGL Segment Adjusted EBITDA increased by 19% due to higher frac spreads and sales volumes.

Plains GP Holdings (PAGP) has an indirect, non-economic controlling interest in PAA’s general partner and a limited partner interest in PAA. PAGP consolidates PAA’s results into its financial statements. A joint conference call discussing first-quarter performance will be held on May 9, 2025.

Plains All American Pipeline’s net income increased by 67% in the first quarter of 2025 compared to 2024. Adjusted EBITDA was $881 million, with a distribution of $0.38 per unit. Operating income was $533 million, with total revenues of $12.011 billion.

Plains GP Holdings reported a net income attributable to PAGP of $443 million in the first quarter of 2025. Basic and diluted net income per Class A share was $0.42. PAGP owns an indirect interest in PAA and is a significant energy infrastructure and logistics company.



Read more at GlobeNewswire:: Plains All American Reports First-Quarter 2025 Results