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Sep 30, 2025
Plains All American Q3 2025 Earnings Report
Plains All American reported stronger Q3 2025 earnings, driven by higher crude oil volumes and recent acquisitions, while NGL performance declined slightly.
Key Takeaways
Plains All American posted $441 million in net income and $0.55 EPS in Q3 2025. Strong performance in crude oil logistics was supported by higher pipeline volumes and contributions from acquisitions. The company completed its full acquisition of EPIC and is progressing toward the divestiture of its Canadian NGL business.
Reported net income attributable to PAA was $441 million, up 100% from Q3 2024.
Adjusted EBITDA attributable to PAA reached $669 million, with strong contributions from crude oil operations.
Revenue for Q3 2025 was $11.578 billion, down slightly from the prior year due to NGL volume softness.
Completed the acquisition of the remaining 45% equity interest in EPIC, gaining full ownership of the EPIC Pipeline system.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management expects stable performance through year-end and forecasts full-year 2025 Adjusted EBITDA in the range of $2.84 to $2.89 billion, incorporating early contributions from the EPIC acquisition.
Positive Outlook
- Full-year 2025 Adjusted EBITDA forecast raised to $2.84–$2.89 billion.
- EPIC acquisition expected to drive mid-teens returns and synergy realization by 2026.
- Leverage ratio on track to stay within target range (3.25x–3.75x).
- Divestiture of Canadian NGL business expected to streamline operations.
- Strong cash flow supports ~9.5% distribution yield.
Challenges Ahead
- Adjusted Free Cash Flow after distributions was negative ($18 million) in Q3.
- NGL segment experienced a 4% decline in Adjusted EBITDA YoY.
- Lower NGL sales volumes impacted segment performance.
- Permian long-haul pipeline contracts reset at lower rates.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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