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Dec 31, 2025
Plains All American Q4 2025 Earnings Report
Plains All American delivered strong fourth-quarter earnings supported by higher crude oil volumes and stable midstream operations.
Key Takeaways
Plains All American reported solid Q4 2025 results with higher net income and improved per-unit earnings, driven by strong crude oil segment performance and disciplined cost management, despite weaker NGL contributions.
Net income increased significantly year over year in the fourth quarter.
Crude oil segment delivered strong adjusted EBITDA growth.
Per-unit earnings improved reflecting higher operating leverage.
The company maintained a strong liquidity and capital position.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management expects stable cash flow generation in 2026 supported by crude oil-focused operations and efficiency initiatives.
Positive Outlook
- Strong crude oil pipeline utilization.
- Efficiency initiatives driving cost savings.
- Disciplined capital allocation framework.
- Stable demand across key U.S. basins.
- Continued focus on returning capital to unitholders.
Challenges Ahead
- Reduced contribution from divested Canadian NGL assets.
- Exposure to commodity price volatility.
- Regulatory and permitting risks.
- Potential volume softness in weaker oil markets.
- Inflationary pressures on operating costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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