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.

Revenue fell year over year but profitability remained solid: Q2 revenue was $10.642B, operating income $239M, GAAP EPS $0.21, and Adjusted EPS $0.36, with cost of revenue at $9.758B. :contentReference[oaicite:1]{index=1}:contentReference[oaicite:2]{index=2}

Plains GP Holdings delivered solid financial results in Q1 2025 with increased net income and EPS, benefiting from strong segment performance, improved NGL margins, and bolt-on acquisitions completed by PAA.