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Jun 30, 2025
Plains GP Q2 2025 Earnings Report
Plains All American posted Q2 2025 results with $10.642B revenue, $239M operating income, and $210M net income attributable to PAA. :contentReference[oaicite:0]{index=0}
Key Takeaways
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}
Net income attributable to PAA was $210M; diluted EPS was $0.21. :contentReference[oaicite:3]{index=3}
Adjusted EPS was $0.36 and Adjusted EBITDA attributable to PAA was $672M. :contentReference[oaicite:4]{index=4}:contentReference[oaicite:5]{index=5}
Crude Oil Adjusted EBITDA was roughly flat year over year; NGL Adjusted EBITDA decreased. :contentReference[oaicite:6]{index=6}
Leverage stood at ~3.3x; company advanced portfolio moves including BridgeTex interest increase and pending Canadian NGL sale. :contentReference[oaicite:7]{index=7}
Revenue by Segment
Forward Guidance
Management reiterated strategic focus on crude oil infrastructure and expects the Canadian NGL business sale to close in Q1 2026, with net USD proceeds prioritized for bolt-on M&A and unit repurchases; leverage sits near the low end of the 3.25x–3.75x target. :contentReference[oaicite:8]{index=8}
Positive Outlook
- Expected closing of Canadian NGL business sale in Q1 2026 to enhance free cash durability. :contentReference[oaicite:9]{index=9}
- Planned use of proceeds for bolt-on M&A and unit repurchases. :contentReference[oaicite:10]{index=10}
- Additional 20% interest acquired in BridgeTex strengthens Permian footprint. :contentReference[oaicite:11]{index=11}
- Leverage ratio ~3.3x, toward low end of target range. :contentReference[oaicite:12]{index=12}
- Focus on optimizing crude oil–focused asset base with capital discipline. :contentReference[oaicite:13]{index=13}
Challenges Ahead
- Fewer market opportunities and lower commodity prices weighed on crude oil results. :contentReference[oaicite:14]{index=14}
- NGL segment headwinds from lower iso-to-normal butane spread benefits. :contentReference[oaicite:15]{index=15}
Historical Earnings Impact
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Avg. Return Before/After Earnings
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