PAA Q2 2025

Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

Plains All American Pipeline delivered a mixed second quarter, with adjusted earnings per unit of $0.36 beating the $0.33 consensus by 8.73%, even as revenue of $10.64 billion fell 17.25% short of the $12.86 billion estimate and declined 16.6% year-o… Read more Plains All American Pipeline delivered a mixed second quarter, with adjusted earnings per unit of $0.36 beating the $0.33 consensus by 8.73%, even as revenue of $10.64 billion fell 17.25% short of the $12.86 billion estimate and declined 16.6% year-over-year. The revenue shortfall was largely a reflection of lower commodity prices and the reclassification of the Canadian NGL business as discontinued operations following Plains' landmark agreement to divest substantially all of that segment to Keyera Corp. For approximately $5.15 billion, the quarter's defining strategic move. Adjusted EBITDA attributable to PAA held nearly flat at $672 million, while Permian Basin crude oil pipeline volumes climbed to 7,223 thousand barrels per day from 6,701 a year earlier, underscoring the partnership's deepening commitment to its core crude infrastructure. With roughly $3 billion in net proceeds expected from the Keyera deal closing in Q1 2026, management is targeting bolt-on acquisitions and unit repurchases, keeping leverage at the low end of its 3.25x–3.75x range, a profile that may appeal to investors hunting for durable high-yield income.