Plains All American Pipeline Earnings Call Transcripts
Fiscal Year 2026
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First quarter 2026 adjusted EBITDA reached $730 million, with strong crude and NGL segment results and an increased full-year EBITDA guidance to $2.88 billion. Proceeds from the pending NGL sale will reduce leverage, while cost and optimization initiatives remain on track.
Fiscal Year 2025
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Q4 and full-year 2025 Adjusted EBITDA reached $738M and $2.83B, respectively, as the company transitioned to a pure-play crude business through major asset sales and acquisitions. 2026 guidance calls for $2.75B Adjusted EBITDA, stable Permian volumes, and $100M in annual cost savings by 2027.
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Q3 2025 saw strong Adjusted EBITDA and strategic progress, including full ownership of EPIC Crude Holdings and the pending NGL divestiture. Guidance was narrowed, leverage is expected to normalize post-divestiture, and capital allocation remains focused on debt reduction and distributions.
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Q2 2025 saw strong adjusted EBITDA and robust crude oil segment growth, supported by bolt-on acquisitions. The $3.75B NGL business sale will streamline operations and enhance financial flexibility, with 2025 guidance reaffirmed in the lower half of the range.
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Acquisition of Plains Canadian NGL business for CAD 5.15 billion expands scale, reach, and integration of NGL infrastructure, delivering immediate accretion and long-term growth. Fully financed, the deal enhances customer value, supports dividend sustainability, and unlocks significant synergies.
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First-quarter adjusted EBITDA reached $754 million, with strong NGL and crude segment performance despite market volatility. Guidance and capital plans remain unchanged, with a focus on distribution growth, bolt-on acquisitions, and maintaining a flexible balance sheet.
Fiscal Year 2024
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Q4 and full-year 2024 results exceeded expectations, with adjusted EBITDA of $2.78B and a 20% distribution increase. 2025 guidance projects further EBITDA growth, driven by Permian expansion, bolt-on acquisitions, and disciplined capital allocation.
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Q3 results showed strong operational and financial performance, with higher Permian volumes driving momentum and the company expecting to reach the top end of 2024 Adjusted EBITDA guidance. Legal settlements and bolt-on acquisitions enhanced financial flexibility and future growth prospects.
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Second quarter adjusted EBITDA exceeded expectations, prompting a $75 million increase in full-year guidance. Strong crude and NGL segment performance, cost containment, and bolt-on acquisitions drove results, while the company continues to shift toward more fee-based, predictable cash flows.