PLAINS ALL AMERICAN PIPELINE LP

Listed Company

PAAPUCIK 0001070423OTCLarge AcceleratedPipe Lines (No Natural Gas)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$44.26B

Net Income

$1.44B

Total Assets

$30.17B

Equity

—

Shares Out

705.53M

Op. Cash Flow

$2.94B

Business

Plains All American Pipeline LP integrates large-scale supply aggregation with ownership and operation of midstream infrastructure that connects major crude oil and NGL producing regions to refineries, distribution markets and export terminals. The company provides pipeline transportation, gathering, terminalling, storage, natural gas processing, NGL fractionation, condensate processing, merchant trading activities, trucking, rail and marine services. Its operations are organized into two principal segments—Crude Oil and NGL—complemented by merchant activities and numerous joint ventures and undivided joint interests. Plains serves producers, refiners and other customers across the United States and Canada through pipelines, terminals, storage, rail, truck and marine channels.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	44,262	48,889	47,336	57,342	42,078
Purchases and related costs	40,433	45,162	43,937	53,176	38,504
Field operating costs	1,154	1,471	1,085	1,315	1,065
General and administrative expenses	342	328	299	325	292
Depreciation and amortization	953	901	909	965	774
(Gains)/losses on asset sales, asset impairments and other, net (Note 7, Note 8)	−54	159	−152	269	592
Total costs and expenses	42,828	48,021	46,078	56,050	41,227
OPERATING INCOME	1,434	868	1,258	1,292	851
Equity earnings in unconsolidated entities	382	452	369	403	274
Gain on investments in unconsolidated entities, net (Note 8, Note 9)	31	15	28	346	2
Interest expense (net of capitalized interest of $11, $9 and $10, respectively)	−554	−430	−386	−405	—
Other income, net	108	64	102	−219	19
INCOME FROM CONTINUING OPERATIONS BEFORE TAX	1,401	969	1,371	1,417	721
Current income tax expense from continuing operations	−1	−82	−70	−84	−50
Deferred income tax (expense)/benefit from continuing operations	−14	−5	9	−105	−23
INCOME FROM CONTINUING OPERATIONS, NET OF TAX	1,386	882	1,310	—	—
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX (NOTE 3)	383	231	192	—	—
NET INCOME	1,769	1,113	1,502	1,228	648
Net income attributable to noncontrolling interests	−334	−341	−272	−191	−55
NET INCOME ATTRIBUTABLE TO PAA	1,435	772	1,230	1,037	593

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	328	348	450	401	449
Trade accounts receivable and other receivables, net	3,598	3,679	3,760	3,907	4,705
Inventory	211	261	548	729	783
Current assets of discontinued operations (Note 3)	479	415	—	—	—
Other current assets	117	99	155	318	200
Total current assets	4,733	4,802	4,913	5,355	6,137
PROPERTY AND EQUIPMENT	22,536	18,528	21,143	20,020	19,257
Accumulated depreciation	−5,676	−5,082	−5,361	−4,770	−4,354
Property and equipment, net	16,860	13,446	15,782	15,250	14,903
Investments in unconsolidated entities	2,846	2,811	2,820	3,084	3,805
Intangible assets, net	1,754	1,677	1,875	2,145	1,960
Linefill	900	904	976	961	907
Long-term operating lease right-of-use assets, net	198	189	313	349	393
Long-term inventory	214	242	265	284	253
Long-term assets of discontinued operations (Note 3)	2,557	2,349	—	—	—
Other long-term assets, net	107	142	411	464	251
Total assets	30,169	26,562	27,355	27,892	28,609
Trade accounts payable	3,457	3,647	3,844	4,044	4,810
Short-term debt	563	407	446	1,159	822
Current liabilities of discontinued operations (Note 3)	382	350	—	—	—
Other current liabilities	529	546	713	688	600
Total current liabilities	4,931	4,950	5,003	5,891	6,232
Senior notes, net	9,118	7,141	7,242	7,237	8,329
Other long-term debt, net	1,578	70	63	50	69
Long-term operating lease liabilities	202	192	274	308	339
Long-term liabilities of discontinued operations (Note 3)	606	576	—	—	—
Other long-term liabilities and deferred credits	654	537	1,041	1,081	830
Total long-term liabilities	12,158	8,516	8,620	8,676	9,567
COMMITMENTS AND CONTINGENCIES (NOTE 19)	—	—	—	—	—
Total partners capital excluding noncontrolling interests	9,836	9,813	10,422	10,057	9,972
Noncontrolling interests	3,244	3,283	3,310	3,268	2,838
Total partners capital	13,080	13,096	13,732	13,325	12,810
Total liabilities and partners capital	30,169	26,562	27,355	27,892	28,609

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Equity-indexed compensation expense	49	50	50	40	23
(Gain)/loss on foreign currency revaluation	13	−12	3	41	−7
Settlement of terminated interest rate hedging instruments (Note 13)	37	57	80	42	—
Change in fair value of Preferred Distribution Rate Reset Option (Note 13)	0	0	−58	189	−14
Distributions on earnings from unconsolidated entities	486	505	458	488	431
Other	15	17	18	16	29
Trade accounts receivable and other	204	76	79	649	−2,179
Inventory	96	120	102	−10	−18
Trade accounts payable and other	−334	−57	−141	−830	1,970
Cash provided by operating activities - continuing operations	2,452	2,236	2,252	—	—
Cash provided by operating activities - discontinued operations	484	254	475	—	—
Net cash provided by operating activities	2,936	2,490	2,727	2,408	1,996
Cash paid in connection with acquisitions, net of cash acquired (Note 8)	−2,651	−248	−425	−149	−32
Investments in unconsolidated entities (Note 9)	−2	−4	−33	−14	−94
Additions to property, equipment and other	−643	−448	−408	−455	−336
Cash paid for purchases of linefill	−27	−21	−10	−84	−37
Proceeds from sales of assets (Note 8)	81	11	328	60	881
Investments in related party notes (Note 17)	−330	−629	0	—	—
Other investing activities	0	5	8	44	1
Cash used in investing activities - continuing operations	−3,572	−1,334	−540	—	—
Cash used in investing activities - discontinued operations	−197	−170	−162	—	—
Net cash used in investing activities	−3,769	−1,504	−702	−526	386
Net borrowings/(repayments) under commercial paper program (Note 11)	577	−40	433	—	−545
Repayment under EPIC credit agreement (Note 11)	−1,114	0	0	—	—
Borrowing under term loan (Note 11)	1,100	0	0	—	—
Proceeds from the issuance of senior notes (Note 11)	2,998	650	0	—	—
Repayments of senior notes (Note 11)	−1,000	−750	−1,100	−750	—
Proceeds from the issuance of related party notes (Note 17)	330	629	0	—	—
Repurchase of common units (Note 12)	−8	0	0	−74	−178
Repurchase of Series A preferred units (Note 12)	−333	0	0	—	—
Distributions paid to noncontrolling interests (Note 12)	−447	−425	−333	−298	—
Contributions from noncontrolling interests	75	57	106	26	1
Other financing activities	−84	−53	−93	−53	−166
Net cash provided by/(used in) financing activities	799	−1,077	−1,976	−1,931	−1,984
Effect of translation adjustment - continuing operations	14	−13	3	−3	−5
Effect of translation adjustment - discontinued operations	0	2	−3	—	—
Net increase/(decrease) in cash and cash equivalents and restricted cash	−20	−102	49	−52	393
Interest, net of amounts capitalized	516	381	377	393	401
Income taxes, net of amounts refunded (Note 15)	98	269	69	112	76

Filings

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