Plains All American Pipeline, L.P. (NASDAQ: PAA) and Plains GP Holdings (NASDAQ: PAGP) today reported third-quarter 2025 results and provided the following highlights and recent developments:
The companies reported net income attributable to PAA of $441 million and net cash provided by operating activities of $817 million. They also Delivered solid Adjusted EBITDA attributable to PAA of $669 million.
In September, Plains successfully raised $1.25 billion in aggregate senior unsecured notes with proceeds allocated toward redeeming senior notes maturing in October 2025 and to partially fund recently announced acquisitions.
On October 31st, Plains completed the previously announced acquisition of a 55% equity interest in EPIC Crude Holdings, LP, the entity that owns and operates the EPIC Crude Oil Pipeline (the “EPIC Pipeline”), from subsidiaries of Diamondback Energy, Inc. and Kinetik Holdings Inc.
Effective November 1, Plains completed the acquisition of the remaining 45% operated equity interest in EPIC, from a portfolio company of Ares Private Equity funds for a purchase price of approximately $1.33 billion, inclusive of approximately $500 million of debt. Additionally, Plains has agreed to a potential earnout payment of up to $157 million tied to certain expansions of the pipeline system by 2028. This transaction, along with the transaction described above, results in PAA owning a 100% equity interest in EPIC.
Shares in PAA gave back 34 cents, or 2%, to $16.10, first thing Wednesday, while those for PAGP lessened 41 cents, or 2.3%, to $16.93.
