Plains All American Pipeline | 8-K: FY2025 Q1 Revenue Misses Estimate at USD 12.01 B

Revenue: As of FY2025 Q1, the actual value is USD 12.01 B, missing the estimate of USD 14 B.

EPS: As of FY2025 Q1, the actual value is USD 0.49.

EBIT: As of FY2025 Q1, the actual value is USD 566 M.

Net Income

• Reported net income attributable to Plains All American Pipeline, L.P. was $443 million for the first quarter of 2025, a 67% increase from $266 million in the same period of 2024.

Adjusted EBITDA

• Adjusted EBITDA attributable to Plains All American Pipeline, L.P. was $754 million, up 5% from $718 million in the first quarter of 2024.

Cash Flow

• Net cash provided by operating activities was $639 million, a 53% increase from $419 million in the first quarter of 2024.
• Adjusted Free Cash Flow was - $308 million, compared to $70 million in the first quarter of 2024.
• Adjusted Free Cash Flow after Distributions was - $639 million, compared to - $217 million in the first quarter of 2024.

Segment Adjusted EBITDA

• Crude Oil Segment Adjusted EBITDA was $559 million, a 1% increase from $553 million in the first quarter of 2024.
• NGL Segment Adjusted EBITDA was $189 million, a 19% increase from $159 million in the first quarter of 2024.

Maintenance Capital Expenditures

• Maintenance capital expenditures for the Crude Oil segment were $31 million, compared to $46 million in the first quarter of 2024.
• Maintenance capital expenditures for the NGL segment were $10 million, compared to $11 million in the first quarter of 2024.

Outlook / Guidance

• Plains All American Pipeline, L.P. anticipates continued solid operational and financial performance, supported by substantial cash flow generation from its integrated Crude Oil and NGL footprints. The company remains focused on efficient growth and financial discipline, while returning cash to unitholders through strong distribution payouts.