Plains All American Pipeline | 10-Q: 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.

Crude Oil Segment

• Revenues: $11,439 million for the three months ended March 31, 2025, compared to $11,582 million for the same period in 2024, a decrease of 1%.
• Purchases and Related Costs: $10,488 million for the three months ended March 31, 2025, compared to $10,665 million for the same period in 2024, a decrease of 2%.
• Field Operating Costs: $292 million for the three months ended March 31, 2025, compared to $266 million for the same period in 2024, an increase of 10%.
• Segment Adjusted EBITDA: $559 million for the three months ended March 31, 2025, compared to $553 million for the same period in 2024, an increase of 1%.

NGL Segment

• Revenues: $638 million for the three months ended March 31, 2025, compared to $507 million for the same period in 2024, an increase of 26%.
• Purchases and Related Costs: $339 million for the three months ended March 31, 2025, compared to $346 million for the same period in 2024, a decrease of 2%.
• Field Operating Costs: $76 million for the three months ended March 31, 2025, compared to $92 million for the same period in 2024, a decrease of 17%.
• Segment Adjusted EBITDA: $189 million for the three months ended March 31, 2025, compared to $159 million for the same period in 2024, an increase of 19%.

Cash Flow

• Net Cash Provided by Operating Activities: $639 million for the three months ended March 31, 2025, compared to $419 million for the same period in 2024.
• Net Cash Used in Investing Activities: -$1,149 million for the three months ended March 31, 2025, compared to -$261 million for the same period in 2024.

Future Outlook and Strategy

• Investment Capital: Total investment capital for the year ending December 31, 2025, is projected to be approximately $500 million ($400 million net to our interest).
• Maintenance Capital: Maintenance capital for 2025 is projected to be approximately $260 million ($240 million net to our interest).