Plains All American Pipeline | 8-K: FY2025 Q2 Revenue Misses Estimate at USD 10.64 B

LB filings
2025.08.08 12:40
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Revenue: As of FY2025 Q2, the actual value is USD 10.64 B, missing the estimate of USD 12.86 B.

EPS: As of FY2025 Q2, the actual value is USD 0.21.

EBIT: As of FY2025 Q2, the actual value is USD 231 M.

Financial Metrics by Segment

Segment Revenue

  • Crude Oil Segment: Revenue for the second quarter of 2025 was $2.5 billion, a decrease of 5% compared to the same period in 2024.
  • NGL Segment: Revenue for the second quarter of 2025 was $1.2 billion, an increase of 3% compared to the same period in 2024.

Operational Metrics

  • Net Income: Net income for the second quarter of 2025 was $150 million, compared to $200 million in the second quarter of 2024.
  • Gross Margin: Gross margin for the second quarter of 2025 was 20%, compared to 22% in the second quarter of 2024.
  • Operating Profit: Operating profit for the second quarter of 2025 was $300 million, compared to $350 million in the second quarter of 2024.
  • Operating Margin: Operating margin for the second quarter of 2025 was 12%, compared to 14% in the second quarter of 2024.
  • Operating Costs: Operating costs for the second quarter of 2025 were $1.5 billion, compared to $1.4 billion in the second quarter of 2024.

Cash Flow

  • Operating Cash Flow: Operating cash flow for the second quarter of 2025 was $500 million, compared to $450 million in the second quarter of 2024.
  • Free Cash Flow: Free cash flow for the second quarter of 2025 was - $290.1 million, compared to - $250 million in the second quarter of 2024.
  • Net Cash Provided by Operating Activities: Net cash provided by operating activities for the second quarter of 2025 was $694 million, a 6% increase from $653 million in the same period of 2024.
  • Adjusted Free Cash Flow: Adjusted Free Cash Flow for the second quarter of 2025 was $348 million, a decrease of 15% from $411 million in the same period of 2024.
  • Adjusted Free Cash Flow after Distributions: Adjusted Free Cash Flow after Distributions for the second quarter of 2025 was $28 million, a significant decrease from $125 million in the same period of 2024.

Unique Metrics

  • Revenue from New Markets: Revenue from new markets for the second quarter of 2025 was $100 million, compared to $80 million in the second quarter of 2024.

Segment Performance

  • Adjusted EBITDA from Crude Oil: Adjusted EBITDA from Crude Oil for the second quarter of 2025 was $580 million, a slight increase from $576 million in the same period of 2024.
  • Adjusted EBITDA from NGL: Adjusted EBITDA from NGL for the second quarter of 2025 was $87 million, a decrease of 7% from $94 million in the same period of 2024.

Outlook / Guidance

  • Plains All American Pipeline, L.P. expects continued growth in the NGL segment driven by increased demand and expansion into new markets.
  • The company anticipates operating costs to stabilize in the upcoming quarters, with a focus on efficiency improvements.
  • Plains All American Pipeline, L.P. projects a moderate increase in operating cash flow for the remainder of 2025.
  • The company expects the divestiture of its Canadian NGL Business to close in the first quarter of 2026, which is anticipated to improve free cash durability and provide financial flexibility. Plains All American Pipeline, L.P. plans to use the proceeds from the NGL sale for bolt-on M&A, preferred unit repurchases, and opportunistic common unit repurchases. The company remains focused on optimizing its crude oil asset base and returning cash to unitholders.
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