Third-Quarter Results and Highlights
Reported net income attributable to PAA of $441 million and net cash provided by operating activities of $817 million.
Delivered solid Adjusted EBITDA attributable to PAA of $669 million.
Exited the quarter with 3.3x leverage ratio, toward the low-end of our target range of 3.25x - 3.75x.
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.
Recent Developments
On October 31st, Plains completed the previously announced acquisition of a 55% equity interest in EPIC Crude Holdings, LP ("EPIC"), 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 1st, 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.
The acquisition of the remaining 45% interest in EPIC allows us to accelerate and increase synergy capture on the full system, including meaningful 2026 cost savings. We expect solid mid-teens returns with a 2026 EBITDA multiple of ~10x, improving significantly over the next few years. Going forward we intend to rename the system Cactus III, reflecting integration with our existing Cactus long-haul systems that we have operated for years.
Expect leverage ratio toward the midpoint of the target range (~3.5x) post announced acquisitions and upon closing our previously announced NGL divestiture (expected by the end of the first quarter 2026).
Forecasting full-year 2025 Adjusted EBITDA attributable to Plains to be in the range of $2.84 to $2.89 billion, which includes approximately $40 million of contribution from our acquisition of EPIC.
"We have made significant progress in our journey of becoming the premier crude oil midstream provider. The pending divestiture of our NGL business, acquisition of EPIC, and streamlining efforts across the broader organization will provide tailwinds for the business despite near term macro volatility. We remain committed to our capital allocation framework and returning cash to unitholders. Our approximately 9.5% distribution yield is well supported with distribution coverage and offers an attractive opportunity to participate in energy markets where we expect improving oil market fundamentals" said Willie Chiang, Chairman, CEO, and President.
Financial Reporting Considerations for Pending Sale of Canadian NGL BusinessOn June 17, 2025, we entered into a definitive agreement to sell substantially all of our NGL business in Canada (the "Canadian NGL Business") to Keyera Corp. This transaction is expected to close in the first quarter of 2026 and is subject to the satisfaction or waiver of customary closing conditions, including receipt of regulatory approvals. While we will divest the Canadian NGL Business as part of the transaction, we will retain substantially all NGL assets in the United States and will also retain all crude oil assets in Canada.
We have determined that the operations of the Canadian NGL Business meet the criteria for classification as held for sale and for discontinued operations reporting and have applied these changes retrospectively to all periods presented. Results throughout this release specify if they are presented from continuing operations (which exclude the results of the Canadian NGL Business) and/or discontinued operations.
Plains All American Pipeline Summary Financial Information (unaudited)(in millions, except per unit data)
Three Months EndedSeptember 30,
%
Nine Months EndedSeptember 30,
%
GAAP Results(1)
2025
2024
Change
2025
2024
Change
Net income attributable to PAA(2)
$
441
$
220
100
%
$
1,093
$
736
49
%
Diluted net income per common unit
$
0.55
$
0.22
150
%
$
1.25
$
0.77
62
%
Diluted weighted average common units outstanding
704
702
—
%
704
702
—
%
Net cash provided by operating activities
$
817
$
692
18
%
$
2,150
$
1,763
22
%
Distribution per common unit declared for the period
$
0.3800
$
0.3175
20
%
$
1.1400
$
0.9525
20
%
Three Months EndedSeptember 30,
%
Nine Months EndedSeptember 30,
%
Non-GAAP Results(1)(3)
2025
2024
Change
2025
2024
Change
Adjusted net income attributable to PAA(2)
$
332
$
320
4
%
$
1,018
$
962
6
%
Diluted adjusted net income per common unit
$
0.39
$
0.37
5
%
$
1.14
$
1.09
5
%
Adjusted EBITDA
$
806
$
805
—
%
$
2,499
$
2,459
2
%
Adjusted EBITDA attributable to PAA(2)
$
669
$
659
2
%
$
2,095
$
2,051
2
%
Implied DCF per common unit and common unit equivalent
$
0.61
$
0.61
—
%
$
1.93
$
1.86
4
%
Adjusted Free Cash Flow(4)
$
303
$
401
(24
)%
$
344
$
882
(61
)%
Adjusted Free Cash Flow after Distributions(4)
$
(18
)
$
114
(116
)%
$
(629
)
$
24
**
Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities)(4)
$
226
$
357
(37
)%
$
401
$
1,039
(61
)%
Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities)(4)
$
(95
)
$
70
**
$
(572
)
$
181
**
________________________
** Indicates that variance as a percentage is not meaningful.(1) Includes results from continuing operations and discontinued operations for all periods presented. See the tables attached hereto for additional information.(2) Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC (the "Permian JV"), Cactus II Pipeline LLC and Red River Pipeline LLC joint ventures.(3) See the section of this release entitled "Non-GAAP Financial Measures and Selected Items Impacting Comparability" and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.(4) The nine months ended September 30, 2025 includes the impact of a net cash outflow of $865 million for bolt-on acquisitions.
Disaggregation of Adjusted EBITDA by Product (1) (2) (unaudited)(in millions)
Adjusted EBITDA from Crude Oil
Adjusted EBITDAfrom NGL
Three Months Ended September 30, 2025
$
593
$
70
Three Months Ended September 30, 2024
$
577
$
73
Percentage change versus 2024 period
3
%
(4
)%
Adjusted EBITDA from Crude Oil
Adjusted EBITDAfrom NGL
Nine Months Ended September 30, 2025
$
1,733
$
346
Nine Months Ended September 30, 2024
$
1,707
$
326
Percentage change versus 2024 period
2
%
6
%
________________________
** Indicates that variance as a percentage is not meaningful.(1) Includes results from continuing operations and discontinued operations for all periods presented.(2) See the section of this release entitled "Non-GAAP Financial Measures and Selected Items Impacting Comparability" and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.
Third-quarter 2025 Adjusted EBITDA from Crude Oil increased 3% versus comparable 2024 results. Favorable results in the 2025 period from (i) contributions from recently completed bolt-on acquisitions, (ii) higher volumes on our pipelines and (iii) tariff escalations were offset by the impact of (iv) certain Permian long-haul pipeline contract rate resets and (v) lower commodity prices.
Third-quarter 2025 Adjusted EBITDA from NGL decreased 4% versus comparable 2024 results primarily due to lower sales volumes.
Plains GP HoldingsPAGP owns an indirect non-economic controlling interest in PAA's general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA's results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables attached hereto.
Conference Call and Webcast InstructionsPAA and PAGP will hold a joint conference call at 9:00 a.m. CT on Wednesday, November 5, 2025 to discuss third-quarter performance and related items.
To access the internet webcast, please go to https://edge.media-server.com/mmc/p/6uxwghj4/
Alternatively, the webcast can be accessed on our website at https://ir.plains.com/news-events/events-presentations. Following the live webcast, an audio replay will be available on our website and will be accessible for a period of 365 days. Slides will be posted prior to the call at the above referenced website.
Non-GAAP Financial Measures and Selected Items Impacting Comparability To supplement our financial information presented in accordance with GAAP, management uses additional measures known as "non-GAAP financial measures" in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow ("DCF"), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions.
Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income, and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Condensed Consolidated Financial Statements and accompanying notes. In addition, we encourage you to visit the Investor Relations section of our website at www.plains.com (navigate to the "Financials" tab, then click on "Quarterly Results"), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.
Non-GAAP Financial Performance MeasuresAdjusted EBITDA is defined as earnings from continuing operations and discontinued operations before (i) interest expense, (ii) income tax (expense)/benefit from continuing operations and discontinued operations, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities) from continuing operations and discontinued operations, (iv) gains and losses on asset sales, asset impairments and other, net from continuing operations and discontinued operations, (v) gains on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests. Adjusted EBITDA disaggregated by product (e.g., Adjusted EBITDA from Crude Oil and Adjusted EBITDA from NGL) exclude amounts related to Other income/(expense).
Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our operating results and/or (v) other items that we believe should be excluded in understanding our operating performance. These measures may be further adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in "Other current liabilities" in our Condensed Consolidated Financial Statements. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as "selected items impacting comparability." Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.
Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management's discussion and analysis of operating results in our Quarterly Report on Form 10-Q.
Non-GAAP Financial Liquidity MeasuresManagement uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/(Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and related party notes and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests and proceeds from the issuance of related party notes. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions.
We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of "Changes in assets and liabilities, net of acquisitions" on our Condensed Consolidated Statements of Cash Flows. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities).
Non-GAAP Financial Measures and Discontinued OperationsManagement believes that the presentation of certain Non-GAAP financial performance measures, such as Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF, Adjusted Net Income attributable to PAA, Adjusted Net Income per Common Unit, Adjusted EBITDA from Crude Oil and Adjusted EBITDA from NGL, and certain Non-GAAP financial liquidity measures, such as Adjusted Free Cash Flow and Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities), on a consolidated basis (e.g., the aggregate of continuing operations and discontinued operations) provides more relevant and useful information regarding our performance and results of operations than presenting such metrics only on a continuing operations or discontinued operations basis. In addition, as the potential sale of the Canadian NGL Business is not anticipated to close until the first quarter of 2026, management continues to view the Canadian NGL Business as a component of our overall company performance and ability to fund distributions to our unitholders in the near term.
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in millions, except per unit data)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2025
2024
2025
2024
REVENUES
$
11,578
$
12,456
$
33,698
$
36,854
COSTS AND EXPENSES
Purchases and related costs
10,585
11,540
30,862
34,086
Field operating costs
288
408
873
962
General and administrative expenses
83
86
251
246
Depreciation and amortization
230
226
696
675
(Gains)/losses on asset sales, net
(92
)
—
(64
)
2
Total costs and expenses
11,094
12,260
32,618
35,971
OPERATING INCOME
484
196
1,080
883
OTHER INCOME/(EXPENSE)
Equity earnings in unconsolidated entities
96
97
292
298
Gain on investments in unconsolidated entities, net
—
—
31
—
Interest expense, net(1)
(135
)
(113
)
(395
)
(318
)
Other income, net(1)
14
26
70
45
INCOME FROM CONTINUING OPERATIONS BEFORE TAX
459
206
1,078
908
Current income tax expense from continuing operations
(5
)
(4
)
(11
)
(72
)
Deferred income tax (expense)/benefit from continuing operations
(1
)
(4
)
(6
)
1
INCOME FROM CONTINUING OPERATIONS, NET OF TAX
453
198
1,061
837
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX
76
114
281
156
NET INCOME
529
312
1,342
993
Net income attributable to noncontrolling interests
(88
)
(92
)
(249
)
(257
)
NET INCOME ATTRIBUTABLE TO PAA
$
441
$
220
$
1,093
$
736
NET INCOME PER COMMON UNIT:
Net income allocated to common unitholders, Basic and Diluted:
Continuing operations
$
311
$
43
$
599
$
384
Discontinued operations
76
114
281
156
Net income allocated to common unitholders, Basic and Diluted
$
387
$
157
$
880
$
540
Basic and diluted weighted average common units outstanding
704
702
704
702
Basic and diluted net income per common unit:
Continuing operations
$
0.44
$
0.06
$
0.85
$
0.55
Discontinued operations
$
0.11
$
0.16
$
0.40
$
0.22
Basic and diluted net income per common unit
$
0.55
$
0.22
$
1.25
$
0.77
________________________
(1) Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. "Interest expense, net" and "Other income, net" each include $23 million and $65 million for the three and nine months ended September 30, 2025, respectively, and $16 million and $31 million for the three and nine months ended September 30, 2024, respectively, related to interest on such related party promissory notes. These amounts offset and do not impact Net Income or Non-GAAP metrics such as Adjusted EBITDA, Implied DCF and Adjusted Free Cash Flow.
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED BALANCE SHEET DATA(in millions)
September 30,2025
December 31,2024
ASSETS
Current assets (including cash and cash equivalents of $1,180 and $348, respectively)(1)
$
5,583
$
4,802
Property and equipment, net
14,143
13,446
Investments in unconsolidated entities
2,873
2,811
Intangible assets, net
1,570
1,677
Linefill
933
904
Long-term operating lease right-of-use assets, net
184
189
Long-term inventory
227
242
Long-term assets of discontinued operations
2,479
2,349
Other long-term assets, net
109
142
Total assets
$
28,101
$
26,562
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities(2)
$
5,365
$
4,950
Senior notes, net
8,371
7,141
Other long-term debt, net
68
70
Long-term operating lease liabilities
188
192
Long-term liabilities of discontinued operations
597
576
Other long-term liabilities and deferred credits
523
537
Total liabilities
15,112
13,466
Partners' capital excluding noncontrolling interests
9,763
9,813
Noncontrolling interests
3,226
3,283
Total partners' capital
12,989
13,096
Total liabilities and partners' capital
$
28,101
$
26,562
________________________
(1) Cash on hand at September 30, 2025 was utilized to redeem senior notes on October 3, 2025. Includes current assets of discontinued operations of $434 million and $415 million as of September 30, 2025 and December 31, 2024, respectively.(2) Includes current liabilities of discontinued operations of $283 million and $350 million as of September 30, 2025 and December 31, 2024, respectively.
DEBT CAPITALIZATION RATIOS (1)(in millions, except percentages)
September 30,2025
December 31,2024
Short-term debt
$
1,011
$
408
Long-term debt
8,441
7,213
Total debt
$
9,452
$
7,621
Long-term debt
$
8,441
$
7,213
Partners' capital excluding noncontrolling interests
9,763
9,813
Total book capitalization excluding noncontrolling interests ("Total book capitalization")
$
18,204
$
17,026
Total book capitalization, including short-term debt
$
19,215
$
17,434
Long-term debt-to-total book capitalization
46
%
42
%
Total debt-to-total book capitalization, including short-term debt
49
%
44
%
________________________
(1) Includes results from continuing operations and discontinued operations for all periods presented.
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited)
COMPUTATION OF BASIC AND DILUTED NET INCOME PER COMMON UNIT(in millions, except per unit data)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2025
2024
2025
2024
Basic and Diluted Net Income per Common Unit
Continuing Operations:
Income from continuing operations, net of tax
$
453
$
198
$
1,061
$
837
Net income attributable to noncontrolling interests
(88
)
(92
)
(249
)
(257
)
Net income from continuing operations attributable to PAA
$
365
$
106
$
812
$
580
Distributions to Series A preferred unitholders
(36
)
(44
)
(110
)
(131
)
Distributions to Series B preferred unitholders
(18
)
(19
)
(53
)
(59
)
Amounts allocated to participating securities
(1
)
(1
)
(10
)
(9
)
Impact from repurchase of Series A preferred units(1)
—
—
(43
)
—
Other
1
1
3
3
Net income from continuing operations allocated to common unitholders - Basic and Diluted(2)
$
311
$
43
$
599
$
384
Discontinued Operations:
Net income from discontinued operations allocated to common unitholders - Basic and Diluted(3)
$
76
$
114
$
281
$
156
Net income allocated to common unitholders, Basic and Diluted
$
387
$
157
$
880
$
540
Basic and diluted weighted average common units outstanding(4) (5)
704
702
704
702
Basic and diluted net income per common unit:
Continuing operations
$
0.44
$
0.06
$
0.85
$
0.55
Discontinued operations
$
0.11
$
0.16
$
0.40
$
0.22
Basic and diluted net income per common unit
$
0.55
$
0.22
$
1.25
$
0.77
________________________
(1) We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of net income allocated to common unitholders.(2) We calculate net income from continuing operations allocated to common unitholders based on the distributions pertaining to the current period's net income. After adjusting for the appropriate period's distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.(3) Net income from discontinued operations allocated to common unitholders is Income from discontinued operations, net of tax as presented on our Condensed Consolidated Statements of Operations.(4) The possible conversion of our Series A preferred units was excluded from the calculation of diluted net income per common unit for each of the three and nine months ended September 30, 2025 and 2024 as the effect was antidilutive.(5) Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED CASH FLOW DATA(in millions)
Nine Months EndedSeptember 30,
2025
2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$
1,342
$
993
Reconciliation of net income to net cash provided by operating activities:
Income from discontinued operations, net of tax
(281
)
(156
)
Depreciation and amortization
696
675
(Gains)/losses on asset sales, net
(64
)
2
Deferred income tax expense/(benefit)
6
(1
)
(Gain)/loss on foreign currency revaluation
19
(12
)
Settlement of terminated interest rate hedging instruments
7
57
Equity earnings in unconsolidated entities
(292
)
(298
)
Distributions on earnings from unconsolidated entities
369
383
Gain on investments in unconsolidated entities, net
(31
)
—
Other
47
52
Changes in assets and liabilities, net of acquisitions
18
(98
)
Cash provided by operating activities - continuing operations
1,836
1,597
Cash provided by operating activities - discontinued operations
314
166
Net cash provided by operating activities
2,150
1,763
CASH FLOWS FROM INVESTING ACTIVITIES
Cash used in investing activities - continuing operations
(1,680
)
(1,131
)
Cash used in investing activities - discontinued operations
(151
)
(109
)
Net cash used in investing activities(1) (2)
(1,831
)
(1,240
)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by/(used in) financing activities(1)
500
(330
)
Effect of translation adjustment - continuing operations
13
(7
)
Effect of translation adjustment - discontinued operations
—
4
Net increase in cash and cash equivalents and restricted cash
832
190
Cash and cash equivalents and restricted cash, beginning of period
348
450
Cash and cash equivalents and restricted cash, end of period
$
1,180
$
640
________________________
(1) Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. For the nine months ended September 30, 2025 and 2024, "Net cash used in investing activities" includes a cash outflow of approximately $330 million and $629 million, respectively, associated with our investment in related party notes. An equal and offsetting cash inflow associated with our issuance of related party notes is included in "Net cash provided by/(used in) financing activities."(2) The 2025 period includes a net cash outflow of $865 million for bolt-on acquisitions.
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited)
CAPITAL EXPENDITURES (1)(in millions)
Net to PAA(2)
Consolidated
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2025
2024
2025
2024
2025
2024
2025
2024
Investment capital expenditures:
Crude Oil
$
98
$
51
$
312
$
158
$
124
$
73
$
404
$
221
NGL(3)
21
37
89
74
21
37
89
74
Total Investment capital expenditures
119
88
401
232
145
110
493
295
Total Maintenance capital expenditures(4)
52
65
149
174
56
69
161
188
Total Investment and Maintenance capital expenditures
$
171
$
153
$
550
$
406
$
201
$
179
$
654
$
483
________________________
(1) Includes results from continuing operations and discontinued operations for all periods presented.(2) Excludes expenditures attributable to noncontrolling interests.(3) See the "Discontinued Operations Detail" section for amounts attributable to discontinued operations.(4) See the "Selected Financial Data by NGL" section for amounts attributable to discontinued operations.
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited)
NON-GAAP RECONCILIATIONS(in millions, except per unit and ratio data)
Computation of Basic and Diluted Adjusted Net Income Per Common Unit (1) (2) :
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2025
2024
2025
2024
Basic and Diluted Adjusted Net Income per Common Unit
Net income attributable to PAA
$
441
