---
schema_version: "secwatch.filing_event.v1"
accession: "0001070423-23-000003"
form_type: "8-K"
ticker: "PAA"
cik: "0001070423"
company_name: "PLAINS ALL AMERICAN PIPELINE LP"
filed_at: "2023-02-08T23:59:59+00:00"
generated_at: "2026-06-19T21:24:58.219344+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# PAA Q4 adj. EBITDA $659M beats; FY 2022 net income $1.04B; 2023 guidance $2.45-2.55B adj. EBITDA

## Summary
- Q4 net income $263M ($0.30 diluted EPS); adjusted net income $286M ($0.33 diluted adj. EPS).
- Full-year 2022 adj. EBITDA attributable to PAA $2.51B, up 14% YoY; FCF $1.61B.
- Increased annualized distribution by $0.20 to $1.07/unit; repurchased $74M of common units in 2022.
- 2023 guidance: adj. EBITDA $2.45-2.55B, year-end leverage ~3.5x, investment capex $325M, maintenance capex $195M.
- CEO cites strong execution, Permian asset positioning, and focus on shareholder returns via distribution growth and accretive investments.

## SEC filing metadata
- accession: 0001070423-23-000003
- form_type: 8-K
- ticker: PAA
- cik: 0001070423
- company_name: PLAINS ALL AMERICAN PIPELINE LP
- filed_at: 2023-02-08T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1070423/000107042323000003/0001070423-23-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1070423/000107042323000003/paa-20230208.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001070423-23-000003
- JSON: https://secwatch.observer/filing/0001070423-23-000003.json
- Plain text: https://secwatch.observer/filing/0001070423-23-000003.txt

## Key facts
- Earnings Releases
  PLAINS ALL AMERICAN PIPELINE LP reported fourth-quarter and full-year 2022 results: net income $263 million and $1.04 billion, respectively.
  - Period: fourth-quarter and full-year 2022
  - Net income: $263 million and $1.04 billion, respectively
  - Result: reported results
  source text: Plains All American Reports Fourth-Quarter and Full-Year 2022 Results
  evidence_url: https://www.sec.gov/Archives/edgar/data/1070423/000107042323000003/0001070423-23-000003-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.