---
schema_version: "secwatch.filing_event.v1"
accession: "0001070423-23-000009"
form_type: "8-K"
ticker: "PAA"
cik: "0001070423"
company_name: "PLAINS ALL AMERICAN PIPELINE LP"
filed_at: "2023-05-05T23:59:59+00:00"
generated_at: "2026-06-15T15:49:32.068136+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Plains All American Q1 net income $422M, Adj EBITDA $715M, reaffirms 2023 guidance

## Summary
- Net income attributable to PAA $422M (vs $187M YoY); diluted EPS $0.52 (up 174%).
- Adjusted EBITDA attributable to PAA $715M (up 16% YoY); Free Cash Flow $823M incl. $284M asset sales.
- Reduced total debt by ~$450M; annualized common distribution raised $0.20 to $1.07/unit (23% increase).
- Reaffirmed 2023 guidance: Adj EBITDA $2.45-2.55B, year-end leverage ~3.5x, distribution coverage ~215%.
- Expect ~$1.6B Free Cash Flow in 2023; capex $325M investment + $195M maintenance net to PAA.

## SEC filing metadata
- accession: 0001070423-23-000009
- form_type: 8-K
- ticker: PAA
- cik: 0001070423
- company_name: PLAINS ALL AMERICAN PIPELINE LP
- filed_at: 2023-05-05T23:59:59+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/1070423/000107042323000009/0001070423-23-000009-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1070423/000107042323000009/paa-20230505.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001070423-23-000009
- JSON: https://secwatch.observer/filing/0001070423-23-000009.json
- Plain text: https://secwatch.observer/filing/0001070423-23-000009.txt

## Key facts
- Earnings Releases
  PLAINS ALL AMERICAN PIPELINE LP reported Three Months Ended March 31, 2023 results: net income $ 422, EPS $ 0.52. Guidance reaffirmed.
  - Period: Three Months Ended March 31, 2023
  - Net income: $ 422
  - EPS: $ 0.52
  - Guidance: reaffirmed
  - Result: reported results
  source text: Three Months Ended March 31, % GAAP Results 2023 2022 Change Net income attributable to PAA $ 422 $ 187 126 % Diluted net income per common unit $ 0.52 $ 0.19 174 %
  evidence_url: https://www.sec.gov/Archives/edgar/data/1070423/000107042323000009/0001070423-23-000009-index.htm

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