---
schema_version: "secwatch.filing_event.v1"
accession: "0001070423-23-000021"
form_type: "8-K"
ticker: "PAA"
cik: "0001070423"
company_name: "PLAINS ALL AMERICAN PIPELINE LP"
filed_at: "2023-11-03T23:59:59+00:00"
generated_at: "2026-06-08T21:55:55.342136+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Plains All American Q3 adj EBITDA $662M, raises FY23 guidance, hikes distribution 19%, buys Permian assets

## Summary
- Q3 2023 Net income attributable to PAA $203M (down 47% YoY); diluted EPS $0.20 (down 58%).
- Adjusted EBITDA attributable to PAA $662M, up 6% YoY. Full-year guidance raised to $2.60-$2.65B from $2.45-$2.55B.
- Management to recommend 19% distribution increase to $1.27 annualized per unit for Q4 2023 payable Feb 2024.
- Long-term leverage target reduced by 0.5x to 3.25x-3.75x; expects year-end 2023 leverage below 3.5x.
- Permian JV bought Rattler Midstream and LM Energy crude gathering systems for $205M cash ($135M net to PAA).

## SEC filing metadata
- accession: 0001070423-23-000021
- form_type: 8-K
- ticker: PAA
- cik: 0001070423
- company_name: PLAINS ALL AMERICAN PIPELINE LP
- filed_at: 2023-11-03T23:59:59+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/1070423/000107042323000021/0001070423-23-000021-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1070423/000107042323000021/paa-20231103.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001070423-23-000021
- JSON: https://secwatch.observer/filing/0001070423-23-000021.json
- Plain text: https://secwatch.observer/filing/0001070423-23-000021.txt

## Key facts
- Earnings Releases
  PLAINS ALL AMERICAN PIPELINE LP reported third-quarter 2023 results: net income $203 million. Guidance raised.
  - Period: third-quarter 2023
  - Net income: $203 million
  - Guidance: raised
  - Result: reported results
  source text: Plains All American Reports Third-Quarter 2023 Results & Raises 2023 Guidance
  evidence_url: https://www.sec.gov/Archives/edgar/data/1070423/000107042323000021/0001070423-23-000021-index.htm

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