---
schema_version: "secwatch.filing_event.v1"
accession: "0001070423-24-000004"
form_type: "8-K"
ticker: "PAA"
cik: "0001070423"
company_name: "PLAINS ALL AMERICAN PIPELINE LP"
filed_at: "2024-02-09T23:59:59+00:00"
generated_at: "2026-06-06T04:40:48.840642+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# PAA Q4 net income $312M, Adj EBITDA above guidance; raises distribution 19%

## Summary
- Q4 net income $312M; full-year $1.23B (up 19% YoY). Adj EBITDA $737M in Q4, $2.71B full year (above top end of guidance).
- Board approved increasing annualized distribution to $1.27/unit (+$0.20, +19% vs 2023), starting Feb 2024.
- 2024 guidance: Adj EBITDA $2.625-2.725B; leverage target reaffirmed 3.25x-3.75x; expects ~$1.65B adj free cash flow.
- Full-year 2023 Adj Free Cash Flow (excl working capital) $1.60B; achieved year-end leverage of 3.1x.
- Received two credit rating upgrades in 2023; completed two asset sales and three bolt-on acquisitions.

## SEC filing metadata
- accession: 0001070423-24-000004
- form_type: 8-K
- ticker: PAA
- cik: 0001070423
- company_name: PLAINS ALL AMERICAN PIPELINE LP
- filed_at: 2024-02-09T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1070423/000107042324000004/0001070423-24-000004-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1070423/000107042324000004/paa-20240209.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001070423-24-000004
- JSON: https://secwatch.observer/filing/0001070423-24-000004.json
- Plain text: https://secwatch.observer/filing/0001070423-24-000004.txt

## Key facts
- Earnings Releases
  PLAINS ALL AMERICAN PIPELINE LP reported twelve months ended December 31, 2023 results: net income 1.23 billion.
  - Period: twelve months ended December 31, 2023
  - Net income: 1.23 billion
  - Result: reported results
  source text: Full-year 2023 Net income attributable to PAA of $312 million and $1.23 billion, respectively
  evidence_url: https://www.sec.gov/Archives/edgar/data/1070423/000107042324000004/0001070423-24-000004-index.htm
- Earnings Releases
  PLAINS ALL AMERICAN PIPELINE LP updated its full-year 2024 guidance (reaffirmed).
  - Period: full-year 2024
  - Guidance: reaffirmed
  - Result: guidance update
  source text: Reaffirming leverage ratio target range of 3.25x - 3.75x reflecting commitment to balance sheet strength and flexibility
  evidence_url: https://www.sec.gov/Archives/edgar/data/1070423/000107042324000004/0001070423-24-000004-index.htm
- Earnings Releases
  PLAINS ALL AMERICAN PIPELINE LP reported three months ended December 31, 2023 results: net income 312 million.
  - Period: three months ended December 31, 2023
  - Net income: 312 million
  - Result: reported results
  source text: Fourth-quarter and full-year 2023 Net income attributable to PAA of $312 million and $1.23 billion, respectively
  evidence_url: https://www.sec.gov/Archives/edgar/data/1070423/000107042324000004/0001070423-24-000004-index.htm

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