Plains All American Q4 net income $36M (-88% YoY); 2025 EBITDA guidance $2.80-2.95B; distribution +20%

PLAINS ALL AMERICAN PIPELINE LP

Full-year 2024 Adjusted EBITDA attributable to PAA $2.78B, above guidance; 2025 outlook $2.80-2.95B.
Q4 2024 diluted net loss per unit $(0.04) due to $225M insurance write-off and $140M NGL terminal write-down.
Closed three bolt-on acquisitions for ~$670M net; raised $1B of 5.95% senior notes due 2035.
Annualized distribution increased 20% to $1.52/unit; leverage ratio exited 2024 at 3.0x.
2025 growth capex guidance +/-$400M, maintenance capex +/-$240M net to PAA.

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