---
schema_version: "secwatch.filing_event.v1"
accession: "0001070423-25-000003"
form_type: "8-K"
ticker: "PAA"
cik: "0001070423"
company_name: "PLAINS ALL AMERICAN PIPELINE LP"
filed_at: "2025-02-07T23:59:59+00:00"
generated_at: "2026-05-27T00:48:03.123082+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001070423-25-000003
- form_type: 8-K
- ticker: PAA
- cik: 0001070423
- company_name: PLAINS ALL AMERICAN PIPELINE LP
- filed_at: 2025-02-07T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1070423/000107042325000003/0001070423-25-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1070423/000107042325000003/paa-20250207.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001070423-25-000003
- JSON: https://secwatch.observer/filing/0001070423-25-000003.json
- Plain text: https://secwatch.observer/filing/0001070423-25-000003.txt

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