secwatch / observer

8-K filed May 9, 2025, 7:59 PM ET ticker PAA CIK 0001070423

earnings confidence high sentiment positive materiality 0.75

Plains All American Q1 net income $443M, Adj. EBITDA $754M; distribution up 20% to $0.38/unit

PLAINS ALL AMERICAN PIPELINE LP

Net income attributable to PAA $443M (diluted EPS $0.49), up 67% YoY; net cash from ops $639M (+53% YoY).
Adjusted EBITDA attributable to PAA $754M (+5% YoY); leverage ratio 3.3x at low end of 3.25x-3.75x target.
Quarterly distribution $0.38/unit ($1.52 annualized), up 20% from prior year; implied DCF $0.66/unit.
Acquired remaining 50% of Cheyenne Pipeline (closed Feb 28) and Black Knight Midstream Permian gathering for ~$55M (closed May 1).
Placed Fort Saskatchewan fractionation debottleneck in service (30 Mb/d); hedged ~80% of 2025 C3+ sales at ~$0.70/gal.

item 2.02 item 7.01 item 9.01

Machine-readable event card

schema_version: secwatch.filing_event.v1
accession: 0001070423-25-000010
form_type: 8-K
ticker: PAA
cik: 0001070423
company_name: PLAINS ALL AMERICAN PIPELINE LP
filed_at: 2025-05-09T23:59:59+00:00
discovered_at: 2026-05-14T18:02:47.415615+00:00
generated_at: 2026-05-22T01:16:09.764473+00:00
sec_items: ["2.02", "7.01", "9.01"]
event_type: earnings
sentiment: positive
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: high
secwatch_canonical_url: https://secwatch.observer/filing/0001070423-25-000010
json_url: https://secwatch.observer/filing/0001070423-25-000010.json
markdown_url: https://secwatch.observer/filing/0001070423-25-000010.md
text_url: https://secwatch.observer/filing/0001070423-25-000010.txt
edgar_index_url: https://www.sec.gov/Archives/edgar/data/1070423/000107042325000010/0001070423-25-000010-index.htm
edgar_primary_document_url: https://www.sec.gov/Archives/edgar/data/1070423/000107042325000010/paa-20250509.htm
generated_by_model: deepseek-v4-flash:cloud@v2
review_status: machine_generated
human_reviewed: false
corrected: false
correction_note: null
correction_timestamp: null
superseded_by: null

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Source: SEC EDGAR

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