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.

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