---
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"
generated_at: "2026-05-22T01:16:09.764473+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1070423/000107042325000010/0001070423-25-000010-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1070423/000107042325000010/paa-20250509.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001070423-25-000010
- JSON: https://secwatch.observer/filing/0001070423-25-000010.json
- Plain text: https://secwatch.observer/filing/0001070423-25-000010.txt

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