---
schema_version: "secwatch.filing_event.v1"
accession: "0001070423-25-000018"
form_type: "8-K"
ticker: "PAA"
cik: "0001070423"
company_name: "PLAINS ALL AMERICAN PIPELINE LP"
filed_at: "2025-08-08T23:59:59+00:00"
generated_at: "2026-05-17T16:07:30.113794+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Plains All American Q2 net income $210M (-16% YoY); divests Canadian NGL for $3.75B

## Summary
- GAAP net income attributable to PAA $210M ($0.21/unit) vs $250M ($0.26/unit) in Q2 2024.
- Adjusted EBITDA att. to PAA $672M, flat YoY; adjusted net income $312M (+8% YoY).
- Agreed to sell substantially all Canadian NGL business to Keyera for ~$5.15B CAD ($3.75B USD); close expected Q1 2026.
- Acquired additional 20% in BridgeTex Pipeline on July 22, raising PAA stake to 40%.
- Q2 distribution declared $0.38/unit (+20% YoY); leverage ratio 3.3x at low end of target.

## SEC filing metadata
- accession: 0001070423-25-000018
- form_type: 8-K
- ticker: PAA
- cik: 0001070423
- company_name: PLAINS ALL AMERICAN PIPELINE LP
- filed_at: 2025-08-08T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- 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/1070423/000107042325000018/0001070423-25-000018-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1070423/000107042325000018/paa-20250808.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001070423-25-000018
- JSON: https://secwatch.observer/filing/0001070423-25-000018.json
- Plain text: https://secwatch.observer/filing/0001070423-25-000018.txt

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