Plains All American Q3 net income doubles to $441M; closes 100% EPIC crude pipeline acquisition, $1.33B deal

PLAINS ALL AMERICAN PIPELINE LP

Q3 GAAP net income $441M ($0.55/unit) vs $220M ($0.22/unit) a year ago; adjusted EBITDA $669M, up 2%.
Completed acquisition of 100% equity interest in EPIC Crude Pipeline; final 45% for ~$1.33B (incl. ~$500M debt), plus up to $157M earnout.
Full-year 2025 adjusted EBITDA guidance reaffirmed $2.84-$2.89B, including ~$40M EPIC contribution; leverage 3.3x near low end of target range.
Distribution raised 20% to $0.3800/unit; net cash from operations $817M in Q3.
Sale of Canadian NGL business to Keyera Corp. on track for Q1 2026 close; classified as discontinued operations.

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