---
schema_version: "secwatch.filing_event.v1"
accession: "0001070423-25-000023"
form_type: "8-K"
ticker: "PAA"
cik: "0001070423"
company_name: "PLAINS ALL AMERICAN PIPELINE LP"
filed_at: "2025-11-05T23:59:59+00:00"
generated_at: "2026-05-17T00:10:09.013435+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001070423-25-000023
- form_type: 8-K
- ticker: PAA
- cik: 0001070423
- company_name: PLAINS ALL AMERICAN PIPELINE LP
- filed_at: 2025-11-05T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1070423/000107042325000023/0001070423-25-000023-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1070423/000107042325000023/paa-20251105.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001070423-25-000023
- JSON: https://secwatch.observer/filing/0001070423-25-000023.json
- Plain text: https://secwatch.observer/filing/0001070423-25-000023.txt

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