Plains All American Q4 net income jumps to $342M; raises distribution 10%, guides 2026 EBITDA $2.75B

PLAINS ALL AMERICAN PIPELINE LP

Q4 net income attributable to PAA $342M vs $36M a year ago; full-year $1.435B, up 86% YoY.
Adjusted EBITDA attributable to PAA 2025: $2.833B; 2026 guidance midpoint $2.75B (assumes one quarter of NGL contribution).
Annualized distribution raised $0.15 to $1.67/unit (10% increase); coverage threshold lowered from 160% to 150%.
Pro forma leverage 3.9x; targeting 3.25x-3.75x after NGL divestiture close expected Q1 2026.
Expect ~$1.80B adjusted free cash flow in 2026; $100M cost savings initiatives through 2027.

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