{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-060314","form_type":"8-K","ticker":"PAA","cik":"0001070423","company_name":"PLAINS ALL AMERICAN PIPELINE LP","filed_at":"2025-06-17T23:59:59+00:00","discovered_at":"2026-05-14T18:02:47.416244+00:00","generated_at":"2026-05-19T04:10:58.988355+00:00","sec_items":["1.01","7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Plains All American sells NGL business to Keyera for $3.75B","bullets":["Total cash consideration C$5.15B (~$3.75B USD); expected close in Q1 2026, subject to regulatory approvals.","Purchase price represents ~13x expected 2025 Distributable Cash Flow; Plains retains US NGL and Canadian crude assets.","Net proceeds ~$3.0B USD after taxes, expenses, and potential ~$0.35/unit special distribution to offset tax liabilities.","PAA expects ~$360M USD of Canadian entity-level taxes; transaction expected to generate foreign tax credits for unitholders.","Capital allocation priorities: bolt-on crude M&A, preferred unit repurchases, and opportunistic common unit buybacks."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-060314","json":"https://secwatch.observer/filing/0001104659-25-060314.json","markdown":"https://secwatch.observer/filing/0001104659-25-060314.md","text":"https://secwatch.observer/filing/0001104659-25-060314.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1070423/000110465925060314/0001104659-25-060314-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1070423/000110465925060314/tm2518178d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-19T04:10:58.988355+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}