{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-26-105984","form_type":"8-K","ticker":"PAA","cik":"0001070423","company_name":"PLAINS ALL AMERICAN PIPELINE LP","filed_at":"2026-09-08T22:16:05+00:00","discovered_at":"2026-09-09T10:05:00.560667+00:00","generated_at":"2026-09-09T10:06:54.907150+00:00","sec_items":["2.02","8.01","9.01"],"event_type":"m_and_a","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"PAA pro forma shows 2025 net income down to $975M from $1,052M on EPIC Crude acquisition","bullets":["Pro forma 2025 revenue rises to $44,464M from $44,262M; operating income up to $1,524M from $1,434M.","Net income attributable to PAA drops to $975M from $1,052M; EPS falls to $1.01 from $1.12.","Acquisition of 100% EPIC Crude Holdings (Cactus III Pipeline) completed in two steps: 55% from Diamondback/Kinetik, 45% from Ares.","Pro forma adjustments include $94M added interest expense on $1,901M debt at SOFR+1.125%.","Incremental depreciation of $47M and amortization of $55M offset elimination of EPIC's $96M D&A."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-26-105984","json":"https://secwatch.observer/filing/0001104659-26-105984.json","markdown":"https://secwatch.observer/filing/0001104659-26-105984.md","text":"https://secwatch.observer/filing/0001104659-26-105984.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1070423/000110465926105984/0001104659-26-105984-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1070423/000110465926105984/tm2624813d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-09-09T10:06:54.907150+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"}