---
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"
generated_at: "2026-09-09T10:06:54.907150+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# PAA pro forma shows 2025 net income down to $975M from $1,052M on EPIC Crude acquisition

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-105984
- JSON: https://secwatch.observer/filing/0001104659-26-105984.json
- Plain text: https://secwatch.observer/filing/0001104659-26-105984.txt

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