secwatch.observer — SEC 8-K summary
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Issuer:     PLAINS ALL AMERICAN PIPELINE LP (PAA)
CIK:        0001070423
Form:       8-K
Filed at:   2026-09-08T22:16:05+00:00
Accession:  0001104659-26-105984
Event type: m_and_a
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1070423/000110465926105984/0001104659-26-105984-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1070423/000110465926105984/tm2624813d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-105984

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