Plains All American Q4 net income $36M; 2025 EBITDA guidance $2.80-2.95B

PLAINS GP HOLDINGS LP

Q4 2024 net income $36M, down 88% YoY; full-year $772M vs $1.23B in 2023.
Adjusted EBITDA attributable to PAA Q4 $729M, full-year $2.78B, above 2024 guidance top-end.
2025 Adjusted EBITDA guidance $2.80-2.95B; distribution raised 20% to $1.52 annualized per unit.
Closed three bolt-on acquisitions for ~$670M net to PAA, including Ironwood Midstream.
Issued $1B senior notes at 5.95% due 2035; leverage ratio 3.0x at year-end.

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