PLAINS ALL AMERICAN PIPELINE LP
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PAA FY 2025 request
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| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Revenue | 44,262 | 48,889 | -9.5% |
Show Product Lines breakouts |
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| Product | 42,501 | 47,199 | -10.0% |
| Product · Crude Oil | 42,373 | 47,034 | -9.9% |
| Product · Intersegment Elimination | -17 | -16 | -6.2% |
| Product · NGL | 145 | 181 | -19.9% |
| Service | 1,761 | 1,690 | +4.2% |
| Service · Crude Oil | 1,758 | 1,686 | +4.3% |
| Service · Intersegment Elimination | -3 | -2 | -50.0% |
| Service · NGL | 6 | 6 | 0.0% |
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| Crude Oil · Operating Segments | 44,131 | 48,720 | -9.4% |
| NGL · Operating Segments | 151 | 187 | -19.3% |
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| CA | 4,501 | 5,354 | -15.9% |
| US | 39,761 | 43,535 | -8.7% |
Show Consolidation Items breakouts |
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| Intersegment Elimination | -20 | -18 | -11.1% |
| Operating Segments | 44,282 | 48,907 | -9.5% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 1,926 | 2,193 | -12.2% |
Show Related Party Transactions By Related Party breakouts |
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| Affiliated Entity | 49 | 46 | +6.5% |
| Cost of Revenue | 40,433 | 45,162 | -10.5% |
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| Crude Oil · Operating Segments | 40,323 | 45,033 | -10.5% |
| NGL · Operating Segments | 130 | 147 | -11.6% |
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| Intersegment Elimination | -20 | -18 | -11.1% |
| Operating Costs And Expenses | 1,154 | 1,471 | -21.5% |
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| Crude Oil · Operating Segments | 1,127 | 1,440 | -21.7% |
| NGL · Operating Segments | 27 | 31 | -12.9% |
| General & Administrative | 342 | 328 | +4.3% |
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| Crude Oil · Operating Segments | 314 | 298 | +5.4% |
| NGL · Operating Segments | 28 | 30 | -6.7% |
| Depreciation & Amortization | 953 | 901 | +5.8% |
| Gain Loss On Sales Of Assets And Asset Impairment Charges | -54 | 159 | -134.0% |
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| Crude Oil | -44 | — | — |
| Total Costs & Expenses | 42,828 | 48,021 | -10.8% |
| Operating Income | 1,434 | 868 | +65.2% |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 1,075 | 1,373 | -21.7% |
| Income Loss From Equity Method Investments | 382 | 452 | -15.5% |
Show Business Segments breakouts |
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| Crude Oil · Operating Segments | 382 | 452 | -15.5% |
| Gains Losses On Investments In Unconsolidated Entities Net | 31 | 15 | +106.7% |
| Interest Expense | -554 | -430 | -28.8% |
Show Debt Instrument breakouts |
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| Related Party Promissory Notes · PAGP | -87 | -48 | -81.2% |
| Other Non-Operating Income (Expense) | 108 | 64 | +68.8% |
| Income Before Taxes | 1,401 | 969 | +44.6% |
| Current Income Tax Expense Benefit | -1 | -82 | +98.8% |
| Deferred Income Taxes | -14 | -5 | -180.0% |
| Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest | 1,386 | 882 | +57.1% |
| Income Loss From Discontinued Operations Net Of Tax | 383 | 231 | +65.8% |
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| Discontinued Operations Heldforsale · NGL Business | 383 | 231 | +65.8% |
| Net Income | 1,769 | 1,113 | +58.9% |
Show Limited Partners Capital Account By Class breakouts |
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| Common Units · Parent | 1,219 | 519 | +134.9% |
| Series A Preferred Units · Parent | 146 | 175 | -16.6% |
| Series B Preferred Units · Parent | 70 | 78 | -10.3% |
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| Noncontrolling Interest | 334 | 341 | -2.1% |
| Parent | 1,435 | 772 | +85.9% |
| Net Income Loss Attributable To Noncontrolling Interest | -334 | -341 | +2.1% |
| Net Income | 1,435 | 772 | +85.9% |
| Net Income Loss From Continuing Operations Allocated To Common Unitholders Basic (FY) | — | — | — |
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| Common Units | 786 | 283 | +177.7% |
| Net Income Loss From Continuing Operations Allocated To Common Unitholders Diluted (FY) | — | — | — |
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| Common Units | 786 | 283 | +177.7% |
| Net Income Loss From Discontinued Operations Allocated To Common Unitholders Basic (FY) | — | — | — |
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| Common Units | 383 | 231 | +65.8% |
| Net Income Loss From Discontinued Operations Allocated To Common Unitholders Diluted (FY) | — | — | — |
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| Common Units | 383 | 231 | +65.8% |
| Net Income Loss Allocated To Common Unitholders Basic (FY) | — | — | — |
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| Common Units | 1,169 | 514 | +127.4% |
| Net Income Loss Allocated To Common Unitholders Diluted (FY) | — | — | — |
Show Limited Partners Capital Account By Class breakouts |
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| Common Units | 1,169 | 514 | +127.4% |
| Weighted Average Limited Partnership Units Outstanding (FY) | — | — | — |
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| Common Units | 704 | 702 | +0.3% |
| Weighted Average Limited Partnership Units Outstanding Diluted (FY) | — | — | — |
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| Common Units | 704 | 702 | +0.3% |
| Income Loss From Continuing Operations Net Of Tax Per Outstanding Limited Partnership Unit Diluted (FY) | — | — | — |
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| Common Units | 1.12 | 0.4 | +180.0% |
| Income Loss From Continuing Operations Per Outstanding Limited Partnership Unit Basic Net Of Tax (FY) | — | — | — |
Show Limited Partners Capital Account By Class breakouts |
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| Common Units | 1.12 | 0.4 | +180.0% |
| Income Loss From Discontinued Operations Net Of Tax Per Outstanding Limited Partnership Unit Basic (FY) | — | — | — |
Show Limited Partners Capital Account By Class breakouts |
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| Common Units | 0.54 | 0.33 | +63.6% |
| Income Loss From Discontinued Operations Net Of Tax Per Outstanding Limited Partnership Unit Diluted1 (FY) | — | — | — |
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| Common Units | 0.54 | 0.33 | +63.6% |
| Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax (FY) | — | — | — |
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| Common Units | 1.66 | 0.73 | +127.4% |
| Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted (FY) | — | — | — |
Show Limited Partners Capital Account By Class breakouts |
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| Common Units | 1.66 | 0.73 | +127.4% |
| Revenue (FY) | — | — | — |
Show Product Lines breakouts |
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| Product · Crude Oil | 42,408 | 47,036 | -9.8% |
| Product · NGL | 144 | 180 | -20.0% |
| Terminalling, Storage and Other · Crude Oil | 349 | 384 | -9.1% |
| Terminalling, Storage and Other · NGL | 6 | 7 | -14.3% |
| Transportation · Crude Oil | 1,330 | 1,231 | +8.0% |
Show Business Segments breakouts |
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| Crude Oil · Operating Segments | 44,087 | 48,651 | -9.4% |
| NGL · Operating Segments | 150 | 187 | -19.8% |
Show Consolidation Items breakouts |
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| Operating Segments | 44,237 | 48,838 | -9.4% |
| Other Revenue (FY) | — | — | — |
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| Crude Oil · Operating Segments | 44 | 69 | -36.2% |
| NGL · Operating Segments | 1 | — | — |
Show Consolidation Items breakouts |
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| Operating Segments | 45 | 69 | -34.8% |
| Gross Profit (FY) | — | — | — |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 1,094 | 1,407 | -22.2% |
| Income Tax Expense (Benefit) | 15 | 87 | -82.8% |
| Comprehensive Income | 1,622 | 525 | +209.0% |
| Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax (FY) | — | — | — |
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| Interest Rate Contract | 10 | 29 | -65.5% |
Show Partner Capital Components breakouts |
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| Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest | 10 | 29 | -65.5% |
| Aoci Including Portion Attributable To Noncontrolling Interest | 10 | 29 | -65.5% |
| Operating Lease Lease Income | 8 | 10 | -20.0% |
| Preferred Stock Dividends Income Statement Impact (FY) | — | — | — |
Show Limited Partners Capital Account By Class breakouts |
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| Series A Preferred Units | -146 | -175 | +16.6% |
| Series B Preferred Units | -70 | -78 | +10.3% |
Balance Sheet
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 328 | 348 | -5.7% |
| Receivables Net Current | 3,598 | 3,679 | -2.2% |
Show Related Party Transactions By Related Party breakouts |
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| Affiliated Entity | 49 | 40 | +22.5% |
| Inventory | 211 | 261 | -19.2% |
Show Public Utilities Inventory breakouts |
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| Crude Oil | 166 | 221 | -24.9% |
| Natural Gas Liquids Reserves | 27 | 26 | +3.8% |
| Other | 18 | 14 | +28.6% |
| Assets Of Disposal Group Including Discontinued Operation Current | 479 | 415 | +15.4% |
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| Discontinued Operations Heldforsale · NGL Business | 479 | 415 | +15.4% |
| Other Assets Current | 117 | 99 | +18.2% |
| Total Current Assets | 4,733 | 4,802 | -1.4% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 441 | 475 | -7.2% |
| Non-Current Assets | |||
| Intangible Assets | 1,754 | 1,677 | +4.6% |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Customer Relationships | 1,739 | 1,662 | +4.6% |
| Other Intangible Assets | 15 | 15 | 0.0% |
| Operating Lease Right-of-Use Assets | 198 | 189 | +4.8% |
| Inventory Noncurrent | 214 | 242 | -11.6% |
Show Public Utilities Inventory breakouts |
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| Crude Oil | 213 | 238 | -10.5% |
| Natural Gas Liquids Reserves | 1 | 4 | -75.0% |
| Disposal Group Including Discontinued Operation Assets Noncurrent | 2,557 | 2,349 | +8.9% |
Show Disposal Group Classification breakouts |
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| Discontinued Operations Heldforsale · NGL Business | 2,557 | 2,349 | +8.9% |
| Other Non-Current Assets | 107 | 142 | -24.6% |
| Total Assets | 30,169 | 26,562 | +13.6% |
| Other Assets | |||
| Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization | 22,536 | 18,528 | +21.6% |
Show Business Segments breakouts |
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| Crude Oil · Crude oil storage and terminal facilities | 2,808 | 2,679 | +4.8% |
| Crude Oil · Pipelines | 18,428 | 14,612 | +26.1% |
| NGL · NGL storage, terminal, fractionation and processing facilities | 365 | 364 | +0.3% |
Show Property Plant And Equipment By Type breakouts |
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| Construction In Progress | 238 | 148 | +60.8% |
| Land and other | 324 | 295 | +9.8% |
| Office property and equipment and rolling stock | 373 | 430 | -13.3% |
| Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization | -5,676 | -5,082 | -11.7% |
| Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization | 16,860 | 13,446 | +25.4% |
| Equity Method Investments | 2,846 | 2,811 | +1.2% |
Show Business Segments breakouts |
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| Crude Oil · Operating Segments | 2,846 | 2,811 | +1.2% |
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts |
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| BridgeTex Pipeline Company, LLC (“BridgeTex”) | 574 | 403 | +42.4% |
| Capline Pipeline Company LLC (“Capline”) | 473 | 501 | -5.6% |
| Diamond Pipeline LLC | 432 | 440 | -1.8% |
| Eagle Ford Pipeline LLC | 347 | 364 | -4.7% |
| Eagle Ford Terminals Corpus Christi LLC | 110 | 113 | -2.7% |
| Other investments | 156 | 199 | -21.6% |
| Saddlehorn Pipeline Company, LLC (“Saddlehorn”) | 262 | 275 | -4.7% |
| White Cliffs Pipeline, L.L.C. | 109 | 123 | -11.4% |
| Wink to Webster Pipeline LLC (“W2W Pipeline”) | 383 | 393 | -2.5% |
| Linefill | 900 | 904 | -0.4% |
Show Public Utilities Inventory breakouts |
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| Crude Oil | 898 | 903 | -0.6% |
| Natural Gas Liquids Reserves | 2 | 1 | +100.0% |
| Current Liabilities | |||
| Accounts Payable Trade Current | 3,457 | 3,647 | -5.2% |
Show Related Party Transactions By Related Party breakouts |
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| Affiliated Entity | 64 | 66 | -3.0% |
| Debt Current | 563 | 407 | +38.3% |
Show Short Term Debt Type breakouts |
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| Other | 9 | 14 | -35.7% |
| Liabilities Of Disposal Group Including Discontinued Operation Current | 382 | 350 | +9.1% |
Show Disposal Group Classification breakouts |
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| Discontinued Operations Heldforsale · NGL Business | 382 | 350 | +9.1% |
| Other Liabilities Current | 529 | 546 | -3.1% |
| Total Current Liabilities | 4,931 | 4,950 | -0.4% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 317 | 261 | +21.5% |
| Non-Current Liabilities | |||
| Senior Long Term Notes | 9,118 | 7,141 | +27.7% |
Show Long-Term Debt Type breakouts |
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| Senior Notes | 9,118 | 7,141 | +27.7% |
| Other Long Term Debt Noncurrent | 1,578 | 70 | +2154.3% |
Show Long-Term Debt Type breakouts |
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| Other | 63 | 70 | -10.0% |
| Term Loan | 1,099 | — | — |
| Operating Lease Liabilities | 202 | 192 | +5.2% |
| Liabilities Of Disposal Group Including Discontinued Operation Noncurrent | 606 | 576 | +5.2% |
Show Disposal Group Classification breakouts |
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| Discontinued Operations Heldforsale · NGL Business | 606 | 576 | +5.2% |
| Other Non-Current Liabilities | 654 | 537 | +21.8% |
| Liabilities Noncurrent | 12,158 | 8,516 | +42.8% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 13 | 12 | +8.3% |
| Long-Term Debt (Q) | — | — | — |
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| Commercial Paper | 416 | — | — |
| Deferred Tax Liabilities (Q) | — | — | — |
Show Balance Sheet Location breakouts |
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| Other Noncurrent Liabilities | -197 | -174 | -13.2% |
| Stockholders' Equity | |||
| Total Liabilities & Equity | 30,169 | 26,562 | +13.6% |
| Limited Partners Capital Account (Q) | — | — | — |
Show Limited Partners Capital Account By Class breakouts |
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| Common Units | 7,801 | 7,512 | +3.8% |
| Series A Preferred Units | 1,248 | 1,514 | -17.6% |
| Series B Preferred Units | 787 | 787 | 0.0% |
| Partners Capital | 9,836 | 9,813 | +0.2% |
| Partners Capital Attributable To Noncontrolling Interest | 3,244 | 3,283 | -1.2% |
| Partners Capital Including Portion Attributable To Noncontrolling Interest | 13,080 | 13,096 | -0.1% |
Show Limited Partners Capital Account By Class breakouts |
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| Common Units · Parent | 7,801 | 7,512 | +3.8% |
| Series A Preferred Units · Parent | 1,248 | 1,514 | -17.6% |
| Series B Preferred Units · Parent | 787 | 787 | 0.0% |
Show Partner Capital Components breakouts |
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| Accumulated Foreign Currency Adjustment Including Portion Attributable To Noncontrolling Interest | -872 | -1,039 | +16.1% |
| Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest | -29 | -44 | +34.1% |
| Aoci Including Portion Attributable To Noncontrolling Interest | -896 | -1,083 | +17.3% |
| Noncontrolling Interest | 3,244 | 3,283 | -1.2% |
| Other | 5 | — | — |
| Parent | 9,836 | 9,813 | +0.2% |
Cash Flow Statement
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Allocated Share Based Compensation Expense | 49 | 50 | -2.0% |
| Foreign Currency Transaction Gain Loss Before Tax | 13 | -12 | +208.3% |
| Net Cash Paid Receivedfor Terminated Hedging Instruments | 37 | 57 | -35.1% |
Show Derivative Risk breakouts |
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| Interest Rate Swap Terminated in June 2026 · Cash Flow Hedging | -30 | — | — |
| Interest Rate Swap Terminated in October 2025 · Cash Flow Hedging | -7 | — | — |
| Equity Method Investment Dividends Or Distributions | 486 | 505 | -3.8% |
| Other Non-Cash Items | 15 | 17 | -11.8% |
| Increase Decrease In Accounts And Other Receivables | 204 | 76 | +168.4% |
| Change in Inventory | 96 | 120 | -20.0% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | -334 | -57 | -486.0% |
| Net Cash Provided By Used In Operating Activities Continuing Operations | 2,452 | 2,236 | +9.7% |
| Cash Provided By Used In Operating Activities Discontinued Operations | 484 | 254 | +90.6% |
| Net Cash from Operations | 2,936 | 2,490 | +17.9% |
| Investing Activities | |||
| Payments To Acquire Businesses And Interest In Affiliates | -2,651 | -248 | -969.0% |
| Capital Contributions To Equity Method Investees | -2 | -4 | +50.0% |
| Capital Expenditures | -643 | -448 | -43.5% |
| Cash Paid Related To Purchases Of Linefill | -27 | -21 | -28.6% |
| Proceeds From Sale Of Productive Assets | 81 | 11 | +636.4% |
| Payments To Fund Longterm Loans To Related Parties | -330 | -629 | +47.5% |
| Net Cash Provided By Used In Investing Activities Continuing Operations | -3,572 | -1,334 | -167.8% |
| Cash Provided By Used In Investing Activities Discontinued Operations | -197 | -170 | -15.9% |
| Net Cash from Investing | -3,769 | -1,504 | -150.6% |
| Financing Activities | |||
| Proceeds From Repayments Of Commercial Paper | 577 | -40 | +1542.5% |
| Repayments Of Lines Of Credit | -1,114 | — | — |
| Proceeds From Issuance Of Term Loan | 1,100 | — | — |
| Proceeds From Issuance Of Senior Long Term Debt | 2,998 | 650 | +361.2% |
| Repayments Of Senior Debt | -1,000 | -750 | -33.3% |
| Proceeds From Related Party Debt | 330 | 629 | -47.5% |
| Share Repurchases | -8 | — | — |
| Payments For Repurchase Of Preferred Stock And Preference Stock | -333 | — | — |
| Distribution Made To Limited Partner Cash Distributions Paid (FY) | — | — | — |
Show Limited Partners Capital Account By Class breakouts |
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| Common Units | -1,070 | -891 | -20.1% |
| Series A Preferred Units | -154 | -175 | +12.0% |
| Series B Preferred Units | -71 | -79 | +10.1% |
| Payments Of Dividends Minority Interest | -447 | -425 | -5.2% |
| Proceeds From Minority Shareholders | 75 | 57 | +31.6% |
| Proceeds From Payments For Other Financing Activities | -84 | -53 | -58.5% |
| Net Cash from Financing | 799 | -1,077 | +174.2% |
| Debt Repayments (FY) | — | — | — |
Show Credit Facility breakouts |
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| Credit Agreements and Commercial Paper Program | 55.8 | 28.1 | +98.6% |
| Supplemental | |||
| Interest Paid | 516 | 381 | +35.4% |
| Income Taxes Paid | 98 | 269 | -63.6% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 14 | -13 | +207.7% |
| Net Change in Cash | -20 | -102 | +80.4% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 328 | 348 | -5.7% |
Values in millions USD. Source: SEC EDGAR 10-K filing.