The earnings call presented a balanced view with significant achievements like the solid adjusted EBITDA and strategic divestiture of the NGL business, alongside challenges including lower-than-expected NGL segment performance and increased capital expenditures. The overall sentiment of the call reflects a cautious but optimistic outlook, with strategic moves aimed at long-term growth and financial flexibility.

Company Guidance -

Q3 2025

During the Plains All American (PAA) and Plains GP Holdings (PAGP) second quarter 2025 earnings call, the company reported an adjusted EBITDA of $672 million. They detailed a significant transaction involving the sale of nearly all their NGL business to Keyera for approximately $3.75 billion, expected to close in the first quarter of 2026. This move is set to streamline PAA into a crude oil-focused midstream entity, with anticipated net proceeds of $3 billion to be used for strategic acquisitions and capital optimizations. The company also announced a $100 million acquisition to increase their interest in BridgeTex Pipeline Company LLC to 40%. Year-to-date, PAA has completed five bolt-on transactions totaling around $800 million, and despite some adjustments, they maintained their full-year EBITDA guidance between $2.8 billion to $2.95 billion. Their capital allocation strategy for 2025 includes generating approximately $870 million in adjusted free cash flow, with growth capital guidance revised to $475 million.

Solid Second Quarter Adjusted EBITDA

Plains reported solid second quarter adjusted EBITDA attributable to Plains of $672 million.

Sale of NGL Business to Keyera

Plains announced the sale of its NGL business to Keyera for approximately $3.75 billion, with a positive initial investor feedback and an expected close in the first quarter of 2026.

Bolt-On Acquisition of BridgeTex Pipeline Interest

Plains acquired an additional 20% interest in BridgeTex Pipeline Company LLC for $100 million, bringing its overall interest to 40%.

Permian Volume Growth

Crude oil segment adjusted EBITDA was $580 million, benefiting from Permian volume growth and contributions from recent acquisitions.

Commitment to Financial Flexibility

Plains plans to use proceeds from the NGL sale to focus on disciplined bolt-on M&A and optimize capital structure, including potential unit repurchases.

Plains All American (PAA) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

PAA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	0.36 / -	0.37	―	―	―
Aug 08, 2025	2025 (Q2)	0.32 / 0.36	0.31	16.13% (+0.05)
May 09, 2025	2025 (Q1)	0.44 / 0.39	0.41	-4.88% (-0.02)
Feb 07, 2025	2024 (Q4)	0.41 / 0.42	0.42	0.00% (0.00)
Nov 08, 2024	2024 (Q3)	0.31 / 0.37	0.35	5.71% (+0.02)
Aug 02, 2024	2024 (Q2)	0.31 / 0.31	0.25	24.00% (+0.06)
May 03, 2024	2024 (Q1)	0.39 / 0.41	0.41	0.00% (0.00)
Feb 09, 2024	2023 (Q4)	0.36 / 0.42	0.3	40.00% (+0.12)
Nov 03, 2023	2023 (Q3)	0.25 / 0.35	0.48	-27.08% (-0.13)
Aug 04, 2023	2023 (Q2)	0.20 / 0.25	0.22	13.64% (+0.03)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

PAA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 08, 2025	$17.87	$17.86	-0.06%
May 09, 2025	$16.60	$16.10	-3.01%
Feb 07, 2025	$19.18	$18.59	-3.08%
Nov 08, 2024	$16.73	$16.26	-2.81%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Plains All American (PAA) report earnings?

Plains All American (PAA) is schdueled to report earning on Oct 30, 2025, After Close (Confirmed).

What is Plains All American (PAA) earnings time?

Plains All American (PAA) earnings time is at Oct 30, 2025, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is PAA EPS forecast?

PAA EPS forecast for the fiscal quarter 2025 (Q3) is 0.36.

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