Plains All American Pipeline Reports $1.093 Billion Net Income for Nine Months Ended September 30, 2025

Plains All American Pipeline, L.P. reported a net income attributable to the partnership of $1.093 billion for the nine months ended September 30, 2025, a 49% increase from $736 million in the same period of 2024. The company’s total revenues for the third quarter of 2025 were $11.578 billion, down 7% from $12.456 billion in the third quarter of 2024. For the nine-month period, total revenues decreased by 9% to $33.698 billion from $36.854 billion year-over-year. The decline in revenues was primarily attributed to lower product sales revenues, which fell to $32.389 billion from $35.606 billion, reflecting a decrease in commodity prices.

The company’s operational performance showed improvements in several areas. Total costs and expenses decreased by 9% to $32.618 billion for the nine months ended September 30, 2025, compared to $35.971 billion in the prior year. Field operating costs also saw a reduction, dropping to $873 million from $962 million, while general and administrative expenses increased slightly to $251 million from $246 million. The company reported an operating income of $883 million for the nine months, a significant increase from $736 million in the previous year.

Strategically, Plains All American is in the process of divesting its Canadian NGL business, with a definitive agreement signed with Keyera Corp. for approximately CAD $5.15 billion (around $3.75 billion). This transaction is expected to close in the first quarter of 2026 and is part of the company’s strategy to focus on its core midstream crude oil operations. The assets and liabilities of the Canadian NGL business have been classified as held for sale, impacting the financial statements accordingly.

In terms of operational metrics, the company reported a total of 705.5 million common units outstanding as of September 30, 2025, an increase from 703.8 million units at the end of 2024. The company’s cash and cash equivalents rose significantly to $1.180 billion from $348 million at the end of the previous fiscal year. Plains All American also completed several acquisitions, including Ironwood Midstream for $481 million and Medallion Midstream for $163 million, enhancing its operational footprint in key regions.

Looking ahead, Plains All American anticipates continued growth driven by its strategic focus on core operations and the successful integration of recent acquisitions. The company expects to maintain a strong liquidity position, with approximately $3.9 billion available to meet ongoing operational and investment needs. The outlook remains cautiously optimistic, contingent on market conditions and the successful execution of its strategic initiatives.