Financial Data and Key Metrics Changes - The company reported adjusted EBITDA attributable to Plains of $672 million for Q2 2025, with a full-year EBITDA guidance range of $2.8 billion to $2.95 billion remaining intact [4][10] - The crude oil segment adjusted EBITDA was $580 million, benefiting from Permian volume growth and higher throughput from refiner customers [9] - The NGL segment reported adjusted EBITDA of $87 million, which decreased sequentially due to normal seasonality and lower frac spreads [9] Business Line Data and Key Metrics Changes - The company executed a definitive agreement to sell substantially all of its NGL business to Keyera for approximately $3.75 billion, expected to close in 2026, which will streamline operations and reduce commodity exposure [5][12] - Year-to-date, the company completed five bolt-on transactions totaling approximately $800 million, indicating a strong focus on expanding its crude oil portfolio [6] Market Data and Key Metrics Changes - The company anticipates that new OPEC+ supply will be absorbed, reducing spare capacity, and that limited long-lead project additions will increase reliance on North American onshore production [13] - Management noted improving diesel demand from refiners, with no signs of slowdown in demand, indicating a positive outlook for the refining sector [20][21] Company Strategy and Development Direction - The divestiture of the NGL business marks a significant strategic shift towards focusing on crude oil operations, enhancing financial flexibility and operational efficiency [12][13] - The company aims to redeploy approximately $3 billion from the NGL sale into bolt-on acquisitions and optimizing its capital structure, including potential unit buybacks [5][36] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current market dynamics, expecting fundamentals to improve in the long term due to population and economic growth driving energy demand [13][22] - The company remains committed to being a vital infrastructure provider for reliable energy across global markets, despite short-term volatility [13] Other Important Information - The company expects to generate approximately $870 million of adjusted free cash flow for 2025, with growth capital guidance increased to $475 million [10][11] - Maintenance capital is trending closer to $230 million, which is $10 million below the initial forecast [11] Q&A Session Summary Question: How does the company factor in sensitivity to basin-level growth in its bolt-on strategies? - Management considers all factors, focusing on discounted cash flow and integrated networks, while evaluating opportunities across different basins [16][17] Question: Can you provide insights on real-time demand signals and any signs of slowdown? - Management noted strong diesel demand and no expected slowdown, with a positive outlook for refining demand continuing [20][22] Question: Can you discuss the BridgeTex deal and its fit within the business? - The company is consolidating its interest in BridgeTex with ONEOK, focusing on optimizing cost structures and filling the pipeline [27][28] Question: What is the outlook for growth CapEx and its relation to producer activity? - The increase in growth CapEx reflects new opportunities and capturing business not previously anticipated, with a focus on synergy capture [29][54] Question: Is there a shift in messaging regarding distribution growth? - Management clarified that there is no intended shift; the goal remains to grow distributions sustainably over multiple years [39][40] Question: What is the guidance for the second half of the year? - Management indicated that contract roll-offs will impact the second half, but growing production and other factors will help backfill those losses [44] Question: How will the company approach potential larger acquisitions with the proceeds from the NGL sale? - The company is positioned to explore various opportunities, maintaining financial flexibility to execute on small, medium, or large acquisitions as they arise [46]

Core Insights - Plains All American Pipeline, L.P. (PAA) reported second-quarter 2025 adjusted earnings of 36 cents per unit, exceeding the Zacks Consensus Estimate of 30 cents by 20% and up from 31 cents in the same quarter last year [1][8] PAA's Total Revenues - Net sales for the quarter were $10.64 billion, missing the Zacks Consensus Estimate of $12.05 billion by 11.7% and down 16.6% from $12.76 billion in the year-ago quarter [2] Highlights of PAA's Earnings Release - Total costs and expenses were $10.4 billion, a decrease of 16.3% year over year, attributed to lower purchases and related costs [3] - Net interest expenses rose to $133 million, an increase of 19.8% from the prior-year quarter [3] - The company agreed to divest substantially all of its NGL business for approximately $3.75 billion, with expected closing in Q1 2026, pending regulatory approval [3] PAA's Segmental Performance - The Crude Oil segment's adjusted EBITDA was $580 million, up 0.7% from the year-ago quarter, driven by higher tariff volumes and contributions from recent acquisitions, though offset by fewer market opportunities and lower commodity prices [4] Financial Update - As of June 30, 2025, cash and cash equivalents were $459 million, up from $348 million as of December 31, 2024 [6] - Long-term debt increased to $8.21 billion from $7.21 billion as of December 31, 2024, with long-term debt-to-total book capitalization rising to 46% from 42% [6] PAA's 2025 Guidance - For 2025, PAA expects adjusted EBITDA to be in the range of $2.80-$2.95 billion and adjusted free cash flow anticipated at $870 million, excluding changes in assets and liabilities [7][9]

Financial Performance - 2Q25 Adjusted EBITDA attributable to PAA was $672 million[5] - Crude Oil Adjusted EBITDA was $580 million in 2Q25[5] - NGL Adjusted EBITDA was $87 million in 2Q25[5] - The company reaffirmed its full-year Adjusted EBITDA guidance of $2.80 - $2.95 billion[5] - The leverage ratio was 3.3x in 2Q25[5] Strategic Initiatives - The company is divesting its NGL business for approximately $3.75 billion[5] - Net proceeds from the NGL divestiture are expected to be around $3.0 billion after taxes, transaction expenses, and potential special distribution[5,8] - The company acquired an additional 20% interest in the BridgeTex Pipeline, bringing its total ownership to 40%[5] Capital Allocation - The company is targeting approximately $0.15/unit annual distribution growth from 2026 onwards until approximately 160% common unit coverage is reached[26] - The company increased its annual distribution by $0.25/unit to $1.52/unit in 2025[26] - The company has invested approximately $1.4 billion in bolt-on acquisitions since the second half of 2022[11,30]

Exhibit 99.1 Plains All American Reports Second-Quarter 2025 Results Houston, TX – August 8, 2025 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported solid second-quarter 2025 results and provided the following highlights: Second-Quarter Results Highlights and Recent Announcements "We continue to advance our strategic initiatives and delivered solid second-quarter performance in a volatile macro environment," said Willie Chiang, Chairman, CEO and President ...

Core Insights - Plains All American Pipeline, L.P. and Plains GP Holdings reported solid second-quarter 2025 results despite a volatile macro environment, with a focus on strategic initiatives and financial flexibility [3][7]. Financial Performance - Net income attributable to Plains All American Pipeline for Q2 2025 was $210 million, a decrease of 16% from $250 million in Q2 2024 [6][29]. - Adjusted EBITDA attributable to Plains All American Pipeline was $672 million for Q2 2025, showing a slight decrease from $674 million in Q2 2024 [8][29]. - The company reported net cash provided by operating activities of $694 million for Q2 2025, up 6% from $653 million in Q2 2024 [8][29]. Strategic Initiatives - The company is advancing its strategic initiatives, including the divestiture of its Canadian NGL business, expected to close in Q1 2026 for approximately $5.15 billion CAD ($3.75 billion USD) [4][7]. - Proceeds from the NGL sale, estimated at around $3.0 billion net USD, will be prioritized for bolt-on M&A, preferred unit repurchases, and opportunistic common unit repurchases [7][8]. - Plains All American Pipeline acquired an additional 20% interest in the BridgeTex Pipeline joint venture, increasing its total interest to 40% [7][8]. Operational Metrics - The company exited Q2 2025 with a leverage ratio of 3.3x, towards the low end of its target range of 3.25x - 3.75x [7]. - Adjusted Free Cash Flow for Q2 2025 was $348 million, a decrease of 15% from $411 million in Q2 2024 [8][29]. - The company reported a distribution per common unit of $0.38 for Q2 2025, up 20% from $0.3175 in Q2 2024 [8][29]. Market Conditions - The second-quarter 2025 Adjusted EBITDA from crude oil was stable compared to the previous year, supported by higher tariff volumes and contributions from recent acquisitions, but offset by lower commodity prices [16]. - Adjusted EBITDA from NGL decreased by 7% year-over-year, primarily due to lower iso-to-normal butane spread benefits [17].

Group 1 - Plains All American Pipeline is set to release its Q2 earnings results on August 8, with expected earnings of 33 cents per share, an increase from 31 cents per share in the same period last year [1] - The company is projected to report quarterly revenue of $12.86 billion, slightly down from $12.93 billion a year earlier [1] - On June 17, Plains All American and Plains GP Holdings finalized agreements to sell their NGL business to Keyera for $3.75 billion [2] Group 2 - Mizuho analyst Gabriel Moreen maintained an Outperform rating and raised the price target from $20 to $22 [7] - JP Morgan analyst Jeremy Tonet maintained a Neutral rating and increased the price target from $19 to $20 [7] - Citigroup analyst Spiro Dounis maintained a Neutral rating and cut the price target from $21 to $18 [7] - Barclays analyst Theresa Chen maintained an Underweight rating and lowered the price target from $19 to $18 [7] - Morgan Stanley analyst Robert Kad maintained an Equal-Weight rating and increased the price target from $19 to $23 [7]

Key Takeaways PAA benefits from contracts tied to key assets in the Permian, Bakken and Eagle Ford regions.Fee-based agreements generate steady cash flow, shielding PAA from oil price volatility.Stable revenues from creditworthy clients are expected to have boosted PAA's second-quarter earnings.Plains All American Pipeline, L.P. (PAA) is expected to report a decline in the top and bottom lines when it reports second-quarter 2025 results on Aug. 8, 2025, before market open.PAA’s Q2 ExpectationThe Zacks Conse ...

Wall Street analysts expect Plains All American Pipeline (PAA) to post quarterly earnings of $0.30 per share in its upcoming report, which indicates a year-over-year decline of 3.2%. Revenues are expected to be $12.05 billion, down 6.8% from the year-ago quarter. The current level reflects a downward revision of 8.5% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this peri ...

Samuel Smith has a diverse background that includes being lead analyst and Vice President at several highly regarded dividend stock research firms and running his own dividend investing YouTube channel. He is a Professional Engineer and Project Management Professional and holds a B.S. in Civil Engineering & Mathematics from the United States Military Academy at West Point and has a Masters in Engineering from Texas A&M with a focus on applied mathematics and machine learning. Samuel leads the High Yield Inv ...

One of Enbridge's key goals is to provide the world with the energy it needs. Which is why the company has been shifting away from oil and toward cleaner fuels like natural gas and renewable power. So, atop the pipeline foundation, it has also built a regulated natural gas utility business and a solar and wind power operation. All while maintaining an investment-grade-rated balance sheet and keeping its distribution well within its target range of 60% to 70% of distributable cash flows. All in, Enbridge is ...