Plains All American Pipeline(US:PAA) ZACKSยท2025-05-09 14:25Core Insights - Plains All American Pipeline, L.P. (PAA) reported first-quarter 2025 adjusted earnings of 39 cents per unit, missing the Zacks Consensus Estimate of 45 cents by 13.3% [1] - Total revenues were $12.01 billion, falling short of the Zacks Consensus Estimate of $13.1 billion by 8.4%, but increased 0.1% from the previous year's $12 billion [2] Financial Performance - Total costs and expenses were $11.5 billion, a decrease of 1.3% year over year, attributed to increased purchases and related costs [3] - Net interest expenses rose to $127 million, up 33.7% from the prior-year quarter [3] Segment Performance - The Crude Oil segment's adjusted EBITDA was $559 million, up 1% from the year-ago quarter, driven by higher tariff volumes and contributions from recent acquisitions, offset by higher operating expenses [4] - Adjusted EBITDA for the NGL segment increased by 19% to $189 million, due to higher weighted average frac spreads and NGL sales volumes [5] Financial Update - As of March 31, 2025, cash and cash equivalents were $427 million, up from $348 million as of December 31, 2024 [6] - Long-term debt increased to $8.2 billion from $7.21 billion as of December 31, 2024, with long-term debt-to-total book capitalization rising to 46% from 42% [6] 2025 Guidance - For 2025, PAA expects adjusted EBITDA to be in the range of $2.80-$2.95 billion and adjusted free cash flow to be $1.095 billion [7] - The company plans disciplined capital investments, with growth capital and maintenance capital anticipated at $400 million and $240 million, respectively [7] Zacks Rank - PAA currently holds a Zacks Rank 3 (Hold) [8]