Globenewswire·2025-11-05 12:30Core Insights - Plains All American Pipeline, L.P. and Plains GP Holdings reported strong third-quarter results for 2025, highlighting significant progress in becoming a leading crude oil midstream provider [1][3] - The company is focused on strategic acquisitions and divestitures, including the pending sale of its Canadian NGL business and the acquisition of EPIC Crude Holdings, which is expected to enhance operational efficiency and financial performance [4][6] Financial Performance - Reported net income attributable to Plains All American Pipeline for Q3 2025 was $441 million, a 100% increase from $220 million in Q3 2024 [7] - Adjusted EBITDA attributable to Plains was $669 million for Q3 2025, reflecting a 2% increase from $659 million in Q3 2024 [7][14] - The company achieved a leverage ratio of 3.3x, within its target range of 3.25x - 3.75x [6] Recent Developments - The acquisition of a 55% equity interest in EPIC Crude Holdings was completed, with an additional 45% interest acquired for approximately $1.33 billion, including $500 million of debt [6][14] - The company anticipates solid mid-teens returns from the EPIC acquisition, with a projected 2026 EBITDA multiple of approximately 10x [6][14] - The divestiture of the Canadian NGL business is expected to close in Q1 2026, allowing the company to focus on its core crude oil operations [4][5] Distribution and Cash Flow - The distribution per common unit declared for Q3 2025 was $0.38, a 20% increase from $0.3175 in Q3 2024 [7] - The company reported net cash provided by operating activities of $817 million for Q3 2025, an 18% increase from $692 million in Q3 2024 [7][40] - Adjusted Free Cash Flow for Q3 2025 was $303 million, a 24% decrease from $401 million in Q3 2024, primarily due to increased capital expenditures [7][24]