2025-05-09 11:41Financial Performance - Plains All American Pipeline (PAA) reported $754 million in Adjusted EBITDA attributable to PAA for 1Q25[5] - The company reaffirmed its full-year Adjusted EBITDA guidance of $2.80 - $2.95 billion[5] - PAA's leverage ratio stood at 3.3x in 1Q25[5] - Distributable Cash Flow available to Common Unitholders is $1.875 billion, with a Common Unit Distribution Ratio Coverage of 175%[22] - Adjusted Free Cash Flow (excluding changes in Assets & Liabilities) is +/- $1.095 billion[22, 26] Segment Performance - The Crude Oil segment contributed $559 million to Adjusted EBITDA in 1Q25[5] - The NGL segment contributed $189 million to Adjusted EBITDA in 1Q25[5] - The company anticipates $2.41 billion in Adjusted EBITDA from the Crude Oil segment and $450 million from the NGL segment for the full year 2025[22] Growth Strategy - Plains has invested approximately $1.3 billion in bolt-on acquisitions since the second half of 2022, targeting a return threshold of 15%+[11] - The company expects $300 - $400 million of annual growth capex[10] - The company is targeting ~$0.15/unit annual distribution growth from 2026 until ~160% common unit coverage is reached[26]