Plains All Amer Stock Price, News & Analysis

Plains All American Pipeline (Nasdaq: PAA) has announced the availability of its 2024 Schedule K-3 tax documentation, which contains information about items of international tax relevance. The Schedule K-3 can be accessed online at www.taxpackagesupport.com/plainsallamerican.

The documentation is primarily relevant for foreign unitholders, those computing foreign tax credits, and certain corporate and partnership unitholders. Unitholders can receive an electronic copy via email by calling Tax Package Support at (866) 872-2829.

Plains All American Pipeline (PAA) has announced the sale of its NGL business to Keyera Corp. for $3.75 billion USD ($5.15 billion CAD). The transaction, expected to close in Q1 2026, will transform PAA into a pure-play crude oil midstream company while retaining its U.S. NGL assets and Canadian crude oil operations. The deal values at approximately 13x expected 2025 DCF, with net proceeds of $3.0 billion USD after taxes and expenses. Management plans a potential $0.35/unit special distribution to offset unitholder tax implications. The proceeds will be used for bolt-on M&A in crude oil, capital structure optimization, and opportunistic unit repurchases. The transaction will reduce commodity exposure and working capital requirements while enhancing free cash flow profile.

Plains All American Pipeline (PAA) reported strong Q1 2025 results with net income of $443 million, up 67% year-over-year, and operating cash flow of $639 million. The company delivered Adjusted EBITDA of $754 million and maintained a healthy 3.3x leverage ratio. Key business highlights include acquiring the remaining 50% stake in Cheyenne Pipeline, purchasing Black Knight Midstream's Permian Basin assets for $55 million, and completing the Fort Saskatchewan fractionation complex debottleneck project. The company declared a quarterly distribution of $0.38 per unit, representing a ~9% yield. Segment performance showed Crude Oil EBITDA at $559 million (+1% YoY) and NGL EBITDA at $189 million (+19% YoY), driven by higher tariff volumes, pipeline escalations, and improved NGL sales.

Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) have announced their quarterly distributions for Q1 2025. Both PAA Common Units and PAGP Class A Shares will maintain their quarterly distribution at $0.38 per unit ($1.52 annualized), unchanged from February 2025.

Additional distributions include $0.61524 per Series A Preferred Unit (approximately $2.46 annualized) and $21.49 per Series B Preferred Unit (floating rate). All distributions will be payable on May 15, 2025 to holders of record as of May 1, 2025.

The companies will release their Q1 2025 earnings before market open on May 9, 2025, followed by a conference call at 9:00 a.m. CT to discuss results with analysts and investors.

Plains All American Pipeline (PAA) announced significant leadership changes effective June 1, 2025. Harry Pefanis will retire as President after serving the company for over 27 years since co-founding it. Current Chairman and CEO Willie Chiang will assume the additional role of President.

Pefanis, who has been with the organization for more than four decades, including time before its 1998 IPO, will continue serving on the Board of Directors and transition to a Senior Advisor role. Under his leadership, Plains evolved into a modern energy transportation company, focusing on customer service, operational excellence, and financial strength.

The company also announced Board changes effective June 1, 2025: John Raymond will succeed Bobby Shackouls as Lead Director and Chair of the Governance Committee, while Shackouls will take over Raymond's position as Chair of the Compensation Committee. Both will remain members of their previous committees to ensure a smooth transition.

Plains All American Pipeline (PAA) reported its Q4 and full-year 2024 results, with net income of $36 million and $772 million respectively. The company delivered strong Q4 and full-year 2024 Adjusted EBITDA of $729 million and $2.78 billion, exceeding guidance.

The company completed three bolt-on acquisitions for approximately $670 million, including Ironwood Midstream Energy, and purchased 12.7 million Series A Preferred Units for about $330 million. For 2025, PAA expects Adjusted EBITDA of $2.80-$2.95 billion and announced a 20% distribution increase to $1.52 per unit annually.

Q4 results include a $225 million charge from Line 901 insurance proceeds write-off and $140 million in non-cash charges related to U.S. NGL terminals write-down. The company successfully raised $1 billion in senior unsecured notes at 5.95% due 2035 and anticipates maintaining leverage ratio below target range of 3.25x to 3.75x.

Plains All American Pipeline (PAA) has priced a $1 billion public offering of 5.950% senior unsecured notes due 2035 at 99.761% of face value. The offering, expected to close on January 15, 2025, will generate net proceeds of approximately $988.1 million.

The proceeds will be used to: (1) fund the $475 million acquisition of Ironwood Midstream Energy Partners II, (2) repurchase about 12.7 million Series A Preferred Units at $26.25 per unit, and (3) repay outstanding credit facilities and commercial paper program. If the Ironwood acquisition or Preferred Unit repurchase isn't completed, funds will be used for general partnership purposes, including refinancing 4.65% Senior Notes due October 2025.

The offering is not conditional on completing either the Ironwood acquisition or Preferred Unit repurchase, and vice versa. J.P. Morgan Securities, BMO Capital Markets, Mizuho Securities USA, and Scotia Capital are joint book-running managers.

EnCap Flatrock Midstream (EFM) has announced two definitive agreements to sell Ironwood Midstream Energy Partners II and all EFM-owned Plains Series A Preferred Units to Plains All American (NYSE: PAA) for over $800 million in cash. The transactions are expected to close in Q1 2025, subject to regulatory approvals.

Ironwood II, headquartered in San Antonio, operates a crude oil gathering and transportation system in the Eagle Ford shale region of South Texas. Since partnering with EFM in 2019, the company has built nearly 500 miles of pipeline, covering approximately 200 miles within the Eagle Ford Shale region. The company executed an Eagle Ford-focused consolidation strategy to become a leading midstream provider in South Texas.

RBC Capital Markets and Piper Sandler served as financial advisors, while Haynes Boone, Wilkie Farr & Gallagher, and Vinson & Elkins acted as legal advisors for the transaction.

Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) have announced their quarterly distributions for Q4 2024 and upcoming earnings release schedule. The companies declared a quarterly cash distribution of $0.38 per Common Unit/Class A Share, representing a $0.0625 increase from November 2024 ($0.25 increase or 20% annualized). Additional distributions include $0.61524 per Series A Preferred Unit and $22.73 per Series B Preferred Unit.

Distributions for Common Units, Class A Shares, and Series A Preferred Units will be paid on February 14, 2025, to holders of record as of January 31, 2025. Series B Preferred Unit distributions will be paid on February 18, 2025, to holders of record as of February 3, 2025. The Q4 2024 earnings release is scheduled for February 7, 2025, before market open, followed by a conference call at 9:00 a.m. CT.