Welcome to our dedicated page for Plains All Amer SEC filings (Ticker: PAA), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Plains All American Pipeline, L.P. (PAA) SEC filings page on Stock Titan provides access to the partnership’s regulatory documents as filed with the U.S. Securities and Exchange Commission. As a Nasdaq-listed master limited partnership in the pipeline transportation of crude oil industry, PAA uses SEC filings to disclose information about its midstream energy infrastructure operations, financing activities, acquisitions and governance. These documents are especially relevant for investors analyzing how PAA manages its crude oil and NGL logistics network, capital structure and risk profile.
Among the key filings are Current Reports on Form 8-K, where Plains reports material events. Recent 8-K filings describe public offerings and issuances of senior unsecured notes, including 4.700% Senior Notes due 2031 and 5.600% Senior Notes due 2036 issued under an indenture that contains covenants on matters such as sale and leaseback transactions, incurrence of liens, mergers and asset transfers, and includes customary events of default. Other 8-Ks detail PAA’s entry into and completion of definitive purchase and sale agreements to acquire 100% of the equity interests in EPIC Crude Holdings, LP, the owner and operator of the EPIC Crude Oil Pipeline, and related credit arrangements such as the EPIC Credit Agreement with a term loan and revolving credit facility secured by substantially all assets of EPIC Crude Holdings and its subsidiaries.
Filings also address executive compensation and retention arrangements. For example, an 8-K outlines modifications to a promotional phantom unit grant for the CEO, extending the expiration date and tying vesting to distributable cash flow per common unit thresholds, as well as special retention phantom unit grants for other senior executives with specified vesting schedules and distribution equivalent rights. Additional 8-Ks furnish earnings press releases for quarterly results, which include discussions of GAAP and non-GAAP measures such as Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow and Adjusted Free Cash Flow.
On Stock Titan, these SEC filings are updated in near real time from EDGAR and can be paired with AI-powered summaries that explain the main points of each document in straightforward language. Users can quickly see which filings relate to new debt issuance, major acquisitions or dispositions, credit facilities, or changes in executive compensation, and can explore details of covenants, leverage metrics and non-GAAP reconciliations without reading every page. This makes it easier to understand how PAA’s regulatory disclosures reflect its strategy as a midstream crude oil and NGL partnership.
Plains All American Pipeline, L.P. provides a detailed 2025 annual overview focused on its crude oil and NGL midstream business and a major strategic portfolio shift. The partnership operates about 20,405 miles of crude pipelines and 76 million barrels of commercial storage across key North American basins, led by the Permian.
A central development is a definitive agreement to sell its Canadian NGL Business to Keyera for approximately $5.15 billion CAD (about $3.75 billion USD). These assets are classified as held for sale and discontinued operations, with closing expected around the end of the first quarter of 2026, subject to customary approvals.
Management emphasizes an investment‑grade balance sheet, targeting long‑term leverage of 3.25x–3.75x (debt plus 50% of preferred units to Adjusted EBITDA attributable to PAA) and debt‑to‑capitalization of roughly 50–60%. Since its IPO, the partnership reports over $17.5 billion of acquisitions, $18.7 billion of capital projects and about $21.0 billion returned to equity holders, largely via distributions.
For 2026, PAA plans about $440 million of investment capital ($350 million net), roughly half in Permian JV projects, plus $185 million of maintenance capital ($165 million net). The business is increasingly positioned as a crude‑oil‑focused midstream platform, with extensive risk‑management programs, joint ventures, and regulatory and safety compliance spending. As of February 20, 2026, 705,531,683 common units were outstanding.
Plains All American Pipeline reported strong fourth-quarter and full-year 2025 results and outlined a 2026 outlook focused on crude oil infrastructure. Net income attributable to PAA was $342 million for the quarter and $1.435 billion for 2025, with net cash provided by operating activities of $785 million in Q4 and $2.936 billion for the year.
Full-year 2025 Adjusted EBITDA attributable to PAA reached $2.833 billion, while the pro forma leverage ratio was 3.9x at year-end. Management expects leverage to move back toward the 3.25–3.75x target range after the pending Canadian NGL business divestiture, expected to close toward the end of the first quarter of 2026.
For 2026, Plains targets an Adjusted EBITDA midpoint of $2.75 billion and approximately $1.80 billion of Adjusted Free Cash Flow (excluding changes in assets and liabilities and proceeds from the NGL sale). The partnership announced a $0.15 annualized distribution increase to $1.67 per unit, a 10% rise versus 2025, and lowered its distribution coverage ratio threshold from 160% to 150%, signaling confidence in more predictable cash flows and multi‑year distribution growth.
Plains All American Pipeline, L.P. filed an amended current report to add detailed financial information related to its recently completed EPIC Pipeline acquisitions. A wholly owned subsidiary bought a 55% non-operated equity interest in EPIC Crude Holdings, LP and a 55% interest in its general partner from subsidiaries of Diamondback Energy, Inc. and Kinetik Holdings Inc., then purchased the remaining 45% interests from an Ares Management LLC subsidiary. As a result, Plains All American now indirectly owns 100% of EPIC Crude Holdings and its general partner and will serve as operator of record of the EPIC Crude Oil Pipeline.
The amendment supplies audited financial statements of EPIC Crude Holdings for 2023 and 2024, unaudited financials for the nine months ended September 30, 2025, and unaudited pro forma condensed combined financial information for Plains All American. These statements are intended to help investors understand how full ownership of the EPIC Pipeline business affects Plains All American’s consolidated financial position and results.
Plains All American Pipeline LP reported an amended insider equity award for its EVP, General Counsel & Secretary. On 08/14/2025, the officer received 112,650 phantom units under the company’s Long-Term Incentive Plan, with each phantom unit tied to the future delivery of one common unit upon vesting and including distribution equivalent rights payable in cash.
The amendment corrects an earlier Form 4 filed on August 18, 2025 that had overstated the grant by 10,000 phantom units. The award is split into three tranches: Tranche 1 of 56,325 units vests on the August 2028 distribution date based on continued service. Tranche 2 of 28,162 units and Tranche 3 of 28,163 units may vest on the August 2028 distribution date based on total shareholder return versus a peer group and cumulative distributable cash flow per unit over a three‑year period ending June 30, 2028, with payouts ranging from 0% to 200% of target under specified performance conditions.
Plains All American Pipeline LP received an updated ownership report showing that ALPS Advisors, Inc. and Alerian MLP ETF each report beneficial ownership of 76,051,589 common units, representing 10.78% of the outstanding class. The units are common units representing limited partner interests.
Both ALPS Advisors and Alerian MLP ETF report zero sole voting or dispositive power and shared voting and dispositive power over the same 76,051,589 units. ALPS Advisors explains that, as an investment adviser to registered funds including Alerian MLP ETF, it may be deemed a beneficial owner under Section 13(d), but it disclaims beneficial ownership because the securities are owned by the funds. The filing states the holdings are in the ordinary course of business and not for changing or influencing control.
Plains All American Pipeline, L.P. (PAA) completed a public debt offering of $750 million, consisting of $300 million of 4.700% Senior Notes due 2031 and $450 million of 5.600% Senior Notes due 2036. These are additional issuances to notes first issued on September 8, 2025, and form a single series with identical terms.
Following this add-on, each series now has $1 billion aggregate principal amount outstanding. The 2031 notes mature on January 15, 2031, and the 2036 notes on January 15, 2036, with interest payable on January 15 and July 15, starting January 15, 2026. The notes are senior unsecured obligations, pari passu with existing senior debt and effectively subordinated to secured debt. The indenture includes customary covenants limiting sale-leasebacks, liens, mergers, and asset sales, subject to exceptions, and customary events of default.
The offering was conducted under an effective Form S-3, with an underwriting agreement entered on November 10, 2025.
Plains All American Pipeline, L.P. and PAA Finance Corp. are issuing $750 million of senior unsecured notes, split between $300 million of 4.700% notes due 2031 and $450 million of 5.600% notes due 2036. These are additional issuances to existing series first issued on September 8, 2025; after this offering, each series will have $1 billion outstanding.
The notes pay interest semi‑annually on January 15 and July 15, beginning January 15, 2026, and may be redeemed at make‑whole prices before their respective par call dates (December 15, 2030 for 2031 notes; October 15, 2035 for 2036 notes) and at 100% thereafter. There is no planned exchange listing.
Pricing resulted in gross proceeds of $299.6 million for the 2031 tranche and $452.3 million for the 2036 tranche, with net proceeds of approximately $744.8 million. The partnership intends to use the proceeds for general purposes, including debt repayment, intra‑group lending, capital expenditures and working capital. The notes rank equally with other senior unsecured debt and are effectively junior to secured debt, including approximately $1.1 billion outstanding under the EPIC Term Loan as of November 1, 2025.
Plains All American Pipeline, L.P. and PAA Finance Corp. plan an add-on public offering of senior unsecured notes: 4.700% notes due 2031 and 5.600% notes due 2036. These securities will be fungible with, and trade interchangeably with, the issuers’ existing notes of the same series first issued on September 8, 2025.
The notes pay interest semi-annually on January 15 and July 15, beginning January 15, 2026, with interest accruing from September 8, 2025. Maturities are January 15, 2031 and January 15, 2036. The issuers may redeem at a make‑whole price prior to the par call dates (December 15, 2030 for the 2031 notes; October 15, 2035 for the 2036 notes) and at par thereafter, plus accrued interest.
The notes rank equally with other senior unsecured debt and are effectively junior to secured debt and structurally junior to subsidiary obligations, including borrowings under the EPIC Credit Agreement, which had approximately $1.1 billion outstanding under the EPIC Term Loan as of November 1, 2025. The issuers do not intend to list the notes. Net proceeds will be used for general partnership purposes, which may include debt repayment and working capital. Context: earlier issuances total $700 million (2031) and $550 million (2036); commercial paper outstanding was approximately $1.719 billion at a 4.19% weighted average rate as of November 7, 2025.
Plains All American Pipeline (PAA) reported stronger results in its Q3 2025 10-Q. Total revenues were $11,578 million versus $12,456 million a year ago, while operating income rose to $484 million from $196 million as costs declined and asset sale gains lifted margins. Net income attributable to PAA increased to $441 million from $220 million. Basic and diluted net income per common unit was $0.55 (continuing operations $0.44; discontinued operations $0.11), up from $0.22.
PAA classified its Canadian NGL business as discontinued operations following a definitive agreement to sell it to Keyera for approximately CAD$5.15 billion (about $3.75 billion), with closing expected in the first quarter of 2026, subject to customary approvals. Year‑to‑date, cash from operations was $2,150 million, funding acquisitions ($865 million) and distributions. Debt totaled $9,449 million, reflecting new senior notes issued in January and September and the October 3, 2025 redemption of $1.0 billion notes due 2025. Common units outstanding were 705,497,770 as of October 31, 2025.
Plains All American Pipeline (PAA) completed two transactions to acquire 100% of EPIC Crude Holdings and its general partner, becoming operator of the EPIC Pipeline. On October 31, PAA’s subsidiary bought an aggregate 55% non‑operated equity interest from subsidiaries of Diamondback Energy and Kinetik Holdings for approximately $1.57 billion, inclusive of about $600 million of EPIC Term Loan debt, with a potential earnout of about $193 million if a capacity expansion to at least 900,000 barrels per day is sanctioned before the end of 2027.
Effective November 1, it purchased the remaining 45% from an Ares affiliate for approximately $1.33 billion, inclusive of about $500 million of EPIC Term Loan debt, with a potential earnout of up to about $157 million tied to incremental expansion capacity sanctioned before the end of 2028. As of November 1, EPIC’s credit facilities included a $1.2 billion term loan (about $1.1 billion outstanding) maturing in 2031 and a $125 million revolver (no borrowings) maturing in 2029, with covenants requiring a Debt Service Coverage Ratio ≥ 1.10x and a Consolidated Superpriority Leverage Ratio ≤ 1.00x. EPIC assets include ~800 miles of pipelines, over 600,000 barrels per day of capacity, ~7 million barrels of storage, and over 200,000 barrels per day of export capacity.