Plains All American (NYSE: PAA) to acquire 55% of EPIC Crude pipeline

Rhea-AI Filing Summary

Plains All American Pipeline, L.P. agreed to buy a 55% non-operated interest in EPIC Crude Holdings, LP, which owns and runs the EPIC Crude Oil Pipeline. The base purchase price is about $1.57 billion, including roughly $600 million of debt, and is subject to customary adjustments.

The buyer also agreed to a potential earnout of approximately $193 million if an expansion of the pipeline to at least 900,000 barrels per day is formally sanctioned before the end of 2027. EPIC Crude Holdings’ system includes about 800 miles of long-haul pipelines from the Permian and Eagle Ford basins to Corpus Christi, over 600,000 barrels per day of operating capacity, around 7 million barrels of storage, and more than 200,000 barrels per day of export capacity. Closing is expected in the first quarter of 2026, subject to regulatory and other customary conditions.

Insights

Midstream infrastructure analyst

PAA is making a large midstream acquisition focused on Permian and Eagle Ford crude flows.

Plains All American Pipeline is buying a 55% non-operated interest in EPIC Crude Holdings for a base price of about $1.57 billion, including roughly $600 million of debt, with customary adjustments. The assets provide long-haul crude takeaway from the Permian and Eagle Ford basins to Corpus Christi, with over 600,000 barrels per day of operating capacity, about 800 miles of pipe, around 7 million barrels of storage, and more than 200,000 barrels per day of export capacity.

The agreement also includes a potential earnout of approximately $193 million if a pipeline expansion to at least 900,000 barrels per day is formally sanctioned before the end of 2027. The remaining 45% interest is held by a portfolio company of Ares Management Corporation, which operates the system, so PAA’s role will be economic rather than operational. The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals and other customary closing conditions, so subsequent filings around those milestones will further clarify timing and final terms.

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PLAINS ALL AMERICAN PIPELINE LP

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) – August 30, 2025

Plains All American Pipeline, L.P.

(Exact name of registrant as specified in its charter)

Delaware	1-14569	76-0582150
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

333 Clay Street, Suite 1600, Houston, Texas 77002

(Address of principal executive offices) (Zip Code)

713-646-4100

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Units		PAA		Nasdaq

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company  ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

Item 1.01 Entry into a Material Definitive Agreement.

On August 30, 2025, a wholly-owned subsidiary (the “Buyer”) of Plains All American Pipeline, L.P. (“PAA” or the “Registrant”), entered into a definitive Purchase and Sale Agreement (the “PSA”) with subsidiaries of Diamondback Energy, Inc. and Kinetik Holdings Inc. (collectively, the “Sellers”), pursuant to which Buyer will purchase from Sellers an aggregate 55% non-operated interest in EPIC Crude Holdings, LP (“EPIC Crude Holdings”), the entity that owns and operates the EPIC Crude Oil Pipeline (the “Pipeline”). The base purchase price of approximately $1.57 billion is subject to adjustments and includes approximately $600 million of debt. Buyer has also agreed to a potential earnout payment of approximately $193 million should an expansion of the Pipeline to a capacity of at least 900,000 barrels per day be formally sanctioned before the end of 2027. PAA will guaranty certain of the Buyer’s obligations under the PSA.

The EPIC Pipeline provides long-haul crude oil takeaway from the Permian and Eagle Ford basins to the Gulf Coast market at Corpus Christi. EPIC Crude Holdings’ assets include approximately 800 miles of long-haul pipelines (including the EPIC Pipeline), operating capacity of over 600,000 barrels per day with low-cost expansion capabilities, approximately 7 million barrels of operational storage, and over 200,000 barrels per day of export capacity. The remaining 45% interest in EPIC Crude Holdings is owned by a portfolio company of Ares Management Corporation, which also serves as operator.

The transaction is expected to close in the first quarter of 2026, subject to satisfaction or waiver of customary closing conditions, including applicable regulatory approvals. The PSA contains customary representations, warranties, covenants and termination provisions, as well as mutual indemnification provisions for breaches of certain of the representations, warranties and covenants in the PSA, subject to certain limitations.

The foregoing description of the PSA does not purport to be complete and is qualified in its entirety by reference to the full text of the PSA, which the Registrant intends to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

Item 7.01 Regulation FD Disclosure.

In accordance with General Instruction B.2 of Form 8-K, the information presented herein under Item 7.01 shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

On September 2, 2025, PAA and Plains GP Holdings, L.P. (“PAGP”) issued a press release announcing the execution of the Purchase and Sale Agreement described in Item 1.01 above. A copy of the press release is furnished as Exhibit 99.1 hereto.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Description
99.1	Press Release Dated September 2, 2025.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:   September 2, 2025	PLAINS ALL AMERICAN PIPELINE, L.P.
	By:	PAA GP LLC, its general partner
	By:	Plains AAP, L.P., its sole member
	By:	Plains All American GP LLC, its general partner
	By:	/s/ Richard McGee
		Name:	Richard McGee
		Title:	Executive Vice President, General Counsel & Secretary

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FAQ

What acquisition did PAA announce regarding EPIC Crude Holdings?

Plains All American Pipeline, L.P. agreed to acquire a 55% non-operated interest in EPIC Crude Holdings, LP, which owns and operates the EPIC Crude Oil Pipeline.

What is the purchase price PAA will pay for the 55% EPIC Crude stake?

The base purchase price is approximately $1.57 billion, which is subject to adjustments and includes about $600 million of debt associated with EPIC Crude Holdings.

Is there an additional earnout tied to PAA’s EPIC Crude acquisition?

Yes. The buyer agreed to a potential earnout payment of about $193 million if an expansion to at least 900,000 barrels per day of capacity is formally sanctioned before the end of 2027.

What assets are included in EPIC Crude Holdings that PAA is buying into?

EPIC Crude Holdings’ assets include about 800 miles of long-haul pipelines, operating capacity of over 600,000 barrels per day, around 7 million barrels of operational storage, and over 200,000 barrels per day of export capacity.

Who owns the remaining interest in EPIC Crude Holdings after PAA’s deal?

The remaining 45% interest in EPIC Crude Holdings is owned by a portfolio company of Ares Management Corporation, which also serves as operator.

When is PAA’s acquisition of the EPIC Crude stake expected to close?

The transaction is expected to close in the first quarter of 2026, subject to satisfaction or waiver of customary closing conditions, including regulatory approvals.

Will Plains All American Pipeline guarantee any obligations under the purchase agreement?

Yes. PAA will guaranty certain obligations of its wholly owned subsidiary buyer under the Purchase and Sale Agreement.