← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
Plains All American is narrowing to a Permian-centred crude oil pipeline business: it bought the EPIC pipeline, agreed to sell its Canadian NGL arm, and lifted net income 85.9% to $1.44B while revenue fell 9.5%
The read at a glance✓ Audited against SEC data
- Growth — Revenue down 9.5% to $44.26B; mostly crude oil sales that track oil pricesNote
- Profitability — Net income attributable to PAA up 85.9% to $1.44BOK
- Cash flow — Free cash flow up 12.3% to $2.29B; operating cash flow up 17.9%OK
- Balance sheet — Total debt up 47.8% to $11.26B after the EPIC purchaseWatch
- Accounting — No manipulation flag; earnings quality safe; distress score not availableOK
- Portfolio reshaping — EPIC pipeline bought; Canadian NGL business sold to KeyeraNote
Business
Plains All American is a Houston-based limited partnership and one of the largest crude oil midstream service providers in North America. It owns pipelines, terminals, storage and gathering assets, centred on the Permian Basin, and pairs them with a merchant business that buys and resells crude. That is why its revenue line is large and thin: product sales revenues of $42,501 million in 2025 sat against $40,433 million of purchases and related costs.
Where the revenue comes from
Fiscal 2025, as PLAINS ALL AMERICAN PIPELINE LP reports it. History and quarterly detail are in the app.
- Crude Oil$44.1B
- NGL$151.0M
Leadership changes
From PLAINS ALL AMERICAN PIPELINE LP's own filings, the day they're filed.
- Russ Montgomery · Chief Accounting Officer · appointmenteff. 2026-09-01
- Plains All American Pipeline · President · departureeff. 2025-06-01
- Cynthia B. Taylor · directors · appointment
Latest filings
- 8-K · Company announcement2026-09-29
- 8-K · Company announcement2026-09-14
- 8-K · Company announcement2026-09-10
- 8-K · Company announcement2026-09-09
- 10-Q · Quarterly report2026-08-10
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about PLAINS ALL AMERICAN PIPELINE LP, every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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