Key Takeaways PAA posted Q3 earnings of 39 cents per unit, topping estimates and rising from 37 cents last year.Revenues declined 7% year over year to $11.58B as lower sales offset efficiency and cost gains.PAA narrowed 2025 EBITDA guidance to $2.84-$2.89B and expects $900M in adjusted free cash flow.Plains All American Pipeline, L.P. (PAA) reported third-quarter 2025 adjusted earnings of 39 cents per unit, which topped the Zacks Consensus Estimate of 34 cents by 14.7%. In the year-ago quarter, the firm rep ...

Plains All American Pipeline (NasdaqGS:PAA) Q3 2025 Earnings Call November 05, 2025 10:00 AM ET Speaker0Good day, and thank you for standing by. Welcome to the PAA and PHEP Third Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. There a Please be advised that today's conference is being recorded.I would now like to hand the conference over to your first speaker today, B ...

Non-GAAP Reconciliations and Supplemental Calculations: Table of Contents | Page 1 | Introduction | | --- | --- | | Page 2 | Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA | | Page 3 | Selected Items Impacting Comparability | | Page 4 | Adjusted Net Income Per Common Unit | | Page 5 | Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation | | Page 6 | PAA Credit Metrics | | Page 7 | Implied Distributable Cash Flow | | Page 8 | Net Income Per Common Un ...

"We have made significant progress in our journey of becoming the premier crude oil midstream provider. The pending divestiture of our NGL business, acquisition of EPIC, and streamlining efforts across the broader organization will provide tailwinds for the business despite near term macro volatility. We remain committed to our capital allocation framework and returning cash to unitholders. Our approximately 9.5% distribution yield is well supported with distribution coverage and offers an attractive opport ...

核心观点 - 公司报告了2025年第三季度稳健的财务业绩，并完成了对EPIC Crude Holdings, LP的100%股权收购，旨在通过业务精简和战略收购成为领先的原油中游提供商 [1][3][6] - 公司预计剥离加拿大NGL业务将带来长期利好，并维持其资本分配框架和单位持有人回报承诺，当前约9.5%的分配收益率具有吸引力 [3][4] 财务业绩摘要 - 第三季度归属于PAA的净利润为4.41亿美元，较去年同期的2.20亿美元增长100% [6][7] - 第三季度运营活动提供的净现金为8.17亿美元，同比增长18% [6][7] - 第三季度归属于PAA的调整后EBITDA为6.69亿美元，同比增长2% [6][7] - 第三季度杠杆率为3.3倍，处于目标范围3.25倍至3.75倍的低端 [6] - 预计2025年全年归属于Plains的调整后EBITDA在28.4亿美元至28.9亿美元之间，其中EPIC收购贡献约4000万美元 [6] 业务分部表现 - 第三季度原油业务调整后EBITDA为5.93亿美元，同比增长3%，增长主要来自近期收购贡献、管道运输量增加和关税上调，部分被某些Permian长输管道合同费率重置和商品价格下跌所抵消 [12][14] - 第三季度NGL业务调整后EBITDA为7000万美元，同比下降4%，主要原因是销售量下降 [12][15] 战略举措与资本活动 - 公司于2025年6月17日签署协议，出售其在加拿大的绝大部分NGL业务予Keyera Corp，交易预计于2026年第一季度完成，完成后公司将保留在美国的绝大部分NGL资产和在加拿大的所有原油资产 [4] - 公司于2025年9月成功发行12.5亿美元高级无抵押票据，用于赎回2025年10月到期的优先票据并为近期宣布的收购提供部分资金 [6] - 公司于2025年10月31日完成从Diamondback Energy和Kinetik Holdings子公司收购EPIC 55%股权的交易，并于2025年11月1日完成从Ares Private Equity基金投资组合公司收购剩余45%股权的交易，总收购价约13.3亿美元（含约5亿美元债务），并同意可能支付高达1.57亿美元的额外款项，与管道系统特定扩建项目挂钩，交易使PAA持有EPIC 100%股权 [6] - 收购EPIC剩余股权有望加速全系统协同效应，包括显著的2026年成本节约，预计回报率为中等两位数，2026年EBITDA倍数约为10倍，未来几年将显著改善，系统将更名为Cactus III [6] 运营与财务数据 - 第三季度每普通股宣布分配额为0.3800美元，同比增长20% [7] - 第三季度原油管道运输量为988.3万桶/天，高于去年同期的916.6万桶/天 [98] - 截至2025年9月30日，现金及现金等价物为11.80亿美元，总债务为94.52亿美元 [29][31]

My objective of investing is to eventually build up a cash flow machine in the form of a stress-free portfolio that would allow me to fund consumption without being forced to remain on a payroll.Roberts Berzins has over a decade of experience in the financial management helping top-tier corporates shape their financial strategies and execute large-scale financings. He has also made significant efforts to institutionalize REIT framework in Latvia to boost the liquidity of pan-Baltic capital markets. Other po ...

At Cash Flow Club , we focus on businesses with strong cash generation, ideally with a wide moat and significant durability. When these companies are bought at the right time, that can be highly rewarding for us. If you are interested in joining our community, start right here !Plains All American (NASDAQ: PAA )(NASDAQ: PAGP ) is an energy infrastructure company that offers a strong yield of 9% at current prices, well ahead of the average of the already high-yielding energy midstream industry. PlainsHe is a ...

人物专业背景 - 拥有超过十年财务管理经验 协助顶级企业制定财务战略并执行大规模融资 [1] - 持有CFA和ESG投资证书 曾在芝加哥期货交易所实习 [1] - 积极推动拉脱维亚REIT框架制度化 以提升泛波罗的海资本市场的流动性 [1] 政策层面工作 - 参与制定国家国有企业融资指南 [1] - 建立引导私人资本投资经济适用房存量的框架 [1] - 通过思想领导力活动支持泛波罗的海资本市场发展 [1]

The energy sector, including midstream operators such as Plains All American (NASDAQ: PAA )(NASDAQ: PAGP ), hasn't been getting much love from Wall Street lately. Investment funds decreased their exposure to energy stocks whileBashar is a contributing writer at Seeking Alpha, focusing on Long/Short investment ideas, with a geographic focus in North America. Before that, Bashar worked at an Investment Fund in the United Kingdom. He has a Master's degree in Finance from the Queen Mary University of London and ...

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