Plains All American's Q1: Earnings Down, But NGL Strength Lifts EBITDA
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 09 2025
0mins
Should l Buy PAA?
Source: Benzinga
Financial Performance: Plains All American Pipeline reported first-quarter revenue of $12.011 billion and adjusted EPS of 39 cents, both missing consensus estimates. However, adjusted EBITDA rose 5% year-over-year to $754 million, driven by growth in the Crude Oil and NGL segments.
Future Outlook: The company anticipates adjusted EBITDA for 2025 to be between $2.80 billion and $2.95 billion, with a focus on efficient growth through acquisitions and capital expenditures of $300 million to $400 million, while maintaining a leverage ratio target of 3.25x to 3.75x.
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Analyst Views on PAA
Wall Street analysts forecast PAA stock price to fall
8 Analyst Rating
3 Buy
4 Hold
1 Sell
Hold
Current: 21.560
Low
16.50
Averages
20.19
High
23.00
Current: 21.560
Low
16.50
Averages
20.19
High
23.00
About PAA
Plains All American Pipeline, L.P. owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (NGL). It owns a network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. Its Crude Oil segment operations consist of gathering and transporting crude oil using pipelines, gathering systems, trucks and, at times, on barges or railcars. Its assets provide services to third parties as well as to its merchant activities. Its NGL segment operations involve natural gas processing and NGL fractionation, storage, transportation and terminalling. NGL segment offers merchant activities including the acquisition of extraction rights from producers and/or shippers of the gas streams that pass through its Empress facility.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Rising Oil Prices: The Iranian attacks on oil infrastructure have effectively closed the Strait of Hormuz, leading to a sharp increase in oil prices, which is expected to drive revenue growth for North American oil companies.
- Enbridge Expansion Plans: Enbridge is set to invest CAD 28.4 billion in pipeline and terminal expansions, which is projected to increase its cash flow per share by 3% this year, allowing for continued growth in its 5.4% dividend and enhancing its market competitiveness.
- Enterprise Products Partners Investments: Enterprise Products Partners has invested billions in new pipeline systems and marine terminals, with $4.8 billion in major growth projects currently under construction, expected to support a 5.9% distribution growth, maintaining a 27-year streak of payout increases.
- Plains All American Pipeline Strategic Adjustments: Plains has optimized its pipeline portfolio through acquisitions of EPIC Crude Oil Pipelines and BridgeTex Pipeline, which is expected to drive stable cash flow growth in the future and support its 7.7% high dividend, boosting investor confidence.
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- Regulatory Review Initiated: Canada's Competition Bureau has obtained a federal court order to gather information related to Keyera's acquisition of Plains All American Pipeline's Canadian natural gas liquids business, indicating significant regulatory scrutiny over the deal.
- Transaction Scale and Impact: Valued at $5.15 billion, the Bureau is investigating whether this transaction could substantially lessen or prevent competition in the Canadian oil and gas sector, highlighting the regulator's focus on market competition.
- Asset Details Disclosed: The deal involves assets including 193,000 bbl/day of fractionation capacity, 23 million barrels of storage capacity, and over 2,400 km of pipeline infrastructure, suggesting that the integration of these assets could have profound implications for market dynamics.
- Regulatory Progress Delayed: Keyera indicated last week that the acquisition process is taking longer than expected, suggesting potential challenges in regulatory review that could impact its market expansion plans and future business growth.
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- Quarterly Dividend Announcement: Plains All American Pipeline has declared a quarterly dividend of $0.4175 per share, consistent with previous distributions, indicating the company's stable cash flow and shareholder return strategy.
- Yield Performance: The forward yield of 7.51% reflects the company's attractiveness in the current market environment, potentially drawing in more income-focused investors seeking reliable returns.
- Shareholder Payment Schedule: The dividend is payable on May 15, with a record date of May 1 and an ex-dividend date also set for May 1, ensuring shareholders receive their earnings promptly.
- Future Financial Outlook: Plains All American outlines a projected EBITDA of $2.75 billion by 2026, demonstrating the company's strategic execution in NGL divestiture and Cactus III integration, which enhances market confidence in its growth trajectory.
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Investigation Focus: The investigation is centered on the proposed deal by Keyera, indicating potential scrutiny over the transaction's implications.
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COMPETITION BUREAU SECURES COURT ORDER TO FURTHER INVESTIGATE KEYERA'S PLANNED ACQUISITION OF PLAINS' CANADIAN NATURAL GAS LIQUIDS BUSINESS
Court Order Obtained: The Competition Bureau has secured a court order to advance its investigation into Keyera's proposed acquisition of Canadian natural gas liquids business Plains.
Focus of Investigation: The investigation centers on the implications of Keyera's acquisition on competition within the natural gas liquids market in Canada.
See More
FS Credit Opportunities and Entergy Announce Dividend Payments
- FS Credit Opportunities Dividend: The Board of Directors announced a monthly distribution of $0.0583 per share for April 2026, payable on April 30, 2026, to shareholders of record as of April 23, 2026, reflecting the company's commitment to shareholder returns and stable cash flow.
- Entergy Quarterly Dividend: Entergy's board declared a quarterly dividend of $0.64 per share, payable on June 1, 2026, to shareholders of record as of May 1, 2026, highlighting the company's consistent dividend payments since 1988, which reinforces investor confidence.
- Plains Quarterly Distribution: Plains All American Pipeline and Plains GP Holdings announced quarterly cash distributions of $0.4175 per unit for Q1 2026, payable on May 15, 2026, demonstrating the companies' ongoing commitment to shareholder returns amid stable cash flow.
- Dividend Consistency: The distribution amounts for PAA and PAGP remain unchanged from February 2026, indicating a strategic focus on maintaining stable shareholder returns in the current economic climate, which is likely to enhance investor trust.
See More
Iran War Fuels Growth for North American Oil Companies
- Rising Oil Prices: The Iranian attacks on oil infrastructure have effectively closed the Strait of Hormuz, leading to a sharp increase in oil prices, which is expected to drive revenue growth for North American oil companies.
- Enbridge Expansion Plans: Enbridge is set to invest CAD 28.4 billion in pipeline and terminal expansions, which is projected to increase its cash flow per share by 3% this year, allowing for continued growth in its 5.4% dividend and enhancing its market competitiveness.
- Enterprise Products Partners Investments: Enterprise Products Partners has invested billions in new pipeline systems and marine terminals, with $4.8 billion in major growth projects currently under construction, expected to support a 5.9% distribution growth, maintaining a 27-year streak of payout increases.
- Plains All American Pipeline Strategic Adjustments: Plains has optimized its pipeline portfolio through acquisitions of EPIC Crude Oil Pipelines and BridgeTex Pipeline, which is expected to drive stable cash flow growth in the future and support its 7.7% high dividend, boosting investor confidence.
See More
Canada's Competition Bureau Investigates Keyera's Acquisition Deal
- Regulatory Review Initiated: Canada's Competition Bureau has obtained a federal court order to gather information related to Keyera's acquisition of Plains All American Pipeline's Canadian natural gas liquids business, indicating significant regulatory scrutiny over the deal.
- Transaction Scale and Impact: Valued at $5.15 billion, the Bureau is investigating whether this transaction could substantially lessen or prevent competition in the Canadian oil and gas sector, highlighting the regulator's focus on market competition.
- Asset Details Disclosed: The deal involves assets including 193,000 bbl/day of fractionation capacity, 23 million barrels of storage capacity, and over 2,400 km of pipeline infrastructure, suggesting that the integration of these assets could have profound implications for market dynamics.
- Regulatory Progress Delayed: Keyera indicated last week that the acquisition process is taking longer than expected, suggesting potential challenges in regulatory review that could impact its market expansion plans and future business growth.
See More
Plains All American Pipeline Declares Quarterly Dividend of $0.4175
- Quarterly Dividend Announcement: Plains All American Pipeline has declared a quarterly dividend of $0.4175 per share, consistent with previous distributions, indicating the company's stable cash flow and shareholder return strategy.
- Yield Performance: The forward yield of 7.51% reflects the company's attractiveness in the current market environment, potentially drawing in more income-focused investors seeking reliable returns.
- Shareholder Payment Schedule: The dividend is payable on May 15, with a record date of May 1 and an ex-dividend date also set for May 1, ensuring shareholders receive their earnings promptly.
- Future Financial Outlook: Plains All American outlines a projected EBITDA of $2.75 billion by 2026, demonstrating the company's strategic execution in NGL divestiture and Cactus III integration, which enhances market confidence in its growth trajectory.
See More
COURT MANDATES INTER PIPELINE LTD TO PROVIDE RECORDS AND INFORMATION FOR INVESTIGATION INTO KEYERA'S PROPOSED TRANSACTION, SAYS COMPETITION BUREAU
Court Order: A court has mandated that Inter Pipeline Ltd must produce records relevant to an investigation concerning Keyera's proposed deal.
Investigation Focus: The investigation is centered on the proposed deal by Keyera, indicating potential scrutiny over the transaction's implications.
See More
COMPETITION BUREAU SECURES COURT ORDER TO FURTHER INVESTIGATE KEYERA'S PLANNED ACQUISITION OF PLAINS' CANADIAN NATURAL GAS LIQUIDS BUSINESS
Court Order Obtained: The Competition Bureau has secured a court order to advance its investigation into Keyera's proposed acquisition of Canadian natural gas liquids business Plains.
Focus of Investigation: The investigation centers on the implications of Keyera's acquisition on competition within the natural gas liquids market in Canada.
See More
FS Credit Opportunities and Entergy Announce Dividend Payments
- FS Credit Opportunities Dividend: The Board of Directors announced a monthly distribution of $0.0583 per share for April 2026, payable on April 30, 2026, to shareholders of record as of April 23, 2026, reflecting the company's commitment to shareholder returns and stable cash flow.
- Entergy Quarterly Dividend: Entergy's board declared a quarterly dividend of $0.64 per share, payable on June 1, 2026, to shareholders of record as of May 1, 2026, highlighting the company's consistent dividend payments since 1988, which reinforces investor confidence.
- Plains Quarterly Distribution: Plains All American Pipeline and Plains GP Holdings announced quarterly cash distributions of $0.4175 per unit for Q1 2026, payable on May 15, 2026, demonstrating the companies' ongoing commitment to shareholder returns amid stable cash flow.
- Dividend Consistency: The distribution amounts for PAA and PAGP remain unchanged from February 2026, indicating a strategic focus on maintaining stable shareholder returns in the current economic climate, which is likely to enhance investor trust.
See More
