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HOUSTON - Plains All American Pipeline (NASDAQ:PAA) reported first-quarter 2025 results that fell short of analyst expectations on Friday.
The company’s shares were down 1.12% in pre-market trading following the release.
The midstream energy company posted adjusted earnings per common unit of $0.39, missing the consensus estimate of $0.42. Revenue came in at $12.01 billion, below Wall Street’s forecast of $14.42 billion but up slightly from $11.99 billion in the same quarter last year.
Despite the earnings and revenue misses, Plains All American delivered solid operational performance. The company reported net income attributable to PAA of $443 million, up 67% year-over-year. Adjusted EBITDA attributable to PAA rose 5% to $754 million.
"Plains delivered another quarter of solid operational and financial performance," said Willie Chiang, Chairman and CEO. "Substantial cash flow generation from our integrated Crude Oil and NGL footprints coupled with a strong balance sheet positions us well through a time of market volatility and uncertainty."
The company’s crude oil pipeline volumes increased 5.7% YoY to 9.09 million barrels per day, driven by growth in the Permian Basin. NGL fractionation volumes rose 22.7% to 157,000 barrels per day.
Plains All American maintained its quarterly cash distribution of $0.38 per common unit. The company ended the quarter with a leverage ratio of 3.3x, toward the low end of its 3.25x-3.75x target range.
While results fell short of expectations, Plains All American’s growing volumes and cash flow generation demonstrate the resilience of its business model amid energy market volatility.
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