Plains All American Reports Q3 2025 Results, Acquires 100% Equity Interest in EPIC Crude Pipeline

Plains All American Pipeline reported Q3 2025 net income of $441 million and net cash from operating activities of $817 million. The company delivered solid Adjusted EBITDA of $669 million and exited the quarter with a leverage ratio of 3.3x. Plains raised $1.25 billion in senior unsecured notes and completed the acquisition of a 100% equity interest in EPIC Crude Holdings, LP. The acquisition is expected to result in solid mid-teens returns and improve EBITDA multiples significantly over the next few years.