Plains Flat on Q2 Results

Plains All American Pipeline, L.P. (NASDAQ: PAA) today reported solid second-quarter 2025 results and provided the following highlights:The company reported Q2 net income attributable to PAA of $210 million and net cash provided by operating activities of $694 millionIt also delivered Adjusted EBITDA attributable to PAA of $672 million, and exited the quarter with 3.3x leverage ratio, toward the low-end of its target range of 3.25x - 3.75xPAA also pointed to executing agreements to divest substantially all of its NGL business for total cash consideration of approximately $5.15 billion CAD ($3.75 billion USD) with expected closing first quarter 2026 pending regulatory approval. NGL sale proceeds (~$3.0 billion net USD) will be prioritized toward bolt-on M&A, preferred unit repurchases, and opportunistic common unit repurchasesOn July 22, Plains acquired an additional 20% interest in BridgeTex Pipeline Company, LLC, bringing PAA’s total interest to 40%“We continue to advance our strategic initiatives and delivered solid second-quarter performance in a volatile macro environment,” said CEO Willie Chiang. “Our previously announced NGL divestiture is expected to close in the first quarter of 2026 and will improve our free cash durability, provide substantial financial flexibility and drive opportunities to streamline the business. Separately, we continue to execute on our bolt-on acquisition opportunity set by acquiring an incremental interest in the BridgeTex Pipeline joint venture, which further strengthens our Permian footprint.”PAA shares docked four cents to $17.83.