Fri, May 9, 7:52 PM (34 days ago)
**Plains All American Pipeline, L.P. (PAA, NASDAQ)** **Q1 2025 Financial Performance:** **Revenue & Profit Margins:** - **Revenue:** $12,011 million (Q1 2024: $11,995 million) - **Net Income:** $516 million (Q1 2024: $351 million) - **Net Income Attributable to PAA:** $443 million (Q1 2024: $266 million) - **Earnings per Common Unit:** $0.49 (Q1 2024: $0.29) **Cash Flow:** - **Operating Cash Flow:** $639 million (Q1 2024: $419 million) - **Investing Cash Flow:** -$1,149 million (Q1 2024: -$261 million) - **Financing Cash Flow:** $590 million (Q1 2024: -$273 million) **Earnings Changes:** - **Net Income Increase:** 47% YoY - **Net Income Attributable to PAA Increase:** 67% YoY **Quarterly Performance Discussion:** - **Revenue Growth:** Driven by higher Segment Adjusted EBITDA and derivative mark-to-market valuations. - **Operating Income:** $533 million (Q1 2024: $370 million) - **Segment Performance:** Crude Oil and NGL segments showed favorable results due to higher tariff volumes and contributions from recent acquisitions. **Trends & Uncertainties:** - **Market Volatility:** Fluctuations in commodity prices and derivative valuations impact revenue and earnings. - **Operational Efficiency:** Higher operating expenses due to environmental remediation and employee-related costs. - **Future Operations Impact:** Continued focus on investment capital projects and strategic acquisitions to drive growth. **Future Outlook:** - **Investment Capital:** Projected at $500 million for 2025. - **Maintenance Capital:** Projected at $260 million for 2025. - **Strategic Transactions:** Ongoing evaluation of potential acquisitions and divestitures to support business strategy.