Overview
- The company reported third-quarter net sales of $11.58 billion, falling short of consensus estimates.
- Adjusted earnings came in at $0.39 per unit, topping expectations and improving from $0.37 a year earlier.
- Adjusted EBITDA attributable to PAA rose 2% year over year to $669 million, with Crude Oil at $593 million (+3%) and NGL at $70 million (-4%).
- Operating cash flow increased to $817 million and the declared distribution was $0.38 per unit, up 20% year over year, with leverage reported at 3.3x.
- For 2025, PAA guided to $2.84–$2.89 billion in adjusted EBITDA and a leverage target of 3.25x–3.75x, citing a pending NGL divestiture, the planned EPIC acquisition, and shares trading down 0.79% to $16.30 near recent lows.