Description

Plains All American Pipeline Unlocks Powerful Synergies From Cactus III Acquisition!

Plains All American Pipeline, L.P. reported adjusted EBITDA of $738 million for the fourth quarter and $2.833 billion for the full year 2025, navigating a complex market environment marked by geopolitical tensions, OPEC’s oil supply increases, and tariff uncertainties. The company continued its strategic shift toward becoming a pure-play crude oil midstream operator, exemplified by the divestiture of its natural gas liquids (NGL) business and acquisition of the Epic pipeline—which has been integrated and renamed Cactus III. These moves aim to enhance cash flow quality and improve distributable cash flow, while better positioning Plains All American for market cycles ahead. For 2026, Plains All American projects adjusted EBITDA of $2.75 billion (±$75 million) with a 13% year-over-year growth in the crude segment, expecting approximately $100 million from the NGL segment (assuming divestiture closes early in the year) and $10 million of other income.