PLAINS ALL AMERICAN PIPELINE LP (PAA) Form 8-K — Sep 8, 2026
Plains All American Pipeline filed an 8-K furnishing unaudited pro forma financials for fiscal 2025 reflecting its completed acquisition of EPIC Crude Holdings, LP. Following the two-step purchase, PAA now indirectly owns 100% of EPIC Crude Holdings and its general partner, and serves as operator of record of the Cactus III Pipeline (formerly the EPIC Crude Oil Pipeline). The 55% non-operated stake was purchased from subsidiaries of Diamondback Energy and Kinetik Holdings under an August 30, 2025 purchase and sale agreement, and the remaining 45% was bought from a subsidiary of Ares Management effective November 1, 2025.
Key figures
- Eps
- $1.01 pro forma basic and diluted net income per common unit from continuing operations (vs. $1.12 historical)
- Revenue
- $44,464 million pro forma combined FY2025 revenues ($44,262 million PAA historical + $202 million EPIC historical, as adjusted)
- Net Income
- $975 million pro forma net income attributable to PAA from continuing operations (vs. $1,052 million historical)
- Debt Amount
- $1,901 million of financing assumed outstanding from January 1, 2025 for pro forma purposes
- Interest Rate
- one-month SOFR plus 1.125% (rate assumed as of the Closing Date)
- Weighted Average Units
- 704 million basic and diluted
- Incremental Amortization
- $55 million (declining balance method on intangibles)
- Incremental Depreciation
- $47 million (straight-line over 47-year blended average useful life)
- Pro Forma Interest Expense
- $721 million (vs. $554 million PAA historical; $94 million incremental)
- Pro Forma Operating Income
- $1,524 million (vs. $1,434 million PAA historical)
- Epic Historical Revenue As Adjusted
- $202 million
Price after filing
Close on the filing date to close N calendar days later (from $25.96). Historical, not a forecast.
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