Plains All American Pipeline, L.P. and its subsidiaries (collectively, the Partnership) reported a net loss for the year ended December 31, 2024, primarily due to the Line 901 incident in May 2015. The incident, which resulted in a crude oil release and subsequent legal and remediation costs, led to a significant decrease in net income and an increase in estimated liabilities. The Partnership’s Crude Oil segment also experienced a decrease in revenues and higher costs, while the NGL segment saw a decrease in Segment Adjusted EBITDA due to lower realized frac spreads. Despite these challenges, the Partnership generated positive free cash flow and maintained a strong balance sheet, with over $2.6 billion of liquidity available to meet its ongoing operating, investing and financing needs. The Partnership continues to execute its capital allocation strategy, focusing on generating multi-year free cash flow and improving shareholder returns through distributions, debt repayment, and strategic investments. The Partnership remains well-positioned to weathering potential future challenges, including commodity price volatility, industry competition, and regulatory changes.
