For the year ending 2025-12-31, PAA had -$20M decrease in cash & cash equivalents over the period. $2,293M in free cash flow.
| Cash Flow | 2025-12-31 |
|---|---|
| Net income | 1,769 |
| Total revenues | 1,317 |
| Purchases and related costs | 411 |
| Field operating costs | 259 |
| General and administrative expenses | 47 |
| Depreciation and amortization | 57 |
| Losses on asset sales, net | -21 |
| Total costs and expenses | 795 |
| Other income, net | 0 |
| Income from discontinued operations before tax | 522 |
| Current income tax expense | 99 |
| Deferred income tax (expense)/benefit | 40 |
| Income from discontinued operations, net of tax | 383 |
| Depreciation and amortization | 953 |
| (gains)/losses on asset sales, asset impairments and other, net (note 7, note 8) | 54 |
| Equity-indexed compensation expense | 49 |
| Deferred income tax expense/(benefit) | 14 |
| (gain)/loss on foreign currency revaluation | -13 |
| Settlement of terminated interest rate hedging instruments (note 13) | -37 |
| Change in fair value of preferred distribution rate reset option (note 13) | 0 |
| Equity earnings in unconsolidated entities | 382 |
| Distributions on earnings from unconsolidated entities | 486 |
| Gain on investments in unconsolidated entities, net (note 8, note 9) | 31 |
| Other | -15 |
| Trade accounts receivable and other | -204 |
| Inventory | -96 |
| Trade accounts payable and other | -334 |
| Cash provided by operating activities - continuing operations | 2,452 |
| Cash provided by operating activities - discontinued operations | 484 |
| Net cash provided by operating activities | 2,936 |
| Cash paid in connection with acquisitions, net of cash acquired (note 8) | 2,651 |
| Investments in unconsolidated entities (note 9) | 2 |
| Additions to property, equipment and other | 643 |
| Cash paid for purchases of linefill | 27 |
| Proceeds from sales of assets (note 8) | 81 |
| Investments in related party notes (note 17) | 330 |
| Other investing activities | 0 |
| Cash used in investing activities - continuing operations | -3,572 |
| Cash used in investing activities - discontinued operations | -197 |
| Net cash used in investing activities | -3,769 |
| Net borrowings/(repayments) under commercial paper program (note11) | 577 |
| Repayment under epic credit agreement (note 11) | 1,114 |
| Borrowing under term loan (note 11) | 1,100 |
| Proceeds from the issuance of senior notes (note 11) | 2,998 |
| Repayments of senior notes (note 11) | 1,000 |
| Proceeds from the issuance of related party notes (note 17) | 330 |
| Repurchase of common units (note 12) | 8 |
| Repurchase of series a preferred units (note 12) | 333 |
| Distributions paid to unitholders (note 12)-Series APreferred Units | 154 |
| Distributions paid to unitholders (note 12)-Series BPreferred Units | 71 |
| Distributions paid to unitholders (note 12)-Common Units | 1,070 |
| Distributions paid to noncontrolling interests (note 12) | 447 |
| Contributions from noncontrolling interests | 75 |
| Other financing activities | -84 |
| Net cash provided by/(used in) financing activities | 799 |
| Effect of translation adjustment - continuing operations | 14 |
| Effect of translation adjustment - discontinued operations | 0 |
| Net increase/(decrease) in cash and cash equivalents and restricted cash | -20 |
| Cash and cash equivalents and restricted cash, beginning of period | 348 |
| Cash and cash equivalents and restricted cash, end of period | 328 |
PLAINS ALL AMERICAN PIPELINE LP (PAA)
PLAINS ALL AMERICAN PIPELINE LP (PAA)