For the quarter ending 2026-03-31, PAAPU had -$157M decrease in cash & cash equivalents over the period. $288M in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income | 231 | 427 | 529 | 813 |
| Total revenues | 294 | 397 | 175 | - |
| Purchases and related costs | 205 | 166 | -7 | - |
| Field operating costs | 71 | 69 | 68 | - |
| General and administrative expenses | 14 | 11 | 10 | - |
| Depreciation and amortization | 0 | 0 | 0 | - |
| Losses on asset sales and other, net | -32 | -6 | -2 | - |
| Total costs and expenses | 322 | 252 | 73 | - |
| Other income, net | - | 0 | - | - |
| Income from discontinued operations before tax | -28 | 145 | 102 | - |
| Current income tax expense | 44 | 38 | 7 | - |
| Deferred income tax expense | 31 | 5 | 20 | - |
| (income)/loss from discontinued operations, net of tax | -103 | 102 | 75 | 206 |
| Depreciation and amortization | 243 | 257 | 230 | 466 |
| Gains on asset sales and other, net | 53 | -10 | 93 | -29 |
| Equity-indexed compensation expense | - | 49 | - | - |
| Deferred income tax expense/(benefit) | -215 | 8 | 1 | 5 |
| (gain)/loss on foreign currency revaluation | - | 6 | -15 | -4 |
| Settlement of terminated interest rate hedging instruments (note 13) | - | -30 | -7 | - |
| Change in fair value of preferred distribution rate reset option (note 13) | - | 0 | - | - |
| Equity earnings in unconsolidated entities | 89 | 90 | 96 | 196 |
| Distributions on earnings from unconsolidated entities | 97 | 117 | 113 | 256 |
| Gain on investments in unconsolidated entities, net (note 8, note 9) | - | 0 | 0 | 31 |
| Other | -29 | 32 | -15 | -32 |
| Trade accounts receivable and other | - | -204 | - | - |
| Inventory | - | -96 | - | - |
| Trade accounts payable and other | - | -334 | - | - |
| Changes in assets and liabilities, net of acquisitions | -36 | - | -158 | 140 |
| Cash provided by operating activities - continuing operations | 400 | 616 | 804 | 1,032 |
| Cash provided by operating activities - discontinued operations | 18 | 170 | 13 | 301 |
| Net cash provided by operating activities | 418 | 786 | 817 | 1,333 |
| Cash paid in connection with acquisitions, net of cash acquired | 88 | 1,786 | 184 | 681 |
| Investments in related party notes (note 17) | - | 0 | 0 | 330 |
| Investments in unconsolidated entities (note 9) | - | 2 | 0 | - |
| Additions to property, equipment and other | 130 | 148 | 185 | 310 |
| Cash paid for purchases of linefill | 2 | 10 | 0 | 17 |
| Other investing activities | - | 0 | 0 | - |
| Proceeds from sales of assets | 3 | 54 | 6 | 21 |
| Cash used in investing activities - continuing operations | -217 | -1,892 | -363 | -1,317 |
| Cash used in investing activities - discontinued operations | -16 | -46 | -45 | -106 |
| Net cash used in investing activities | -233 | -1,938 | -408 | -1,423 |
| Net borrowings under commercial paper program (note6) | 116 | 970 | -462 | 69 |
| Repayment under epic credit agreement (note 11) | - | 1,114 | - | - |
| Contributions from noncontrolling interests | - | 41 | 5 | 29 |
| Borrowing under term loan (note 11) | - | 1,100 | - | - |
| Proceeds from the issuance of senior notes (note 11) | - | 752 | 1,248 | 998 |
| Repayments of senior notes (note 11) | - | 1,000 | - | - |
| Proceeds from the issuance of related party notes (note 17) | - | 0 | 0 | 330 |
| Repurchase of common units (note 12) | - | 0 | 0 | 8 |
| Repurchase of series a preferred units (note 12) | - | 0 | 0 | 333 |
| Distributions paid to unitholders (note7)-Series APreferred Units | 36 | 36 | 36 | 82 |
| Distributions paid to unitholders (note7)-Series BPreferred Units | 17 | 18 | 18 | 35 |
| Distributions paid to unitholders (note7)-Common Units | 295 | 268 | 267 | 535 |
| Distributions paid to noncontrolling interests (note7) | 103 | 108 | 110 | 229 |
| Other financing activities | -4 | -20 | -42 | -22 |
| Net cash provided by/(used in) financing activities | -339 | 299 | 318 | 182 |
| Effect of translation adjustment - discontinued operations | - | 0 | -11 | 11 |
| Effect of translation adjustment - continuing operations | -3 | 1 | 5 | 8 |
| Net increase/(decrease) in cash and cash equivalents and restricted cash | -157 | -852 | 721 | 111 |
| Cash and cash equivalents and restricted cash, beginning of period | 328 | 1,180 | 348 | - |
| Cash and cash equivalents and restricted cash, end of period | 171 | 328 | 1,180 | - |
PLAINS ALL AMERICAN PIPELINE LP (PAAPU)
PLAINS ALL AMERICAN PIPELINE LP (PAAPU)