Plains All American Pro Forma Revenue Reaches $44.464 Billion After EPIC Transaction

Plains All American Pipeline, L.P. (PAAPU) reported unaudited pro forma combined revenue of $44.464 billion for the year ended December 31, 2025, reflecting its acquisition of EPIC Crude Holdings. Pro forma net income attributable to PAA from continuing operations was $975 million, or $1.01 per common unit on both a basic and diluted basis.

The company completed purchases of a 55% interest in EPIC Crude Holdings on October 31, 2025 and the remaining 45% interest effective November 1, 2025. PAA now indirectly owns 100% of EPIC Crude Holdings and operates the Cactus III Pipeline.

• Pro forma combined operating income was $1.524 billion for 2025.
• Pro forma interest expense was $721 million.
• The transaction was accounted for as a business combination under ASC 805.
• The pro forma presentation assumes the transaction occurred on January 1, 2025 and excludes anticipated synergies, integration costs and cost savings.