Plains All American Pipeline released unaudited pro forma financial results for the fiscal year ended December 31, 2025, to reflect the full-year impact of acquiring the remaining 45% interest in EPIC Crude Holdings. The results consolidate the Cactus III Pipeline operations and provide a baseline for the combined entity's performance as a wholly-owned asset.
Key Highlights
- Pro forma consolidated revenue for the full year 2025 reached $44.46 billion, an increase from the $44.26 billion reported on a historical standalone basis.
- Net income attributable to the partnership decreased to $975 million on a pro forma basis from $1.05 billion historically, reflecting higher interest and depreciation costs.
- Incremental annual interest expense of $94 million was recognized based on $1.90 billion in financing used to facilitate the transactions.