PLAINS ALL AMERICAN PIPELINE LP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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21. Selected Quarterly Financial Data (Unaudited)F-
Note 21—Selected Quarterly Financial Data (Unaudited)
On June 17, 2025, we entered into a SPA with Keyera, pursuant to which Keyera agreed to acquire all of the issued and outstanding shares of Plains Midstream Canada ULC, our wholly-owned subsidiary that owns substantially all of our Canadian NGL Business. See Note 1 for additional information. We determined that in conjunction with entering into the SPA, the operations of the Canadian NGL Business meet the criteria for classification as held for sale and for discontinued operations reporting, as the sale will represent a strategic shift that will have a major effect on our operations and financial results.
The following table sets forth selected quarterly financial data (in millions, except per unit data):
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total (1) | |
|---|---|---|---|---|---|
| Total revenues | $11,477 | $10,642 | $11,578 | $10,565 | $44,262 |
| Gross margin (2) | $440 | $321 | $567 | $447 | $1,776 |
| Operating income | $354 | $239 | $484 | $355 | $1,434 |
| Income from continuing operations, net of tax | $380 | $227 | $453 | $325 | $1,386 |
| Income from discontinued operations, net of tax | $136 | $70 | $76 | $102 | $383 |
| Net income | $516 | $297 | $529 | $427 | $1,769 |
| Net income attributable to PAA | $443 | $210 | $441 | $342 | $1,435 |
| Basic and diluted net income per common unit: | |||||
| Continuing operations | $0.30 | $0.11 | $0.44 | $0.26 | $1.12 |
| Discontinued operations | 0.19 | 0.10 | 0.11 | 0.15 | 0.54 |
| Basic and diluted net income per common unit | $0.49 | $0.21 | $0.55 | $0.41 | $1.66 |
| Total revenues | $11,639 | $12,757 | $12,456 | $12,035 | $48,889 |
| Gross margin (2) | $437 | $411 | $282 | $65 | $1,196 |
| Operating income/(loss) | $356 | $332 | $196 | $(16) | $868 |
| Income from continuing operations, net of tax | $341 | $298 | $198 | $45 | $882 |
| Income from discontinued operations, net of tax | $10 | $32 | $114 | $74 | $231 |
| Net income | $351 | $330 | $312 | $119 | $1,113 |
| Net income attributable to PAA | $266 | $250 | $220 | $36 | $772 |
| Basic and diluted net income/(loss) per common unit: | |||||
| Continuing operations | $0.28 | $0.21 | $0.06 | $(0.15) | $0.40 |
| Discontinued operations | 0.01 | 0.05 | 0.16 | 0.11 | 0.33 |
| Basic and diluted net income/(loss) per common unit | $0.29 | $0.26 | $0.22 | $(0.04) | $0.73 |
(1)The sum of the four quarters may not equal the year due to rounding.
(2)Gross margin is calculated as Total revenues less (i) Purchases and related costs, (ii) Field operating costs, (iii) Depreciation and amortization and (iv) (Gains)/losses on asset sales, asset impairments and other, net.
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